Business
Trading Update & Appointment of Chairman
Trading Update & Appointment of Chairman.
About this update from Speedy Hire Plc
[{"type":"text","content":"\n \nRNS Number : 0807V Speedy Hire PLC 19 July 2018 \n\n \nSpeedy Hire Plc\n(\"Speedy\" or \"the Group\")\n \nAnnual General Meeting\nTrading update and appointment of Chairman\n \n19 July 2018\n \nSpeedy, the UK's leading provider of tools and equipment hire, and services to the construction, infrastructure and industrial markets provides an update on current trading ahead of its Annual General Meeting to be held later today and announces the appointment of a new Chairman.\n \nTrading Update\n \nRevenue for the first quarter of the year ending 31 March 2019, 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 increased by c.1% on a like for like basis; the international business continues to perform well, with a strong pipeline of opportunities.\n \nThe Group invested c.£15.2m in the first quarter on new equipment for hire, up 4.0% on the prior year. Expenditure continues to be carefully targeted with average asset utilisation rates increasing to 55.7%, on a rolling 12 month basis. Net debt at 30 June 2018 of £67.0m was lower than at year end (£69.4m). ROCE for the 12 months to 30 June 2018 was 11.8% (30 June 2017: 8.4%).\n \nThe Group remains on track to deliver a result for the full year in line with the Board's expectations.\n \nThe Group will host a Capital Markets Day for analysts and investors in Tamworth on 20 July 2018. No new material trading or financial information will be disclosed. A copy of the presentations given to attendees will subsequently be made available on the Speedy website.\n\nAppointment of Chairman\n \nFurther to our announcement on 16 May 2018 and following the conclusion of an external and internal search process, David Shearer will succeed Jan Åstrand as Chairman of the Board and Nomination Committee with effect from 1 October 2018. Jan Åstrand will remain as a Non-Executive Director of the Company and member of the Nomination Committee until 31 October 2018.\n \nDavid Shearer has been a Non-Executive Director since 9 September 2016 and a member of the Audit and Nomination Committees from 10 November 2016 and of the Remuneration Committee from 31 March 2017. David Shearer will cease to be a member of the Audit and Rem...