Fairhurst Estates client Speedy Hire Plc, the UK’s leading tools, equipment, plant hire and services company operating in the construction, infrastructure and industrial markets, has announced increased revenue in its annual results for the year ended 31 March 2014.
Financial Highlights include revenue up 2.9% to £349.7m and dividend increased by 15% to 0.61 pence per share (2013: 0.53 pence per share). Q4 UK & I revenue growth of 4.9% reflected good progress throughout the year boosted by a strong performance in new contract wins: Babcock, National Grid, Northern Gas Networks.
Left: Glasgow Multi Service Centre
At home Speedy Hire’s network programme saw the completion of its Glasgow Multi Service Centre and 6 new superstores and Mark Rogerson’s appointment as new CEO was complimented by refreshed UK and Middle East management teams.
Trading continues to grow as the company were announced as the preferred bidder for Balfour Beatty Tier 1 Contract; new relationships have been established and contracts won with Skanska. Overall customer focus has been broadened to capture potential business offered by regional markets.
Commenting on the results, Ishbel Macpherson, Chairman, said:
“Without doubt, this has been a disappointing year of results for Speedy. The issues the Group has faced in the Middle East have resulted in a financial impact, distraction in terms of management focus and general levels of disruption. These issues have now been addressed and we remain confident that the Group has strong potential and the outlook is good. I believe that Mark Rogerson and his restructured and renewed senior management team are well placed to deliver on this and position the Group well for the coming years.
With that in mind, after 7 years at Speedy (including 3 years as Chairman) during which time the Group has overcome the turmoil of the economic recession, addressed the recent issues in the Middle East and embedded a new CEO and supporting Management Team, and now the business is in a position of stability with good prospects for the future, the time has come for me to hand over the role of Chairman. To permit an orderly succession, I intend to step down from the Board of Speedy at the time of the Interim Results in November. An external process to identify and select my successor will now commence.”
Who is the Speedy Hire CEO?
The Speedy hire CEO is Mark Rogerson
“At its core, Speedy is a good company operating within strong markets, with a compelling value proposition and great people. The events of the last six months have been understandably disappointing and no one at Speedy is proud of what has happened. However, since the issues in the Middle East broke, we have responded decisively and effectively, restructuring both the UK and Middle East management teams. In addition, we have gained pace in winning a wide range of new contracts, and have implemented a number of new key initiatives that will enable us to continue to improve our capital disciplines, business processes and further strengthen the culture of the Company.
Whilst there is much still to do, growth in our markets is now emerging and our sales revenues in the last quarter of FY2014 and in the first month of this new trading year have been promising. We now need to build on this opportunity to drive shareholder value through the delivery of our strategic priorities.”
Founded in 1977, Speedy is the UK’s leading provider of tools, equipment and plant hire, and support services to a wide range of clients across the construction, infrastructure, industrial, manufacturing and facilities management sectors – as well as to local trade and industry. The Group provides complementary support services through the provision of training, asset management and testing, repair, inspection and maintenance (TRIM). Speedy is accredited nationally to ISO9001, ISO14001 and OHSAS18001. Operating from 247 fixed sites across the UK and Ireland – together with a number of on-site facilities at client locations throughout the UK, Ireland and from an international hub based in the Middle East.