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Annual Report and Accounts 2012 and Report Annual Plc Hire Speedy

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Annual Report and Accounts 2012 and Report Annual Plc Hire Speedy Speedy Hire Plc Annual Report and 2012 Accounts Measured progress Annual Report and Accounts 2012 www.speedyhire.plc.uk Speedy contents Overview Overview 01 Measured progress 02 This is Speedy today Business review Business review 04 Speedy figures 16 Sustainable business is better business 06 Understanding our markets 18 Chairman’s statement 08 Targeted success 20 Chief Executive’s review 10 Leveraging strong relationships 22 Principal risks and uncertainties with diverse customers 25 UK & Ireland Asset Services 12 A leadership business 27 International Asset Services 14 Stabilised and strengthened 28 Group financial review Governance Governance 30 Board of Directors 32 Directors’ report 36 Corporate governance 41 Remuneration report 50 Audit Committee report 52 Nomination Committee report 53 Independent auditor’s report Financial statements Financial Financial statements 54 Consolidated income statement 55 Consolidated statement of comprehensive income 56 Consolidated balance sheet 57 Consolidated statement of changes in equity 58 Consolidated cash flow statement 59 Notes to the financial statements 84 Company balance sheet 85 Company statement of changes in equity 86 Company cash flow statement 87 Notes to the Company financial statements 90 Five-year summary Corporate informationCorporate Corporate information 91 Shareholder information 92 Registered office and advisers 93 Awards 94 Accreditations Printing and paper: this report has been printed in the UK by The Colourhouse. 95 Memberships Our printers are accredited with the ISO14001 and hold full FSC chain of custody, they are also carbon neutral. All inks used are vegetable-based. The paper used 96 Further information is Heaven 42 which is fully recyclable and biodegradable and is an FSC mixed sources accredited material, using an Elemental Chlorine Free (ECF) process and partly bleached using a Totally Chlorine Free (TCF) process. If you have finished reading this report and no longer wish to retain it, please pass it on to other interested readers, return it to Speedy Hire Plc or recycle it. Thank you. This annual report is available at www.speedyhire.plc.uk Designed and produced by The College www.the-college.com Speedy Hire Plc Annual Report and Accounts 2012 Overview 01 Overview Measured progress Actions count. Recent years have been challenging for Speedy but we have relentlessly taken the necessary actions to right-size the business and return the Company to profit. Our goal remains to continue to improve performance standards in operating margin, return on capital employed and cash generation. Our approach to execution around margin improvement, cash flow generation and capital allocation has seen us maintain positive progress and emerge in a much stronger position. But we acknowledge we still have work to do. Our commitment to drive recovery through a focus on financial discipline, customer service and market knowledge, driven by a passion for innovation, has produced a year of further ‘measured progress’. EBITA* margin % Return on capital employed* % 16 16 13.7 15.2 12 12 10.2 10.9 8 8 6.0 4 6.0 2.3 2.3 4 2.0 2.3 0 0 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Net debt: EBITDA* 2.5 1.94 1.99 2.0 1.75 1.80 1.5 1.21 1.0 0.5 0.0 2008 2009 2010 2011 2012 * before amortisation and exceptional items Speedy Hire Plc Annual Report and Accounts 2012 02 Overview At a glance This is Speedy today Speedy overview Our customers include organisations such as Exxon, Thames Water, Balfour Founded in 1977, Speedy is the UK’s Beatty, BAM, Galliford Try, Morgan leading provider of equipment rental Sindall, Carillion, Interserve FM, and support services to a wide range Sellafield, GDF Suez and Veolia plus of clients across the construction, many thousands of smaller customers infrastructure, industrial, rail, who are just as important to us. manufacturing and facilities management sectors – as well as to local trades and industry. Our brand promise Operating from 283 fixed sites – and values together with a number of Speedy is the international support on-site facilities at client locations services partner that leads the way throughout the UK, Ireland and in delivering sustainable solutions the Middle East – we supply a to help its customers operate range of services including: more efficiently and effectively Speedy divisions whilst reducing their risks (financial, UK & Ireland Asset Services – the hire of small tools operational and legal/compliance). we deliver asset management to and equipment; our clients through our integrated surveying and measurement Speedy will achieve this by being: but specialist product and service instrumentation; spirited in how we