TOOL HIRE TOP TEN 2014 continued
SPEEDY HIRE PLC Chief Operating Officer
Head Office
Telephone Number Website
Hire activities
Geographical coverage Status
Mark Rogerson
Chase House, 16 The Parks, Newton-le- Willows, Merseyside, WA12 0JQ 01942 720000
www.speedyhire.plc.uk
General tools, power, survey and lifting equipment, pumps, non-mechanical access and rail, training
UK, Ireland, UAE, Egypt, Oman, Kazakhstan
Public company listed on the London Stock Exchange
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2013
30.09.13 (£m) 30.09.12 (£m) %Change
Revenue UK & Ireland International Group
EBITDA UK & Ireland International
Less Corporate items Group EBITDA
Group Operating Profit Group Profit before tax
COMMENT COMMENT
Just two weeks after the release of its interim results, Speedy informed the Stock Market that ‘accounting irregularities’ had been discovered following management changes at its International Division. This precipitated the resignation of Chief Executive Steve Corcoran, who, after a handover period, is expected to leave the company before the end of February. Initially, the Stock Market reacted sharply to the news, but the shares staged a recovery and on 16 January were trading at 69.0p, nearly at their 12 month high, capitalising the company at £357.6m.
Steve Corcoran has been not only the prime architect of Speedy’s recent strategy, but also a forceful hire industry representative in the wider business world. His resignation represents the end of an era at Speedy, and we wait to see who will step into the hot seat. Speedy’s interim report had announced the appointment of Mark Rogerson, a former director of Costain, as Chief Operating Officer. Hand-picked by Steve Corcoran, he took up his post at the beginning of December. He has to be regarded as Steve’s most likely successor.
Speedy had also recruited Andy Wright, formerly Lavendon International MD, to head up the Middle East and North Africa operation. It was soon after his arrival that the accounting
29
Reviewing the progress of HSS, Chris Davies says “we have invested significantly in our equipment fleet, in our branch network and in our people. We have also extended our service offering with the acquisition of a number of specialist hire businesses including Abird and UK Platforms.”
The past year has certainly been busy in terms of acquisitions for HSS, a company that traditionally has shown no great appetite for acquisition. Following the Abird and UK Platforms deals, two smaller acquisitions were made. In September HSS bought the Irish division of Mobile Traffic Solutions, which supplies traffic and crowd management solutions for hire or purchase throughout Ireland. This business has been integrated into HSS’ own Irish subsidiary, Laois Hire. Most recently, in November, HSS expanded its cleaning operations through the acquisition of Premier FCM, which trades as TecServ.
Chris Davis concludes, “it is an exciting time as we embark upon the next stage of growth and development - increasing our presence in existing markets and expanding in new ones throughout the UK and Ireland.”
158.8 11.0
169.8
32.9 2.6
(2.8) 32.7 8.7 5.3
160.6 8.5
169.1
34.2 2.4
(3.0) 33.6 8.5 4.7
-1.1
+29.4 +0.4
-3.8 +8.3
-2.7 +2.4
+12.7
Geographical coverage Status
discrepancies were uncovered. Speedy’s interim statement also referred to the departure of Main Board Director Mike McGrath, who was also MD of International Division, and David Graham, MD of its UK & Ireland business.
Issuing his final Speedy comment to EHN, Steve Corcoran states, “with two of our key markets - construction and infrastructure - showing growth forecasts, and with our target to establish more secured long term agreements with large volume users beginning to come to fruition, especially with a number of major contracts expected to be secured very soon, we are confident in our forward outlook. With the overall economy improving, there are clear signs of progressive growth for Speedy for the next decade. I am confident that Speedy will not only consolidate its market leadership, but will set new industry standards.”
HSS HIRE SERVICE GROUP LTD Chief Executive
Chris Davies Head Office
Telephone Number Website
Hire activities
25 Willow Lane, Mitcham, CR4 4TS 08457 282828
www.hss.com
General tool and equipment hire, plus specialist activities including Abird Power Solutions, UK Platforms Powered Access and Reintec Cleaning Services; sales, training and equipment management services UK and Ireland
Private company with private equity funding
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