Speedy Hire PLC (LON:SDY) hs said trading in the six months to the end of September 2020 has been in line with expectations.
The tool hire firm said revenue continued to pick-up during the period after the initial disruption caused by the coronavirus (COVID-19) pandemic lockdown restrictions introduced in the UK at the end of March.
Half-year revenues are expected to be down 20% or so on the same period of last year but for September the firm revealed that core hire revenue in the UK and Ireland was just 7% (roughly) lower than September 2019, while utilisation rates for the week ended October 2, 2020, were 55.5%, just a smidgen below a utilisation rate of 55.9% in the corresponding period of 2019.
The group said it's Middle East business is performing in line with expectations, albeit slightly below the prior year.
Net debt at the end of September has been trimmed to around £60mln from £79.3mln at the end of March 2020, reflecting lower capital expenditure and continued strong cash collections. All tax payments deferred as part of COVID-19 support measures were repaid during September 2020, Speedy Hire said.
Hire rates are returning to something approaching normal levels but there is still too much uncertainty for the board to reinstate full-year guidance, it added.