Speedy says that although its revenues were down 35% in April, this was not as bad as it had feared. Activity levels steadily improved during May as lockdown measures eased and customers have returned to work. Hire revenue last week (week ended 5th June 2020) about 17% lower than the previous year.
Speedy furloughed about half its staff in April. As at 5th June approximately 1,200 (a third of the total) remain on furlough.
The board remains confident of the company’s financial security, citing a strong balance sheet and substantial unused banking facilities. Cash collections, which had been strong in March 2020, have remained strong in April and May.
“The board remains confident that the group can operate within its existing debt facilities and covenant tests during a prolonged period of reduced trading activity,” it said.