Speedy Hire (SDY)

Sector:

Support

Index:

FTSE Small Cap

25.40p
   
  • Change Today:
      0.40p
  • 52 Week High: 37.80p
  • 52 Week Low: 23.40p
  • Currency: UK Pounds
  • Shares Issued: 461.84m
  • Volume: 2,160,633
  • Market Cap: £117.31m
  • RiskGrade: 214

Speedy Hire launches £30m share buyback as revenue grows further

By Josh White

Date: Thursday 27 Jan 2022

LONDON (ShareCast) - (Sharecast News) - Tools and equipment rental provider Speedy Hire said in a trading update on Thursday that the positive trading momentum in its first half continued into the third quarter, including further contract wins and renewals.

The London-listed firm said UK and Ireland hire revenue for the nine months to 31 December was 4% higher year-on-year.

Hire revenue in January to date was 7% ahead of the corresponding period in the 2020 financial year.

The group said it had invested £61m in its hire fleet in the year-to-date, in response to strong demand.

Consistent with its strategic goals, the company said investment was focussed on "sustainable products".

Asset utilisation rates for the year to date were 57.1%, which was about 1.4% ahead of the comparable period in the 2020 financial year.

Speedy Hire said it expected to report results for the year in line with its expectations.

In a separate announcement on Thursday, Speedy Hire also launched a share buyback programme of up to £30m.

At the time of its half-year results in November, the board started a review of the medium-term capital needs of the group, and considered potential returns to shareholders.

The board said on Thursday that it considered a £30m share buyback programme was prudent, reflected the cash generative ability of the group, and maintained a "strong" balance sheet consistent with its capital allocation policy.

"I am pleased to report that our positive trading momentum has continued with further revenue growth in the third quarter," said chief executive officer Russell Down.

"Market demand has resulted in increased utilisation rates, on an enlarged hire fleet following accelerated capital expenditure.

"Overall results for the year are expected to be in line with the board's expectations."

At 1205 GMT, shares in Speedy Hire were up 4.54% at 59.17p.

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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 25.40p
Change Today 0.40p
% Change 1.60 %
52 Week High 37.80p
52 Week Low 23.40p
Volume 2,160,633
Shares Issued 461.84m
Market Cap £117.31m
RiskGrade 214

Speedy Hire Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
48.94% above the market average48.94% above the market average48.94% above the market average48.94% above the market average48.94% above the market average
71.11% above the sector average71.11% above the sector average71.11% above the sector average71.11% above the sector average71.11% above the sector average
Price Trend
60% below the market average60% below the market average60% below the market average60% below the market average60% below the market average
70.3% below the sector average70.3% below the sector average70.3% below the sector average70.3% below the sector average70.3% below the sector average
Income
85.37% above the market average85.37% above the market average85.37% above the market average85.37% above the market average85.37% above the market average
75.38% above the sector average75.38% above the sector average75.38% above the sector average75.38% above the sector average75.38% above the sector average
Growth
12.69% below the market average12.69% below the market average12.69% below the market average12.69% below the market average12.69% below the market average
16% below the sector average16% below the sector average16% below the sector average16% below the sector average16% below the sector average

What The Brokers Say

Strong Buy 2
Buy 0
Neutral 1
Sell 0
Strong Sell 0
Total 3
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 07-Dec-23 10-Aug-23
Paid 19-Jan-24 22-Sep-23
Amount 0.80p 1.80p

Trades for 28-Mar-2024

Time Volume / Share Price
16:36 5,000 @ 25.40p
16:35 41,864 @ 25.40p
16:35 8,372 @ 25.40p
16:35 1,477 @ 25.40p
16:35 4,230 @ 25.40p

Speedy Hire Key Personnel

CEO Dan Evans
CFO Paul A Rayner

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