annual report and accounts 2010 wwwspeedyhireplcuk
speedy hire plc  annual report and accounts 2010 overview
02 speedy at a glance
04 speedy figures 
06 efficiencies and savings
08 customer intimacy
10 wins and revenues
12 partnerships and opportunities 
13 markets and diversification 
14 our people
16 safety 
17 speedy spirit
business review
18 chairman’s statement
20 chief executive’s review 
24 principal risks and uncertainties
25 stratton report
30 our performance 
36 group financial review 
40 corporate responsibility
governance
46 board of directors
48 directors’ report 
51 corporate governance
56 remuneration report
64 audit committee report 
65 nomination committee report 
66 independent auditors’ report
financial statements
68 consolidated income statement
69  consolidated statement of comprehensive income
70 consolidated balance sheet
71 company balance sheet
72 consolidated cash flow statement
73 company cash flow statement
74  consolidated statement of changes in equity
75  company statement of changes in equity
76 notes to the financial statements
 1 01 fiveyear summary
investor information
 1 02 shareholder information
 1 03 registered office and advisers
 1 04  awards
ibc  accreditations and memberships
speedy content s
overview governance business review financial statements investor information
accredit ation s
i so a ccredit ation s
i so 9001
speedy asset services limited
speedy engineering services limited
i so 14001
speedy asset services limited
speedy engineering services limited
i so 18001
speedy asset services limited
speedy engineering services limited
i so 17020
speedy asset services limited
partial accreditation only
i ndu stry s upplier a ccredit ation s
achilles linkup – rail supplier qualification and verification scheme
achilles uvdb – utilities prequalification scheme
achilles building confidence – construction prequalification scheme
fpal – oil and gas industry prequalification scheme
constructionline – uk register of prequalified construction services
chas – the contractors health and safety scheme
safecontractor – the contractor accreditation scheme for business
safehire – hae hire and rental certification scheme
mem ber ship s
p rofe ssion al body a nd tr ade associ ation me mbers hip hae hire association of europe
pasma prefabricated access suppliers and manufacturers association
leea lifting equipment engineers association
operc offhighway plant and equipment research centre
era european rental association
bsc british safety council international asset services
cbi confederation of british industry steve corcoran member  
of construction council
ftse4good
bitc business in the community
cpa contractors plant association
british water authority
federation of communication services
mpba modular and portable building association
a ccred it a t ions and mem bersh ips
investor information
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cert no xxxxxx000 annual report and accounts 20 1 0 speedy hire plc  01
the past year has been turbulent however 
we are dealing with these shortterm 
challenges and have taken action to stabilise 
our business we are positive about our 
longterm strategy and confi dent that 
it will drive opportunities for future growth 
speedy has been making great progress 
in our transformation from a national 
equipment hire company to a business
tobusiness support services company 
providing equipment expertise and 
valueadded services to our customers 
both in the uk and overseas
as our customers’ businesses have 
developed across market sectors we 
have transformed our own structure and 
organisation to service their needs 
overview 02  speedy hire plc annual report and accounts 20 1 0
overview
speed y a t a glance
speedy story speedy long term stra tegy
speedy is a leading service provider 
off ering equipment for both hire 
and sale and associated services to 
construction infrastructure industrial 
and related industries 
 
founded in 1977  we are the uk’s 
largest provider of hire equipment and 
have grown to be a £350m turnover 
organisation with over 100000 
customers 4000 employees and 
a national network of over 
350 depots
 
our customers include organisations 
such as amec balfour beatty 
carillion exxonmobil and network 
rail plus many thousands of smaller 
customers who are just as important 
to us 
 
examples of some of the customers 
we work with and the services that 
we provide for them can be found 
throughout this report
uk
sales
continue to build solid 
relationships to increase 
our circa 10 market share 
in the uk hire market
provide a comprehensive range of 
consumable items and personal 
protective equipment for sale as 
well as advising customers on 
hire lease or purchase of their 
core equipment
work closely with key clients and 
identify ways in which we can 
support them in their activities 
overseas on a ‘follow the 
customer’ principle
extend our core business 
off ering with consultancy 
assurance and training services 
providing an enhanced portfolio 
of solutions
international
services
tool  
equipment hire
sales
international
availability network
quality
range
uk services
markets
markets
products and services
products and services
overview annual report and accounts 20 1 0 speedy hire plc  03
speedy divisions
we remain committed to having the most eff ective 
fulfi lment model with national coverage in the uk our 
people have extensive product knowledge and are 
dedicated to providing service excellence over the past 12 
months we have aligned ourselves with our customers and 
their end markets to support them and gain a greater depth 
of knowledge about their industry sectors our aim is to 
deliver true asset management for our customers with 
tailored services and a continued commitment to 
relationship management this means that whether a 
customer wants to hire lease or buy an asset we can advise 
them and support their needs 
we support our customers 
in delivering major overseas 
projects and facilities 
management contracts by 
providing a managed site 
support service which 
combines our core expertise 
in equipment hire with asset 
management infrastructure 
and logistics services a key 
part of our service is helping 
our customers to make more 
effi  cient and eff ective use of 
assets on overseas projects
we help customers to 
manage the risk of 
employees working unsafely 
by providing effi  cient safety 
and skills training services 
our objective is to advise on 
and implement practical 
solutions for customers to 
mitigate other key risks 
whether legal reputational 
or fi nancial in relation to 
sustainability waste 
environmental and health 
and safety issues all of this 
builds on speedy’s core 
brand values of safety skills 
compliance and innovation
uk  ireland asset services international  advisory services
revenue
£347 4m
revenue
£37m
international 
asset services
branded  advisory 
services
overview 04  speedy hire plc annual report and accounts 20 1 0
overview
speed y figures
highlights financial kpis
revenue down £1316m or 27 3  
to £3511m 2009 restated £4827m
ebita positive at £80m  
2009 restated £492m 
down £412m or 838
operating loss of £86m – an  
improvement on prior year 
2009 restated loss £507m
adjusted loss before tax of £62m  
2009 restated profi t £334m 
with h2 loss of £14m showing an 
improving trend on h1 loss of £48m
loss before tax £228m  
2009 restated loss £711m
net debt reduced by over 50  
to £1 193m 2009 £2484m
strong operating cash fl ow of £524m  
2009 restated £781m demonstrates 
successful focus on cash generation 
revenue £m 
0506
0607
0708
0809
0910
      2543
                          3360
                                                          4659
                                                             4827       
                              3511
ebitda £m 
0506
0607
0708
0809
0910
        770
                         1003
                                                   1316
                                             1251       
682
ebitda  of revenue 
0506
0607
0708
0809
0910
                                                 303
                                             299
                                       282
                               259       
        194
operating profit £m 
0506
0607
0708
0809
0910
                                                381
                                                                500
                                                                                      640
                                                              492       
 80
 preamortisation and exceptional items
overview annual report and accounts 20 1 0 speedy hire plc  05
nonfinancial kpis
net book value of property plant and equipment  
£m 
0506
0607
0708
0809
0910
                                             2414
                                                            2957
                                                                                    3729
                                                                   3232       
                                                          2856
group operating margin  
0506
0607
0708
0809
0910
                                                                                                                  150
                                                                                                             149
                                                                                                    137
                                                                      102       
        23
return on capital employed  
0506
0607
0708
0809
0910
                                                                                                   175
                                                                                          169
                                                                                 152
                                                     109       
 20
earnings per share pence
0506
0607
0708
0809
0910
                                                                            1435
                                                                                             1764
                                                                                                           1987
                                                                1300       
 141
 preamortisation and exceptional items
the nonfi nancial kpis were set for three 
years in 2007 and we can now report on 
the fi nal position 
   customer retention target to retain 
