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Speedy Hire Q1 Revenue Edges Down 0.8%; Trading In Line With Management View

Speedy Hire Plc. (SDY.L) said that despite continued challenges in the UK economy, performance in the first quarter was satisfactory. At a Group level, revenue for the three months to 30 June 2013 decreased by 0.8% on the same period last year.

The Group said it is trading in line with management expectations for the full year and the Board remains confident that it is well positioned for the future.

In the UK and Ireland division, which constitutes 93% of Group revenues, the continued strategy of developing the services revenue, combined with focus on the growth sectors of water, waste, energy and transport, has underpinned a resilient performance considering the difficulties that remain in the general construction sector.

The International division has seen an encouraging start to the year with revenues in the first quarter 30% ahead of the prior year period. This has been driven by continued growth in oil and gas projects and the ZADCO project progressing in line with our expectations.

The company noted that it has a strong pipeline of further opportunities in its target sectors of oil and gas and government-funded infrastructure which provide the International division with a good platform from which to make further progress in fiscal 2014 and beyond.

The company noted that it will issue its Interim Results for the 6 months ended 30 September 2013 on 12 November 2013 and will issue a Trading Update on 17 October 2013.

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by RTT Staff Writer

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