Speedy Hire sees revenue rise and announces share buyback programme

(Alliance News) - Speedy Hire PLC said on Thursday that it expects to report full-year results in ...

Alliance News 27 January, 2022 | 1:17PM
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(Alliance News) - Speedy Hire PLC said on Thursday that it expects to report full-year results in line with expectations and announced a share buyback programme of up to GBP30 million.

The St Helens, England-based tools and equipment hire company said the positive trading momentum experienced during the first half of the year had continued into its third quarter.

In the six months to September 30, the company's first half, revenue stood at GBP186.6 million.

UK and Ireland Hire revenue for the nine months to December was 4% ahead of the corresponding period in financial 2020. Hire revenue in January to date is 7% ahead of the corresponding period in financial 2020.

Speedy Hire's financial year ends March 31.

Speedy Hire added that it had invested GBP61 million in the hire fleet for the year-to-date in response to strong demand. Asset utilisation rates for the year-to-date are 57%, this is 1.4% ahead of the comparable period in financial 2020.

Separately, the company announced a share buyback programme of up to GBP30 million. The company said the programme reflects the cash generative ability of Speedy Hire.

Shares in Speedy Hire were up 5.1% at 59.50 pence on Thursday in London.

By Heather Rydings; heatherrydings@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Speedy Hire PLC 27.00 GBX 1.69 -

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