90 of the top 100 customers 
determined by turnover in fy200607 
target achieved 100 retained
emissions per vehicle  target to reduce 
emissions per vehicle by 5 from 2007 
base line of 1231 1kg co
2
 per vehicle 
target achieved reduced by 6
accident loss frequency rate  target 
to reduce accident loss frequency rate 
by 5 from 2007 base line of 036 hours 
per employee per month 
target achieved reduced by 27
rehabilitation agenda  target to provide 
training places for 200 prisoners 
target achieved training places 
provided for 200 prisoners
overview 06  speedy hire plc annual report and accounts 20 1 0
overview
 ef f i c i en c i e s 
and sa vings
improving our effi  ciency to sharpen 
our competitive edge is fundamental 
to our overall strategy in view of 
the weakness seen across the uk 
construction market our key focus 
this year has been to ensure that the 
business maintains a strong fi nancial 
footing further improvements and 
effi  ciencies have been identifi ed within 
the business and additional costsaving 
measures have been implemented
£80m
of annualised cost savings in place since july 2008
“ our newly established shared services centre is the 
most costeff ective way of delivering fi rstclass back 
offi  ce support to our customers our annual running 
costs have reduced and our key performance measures 
have been progressively improved”
richard hinds
head of shared services speedy
overview annual report and accounts 20 1 0 speedy hire plc  07
 12  7 
vehicle fl eet reduction 322 vehicles
363 depots
workshops and offi  ces compared to 425 in fy200809
overview 08  speedy hire plc annual report and accounts 20 1 0
overview
customer intima cy
our markets and our customers’ needs 
are changing all the time and we must 
adapt to stay ahead our core business 
off ering has been augmented with 
more servicebased solutions increasing 
our alignment with our customers 
customer relationships are founded on 
the concept that we must develop an 
indepth understanding and knowledge 
of each customer’s business market 
sector and the challenges that they face 
in order that we can off er outstanding 
solutions regardless of sector scale or 
country our aim is for our customers 
to see us not just as a supplier but a 
trusted partner it’s all about the speedy 
‘knowhow’ and ‘cando’ attitude
“ our hire needs across our uk projects are extremely diverse 
speedy’s comprehensive product range and high service levels 
as well as its coverage across the uk mean we are confi dent 
that we have appointed the right supply chain partner” 
martin orrells
general manager procurement at costain
“ we’ve been working with speedy for 
a number of years and we continue to 
be constantly impressed with the high 
service level they provide us”
john cosford
head of procurement for interserve’s project services division
overview annual report and accounts 20 1 0 speedy hire plc  09
“ over the past fi ve years we have been impressed 
with speedy’s national coverage commitment to 
health and safety product range and availability”
richard moores
group purchasing manager at southern electric contracting
overview 10  speedy hire plc annual report and accounts 20 1 0
overview
wins and revenues
this year we have had some impressive 
contract wins recent contract awards
underline the group’s ability to win 
goodquality work in its target sectors 
there is also increased penetration of 
industrial and other nonconstruction 
markets
fiveyear sole supply agreement  
with connaught for the provision of 
tools and equipment and an asset 
management service through a 
single dedicated hire desk
threeyear sole supply agreement  
with works infrastructure uk a 
leading engineering group operating 
in the infrastructure facilities 
management civil engineering and 
rail sectors
threeyear sole supply agreement  
with wysepower a leading provider 
of site enabling services for 
generators and associated fuel
twoyear sole supply agreement  
with tube lines the company 
upgrading three of the busiest lines 
on the london underground
threeyear contract extensions with  
exxonmobil and osborne and the 
renewal of a fi veyear preferred 
supplier agreement with galliford try 
“ we have worked with speedy for just 
over a year and have consistently been 
impressed with its excellent service levels 
product range training off ering and 
commitment to health and safety” 
philip constable
head of distribution services at tube lines
overview annual report and accounts 20 1 0 speedy hire plc  11
“ we assessed a number of equipment providers 
but speedy’s continual investment in the latest 
equipment and its comprehensive range of 
products put them ahead of the competition”
lawrence ireland
executive director uk at works infrastructure uk
overview 12  speedy hire plc annual report and accounts 20 1 0
overview
 pa r t n e r s h i p s 
and opportunities
our major customers are increasingly 
active overseas so to be a true partner 
speedy needs to operate on an 
international scale last year we signed 
a fi veyear strategic services agreement 
with al futtaim carillion afc carillion 
plc’s joint venture in the middle east the 
aim of this strategic agreement is to work 
with afc to create value in their project 
support infrastructure by providing a 
fullyoutsourced service that includes 
asset management site support services 
and logistics management as well as our 
traditional equipment hire services this 
targeted clientdriven approach will 
provide an excellent platform for new 
opportunities and growth as the group 
extends this industryleading fully
outsourced service model to other 
strategic customers
“ building longterm relationships with key suppliers is 
important to deliver increasingly effi  cient highquality 
services for our customers we look forward to working 
with speedy in the middle east building on the strong 
relationship already developed in the uk”
john mcdonough
chief executive at carillion
overview annual report and accounts 20 1 0 speedy hire plc  13
at speedy we are developing our service 
off ering to access diverse sectors and 
enhance our market diff erentiation 
despite the decline in construction 
demand there is still an underlying 
need for investment and expansion of 
our infrastructure in the uk in sectors 
such as transport waste water and 
energy it is opportunities for speedy’s 
equipment and services within these 
areas that will allow us to extend our 
off ering into wider industries and create 
longterm growth for the future both 
in the uk and internationally
markets and 
diversifica tion
“ this partnership with speedy provides our maintenance 
teams with consistently high standards in equipment 
as well as sourcing servicing and maintaining our 
equipment through its seven dedicated rail depots 
speedy also provides us with onsite maintenance 
equipment familiarisation and training”
steve featherstone
director of infrastructure maintenance at network rail
overview 14  speedy hire plc annual report and accounts 20 1 0
overview
our people
our people are fundamental to our 
success in order for us to deliver 
on our strategy enable change within 
our organisation and provide our 
customers with unrivalled service 
we need to engage and support all 
our staff  to ensure that they have the 
necessary skills to do what is being 
asked of them our people share our 
vision and our spirit we are taking 
a collaborative approach to employee 
development and our objective 
is to provide a challenging and 
stimulating working environment 
where people enjoy their jobs fulfi l 
their potential and go the extra mile
case study
when network rail asked for assistance following an accident where a train 
had come off  the rails after striking a vehicle the speedy rail team were swift 
to respond
speedy’s rail plant coordinator les burrows commented “on 19 december 
a train was derailed near congleton when it hit a 4x4 vehicle which had rolled 
down a hill onto the railway line after the owner failed to put the handbrake on 
properly fortunately there were no fatalities and noone was seriously hurt 
once the train had been safely evacuated network rail had to act quickly and 
needed trusted suppliers to help when i received a call at around 630am the 
rail team pulled together two of us even cancelled annual leave and worked 
closely with colleagues from other speedy divisions and the multi service 
centres transport manager jimmy dixon together we landed the urgent 
request for welfare units trackside lighting and backtoback radios in record 
time – we had everything on site within four hours”
les burrows and the msc rail team
speedy warrington
“ i am incredibly proud to have been the fi rst 
employee to receive a reward in the new ‘spot 
reward’ scheme that has been introduced i’m 
glad that my contribution to the company has 
been recognised” 
  joe drove a 226mile round trip at dawn on a 
saturday to collect equipment urgently needed 
for a customer
joe hearn
driver speedy cambridge
overview annual report and accounts 20 1 0 speedy hire plc  15
case study
speedy has looked after the needs of elliott 
turbomachinery for approximately ten years 
performing sixmonthly inspections on the rigging 
tools and hydraulics which their employees use on 
site this equipment is usually kept in containers 
at a uk location but on this occasion one of the 
containers was at their head offi  ce in switzerland 
when the customer asked if we could send 
someone to switzerland to carry out the necessary 
inspections the speedy team in teesside were 
delighted to be able to help
marty clarkson from the speedy teesside depot 
fl ew to zurich with a suitcase full of the necessary 
inspection equipment and completed the work 
in a day
marty clarkson 
onsite inspector speedy teesside
“ i began working for speedy as a credit controller in 2002 and 
have progressed to senior credit manager throughout my 
career with speedy i have received a great deal of support in 
my personal and professional development speedy have 
supported my education to become fully qualifi ed in credit 
management through icm studies i gained micm grad status 
in august 2007 and earlier this year i was privileged to have been 
selected for the strategic leadership programme which is for 
people highlighted as senior managers for the future”
susan westhead
senior credit manager speedy
overview 16  speedy hire plc annual report and accounts 20 1 0
overview
sa fety
we endeavour to engender a 
commitment to quality and safety in 
every aspect of our business for over a 
decade speedy has taken a pioneering 
