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Speedy Hire - Like-for-Like sales up 11%

September 2004

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • SDY
Speedy put out a reassuring trading statement at its AGM noting thatlike-for-like sales are running 11% ahead.  However, this was partially overshadowed by some hectic corporate activity, with two acquisitions in August. The first was Multi Group's tool hire operations for £7.15m cash which brought in 10 depots, all situated in major urban conurbations, including Birmingham, Greater London and Leeds.   Stripping out one-off costs, Multi made a £0.1m operatingloss on turnover of £11.3m, generated from net assets of £4.8m but Speedy expects them to quickly become profitable after their integration and rebranding.   Speedy has also bought the UK hire operations of Coates Hire, an Australia based internation ...

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