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Speedy remains on track to deliver full-year results, appoints Chairman

By BFN News | 08:04 AM | Thursday 19 July, 2018

Leading tool and equipment hire provider Speedy said the group remained on track to deliver full-year results in line with the Board's expectations and announced the appointment of David Shearer as Chairman from 1 October. Ahead of its AGM later on Thursday, the Group said revenue for the first quarter of the year ending 31 March, pre disposals, increased by 6.6% on the prior year. Hire revenue and services revenues grew by 5.5% and 8.4%, respectively. UK and Ireland hire revenue, meanwhile, increased by approximately 1% on a like-for-like basis, while the international business also continued to perform well, with a strong pipeline of opportunities. The Group invested around £15.2m in the first quarter on new equipment for hire, up 4.0% on the prior year. Expenditure continued to be carefully targeted with average asset utilisation rates increasing to 55.7%, on a rolling 12-month basis. Net debt at 30 June of £67.0m was lower than at year-end (£69.4m), while ROCE for the 12 months to 30 June was 11.8% (30 June 2017: 8.4%). Outgoing Chairman Jan Astrand will remain as a Non-Executive Director of the Company and member of the Nomination Committee until 31 October 2018. At 8:04am: (LON:SDY) Speedy Hire PLC share price was +0.3p at 60.8p Story provided by

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