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Upbeat Speedy update

21 July 2021

Upbeat Speedy update

Speedy has today given a positive update on its performance during the first quarter of its current financial year.

The company says it has continued to win new customers and take market share. UK and Ireland core hire revenue for June is approximately 3% ahead of the corresponding period in the 2020 financial year, and showing an increase of around 2% for Q1 in that period. 

Asset utilisation rates for Q1 are approximately 2% ahead of the corresponding period in FY2020.

Speedy says that its Geason Training activity has been adversely affected by the pandemic. In future it will concentrate on offering short duration courses and will cease provision of NVQs and apprenticeships from 31 July.

The transitional services agreement (TSA) entered into following the disposal of the group’s Middle East business on 1 March 2021 was due to expire on 30 June but has been extended to 30 September 2021, Covid-19 related delays. On its conclusion, Speedy will wind up its operations in the region.

The group says its £180m asset based finance facility has been renewed for three years, through to July 2024, with uncommitted options for two further one-year extensions until July 2026, to support organic growth and acquisition opportunities.

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