stance on health and safety in the hire 
industry and has worked hard to drive 
standards of best practice across our 
business and our industry 
this has led to a continually improving 
set of policies and procedures to ensure 
those standards are maintained by 
all and a welldeserved reputation 
amongst our customers for consistently 
high standards 
in the hire business and across most 
other service sectors in which we 
operate we have led the way with 
new solutions products and services
in recent years we have brought new 
standards of communication to site 
operatives with our awardwinning 
‘safety from the ground up’ campaign 
off ering easy to understand and 
accessible guidance on the main health 
and safety topics of working at height 
handarm vibration dust manual 
handling and noise 
“ without the support and help from speedy 
i do not believe that our industry or kier 
would have moved as far forward on issues 
such as handarm vibration work at height 
and many more”
john morgan
director of safety health  environment at kier
overview annual report and accounts 20 1 0 speedy hire plc  17
speed y spirit
  customer first – always
we never compromise on fi rstclass 
service we deliver what we 
promise
  one team one speedy
everything we do refl ects on all 
areas of our company our team 
extends beyond our daytoday 
team – we are one speedy team
  keep it simple do it well 
keep it safe
we get it right fi rst time every 
time and always in a safe and 
responsible way
  driven by success and reward
we encourage people to go the 
extra mile and make it worth while 
doing so
  take a lead find a better way
we strive for excellence we 
continually challenge the way 
things are done and look for 
innovative solutions and new 
ideas for improvement 
“ no matter what changes happen at speedy 
over the years one thing that has never and will 
never alter is our spirit it represents a powerful 
set of principles that defi ne our people and our 
business and underpin our ‘cando’ culture”
steve corcoran
chief executive speedy
overview 18  speedy hire plc annual report and accounts 20 1 0
business review
chairman’s st a tement
david wallis
nonexecutive chairman
overview
it has been another diffi  cult and challenging year for your company 
as evidenced by the unsatisfactory fi nancial result achieved 
however it is important to put this into context a year ago i set 
out our strategy for the coming 12 months to maximise revenues 
optimise costs generate cash and reduce bank debt i am pleased 
to report that each objective has successfully been achieved 
despite revenues declining in the year by 27 market share has been 
maintained albeit at a slight cost to margins since july 2008 costs 
have been reduced by over £80m or 18 and during the past year 
the business has generated £52m of operating cash fl ow as a result of 
this strong cash generation and the successful rights issue in july 2009 
together with tight control of capital expenditure net bank debt 
reduced from £2484m to £1 193m leaving gearing as at 31 march 2010 
at 48 the lowest in the group’s history which illustrates our progress 
in strengthening the balance sheet 
 
we remain committed to paying a dividend when prudent to do 
so and the board is therefore recommending a fi nal dividend of 
02 pence per share if approved by shareholders at the forthcoming 
agm this will bring the total for the year to 04 pence per share the 
fi nal dividend will be paid on 18 august 2010 to all shareholders on 
the register on 18 june 2010
strategy
although we have seen a more stable trading environment over the 
last six months levels of activity in the construction and industrial 
markets remain subdued and uncertainty over the number and size 
of public sector projects will persist until the government is able to 
give clear guidance as a result we will continue to run the business 
cautiously our shortterm focus will remain on cash and costs whilst 
ensuring that we do not compromise our ability to service our hardwon 
customer base over the last year our business with the uk’s top 50 
construction companies has continued to increase and now makes 
up 27 of revenues these companies operate extensively in both 
the public and private sectors as a result of the supply arrangements 
which we have with them the future fl ow of work to speedy mirrors 
their order books and improves the future visibility of our earnings
we will focus on growing the existing business organically with 
the immediate objective of improving margins in a move towards 
generating appropriate returns additionally we will nurture our 
fl edgling business in the middle east which is already showing 
extremely positive signs of growth as well as our branded and 
advisory business 
business review annual report and accounts 20 1 0 speedy hire plc  19
as the business and its back offi  ce functions have been restructured 
over the last year we are now beginning to see the benefi ts of those 
actions the setting up of a shared services centre replacing a 
network of regional offi  ces and the successful implementation of the 
‘one speedy’ programme are producing benefi ts for both customers 
and the business there is now greater visibility of our assets their 
location and their utilisation which will ultimately enhance returns 
and enable us to provide higher service levels
over the longer term we are seeking to evolve speedy’s strategy 
to become a service provider to our clients wherever they have 
operations building on the relationships we have already established 
with them to achieve this we must off er the best quality fl eet 
and operational network as well as testing repair maintenance 
and training facilities all provided by welltrained skilled and 
knowledgeable people
our people
it has been a year of tremendous upheaval and uncertainty for our 
people who have responded magnifi cently to the challenges there 
will undoubtedly be many more in the year ahead but it is at times 
like these that a strong culture and team spirit win the day i would like 
to extend the thanks of the board and shareholders to all of them
looking forward
the more stable levels of recent trading are encouraging which may 
indicate that economic activity in our markets is bottoming out but 
we are under no illusions that there remain many diffi  cult months 
ahead until there are clear indications that recovery is established we 
will invest in new fl eet behind the demand curve rather than ahead 
of it but equally will ensure that we maintain service levels to our 
existing clients we will also prudently invest behind our middle east 
operation in support of our strategic services agreement with al 
futtaim carillion
the shortterm focus will remain on cash generation whilst running 
the business as effi  ciently as possible in a demanding market i am 
confi dent that we have adopted a strategy which will serve our 
shareholders well in both the short and longer term as activity levels 
improve your business is in good shape to capitalise on the recovery
david wallis
nonexecutive chairman
it has been a year of 
tremendous upheaval 
and uncert ainty for 
our people who have 
responded magnificentl y 
to the challenges 
business review 20  speedy hire plc annual report and accounts 20 1 0
business review
chief executive’s review
steve corcoran
chief executive
overview
throughout the past fi nancial year we have consolidated our 
marketleading position with clients in the uk both construction and 
nonconstruction whom we saw as being the principal benefi ciaries 
of a polarising market in the short term and a consolidating one over 
the longer term this has been accompanied with an unstinting focus 
on delivering the objectives we outlined last year namely to maximise 
revenues optimise costs generate cash and reduce bank debt 
in the fi rst half we concentrated on restructuring our business and 
whilst it has been a diffi  cult year it is pleasing to report that we have 
delivered on our objectives the cost base has been reduced from 
a £464m run rate at july 2008 when we fi rst initiated our cost 
reduction programmes it now stands at £3486m and whilst some 
of this reduction can be explained by lower revenue £80m has been 
achieved as a result of specifi c management actions net bank debt 
at the year end was less than £120m down from a peak of £3018m in 
august 2008 and £1291m below the march 2009 fi gure underpinned 
by a hire fl eet with a net book value of £2469m additionally we 
realised £27m of profi ts from asset sales which confi rms the 
appropriateness of the group’s balance sheet valuations tight control 
was also maintained over capital expenditure down 417 on the 
prior year
 
having completed the closure of 37 depots and 14 workshops the 
removal of 322 vehicles and a 317 reduction in employee headcount 
over a 12 month period the business was able in the second half 
to concentrate on reinforcing its market leading position in the year 
we have secured over 212 new or renewed awards with a projected 
value of £170m including recent contract wins with costain plc 
galliford try plc and willmott dixon ltd together with secured 
agreements with connaught plc and spice plc in the uk and al 
futtaim carillion in the uae these have been complemented 
with signifi cant awards in nonconstruction activities including a 
£7 5m award from exxonmobil and a £4m award from welsh water plc 
revenues from nonconstruction activities now account for 35 
of our turnover 
 
we will continue to keep a tight rein on costs diligently control 
capital expenditure and manage our cash prudently whilst sensitivity 
remains in respect of the future outlook for some of the markets 
that we serve the early and determined action undertaken by 
management has ensured that the business is now very strongly 
placed to benefi t from the eventual upturn 
strategy
in the shortterm whilst economic uncertainty prevails we will 
continue to manage our business very conservatively maintaining 
a tight control over costs and cash management in parallel we will 
continue to consolidate our market leading position with those best 
placed to support the regulatedprivately fi nanced markets in energy 
business review annual report and accounts 20 1 0 speedy hire plc  21
transport waste and water and also with the key operators involved 
in the supply of services to food retailing the communications sector 
and essential repair and maintenance many of these activities require 
equity investment generally through pfippp or are undertaken 
through joint ventures or framework agreements which typically lend 