operate; trusted operations. Our business is lifting and materials handling in how people feel about us; together characterised by the provision of equipment; in how we work; and innovative in tailored solutions underpinned low level and non-powered what we deliver. by a commitment to long-term access equipment; relationship management. The Speedy Spirit, a powerful set of This means that whether a customer compressed air; internal values, underpins our culture wants to hire, buy, service lighting equipment; and means that customers get a or repair an asset, we can advise temporary power generation; consistently high level of quality them and support their needs. mechanical pumps; and and a positive experience regardless of where they are in the world or International Asset Services – temporary site communications. what services we provide them with. we support our customers in The Speedy Spirit encompasses: delivering major international We also provide associated services projects and facilities management through the provision of training, asset Customer first – always; contracts by providing a managed management and testing, repair, site support service, which combines inspection and maintenance (TRIM). One team, one Speedy; Keep it simple, do it well, our core expertise in equipment keep it safe; hire with asset management, site infrastructure and logistics services. Driven by success and reward; and Take a lead, find a better way. Speedy Hire Plc Annual Report and Accounts 2012 Overview 03 Overview Measured progress Financial highlights A better way A better way On track for Understanding Targeted success sustainable progress our markets Speedy has continued to target A continuing drive to keep a tight UK construction industry output sustainable markets and in control over costs, strengthen our experienced moderate growth particular the infrastructure sector revenue base and maximise cash against 2010. Private housing and the which covers utilities (water, waste, generation has contributed to infrastructure sector saw more activity energy) and transport (rail, roads, improved profitability and significant and the largest recovery compared ports, airports). reductions in net debt. to the previous year. See: page 08 Our strategy See: page 06 A better way Sticking to what A better way we do best A leadership business Leveraging strong Speedy has demonstrated its Our strategy remains unchanged. relationships with market-leading position in a number In the UK and Ireland we continue of areas including its property to build solid relationships to diverse customers portfolio, products and services, increase our market share in the Building relationships with major people and supply chain. hire market. Internationally, we work customers and non-construction closely with key clients and identify companies is paying off for Speedy. See: page 12 ways in which we can support them in their activities overseas. See: page 10 A better way We offer added value services – such as health and safety training A better way Sustainable business – to extend our core business is better business and we provide a comprehensive Stabilised and range of consumable items and strengthened At Speedy, sustainability is high personal protective equipment for on the agenda. That’s why we’ve sale as well as advising customers This year has seen strong cash developed One Plan: a strategy to on hire, lease or purchase of their management, a continued focus help us, our customers and our core equipment. on operational efficiency to reduce suppliers operate more effectively, controllable costs and a number of efficiently and sustainably. new contracts signed or renewed. See: page 16 See: page 14 Speedy Hire Plc Annual Report and Accounts 2012 04 Business review Highlights Sustainable operational efficiencies leading to improved Speedy profitability figures Highlights > Adjusted profit before tax* of £12.4m, > Profit before tax (post amortisation increased from a loss of £0.7m in 2011 and exceptional items) of £3.2m (2011: loss £27.0m) > Second half-year adjusted profit before tax* of £7.6m, compared to first-half year > Net debt reduced to £76.3m profit of £4.8m (2011: £113.9m), improving net debt/ EBITDA* to 1.21x (2011: 1.79x) > Underlying revenue (excluding the disposed accommodation operations > £20.9m increase in net capex, whilst and the expired Network Rail contract) continuing to reduce net debt increased by 4.3% to £326.4m (2011: £313.0m) > Sale of older/under-utilised equipment has raised £19.4m (2011: £16.2m) for > EBITA* up 136% to £19.6m (2011: £8.3m) reinvestment into new hire fleet * before amortisation and exceptional items > Final dividend proposed of 0.26 pence per share (2011: 0.20 pence per share) Non-financial KPIs Speedy has had publicly reported Impact on climate change non-financial KPIs in place since 2007. CO2e per
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