FAIRHURST CLIENT SPEEDY HIRE ANNOUNCES POSITIVE START TO YEAR

Speedy, a client of Stockport based Fairhurst Estates and the UK’s leading tools, equipment and plant hire services company, operating across the construction, infrastructure and industrial markets, has announced interim results for the six months ended 30 September 2014 indicating “A positive start to the year: on-track to deliver results for the full year in line with the Board’s expectations.”

Group revenue for 6 months to September 2014 is £189.3m, an increase of 12.2% on the same period in 2013:

Strategic Progress

• Customer-focussed strategy launched in UK to deliver sustainable profit growth
• Internal review of the Middle East business completed: strategy being implemented to stem losses and to build and realise value

Operational Highlights

• 4 new superstores opened
• New National Distribution Centre and remaining 3 new superstores to open by the end FY15
• “Own City” campaigns delivering strong growth: London and Manchester 18% and 22% YOY respectively
• A number of major contract wins and mobilisations during the period

Commenting on the results Mark Rogerson, Chief Executive Officer, said:

“This has been a positive first half of the financial year. Whilst these results primarily reflect our self-help measures and the delivery of early efficiency improvements, we have also begun to benefit from an improving market environment in the UK, thanks to a focussed and disciplined approach to our strategic accounts and re-engagement with our regional customers.

While much remains to be done, not least in the Middle East, there are major opportunities ahead as the UK continues with a very significant infrastructure regeneration programme. Having stabilised the business, we can now turn our attention to differentiating Speedy through service, quality and innovation, optimising our asset base and delivering sustainable profit growth.

We are on-track to deliver results for the full year in line with the Board’s expectations and our confidence for the future is underpinned by an increased interim dividend.”