27th Sep 2007 07:01
Speedy Hire PLC27 September 2007 27 September 2007 Speedy Hire Plc ("Speedy Hire" or "The Group") Trading Update The Board of Speedy Hire is pleased to provide the following update on tradingin advance of its interim results for the six months to 30 September 2007. The momentum in the business remains strong, with turnover for the five monthsto 31 August 2007 increasing by 33%. The Tool Hire Division and EquipmentDivision have both performed well during the period, with Tool Hire turnoverincreasing by 28% including the impact of one month's revenue from Hewden. TheEquipment Division has seen a 37% increase in revenue over the period. Alloperations have seen an increase in market share. On 1 August 2007, the Group announced completion of its acquisition of HewdenTools, the trade and assets of the tool hire division of Hewden Stuart Plc. Theintegration of this business is progressing well and whilst still in the earlystages is on track and in line with plans. As communicated at the time of the acquisition, following completion and nowthat integration is underway, the Group is unable to provide reliable like forlike growth figures for the Tool Hire Division. Reporting of like for likefigures will re-commence once the first anniversary of the acquisition of HewdenTools has passed and comparisons once again become possible. The like for likerun rate prior to the acquisition was over 10% and momentum in the underlyingbusiness has continued to be strong since then. The outlook for both the tool and equipment hire markets remains positive andour customers continue to report strong order books. Although mindful of thecurrent uncertainty in the financial markets, at present there appears to be nosign of this impacting on our market and the Group continues to trade well andin line with market expectations. The Board remains optimistic of reportingfurther good progress. Speedy Hire will announce its interim results on Wednesday 28 November 2007. www.speedyhire.plc.uk For further information: Speedy Hire Plc Hudson SandlerSteve Corcoran, Chief Executive Nick LyonNeil O'Brien, Finance Director Wendy BakerTel: 01942 720 000 Kate Hough Tel: 020 7796 4133 Notes to editors: 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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