Speedy Hire (SDY)

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The UK’s leading tools, equipment and plant hire services company, operating across the construction, infrastructure and industrial markets.


Amendment And Extension Of Bank Facilities – This seems like great news “”We are delighted with this successful outcome which reflects our bankers’ confidence in the business.  At 30 September net debt is now expected to be less than £65m, and this revised facility, with significant headroom, gives us greater flexibility to support our strategy for growth, and lowers our cost of debt.””

I am still not interested here.

14-Nov-2017 – 54.25p – £285.4m – PER 14.5

Results For The 6 Months To End September 2017 – A “strong first half performance”. And it doesn’t look too bad for a company that needed some surgery – Revenue up by 6.9% to £183.2m (£171.4m last time), adjusted PBT up 58.8% to £10.8m (£6.8m last time), adjusted EPS of 1.66 p (1.04p last time), Net debt reduced to £63.1m from £71.4m, Operating Margin is up to 6.6% from 4.5% and ROCE has almost doubled (9.4%). With the Dividend up 51.5% to 0.50p per share and the board are “confident of delivering a result for the year above current expectations and that the Group has a strong future ahead of it”.

Made some money here well over a decade ago. Have they turned a corner here, perhaps! Will be considering an opening position here or at least have it on my Watchlist, 50p.

26-Mar-2018 – 48.3p – £252.9m – PER 10.6

Trading Update For The Year To End March 2018 – ROCE expected to be circa 11% (7.7% last year), Net Debt £80m after £23m spend on acquisitions (which are performing in-line). FY Revenue expected to be 6% ahead of last year with Adjusted PBT expected to be ahead of the Board’s expectations.

Signs that troubles are behind it, perhaps. But, as the signs aren’t screaming out to me and with NetDebt now 30%+ of Mkt Cap I will not be getting involved for now.

16-May-2018 – 59p – £309.0m – PER 12.9

Results For The 12 Months To End March 2018 – Revenue up 6.4% to £371.6m (2017: £349.1m), Adjusted PBT up 59.9% to £25.9m (2017: £16.2m), Net Debt reduced to £69.4m (2017: £71.4m) after £21.3m of acquisition spend, Adjusted EPS 4.04p (2017: 2.45 pence), FY Dividend up 65.0% to 1.65p (2017: 1.00p). New year started well, confident to deliver in-line.

These results (except the Dividend) seem like a bit of a miss to me – Based on the numbers I am looking at (on Stockopdeia). Nevertheless, there’s not enough here to tempt me, I’m Neutral.

19-Jul-2018 – 60.5p – £316.9m – PER 12.5

Trading Update – On track to deliver FY in-line with the Board’s expectations.

I remain Neutral.

14-Nov-2018 – 58.2p – £304.9m – PER 11.5

Results For The 6 Months To End September 2018 – Revenue up 6.5%, PBT up 120%, Adjusted EPS up about 20%+ and ROCE up from 9.5% to 12.3%. Confident FY will be in-line with expectations.

This is looking much more reasonable now and seems to be well into recovery mode – I remain Neutral though as not sure there’s not perhaps still a bump or two to come.

3-Oct-2019 – 52p – £271m – PER 9

Trading Update For The 6 Months To End September 2019 – Looks reasonable and expects FY PBY to be in-line with the Board’s expectations.

Seems to be going rather well but just not well enough for me to be more interested just yet, any slow down could hurt this leveraged business quite a lot, I reckon.

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