themselves to the larger construction and engineering groups where 
speedy enjoys a market leading position with the top 50 construction 
companies accounting for 27 of our turnover 
over the longer term our strategy is to position speedy as an 
international service provider this will be achieved by building 
upon the trusted relationships established over 33 years serving 
construction and industry our clients hire to mitigate the risks that 
they associate with the fi nancial liability operational management 
and compliance risk of ownership they choose speedy because we 
have the fl eet quality the operational network and the product range 
together with a commitment to health and safety sustainability and 
quality that best supports their objectives however in isolation hiring 
does not remove all risk if hired equipment is given to someone 
inadequately trained in its use they could break it fail in their task 
or cause injury to themselves or others eff ectively exchanging 
one risk for another speedy has instigated the off er of training and 
consultancy services to complement the use of the hired asset we 
will also use our purchasing power to provide clients with consumable 
products eg drill bits saw blades and personal protection 
equipment or safety wear to operate equipment safely each of 
which is integral to the use of an asset but which are typically ordered 
separately incurring additional cost and disruption to our client
this more integrated solution will also be enhanced with the provision 
of test and inspection services to provide for the planned service and 
maintenance needs of both owned and hired equipment our goal is 
a full service based off ering built around the provision of the hired 
asset and delivered by leveraging the strength of the speedy brand 
whilst at the same time extending the size of the market in which 
speedy operates this more integrated off ering clearly diff erentiates 
speedy from its peers
funding plan
our business is a strong generator of cash with net operating cash 
fl ow of £524m for the year to 31 march 2010 our fi nancial model 
provides for the utilisation of operating cash fl ows to self fi nance new 
fl eet requirements in a period of non growth this has enabled new 
fl eet investment during the year and yet still allowed us to reduce 
debt by £5m more than anticipated in november 2009 
at our interim presentation in november 2009 we advised the market 
that to support our longterm objective of establishing speedy as an 
international service provider we would adopt a three stage approach 
to funding requirements 
reduction in liability
operating liability
compliance liability
financial liability
derisking 
why customers hire
supply chain
quality control
price control
management costs
availability
consistency
balance sheet
capital outlay 
depreciation
availability
operating costs
purchase costs
health and safety
environmental
testing
regulatory
hirepurchase
we will continue to 
manage our business very 
conserva tivel y  maint aining 
a tight control over costs 
and cash management
business review business review
22 speedy hire plc annual report and accounts 20 1 0
chief executive’s review c ontinued
in the short term and until there is clear evidence that a  
sustainable recovery is underway in uk construction we will 
continue to manage our cash conservatively funding uk capex 
to support our service level requirements from the cash generated 
by operations the balance will continue to be used to pay 
down debt or to fund our fledgling operation in the middle east 
in the last financial year the business invested £7 7m in this 
operation which generated £24m in revenues and achieved a 
turnover run rate of c£10m per annum at the period end
investment in the hire fleet for growth is not planned until we see  
a more sustainable recovery in uk construction activity which 
we forecast will not occur until at least the 201 112 financial year 
over the longer term 2015 we would expect to have  
secured sufficient future contracts with longer term visible 
revenues that enjoy a transparency in earnings that will support 
additional funding 
in the meantime we will continue to concentrate on generating 
strong cash fl ow and maintaining the strength of the balance sheet 
whilst we develop our longterm plans to build the business into a 
fully recognised outsource service provider and establish appropriate 
longterm fi nances to support such plans
corporate responsibility
the safety and well being of our employees our clients stakeholders 
and the communities in which we operate continues to be at the 
forefront of what we do our values the ‘speedy spirit’ embody 
the way that we want to do business and be seen to do business 
we believe that good corporate responsibility can be measured by 
a company’s commitment to its values even when economically 
pressed we are pleased to be able to stand up to this test in 2009 
we set ourselves four primary objectives for the year by design these 
were intended to be three year stretching targets our performance 
to target is as follows
customer retention 100 achieved 100 retained 
emissions per vehicle 100 achieved reduced by 6 
accident loss frequency rate 43 achieved reduced by 27 and 
rehabilitation agenda 100 achieved training provided for  
200 prisoners
we acknowledge that work still remains to be done our 2010 
corporate responsibility report will be available in july 2010 and will 
provide greater detail on these achievements and also outlines our 
objectives for the coming year you will be able to view this report 
at wwwspeedyhireplcuk 
speedy is also the acknowledged leader in its fi eld for the provision 
of health and safety guidance and innovation in safety design as 
evidenced by our award winning ‘safety from the ground up’ 
campaign an example of this is our initiative in response to site 
related handarm vibration risks where speedy sourced and assisted 
with the design of an innovative meter which records and registers 
vibration whilst machinery is in use helping to protect the user 
from excessive exposure and the employer with improved safety 
management and risk control measures we now have over 285 of 
these on hire and they are specifi ed by clients such as balfour beatty 
bam nuttall and carillion 
our own safety record continues to improve with our all major 
accident frequency rate reducing from 59 to 43 a reduction of 
27 positioning speedy at the forefront of our industry 
we remain resolute in our determination to provide solutions to 
support sustainability initiatives in conjunction with erm ltd the 
world leading environmental and sustainable development 
consulting service in the supply of data relating to carbon reduction 
and sustainability we launched our new ‘go’ initiative this industry 
fi rst provides our clients with a monthly carbon statement detailing 
the carbon usage of the equipment that they have hired and 
provides them with ‘go’ credits which they can use to set targets for 
further reductions if they choose more energy effi  cient less carbon 
emitting products
we also continue to support the organisation ‘business in the 
community’ at a number of levels and continue to be members 
of the ftse4good index
looking ahead
having taken the early and aggressive action to reduce our cost base 
by over £80m from its high of £464m something that we started to 
instigate as early as july 2008 we developed a cost base which has 
enabled us to trade through the substantial diffi  culties that befell our 
industry post the economic and fi nancial turmoil in september 2008 
as the benefi ts of the actions on costs fed through we were able 
to concentrate on consolidating our clear market leading position 
as a result and despite trading off  substantially lower volumes the 
group has been able to deliver a progressive improvement in trading 
throughout the second half of the year ended 31 march 2010 and built 
a much more stable platform from which to move into the current 
calendar year
it is encouraging to note that this stability has continued into this 
fi nancial year and that volumes on hire at the end of april 2010 were 
broadly in line with those of april 2009 whilst we expect to see 
a further slight reduction in overall construction volumes this year 
we expect to see our trading position maintained this will be 
underpinned by private and regulated industry spending on 
infrastructure orders from this sector continue to show growth out 
to 2014 and whilst there will be a signifi cant reduction in public sector 
spending from current levels we do not anticipate the impact of this 
action will be felt until 201 1 as ongoing contracts will continue to 
business review annual report and accounts 20 1 0 speedy hire plc  23
as the year progresses and should the economic outlook 
continue to improve we expect new opportunities to emerge 
from outsourcing we will also maintain the development of our 
fl edgling activities in branded  advisory services and gradually 
progress our business in the middle east which is underpinned by 
the fi ve year exclusive strategic services agreement with al futtaim 
carillion in summary whilst the shortterm outlook is not without 
its challenges we are confi dent that we will continue to develop 
our overall strategic objectives and position our business as a full 
outsourcing partner building upon our uk market leading 
position for asset services in rental 
steve corcoran
chief executive
uk  ireland
provide solid levels of activity until then at that point all market 
forecasters predict that the private sector will have reestablished 
its traditional position as the construction industry’s principal client 
sector as a sector agnostic business speedy will follow this transition 
as our clients move towards contracts in support of private clients 
we expect this to manifest itself fi rst in spending associated with the 
energy water waste and transport especially rail sectors followed 
by the major food retailers
given our key relationships with those clients that continue to increase 
market share in their particular markets and given the progressive 
improvement in trading in h2 2010 which has continued into 201 1 our 
current expectation is that the business will maintain this momentum 
in the current fi nancial year notwithstanding uncertainty in respect 
of the shortterm economic outlook as ever we will continue to 
concentrate closely on keeping a tight control over costs and will 
retain a clear focus on generating cash
speedy’s
strategy
optimise capital 
structure
