13th Jul 2016 07:17
LONDON (Alliance News) - Tools, equipment and plant hire services company Speedy Hire PLC on Wednesday said it has seen a positive start to the year, after having lowered overhead costs, and it now anticipates full year results slightly ahead of its previous expectations.
Speedy Hire said revenue in the first quarter of its financial year, ended June 30, was slightly ahead of the same period a year earlier. The company said it was following "a disciplined approach to bidding" and has retained "a number of "major framework contracts" since the start of its financial year.
Utilisation rates increased to 50% by the end of the period, Speedy Hire said, and overhead costs have come in "significantly lower" than the same period a year earlier.
Net debt was lower than the same period a year earlier and the group continues to have substantial headroom against its banking facilities, which expire in September 2019, Speedy Hire added.
"It is too early to assess with any degree of certainty what impact the EU referendum result will have on the group's end markets but, to date, there has been no deterioration in trading," Speedy Hire said.
The company said it now anticipates its full year results will be slightly ahead of its previous expectations.
Shares in Speedy Hire were up 8.8% at 34.00 pence on Wednesday morning.
By Hannah Boland; [email protected]; @Hannaheboland
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