(SDY.L) Speedy Hire PLC Buy/Sell

RNS Number : 3605I
  Speedy Hire PLC
  11 March 2010
   

BLOCK LISTING SIX MONTHLY RETURN

Date: 11 March 2010

 Name ofapplicant:                                                                           Speedy Hire Plc
 Name of scheme:                                                 The Speedy Hire 2004 Performance Share Plan
 Period of return:                                        From:  9 September 2009      To:     11 March 2010
 Balance of unallotted securities under scheme(s) from previous  10,621,348 ordinary shares of 5 pence each
 return:
 Plus: The amount by which the block scheme(s) has been                                                  Nil
 increased since the date of the last return (if any increase
 has been applied for):
 Less: Number ofsecuritiesissued/allotted under scheme(s)                                          7,996,532
 during period (see LR3.5.7G):
 Equals: Balance under scheme(s) not yet issued/allotted at end                                    2,624,817
 of period:

 Name of contact:              Suzana Koncarevic
 Telephone number of contact:      01942 720 000

This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
BLRKKKDQKBKDNND

STOCKS NEWS Reuters

Results diary
Europe Real-time Equity News

UK Stocks on the move
UK smallcaps UK smallcaps news

09:27GMT 15Feb2010-Speedy Hire up on stabilising trading, outlook

Shares in Speedy Hire rise as much as 5.3 percent after the tool rental firm says trading has increasingly stabilised and it sees full-year results in line with its view.

"A cautiously optimistic update from Speedy Hire this morning reinforces our sense that the hire sector generally is beginning to see more stable conditions," says Altium Securities.
Altium keeps its 5 million pound pretax loss view for the full-year and the "hold" rating on the stock.
Brokerage Panmure Gordon says: "Management looks forward with 'cautious optimism ' -- a phrase Speedy has not used for some time -- and we reiterate our "buy" recommendation and 41 pence price target."
For more, please click on

Reuters messaging rm://shivani.singh.thomsonreuters.com@reuters.net
09:02GMT 15Feb2010-BATM gains; Altium upgrades

Shares in BATM Advanced Communications gain more than 2 percent as Altium Securities upgrades its rating on the Israeli telecoms equipment company to "hold" from "sell" following share price underperformance.
Altium says in a note that the shares have dropped 23 percent since the firm's full-year numbers on Feb 8, reflecting not only disappointment regarding the results but also ongoing concerns about the losses and perceived distraction of the underperforming businesses, as well as currency exposure.
But it says that at current levels, the valuation is approaching a level that is appropriate given the perceived risks.
"While there may be further downside in the short term, the increased focus on network upgrades and particularly LTE (Long Term Evolution) at the Mobile World Congress in Barcelona which kicks off today is likely to highlight the attractions of the core telecom division and its gearing into the network cycle," says the broker.

Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net
08:39GMT 15Feb2010-BA jumps on U.S. alliance move

Shares in British Airways jump 4.8 percent, topping the FTSE 100 leaders board, after the U.S. Department of Transportation (DOT) gave its tentative approval to grant antitrust immunity to American Airlines and its four oneworld partners to form a global alliance.
The airlines, however, are required to concede four take-off/landing slot pairs at Heathrow airport for up to 10 years to alleviate competition concerns, representing approximately 10 percent of combined BA/AA services.
"We expect the stock to react positively this morning, with US DOT approval a major development as BA continues to pursue consolidation to enhance network quality," says Credit Suisse, in a note repeating its "outperform" rating on BA.
The broker says it has factored in an 80 percent probability of the deal getting approval into its valuation of BA, which is worth 38 pence of its 285 pence price target for the UK airline.
"We leave our valuation unchanged with a final decision awaited from the European Commission while recognising the need to concede four Heathrow slots," Credit Suisse says.
European regulators have yet to make a decision on the oneworld carriers' application but are in advanced stages of their review.
For more double click on

Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net
08:16GMT 15Feb2010-UK small caps rise 0.2 pct early

The FTSE Small Cap index rises 0.2 percent in early trade, while the blue chips gain 0.8 percent and the midcaps are 0.3 percent firmer.
Beowulf Mining jumps almost 21 percent after it says an independent study showed its Ruoutevare deposit in Sweden contains a significant iron ore resource close to the surface making it a potential open-pit mining operation.
Speedy Hire puts on 4.7 percent after the tool hire firm says it expects full-year results to be in line with its view as trading in the third quarter increasingly stabilised.

Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net

Keywords: MARKETS UK STOCKSNEWS/

COPYRIGHT

Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

RNS Number : 1225H
  Speedy Hire PLC
  15 February 2010
   

15 February, 2010

SPEEDY HIRE PLC

Interim Management Statement

Speedy Hire Plc ('Speedy' or the 'Group'), the UK's largest provider of tools and equipment for hire, is releasing its interim management statement in respect of the period from 1 October, 2009 to 15 February, 2010. 

Trading

Whilst the challenging conditions prevalent in the first half of the year have continued, the Group is encouraged that in the third quarter (October-December) trading increasingly stabilised compared to earlier quarters and early fourth quarter (January-March) trading has progressively recovered following the annual Christmas/New Year shutdown. 

Although management's revenue expectations for the fourth quarter are dependent on the business maintaining a strong finish to the year, the quarter has so far shown an encouraging level of activity. January revenues were broadly in line with management expectations and were 24% below the January 2009 level (compared to year on year declines of 36% in October and 28% in December), notwithstanding the difficult weather conditions which significantly disrupted construction activity in early January. 

The latest UK weekly hire revenue figure has now recovered to pre-Christmas trading levels and is tracking slightly ahead of the normal recovery rate, as the Group continues to exploit its market leading position to win new business across a range of market sectors including petrochemical, infrastructure and mainstream construction.  

Despite the purchasing managers' index of construction activity declining for the 23rd month in a row in December 2009 (source: Markit Economics, Jan 2010), the Group's major domestic construction clients continue to benefit from spending in support of UK infrastructure, especially in the areas of education, transport and social housing, together with the regulated water and energy industries.  As a result, Group turnover from the top 50 UK contractors has proved more resilient than the wider market and these customers now account for approximately 28% of turnover (vs. 24% a year ago) for the nine months to 31 December, 2009. 

Financial Position

Net debt at 31 January, 2010 has been reduced to approximately £141m, compared to £248m at the start of the financial year, with the result that gearing at 31 January, 2010 was approximately 55%. This is despite FY 09/10 capex totalling approximately £8m having been invested to date in the new Middle East operations, of which approximately 50% was incurred in the 10 months to 31 January, 2010.

Net debt to EBITDA (trailing 12 months to December 31, 2009, excluding exceptional items) was approximately 2x, which is significantly better than Speedy's nearest major quoted peers. 

As anticipated, the interest rate margin on the Group's bank facility fell to 2.5% in February following achievement of reduced leverage targets contained within the facility agreement.

With continued improvement in the Group's financial position anticipated over the remainder of the financial year, as Speedy uses its positive cash flow to reduce bank debt further to approximately £125m, the financial strength of the Group positions it well for the future.

Business Development

The Group continues to take advantage of its market leading position in the UK, where it enjoys a market share more than twice that of its nearest competitors (source: Executive Hire News, Jan/Feb 2010).

In addition to the recently announced contract awards with BT Group plc, Tube Lines, ExxonMobil and Osborne, the Group is pleased to announce that it has further strengthened its position in the UK market through the signing of a new two year preferred trading agreement with Costain Group PLC, the international engineering and construction group . 

The Costain agreement will see Speedy supply a comprehensive range of tools and equipment, together with the provision of training services, building on a tools only supply agreement which was put in place in 2006. Speedy will also provide a dedicated central hire desk, providing Costain with one national point of contact for ordering, administration, management information and payments. This exciting new contract further endorses the Group's strategy of leveraging its position with existing customers to build secure relationships and develop incremental revenue opportunities through the delivery of extended services.   