longer term 
strategic goals
2010 2011 2012 2013 2014 2015
focus on cash manage costs 
contain capital expenditure 
and improve margins
work with and plan future 
requirements of current 
revolving credit facilities
recognition as a service business
reduce capital intensity further improve return on capital expenditure
shortterm
existing facility 
maturity date
review overall capital structure 
to align funding strategy with 
business priorities 
timeline and strategic goals
our strategy – the building blocks
mid to longer term
june 2012
targeted
revenue
mix
branded 
 advisory 
services
rest of 
world
mena
consider stand alone 
mena fi nancing
geographic diversifi cation product development and enhanced service provision
drive customer intimacy – establish longer term outsourcing agreements
  focus on cash
 communication of strategy
  self fi nance middle east and north 
africa mena operations and 
establish branded  advisory services
an international organisation providing multiple services 
we understand our customers in depth and are ready to adapt to their 
changing needs and markets at any time through superior knowledge 
integrated systems and operational eff ectiveness
business review 24  speedy hire plc annual report and accounts 20 1 0
business review
princip al risks 
and uncert ainties
the board is fully committed to a programme of continual 
improvement which includes identifying evaluating and managing 
signifi cant risks facing the business and has developed a set of 
processes to allow it to do so nine key risk areas have been identifi ed 
the successful management of which is seen as essential to the 
group’s ability to achieve its corporate goals a revised risk kpi 
risk description mitigation
1 attracting  maintaining key staff
lack of staff  with appropriate skills hinders our ability to win mobilise and deliver on contracts speedy off ers competitive benefi ts packages and provides training at all levels including 
a training academy speedy also off ers career development and succession plans 
2 business continuity 
any interruption to the group’s it systems or infrastructure could have a material adverse 
eff ect on the group’s business communication capabilities management of projects and 
overall fi nancial performance
responsibility for the integrity of the group’s it systems rests with the director of information 
technology backup and recovery procedures are in place for key systems and buildings 
changes to group systems are considered as part of wider change management programmes 
and implemented in phases wherever possible 
3 data and management information 
to achieve its strategic aims the business needs to measure and analyse performance in 
every business area and across all products and services leveraging revenuegenerating 
opportunities exceeding customer expectations eff ective decisionmaking and keeping 
costs down all require eff ective systems mi and kpis
the group has it systems throughout all business areas which are the responsibility of the 
director of information technology the ‘one speedy’ project which has been running since 
mid2009 continues to deliver material data and information benefi ts and will continue to do 
so ongoing investment is planned to use technology further to improve asset management 
data management and customer management information
4 external influences
a downturn in constructionindustrial activity or a decline in the desirability of hiring tools 
and equipment to fulfi l such activity may reduce the prices that the group can charge for its 
services government expenditure is important across the wider construction industry in the 
uk any reduction in government expenditure which is not off set by an increase in private 
sector expenditure could adversely aff ect the group
the group continually monitors and assesses market capacity by reference to a number 
of external sources together with internal data which reports customer product and 
geographical demand it operates a fl exible model that can react to prevailing market conditions
the group assesses changes in government spending as part of its wider market analysis 
the impact on the group of any such reduction in expenditure is assessed as part of the 
ongoing fi nancial and operational budgeting and forecasting process our strategy is to 
develop a broader spectrum of services across diff erent markets and to ensure that we are 
well positioned with clients who are likely to benefi t from those areas in which increased 
activity is forecast
5 failureinsolvency of major customer
whilst no single customer accounts for more that 7 of revenue or receivables in the event 
of the loss of a major customer the revenue generated by the group could be reduced with 
a corresponding impact on the group’s market position
credit control processes are in place to monitor the potential for credit defaults and exposures 
this is reported on a regular basis to the executive management team and where necessary 
issues are escalated to resolve payment issues as soon as practicable visibility of exposures 
to individual customer groups is improving through the implementation of the business 
information and credit management systems the group does not maintain credit insurance 
since nearly all of its debt exposure is with ukbased customers and management of the risk 
of debt default is managed as part of the daytoday operations of the business
6 finance
should the group be unable to obtain suffi  cient capital in the future it may not be able to 
take advantage of strategic opportunities or it may be required to reduce or delay capital 
expenditure resulting in the ageing of the fl eet andor availability issues this could 
disadvantage the group relative to its competitors and may adversely impact its ability 
to command acceptable levels of pricing
the group’s treasury policy sets out objectives regarding the nature amount and maturity 
of committed funding facilities that should be in place to support the group’s activities 
in line with the policy the group’s capital requirements and potential sources of fi nance are 
reviewed at board level on a regular basis in order that its requirements can be adequately 
planned for close relationships are maintained with the group’s bankers in order to ensure 
that the group enjoys a broad degree of support short lead times for purchasing hire 
equipment are maintained in order to manage capital requirements 
7  increase in competition
the equipment rental industry is extremely competitive and highly fragmented many of the 
markets in which the group operates are served by numerous competitors ranging from 
national equipment rental companies to regional independents some of the group’s principal 
competition may have greater fi nancial resources be more geographically diversifi ed have 
greater brand recognition in certain market sectors and may be better able to withstand 
adverse market conditions within the industry
the group monitors its competitive position closely with a view to ensuring that it is able to 
off er its customers the best solution to their requirements capital expenditure requirements 
are assessed as part of the budgeting process and throughout the year via regular forecasts 
daytoday capital expenditure requirements are assessed on a needs basis with limited 
longterm future ordering commitments the group monitors the performance of its major 
accounts against market forecasts and individual expectations with a view to ensuring that 
the opportunities for the group are maximised market share is regularly measured and our 
competitors’ activities are reported on and reacted to where appropriate
8 planning and change management
to address the material reduction in the size of the hire market since 2008 the group is 
executing a strategy that delivers growth and profi t though leveraging core competencies 
better than our competitors developing new and better ways of operating and entering new 
markets for example the middle east where diff erent risks to those faced in the uk and 
ireland will emerge if the strategy is wrong or not executed eff ectively or the changes 
undermine our ability to plan and forecast the group may not achieve its objectives
indepth and ongoing reviews of business strategy have been undertaken by the board 
and its advisors in determining strategy the change programme has been communicated 
to all employees to explain the group’s strategy and plans to deliver the strategy are 
compared to actual performance signifi cant projects are subject to careful evaluation and 
monitoring at board level with risks being subject to ongoing reporting around appropriate 
mitigation strategies
9 safety
the group operates in an industry where safety is a critical consideration failure to meet 
customers’ safety expectations or regulatory requirements increases the risk of legal fi nancial 
and brand damage this requires an uncompromising attitude to safety
the group is recognised for its industryleading position promoting enhanced health and 
safety compliance together with a commitment to product innovation the group’s systems 
and health and safety and environment team measure and promote employee understanding 
of and compliance with procedures that aff ect safety also key customer account managers 
address any service and safety issues arising in respect of those customers
dashboard has been agreed and will be reviewed by the board 
every quarter additionally the internal audit plan is aligned to the 
key risks the text below summarises the risks that were identifi ed 
as key in alphabetical order together with a short description of 
monitoringmitigation
24 speedy hire plc annual report and accounts 20 1 0
business review annual report and accounts 20 1 0 speedy hire plc 25
outlook unclear and uncertain 
2010 is proving to be another testing year for construction 
companies and their suppliers the extremely difﬁ cult 
economic background has been compounded by the political 
uncertainty engendered by the protracted general election 
campaign and its outcome the coalition clearly faces some 
very testing times ahead but given the extraordinary 
difﬁ culties of the economy neither party will wish to be seen 
as acting against the ’national interest’ the problem is that 
each will interpret the ‘national interest’ according to their 
political philosophy
 the fallout from the ‘credit crunch’ and the 
ensuing recession remains with us and is likely to continue 
for the foreseeable future the new government will 
introduce an emergency budget on 22 june it has declared 
