Speedy Hire (SDY)

Sector:

Support

Index:

FTSE Small Cap

50.20p
   
  • Change Today:
      0.20p
  • 52 Week High: 88.00
  • 52 Week Low: 39.20
  • Currency: UK Pounds
  • Shares Issued: 526.97m
  • Volume: 135,924
  • Market Cap: £264.54m
  • RiskGrade: 304

Speedy Hire says trading in line, announces Lifterz acquisition

By Michele Maatouk

Date: Wednesday 20 Mar 2019

LONDON (ShareCast) - (Sharecast News) - Tool and equipment hire company Speedy Hire said on Wednesday that trading for the year to the end of March 2019 was in line, as it announced the acquisition of powered access specialist Lifterz for £9.6m in cash.
Based in Yorkshire, Lifterz has a fleet of about 1,300 access platforms and employs around 90 people. For the year to the end of January 2019, it generated unaudited revenue of £15.2m, with normalised earnings before interest, tax, depreciation and amortisation of £3.3m.

Speedy Hire said the deal complements its previous powered access acquisitions, creating a comprehensive national presence, which will allow the company to service customers nationally with larger specialist equipment.

The group also confirmed that trading has been in line with expectations.

Group revenue for the period to 31 March excluding disposals is expected to be around 5.5% ahead the prior year, with services revenue of approximately 9%. Meanwhile, adjusted pre-tax profit for the full year will be ahead of the previous year and in line with the board's previous expectations.

Exceptional costs in the second half of the year are expected to be approximately £2m, as a result of integration costs and professional fees associated with acquisitions, and depot restructuring costs.

Chief executive Russell Down said: "The acquisition of Lifterz announced today is strategically important giving us a national powered access offering and enabling us to provide an end to end service to our customers right across the UK. I am delighted to welcome Malcolm, Ben and the whole Lifterz team to Speedy.

"We are also pleased to report that full year revenues and profits will be ahead of the prior year and our results will be in line with expectations."

At 1425 GMT, the shares were up 1.4% at 57p.

Liberum reiterated its 'buy' recommendation on the stock following the news. It said the acquisition gives Speedy critical mass and nationwide coverage in powered access, where demand is growing and utilisation rates are high.

"The combination of this news and a steady update on current trading has led us to upgrade earnings per share estimates by 2.5% in 2020 and 2021, set conservatively," it said.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Speedy Hire Market Data

Currency UK Pounds
Share Price 50.20p
Change Today 0.20p
% Change 0.40 %
52 Week High 88.00
52 Week Low 39.20
Volume 135,924
Shares Issued 526.97m
Market Cap £264.54m
RiskGrade 304

Speedy Hire Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
64.8% below the market average64.8% below the market average64.8% below the market average64.8% below the market average64.8% below the market average
33.94% below the sector average33.94% below the sector average33.94% below the sector average33.94% below the sector average33.94% below the sector average
Price Trend
9.36% below the market average9.36% below the market average9.36% below the market average9.36% below the market average9.36% below the market average
1.79% above the sector average1.79% above the sector average1.79% above the sector average1.79% above the sector average1.79% above the sector average
Income
44.41% above the market average44.41% above the market average44.41% above the market average44.41% above the market average44.41% above the market average
48.57% above the sector average48.57% above the sector average48.57% above the sector average48.57% above the sector average48.57% above the sector average
Growth
6.85% above the market average6.85% above the market average6.85% above the market average6.85% above the market average6.85% above the market average
1.89% below the sector average1.89% below the sector average1.89% below the sector average1.89% below the sector average1.89% below the sector average

What The Brokers Say

Strong Buy 3
Buy 0
Neutral 1
Sell 0
Strong Sell 0
Total 4
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Speedy Hire Dividends

  Latest Previous
  Interim Final
Ex-Div 05-Dec-19 04-Jul-19
Paid 10-Jan-20 09-Aug-19
Amount 0.70p 1.40p

Trades for 05-Aug-2020

Time Volume / Share Price
17:07 20,000 @ 50.20p
16:35 3,329 @ 50.20p
16:29 161 @ 50.00p
16:29 185 @ 50.00p
16:29 6,505 @ 50.00p

Speedy Hire Key Personnel

CEO Russell Down
Chair David J B Shearer

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