20th Mar 2019 10:41
LONDON (Alliance News) - Equipment and plant hire services firm Speedy Hire PLC on Wednesday said it has acquired powered access company Lifterz for GBP9.6 million in cash.
Speedy Hire also said it expects revenue for its current financial year to be higher than the year before, with adjusted pretax profit also ahead of the prior year.
Speedy Hire acquired Lifterz for GBP9.6 million, with net debt assumed of GBP11.9 million, which was settled on completion of the acquisition. Lifterz is expected to allow Speedy Hire to service its customers in powered access with larger specialist equipment.
Lifterz's revenue for the year ended January 31 was GBP15.2 million, with normalised earnings before interest, taxes, deprecation and amortisation at GBP3.3 million.
Also on Tuesday, Speedy Hire said it expects revenue for the year ending March 31 to be around 5.5% higher from GBP377.4 million reported for the prior year.
Adjusted pretax profit also is expected to rise, from GBP25.9 million the year before.
In addition, the group's net debt is expected to be GBP90 million, up from GBP69.4 million due to acquisitions in the second half of the year.
"The acquisition of Lifterz announced today is strategically important giving us a national powered access offering and enabling us to provide an end to end service to our customers right across the UK," said Chief Executive Russell Down.
"We are also pleased to report that full year revenues and profits will be ahead of the prior year and our results will be in line with expectations," Down added.
Speedy Hire will publish its annual results on May 15.
Shares in Speedy Hire were up 1.4% at 57.00 pence on Wednesday.
Related Shares:
Speedy Hire