that ‘deﬁ cit reduction and continuing to ensure economic 
recovery is the most urgent issue facing britain’ the 
conservative liberal democrat coalition agreement states 
that there will be ‘a signiﬁ cantly accelerated reduction in 
the structural deﬁ cit’ it is proposed that there will be a 
£6 billion cut in spending budgets for 20102011 but at 
the time of writing the speciﬁ cs of such cuts are not clear 
it has however been announced that the new government 
has cancelled a third runway at heathrow and will refuse any 
additional runways at stansted and gatwick on the other 
hand it will support the establishment of a high speed rail 
network the new government has also clearly signalled it 
will protect spending on health and education but how far 
this will focus purely on ‘front line’ services is as yet 
unconﬁ rmed 
 cuts alone will not sufﬁ ce to tackle the deﬁ cit the 
new government will also have to raise its income inﬂ uential 
economists are forecasting a rise in vat from 175 to 20 
this will have demand implications for many sectors of the 
economy including most aspects of construction earlier this 
year the ‘cut the vat coalition’ which includes the royal 
institute of chartered surveyors and the federation of 
master builders argued for a reduction in vat to 5 for
the repair and maintenance of homes indicating that it could 
lead to £17 billion of beneﬁ ts to the uk economy by 2019 
it seems unlikely that such a measure will be implemented 
now although it is possible that there might be some 
concessions for work that could be classiﬁ ed as ‘environment 
ally friendly’ as the economy pulls slowly away from 
recession one would expect to see a revival in ‘repair 
and maintenance’ and that have been some signs of this 
happening repair and maintenance is a big user of tool hire 
so any weakening of demand as a result of a vat increase 
would be a blow to the hire sector an increase in vat also 
has inﬂ ationary implications for the whole economy not all 
of which are negative as it would reduce the relative value 
of debt and could stimulate building development 
 with a budget deﬁ cit of almost £170bn equating 
to 11 of gross domestic product public expenditure 
now over 50 of gdp and the organisation for economic 
cooperation and development forecasting that uk net 
public debt will stand at 70 of gdp by the end of 2011 
a prolonged period of retrenchment looks inescapable 
all this at a time when the uk economy is crawling out 
of recession with the latest ﬁ gures indicating a 03 
growth in the ﬁ rst quarter of 2010 compared with a 04 
expansion compared with a 04 decline in the previous 
quarter of course the severe bad weather in the opening 
months of the year is deemed to have played a part in 
restricting growth particularly in the retail and construction 
sectors indeed anecdotal evidence suggests that hire 
companies have been doing rather better than they might 
have anticipated in the second quarter partly because of the 
delays in construction work 
 despite all the brave words of the politicians on 
the campaign trail it is to be anticipated that cuts of a far 
greater severity than they have acknowledged will be 
implemented international market pressure particularly 
in the wake of the greek crisis will focus minds intently
the overriding question especially for the construction 
sector is where will the spending axe fall and how swiftly 
we have heard much of ‘efﬁ ciency’ savings but these are 
likely to be a fairly slow process and will almost certainly 
speedy market report 2010
catherine stratton – independent analyst
stratton 
report
business review 26 speedy hire plc annual report and accounts 20 1 0
business review
stratton report continued
turn out to be much more difﬁ cult to implement in practice 
than in theory indeed government’s perennial resorting 
to ‘efﬁ ciency cuts’ when faced with need for axing public 
expenditure engenders a certain cynicism and given the 
depth of the crisis this time the presumption that cuts in 
services are inevitable that aside history would suggest 
that over decades of ﬁ nancial crises capital expenditure 
has been the most vulnerable area for cuts and despite all 
the valiant efforts of the construction lobby we must face 
the prospect that it will again be lined up as a leading victim 
it comes at a time when the construction sector is already 
extremely weak unsurprisingly private development is still 
only edging towards recovery and it has been left to public 
infrastructure work to bring limited succour to the 
struggling industry the most recent statistics analysing 
construction output and new orders show the sector’s 
dependence on government spending since the onset of 
the recession no doubt the new government will want to 
reappraise schemes now in the pipeline and we must expect 
that will inevitably mean cuts in capital programmes 
 just two years ago the construction sector fell 
dramatically from feast to famine and that overall that 
famine looks set to continue in 2011 a recent forecast 
from the construction products association indicates that 
the industry will have lost up to £16bn of work in the three 
years up to december 2010 the association anticipates a 
fall of 3 in construction activity this year following the 
12 drop last year recovery is expected to be slow with a 1 
growth rate in 2011 and similar levels in the two subsequent 
years one comparatively bright spot is private housing 
where starts are forecast to grow by 32 between 2010 and 
2012 but this growth is put into perspective by the fact that 
starts in 2012 will remain at one of the lowest levels since 
1946 the industrial and commercial sectors are predicted 
to grow by 8 and 4 respectively in 2011 following very 
precipitous declines in 2009 and 2010 
 in the course of the second half of 2008 the hire 
sector had to adjust swiftly to the unprecedented decline 
in construction activity and it is probably fair to say that the 
adjustment is still continuing many of the leading players 
both public and privately owned have had to renegotiate 
their borrowing levels and terms with their bankers speedy 
and lavendon have also raised new capital among the 
private companies there has been a number of casualties 
but so far the damage has been conﬁ ned to smaller players 
there is a danger that the failure rate will accelerate when 
companies have to gear up to replace equipment and then 
to expand their ﬂ eets when demand revives
catherine stratton
catherine stratton has researched and 
analysed the plant and tool hire sector for 
many years and is the author of ‘the plant 
hire investment report’ which has been 
published annually since 1994 and examines 
the performance of the uk’s 75 leading plant 
equipment and tool hire companies 
her interest in the hire sector began when 
she joined the research department of city 
stockbrokers greene  company in 1969 
six years later she became a partner in the 
fi rm and a member of the london stock 
exchange after greene  co merged with 
grieg middleton in 1988 she served as a 
director of the enlarged fi rm until 1992 
in that year she left the city and became 
an independent researcher and consultant 
in the hire industry she writes a regular 
‘city news’ column for ‘executive hire news’
the seventeenth edition of ‘the plant hire 
investment report’ will be published in 
july 2010 wwwphircouk 
business review annual report and accounts 20 1 0 speedy hire plc 27
construction output constant 2005 prices seasonally adjusted £m
new work
quarter 
public 
housing 
private 
housing 
infra 
structure 
public 
excl infra 
private 
industrial 
private 
commercial 
all
new work
2007 q1 99146121389229212425213 15738
q2 101 2 467 4 1532 2257 1227 5450 161 52
q3 932 4696 1655 23 1 1 116 1 5708 16464
q4 843 4428 1613 2346 1154 5807 16190
2008 q1 89242661786249811205929 16493
q2 865 3855 1840 2607 964 5685 1 581 7
q3 884 3536 1828 2734 934 5702 1561 7
q4 842 3196 1666 2807 842 5212 14565
2009 q1 773 2892 1803 2909 674 4547 13599
q2 799 2797 1931 3234 609 4370 13741
q3 905 2454 1896 3485 597 3964 13301
q4 1033 2539 2182 3935 655 3664 14008
repair and maintenance
quarter 
public 
housing 
private 
housing 
public 
non 
housing
private 
non 
 housing
all repair
and
 maintenance
2007 q1218836681915393311704
q2 1967 3849 1822 3891 1 1 528
q3 1891 3583 1844 4026 1 1 344
q4 194 1 3955 181 7 41 1 9 1 1 832
2008 q1 2010 3749 2000 4059 1 1818
q2 2128 3981 2033 4063 12206
q3 2095 3723 21 19 3791 1 1729
q4 1937 4055 1954 3526 1 1 471
2009 q1 191 0 3394 1870 33 1 5 1 0489
q2 193 1 3394 1782 3201 1 0308
q3 2109 3585 2239 3403 1 1337
q4 1912 3265 1981 3212 10369
total all construction work
quarter one quarter two quarter three quarter four total for year
2007 27 442 27 680 27 808 28022 1 10952
2008 2831 1 28023 27 346 26036 109716
2009 24088 24048 24638 24377 97  1 52
 change 200708 32 12 17 7 1 11
 change 200809 149  142 99 64 1 1 5
 change 200709 1 22  1 31 1 1 4  1 30 1 24
 provisional
source offi  ce for national statistics ‘output in the construction industry’ published 5 march 2010 
volume of new construction orders constant 2005 prices £m
public 
housing 
private 
housing 
infra 
structure 
public 
excl infra 
private 
industrial 
private 
commercial 
all
new work
2007 2644 12004 4987 6483 3151 17 525 46794
2008 2185 6869 5873 8140 2288 12717 38072
2009 2304 5029 8359 8852 1408 7 165 331 1 7
 change 200708  1 73 428  1 78  256  274  259  1 86
 change 200809 54 268 423 87 385 437 130
 change 200709 129 581 67 6 365 553 583 292
 provisional
source offi  ce for national statistics statistical bulletin ‘new orders in the construction industry december 2009’ published 11 february 2010
business review 28 speedy hire plc annual report and accounts 20 1 0
business review
stratton report continued
 some major hire companies such as speedy were 
quick to begin cutting back their ﬂ eets as the ﬁ rst indications 
of the construction downturn were recognised in the 
middle of 2008 but others were slower to react partly because 
the construction boom had resulted in long lead times for 
machine orders and they had placed orders for equipment 
which were fulﬁ lled after demand had fallen so they were 
wrongfooted ‘the plant hire investment report 
20082009’ using accounts mainly covering a signiﬁ cant 
part if not the whole of 2008 found a median annual growth 
rate of 102 for the gross book value of plant held by the 
leading 75 hire companies this compared with a ﬁ gure of 
134 in the previous year it must be anticipated that 2009 
ﬁ gures will indicate a signiﬁ cant reversal of this growth 
