18th Feb 2008 07:00
Speedy Hire PLC18 February 2008 18 February 2008 Speedy Hire Plc ("Speedy Hire", "the Company", "the Group") Interim Management Statement for the nine months ended 31 December 2007 The Board of Speedy Hire is pleased to provide the following interim managementstatement for trading in the third quarter of the year. The positive trading reported at the time of the interim results on 28 November2007 has continued, with overall third quarter revenue up 43% on the comparativequarter last year and the Group's revenue growth for the 9 months to 31 Decemberstanding at 39%. The Tool Hire and Equipment divisions continue to perform well generatingrevenue growth of 47% and 30% respectively for the 9 month period. The integration of Hewden Tools is now complete. The ex-Hewden network has beenrebranded as Speedy Hire and the acquired depots transferred to Speedy's IT andback office systems. A harmonised price file has been established for customersfollowing the launch of the 2008 catalogue. The integration has been achievedin line with the original plan and budget. As a consequence the combinedbusiness is firmly on track to deliver the targeted synergies. Following the acquisition of Hewden Tools net debt as of 31 December 2007 was£271 million and gearing was circa 110% which is in line with internalprojections post the acquisition of Hewden Tools. The Group's search for a new Finance Director is progressing well and anannouncement will be made in due course. The outlook for Tool and Equipment hire remains positive. Our principal marketsremain strong and post Christmas trading has started well. The Group haslimited exposure to the housebuilding and retail sectors. The board remainsconfident that full year results will be in line with expectations. Speedy Hire will announce its preliminary results on 28 May 2008. www.speedyhire.plc.uk For further information: Speedy Hire Plc Hudson SandlerSteve Corcoran, Chief Executive Nick Lyon / Wendy Baker / Kate HoughNeil O'Brien, Group Finance DirectorTel: 01942 720 000 Tel: 020 7796 4133 Notes to editors: Speedy Hire Plc Speedy is the UK's No.1 provider of tools and equipment for hire. The Companyoperates from over 500 depots throughout the UK. The Group also operates in theRepublic of Ireland. The Group's activities are the provision for hire of small tools, portableaccommodation, compressed air, pumps, lifting, material handling, survey andmeasurement instrumentation and power generation equipment. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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