Speedy has also recently extended its exclusive UK trading agreement with AMEC plc, the international engineering and project management company. The contract will now run until 2014. Speedy will be supplying its complete range of tools, equipment and complementary services.

Within the Group's International division, the five year strategic services agreement with Al Futtaim Carillion ('AFC') is now formally completed and Speedy has become AFC's exclusive provider of light plant and equipment across the Middle East, as well as providing a full range of asset management and logistical services. Discussions are already taking place as to how this relationship can be extended across AFC's operations in North Africa.

Other achievements during the period include the completion in January of the three year project to move the entire business onto the same IT platform. Together with the single shared service centre which was opened in September last year and the creation of a single UK operating entity, this highlights the successful achievement of the 'One Speedy' objective.  

Outlook

Given the Group's operational and financial flexibility, together with the aggressive actions already taken to reduce costs, the business is well placed both to take advantage of the eventual upturn in the market and to capitalise on the relative weakness of some of its competitors. 

Overall activity appears to be stabilising and Speedy is thus able to look forward with cautious optimism. Whilst short term visibility remains challenging, assuming the pattern of the recovery seen since the Christmas/New Year shutdown is maintained, the Board considers that results for the year will be in line with its expectations 

The Group expects to announce its final results for the year ended 31 March 2010, on Wednesday 19 May, 2010. 

Enquiries:
                                       Tel: +44(0) 1942 720 000
 Speedy Hire Plc
 Steven Corcoran, Chief Executive
 Justin Read, Group Finance Director

 Hudson Sandler                        Tel: +44(0) 207 796 4133
 Nick Lyon / Wendy Baker / Kate Hough
  
  

The information in this release is based on management information.

This report includes statements that are forward looking in nature. Forward looking statements involve known and unknown risks, assumptions, uncertainties and other factors which may cause the actual results, performance or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Except as required by the Listing Rules, Disclosure and Transparency Rules and applicable law, the Company undertakes no obligation to update, revise or change any forward looking statements to reflect events or developments occurring after the date of this report.

This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
IMSSFIESLFSSEIE

RNS Number : 4680G Speedy Hire PLC 01 February 2010

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuer of Speedy Hire Plc

existing shares to which voting rights are attached:

2 Reason for the notification(please tick the appropriate box or boxes):
An acquisition or disposal of voting rights Yes

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify):

3. Full name of person(s) J O Hambro Capital
subject to the notification Management Group Limited

obligation: 4. Full name of shareholder(s)(if different from 3.):
5. Date of the transaction and 28 January 2010

date on which the threshold is crossed or reached:
6. Date on which issuer 1 February 2010

notified:
7. Threshold(s) that is/are 5%

crossed or reached:

8. Notified details: A: Voting rights attached to shares
Class/type of Situation previous Resulting situation after the triggering transaction
shares to the triggering
transaction

if possible using the ISIN CODE
Number Number Number Number of voting % of voting
of of of shares rights rights
Shares Voting
Rights
Direct Direct Indirect Direct Indirect
Ordinary Shares 25,529,587 25,529,587 25,929,587 25,929,587 5.01%

B: Qualifying Financial Instruments Resulting situation after the triggering transaction
Type of financial Expiration Exercise/ Number of voting % of voting
instrument date Conversion rights that may be rights
Period acquired if the
instrument is
exercised/
converted.

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction
Type of financial Exercise Expiration Exercise/ Number of voting % of voting rights
instrument price date Conversion rights instrument
period refers to
Nominal Delta

Total (A+B+C) Number of voting rights Percentage of voting rights
25,929,587 5.01%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:

Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:
14. Contact name: Suzana Koncarevic

15. Contact telephone number: 01942 720 000

This information is provided by RNS The company news service from the London Stock Exchange

HOLBSGDDSSGBGGB