most of the major players have sold surplus plant axed 
depots and curtailed capital expenditure to a minimum 
if we assign an average economic life cycle to tools and 
equipment of around four years it would suggest that hirers 
are soon going to be faced with the task of replacing their 
aging ﬂ eets some will ﬁ nd this a formidable task as their 
bankers reassess their creditworthiness almost all are going 
to ﬁ nd it expensive much equipment is imported so we may 
assume that weak sterling will add to costs although the 
problems of the euro should help to keep down the costs 
of imported machines from countries such as germany 
france and italy another problem facing hirers is that 
manufacturers have also ‘down sized’ so that their capacities 
are greatly reduced and this is already resulting in longer 
lead times as companies start to reequip 
 given the uncertainties about the state of the 
economy in general and construction in particular one 
might raise the question why reequip doubtless many 
hirers will try to maximise the life of their equipment but 
eventually they will ﬁ nd that maintenance costs will make 
that uneconomic the danger is that they will then be 
confronted with an inability to ﬁ nance the replacement 
for all hirers one of the key questions must be how can 
i justify replacing equipment at high cost both in terms 
of actual machine cost and interest payments at a time 
when hire rates are under continuing pressure 
 a brief analysis of ﬁ gures for hire costs shown in 
the 2009 accounts of some leading contractors suggests that 
for many such charges have fallen by signiﬁ cantly higher 
percentages than their revenues have fallen there appear to 
be two main reasons for this the ﬁ rst is the obvious one that 
hire rates have been pulverised as contractors seek to reduce 
costs no doubt other suppliers have been put under similar 
pressure but hire is particularly vulnerable because there are 
a large number of companies including some single person 
operators working with secondhand equipment and little in 
the way of overhead even when times are good hirers ﬁ nd 
it difﬁ cult to improve their rates in current conditions they 
are all too exposed in the course of the recent recession 
another reason why contractors have cut their hire costs is 
that they have become more efﬁ cient in their use of 
equipment a constant refrain of hire companies has been 
that hire periods have shortened dramatically this suggests 
that the contractor is using plant more intensively no doubt 
aided by intranet facilities and this will make for both less 
revenue and higher costs for the hire company with transport 
and maintenance costs taking a higher proportion of 
revenues and thus squeezing margins 
 if as is suggested above the construction industry 
is in for two or three more years of very restricted growth it 
seems almost certain that the structure of both construction 
and hire sectors must change there has already been 
attrition with a signiﬁ cant number of smaller players going 
into administration as well as one or two more prominent 
players such as jarvis rationalisation seems inevitable on 
the plant hire side we have seen ge capital equipment 
services which in terms of ﬂ eet size was the tenth largest 
company included in last year’s ‘plant hire investment 
report’ retreat from scotland in recent months with 
speculation that it is also reducing its depot network in 
england finning has recently completed its disposal of 
hewden stuart to a private equity group sun european 
partners for £110m the fact that hewden once regarded 
as the uk’s premium hire company has been sold to private 
equity interests suggests unsurprisingly that there was 
little appetite for large acquisition amongst major uk or 
overseas players in the hire sector in recent weeks there 
have been a few signs of more modest acquisitions being 
transacted for example in may hss announced it was 
buying the training operations of the hydrex group on 
the whole however it seems that company failures may be 
an important factor in the foreseeable future and that could 
mean that rationalisation is a somewhat protracted process 
the tool hire segment as opposed to more general and 
larger plant may in fact prove to be more resilient there
is some evidence mainly anecdotal that some of the small 
independent hirers have beneﬁ ted from the closure 
programmes of the major companies the continuing low  
level new build activity should of course stimulate repair and 
maintenance orders which will beneﬁ t tool hire
 because an extremely high proportion of hire 
companies are either privately owned or the subsidiaries 
of public companies recent information on the ﬁ nancial 
performance of the sector is limited the statistical tables 
compiled on the next page give a brief indication of the latest 
annual ﬁ gures available from some of the most important 
players in the uk hire sector results for their 20092010 
ﬁ nancial years are still awaited for vp and ashtead when 
appraising these ﬁ gures the different account periods are 
signiﬁ cant and for the most part indicate the worsening 
conditions from the second half of 2008 through 2009 it 
should also be borne in mind that aggreko ashtead and 
lavendon all have signiﬁ cant overseas operations europe 
accounts for only 15 of aggreko’s revenues ashtead’s uk 
business review annual report and accounts 20 1 0 speedy hire plc 29
major uk plant hire companies – 
most recent annual results
change in revenues
company
revenue
£m
 change
on previous
accounting 
period year ended
ashtead 10735  25 300409
aggreko 10239 82 3 1  1 209
speedy 3511 27 3 310310
lavendon 2269 127 311209
vp 1 509  1 1 3 10309
hewden stuart 1 1 83 31 0 31 1 209
brandon hire 866 140 3107 09
andrew sykes 544 193 311209
change in pretax profi t
company 
pretax 
profi tloss
£m 
 change
on previous
accounting
period
aggreko 2440  284
vp 208 45
andrews sykes 133  1 36
ashtead 08

993
speedy 228 loss in previous year
brandon hire 280

751 1
hewden stuart 1 94 loss in previous year
lavendon 4 7 8 

31 24
 ashtead pretax profi t is after exceptional items of £866m 2008 £26m
 brandon pretax loss is after exceptional items of £237m 2008 none
  lavendon pretax loss is after exceptional items and amortisation charges 
of £617m 2008 £7 9m
change in gross book value of rental fl eet
company
gbv 
rental fl eet 
£m
 change
on previous
accounting 
period
ashtead 17982  1 7 7
aggreko 13790 03
speedy 4712 84
lavendon 4333 198
hewden stuart 3495 200
vp 1542 94
brandon hire 636 103
andrew sykes 353  11
change in average number of employees
company
average
number of
employees
 change
on previous
accounting 
period
ashtead 9060 7 5
speedy 4267 165
aggreko 3620 123
lavendon 1700 101
vp 1579 111
hewden stuart 1524 210
brandon hire 1279 94
andrew sykes 483 26
subsidiary aplant for only 19 of the group’s revenues 
while at lavendon 47 is attributable to the uk by contrast 
speedy brandon vp and andrews sykes all draw most of 
their revenues from this country aggreko and lavendon 
have both issued interim management statement subsequent 
to the publication of their 2009 annual reports aggreko 
continues to progress with revenues in the ﬁ rst quarter 
some 5 up on a headline basis and 8 in constant currency 
terms lavendon reported a 12 decline in uk revenues in 
the ﬁ rst quarter but stated that the rate of revenue decline 
reduced month by month ashtead’s results for the ﬁ rst 
three quarters of the year 20092010 showed 27 decline 
in revenues overall with aplant showing a similar fall 
the group’s pretax proﬁ t for the nine month period was 
£29m with a loss of £157m in the third quarter compared 
with a loss of £95m a year before aplant produced 
operating proﬁ ts of £13m in the nine months compared 
with £145m in the same period of 20082009 in the latest 
three month period it recorded an operating loss of £19m 
compared to an operating loss of £37m a year earlier the 
half year results of vp showed a 16 fall in revenues to 
£722m and a 35 decline in pretax the company’s tool 
hire subsidiary hire station experienced an 115 drop in 
revenues to £256m and its operating proﬁ ts halved to £20m
 as far as the performance of construction companies 
is concerned it would appear to be the major players who 
have withstood the recession best largely because they have 
been positioned to secure the large infrastructure contracts 
in recent years most hire companies with a national presence 
have sought to secure long term hire contracts with major 
construction companies speedy has a strong record on this 
front and has been able to take its established relationship 
with carillion a step further through its ﬁ ve year strategic 
services agreement with al futtaim carillion in the middle 
east and north africa while a number of uk hire 
companies have substantial overseas operations undertaken 
by subsidiaries aggreko ashtead and lavendon are the 
most signiﬁ cant this agreement is unusual it does have the 
merit of extending an important uk relationship overseas 
and at the same time widening speedy’s geographical 
experience without being fully exposed to the risks of 
establishing an overseas business from scratch given the 
slow recovery of the uk market one might expect speedy 
and other hirers to look for further opportunities of this 
kind but clearly to be successful a prerequisite would be 
a strong relationship with the contractor in the uk ﬁ rst
 overall however the immediate future looks 
to be a severely challenging one for construction and 
for hire sadly it may prove to be ‘survival of the ﬁ ttest’ 
for hire companies ie those who have strengthened their 
balance sheets cut overheads signiﬁ cantly and cemented 
good long term relationships with their major customers ■
business review 30  speedy hire plc annual report and accounts 20 1 0
business review
although the construction sector is not without 
challenge the second half of the year ended 
31 march 2010 was notable for a steadily improving 
monthly trend in yearonyear revenue variances 
and for a generally more predictable forecasting 
environment adjusted pbt before amortisation 
and exceptional costs in the second half improved 
to a loss of £14m compared to the loss of £48m 
reported in the fi rst half of 2010 despite revenue 
falling 265 and the adverse weather conditions 
experienced in the fi nal quarter of the fi nancial 
year combined with better than anticipated 
performance with regard to yearend net debt 
this suggests a fi rmer base for the coming year
our performance
a new reporting structure
