Business
Interim Results
Interim Results.
About this update from Speedy Hire Plc
[{"type":"text","content":"\n RNS Number : 3054W Speedy Hire PLC 17 November 2010 \n \n\n \n \n \n \n17 November 2010\n \nSPEEDY HIRE Plc\n\n(\"Speedy\" or \"the Group\")\nInterim report for the six months to 30 September 2010\n\n \nTrading and Operational Highlights\n\n\n\n\n· Three consecutive quarters since 1 January 2010 of incremental growth in UK revenues, volumes and average hire rates \n· UK volume of equipment on hire increased 5.4% in the quarter to 30 September 2010 (compared to quarter ended 30 June 2010) with average hire rates up 2.8% in the same period (before the impact of customer and product mix on yield)\n· Recent major UK contract wins including Thames Water, Balfour Beatty and Babcock Group will contribute to second half revenues and to increased penetration of infrastructure, industrial and other non-construction markets\n\n\n\n\n· Top 50 UK construction companies now account for 27.0% of Group revenue (2009: 25.9%), equivalent to 51.0% of the Group's construction sector related revenues, reflecting the successful focus on key clients\n· New international contract wins with Costain Group and QMENA in the oil & gas sector will also assist second half revenues and demonstrate continued development of the new International division\n\n\n\n\n· Operational gearing continues to improve with the key operating costs of people, property and vehicles reduced by £6.0m/6.7% on the same period last year\n\n\n\n\n \nFinancial Highlights\n· Revenue of £177.3m down 4.1% (2009: £184.8m, down 27.9%)\n· Adjusted loss before tax* of £9.9m (2009: Loss £4.8m) (unadjusted loss £13.8m (2009: Loss £13.6m))\n· Cash generated from operations of £5.7m (2009: £25.6m). UK cash generation totalled £12.8m\n· Ongoing focus on cash has seen net debt of £123.0m (31 March 2010: £119.3m ) and net debt/net tangible fixed assets of 0.46x (31 March 2010: 0.42x) , despite a 73.7% increase in net capex in the period to £13.2m\n· Continued strong net debt/EBITDA* ratio (trailing 12 months) of...