Speedy Hire – 47.5p

17 April 2013 – year end trading update

A strong year end trading update demonstrates that Speedy Hire is continuing to make progress. The group’s strategy remains focused on generating high quality, secure, long term earnings, with the group increasingly signing contracts for the provision of end-to-end managed services as opposed to purely transactional volume hire. Full year underlying revenue increased 3.7% (UK&I up 1.1%, International up 61%). In the tougher UK market the company have been focusing on profitability rather than chasing top line growth. This will lead to profit being marginally ahead of expectations for the year. Although the shares are no longer as cheap we rate the stock a LONG TERM BUY.

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