Speedy, the UK's leading tools, equipment and plant hire services company, operating across the construction, infrastructure and industrial markets, will announce results for the year ended 31 March 2015 on 12 May 2015.
In a trading update issued this morning, the Board said it expects to announce revenue in line with market expectations, and adjusted profit before tax slightly ahead of market expectations, reaffirming the strength of Speedy's strategic and major customer relationships.
In the UK, a new National Distribution Centre in Tamworth is open and the programme to create a backbone to the national network comprising 8 Multi-Service Centres and 38 superstores has been completed ahead of the original schedule. A programme to re-profile asset holdings and redistribute assets across the network is now underway. The Board said this will enable the Business to improve asset utilisation and operational efficiency during the coming year.
In the Middle East, where the Group has incurred substantial losses, Speedy has completed its withdrawal from the general hire business; its offices in Egypt and Qatar have been closed and the Oman business sold. The newly restructured Oil and Gas Services Business broke even in the final month of the fiscal year and the Group is in discussions with a potential purchaser to sell this business. Regardless of the outcome of any negotiations, the Middle East business has been significantly de-risked, the update said.
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