during the year speedy’s ten uk regional and productbased 
businesses were merged into one uk and ireland business uk  
ireland asset services this is part of the group’s drive to make speedy 
easier to trade with and also enhanced the effi  ciencies coming from 
the group’s new centralised shared service centre which came into 
operation during the course of the year and is now fully functional
in addition two new divisions were established during the year to 
build upon the strength of speedy’s brand and customer relationships 
and to provide new growth opportunities the objective of these 
initiatives is to create services which both complement and expand 
our existing business off erings thereby facilitating the development 
of speedy as the longterm strategic partner of choice with its 
key customers
the fi rst of these two new businesses is international asset services 
building on a recently signed exclusive fi veyear strategic services 
agreement with al futtaim carillion carillion’s joint venture in the 
uae the aim is over time to establish an industryleading ‘full 
outsource’ model which will involve speedy providing in addition 
to its traditional hire off ering complementary services in areas such 
as asset management site support services and logistics control 
once this fl edgling operation has established a successful track record 
this targeted clientdriven approach can potentially be extended as 
a fuller outsourcing initiative to other selected customers across 
the middle east and elsewhere
the second new business is branded  advisory services this new 
division aims to leverage the speedy brand by building broader and 
deeper relationships with the group’s customers it will do so by 
providing consultancy and training services based on speedy’s core 
brand values of safety skills compliance and innovation thereby 
better positioning speedy within the asset management cycle of its 
major customers the range of services are being initially off ered to 
the uk construction market but over time will be expanded to other 
sectors and geographies thereby assisting in speedy’s goal of being 
recognised as an international services provider
as a consequence of these moves and following the introduction
of ifrs 8 the group’s segmental reporting was changed with the 
publication of its interim results in november 2009 it now reports two 
segments uk  ireland asset services and international  advisory 
services combining the new international asset services and branded 
 advisory services businesses as previously advised the two 
component businesses of the international  advisory segment will 
be reported as separate segments when their individual contribution 
to group results becomes more signifi cant
overview
business review annual report and accounts 20 1 0 speedy hire plc  31
aligning our business to the customer
customer
uk  ireland asset services international  advisory services
strategic vision
align
to the customer
goals
1 become an integral part of the 
customer’s supply chain
2 promote all group services – product 
hire and beyond
3 create a sales and fulfi lment model 
that meets the customer’s needs
international 
asset services
strategic vision
follow
the customer
goals
1 support our 
customers wherever 
they are in the world
2 help our customers 
make eff ective use 
of assets on overseas 
projects
3 expand into new 
markets
advisory services
strategic vision
add value
to the customer
goals
1 leverage the strength 
of the brand to move 
into new services
2 develop new service 
off erings based on our 
core values of health 
and safety training 
and environmental 
commitment
shared services
strategic vision
make it easy to do business with us
goals
1 deliver service excellence 
2 develop a worldclass operation
support services
human resources supply chain property transport marketing fi nance it and legal
business review 32  speedy hire plc annual report and accounts 20 1 0
business review
our performance c ontinued
uk  ireland asset services
our division is structured to incorporate specialist disciplines grouped 
into four key service lines
uk hire our largest operation comprising product specialist depots  
offering small tools lifting and materials handling equipment light 
plant power generation compressors pumps surveying and 
specialist safety temporary accommodation and communication 
equipment sales teams are organised along market sector lines
engineering services a new business unit created in 2009 following  
the extraction from our hire operations of our industrial services 
asset management and test and inspection activities 
retail our consumable and equipment sales operation building on  
the business we already undertake through our depot network and
ireland five depots offering the full range of speedy products into  
irish markets 
strategy
our strategy is based on developing strong relationships with our 
customers focused on fulfi lling their equipment and site infrastructure 
needs through a range of hire and asset management services 
our aim is to maximise profi tability and returns and to broaden our 
service off ering so we are able to support the entire asset cycle 
in order for uk  ireland asset services to reach ‘preferred’ or 
‘strategic partner’ status customers demand that we provide quality 
consistency and added value to their businesses investment in fl eet 
an unrivalled operational network and an expanding range of services 
are ensuring we are well placed to meet these requirements
our plan is simple
be customer intimate know our customers and their markets 
give our customers the best service align our offering and service  
capability to our customers’ needs
add value through innovation extend into other areas of our  
customers’ perceived value chain and
safety and sustainability at the core of our offer 
priorities for 201011
2008 and 2009 have clearly been challenging years for our industry 
we have continued to seek ways in which we can progress our 
business and advance our leading position in the marketplace 
what we do
we deliver true asset management for 
our customers with tailored services and 
a continued commitment to relationship 
management this means that whether 
a customer wants to hire lease or buy an
asset we can advise them and support 
their needs
claudio veritiero
managing director uk  ireland asset services
business review annual report and accounts 20 1 0 speedy hire plc  33
notwithstanding the market challenges much of what we have done 
has centred on delivering ‘one speedy’ a common approach to our 
customers and service excellence
over the next 12 months we will be driving the following priorities 
and initiatives
ensuring the business remains focused on delivering improved  
trading performance financial returns and asset efficiency 
combined with strong profit to cash conversion
consolidating our leading approach to providing tailored support  
and onsite facilities to major projects 
delivering our transition to a market and sectorbased model for  
client relationship management ensuring we are well placed to 
benefit from the more robust markets in infrastructure energy 
waste and education
launching our new retail offer through webbased sales and  
an enhanced inbranch proposition
growing our industrial  engineering services operations  
by renewing and securing additional longterm asset 
management contracts and extending our portfolio of inspection 
and testing services
developing enhanced service measurement tools and reporting 
delivering a further improvement in our safety record reducing  
accidents in the workplace and risk for all our stakeholders
progressing our recently launched sustainability programme  
‘getting greener from the ground up’ which aims to support 
our clients’ carbon reduction objectives and
delivering esolutions to support our business and help our  
customers reduce administration and transaction costs
our markets
our key markets in the uk and ireland are construction infrastructure 
utilities and major industrial groups 
commercial construction rentals are geared towards contractors 
conducting newbuild and repair and renovation work who hire a 
wide range of equipment industrial rentals are geared towards 
businesses conducting routine plant maintenance as well as special 
projects that require power and welding equipment lifting and 
material handling equipment and safety products 
in the last year all of our enduser markets with the exception of 
infrastructure have continued to be challenging and have contracted 
we have continued to focus on identifying and penetrating those 
market segments that are growing or are more robust such as waste 
energy rail and education 
how we performed
during the period we secured a range of major longterm contract 
awards renewals and extensions across a number of sectors including
construction
galliford try fiveyear preferred supplier agreement 
costain twoyear preferred supplier agreement for the provision  
of tools and training
willmott dixon twoyear renewal of preferred supplier agreement 
osborne threeyear renewal of preferred supplier agreement 
infrastructure and utilities
welsh water fiveyear framework agreement to provide tools and  
small plant to welsh water and its tier 1 amp 5 contractors
tube lines twoyear sole supply agreement for a wide range of  
equipment and training
bt supply of mobile generators and fuel bowsers to support bt’s  
nationwide network of more than 6000 exchanges
industrial
amec early extension of our exclusive contract to 2014 
exxonmobil early extension of our managed services contract  
at fawley refinery to 2016
we have continued to develop our leading approach to fl eet 
outsourcing solutions whereby we seek to combine the transfer to 
speedy of clients’ internal fl eet operations with the agreement 
of longterm secured contractual positions in the year our fl eet 
outsourcing arrangements included connaught and works 
infrastructure a division of downer edi
our stra tegy is based on 
developing strong rela tionships 
with our customers focused on 
fulfilling their equipment and 
site infrastructure needs
business review 34  speedy hire plc annual report and accounts 20 1 0
business review
our performance c ontinued
interna tional  advisory services
international asset services
what we do
we support our customers in delivering major 
overseas projects and facilities management 
contracts by providing a managed site support 
service which combines our core expertise 
in equipment hire with asset management 
infrastructure and logistics services
we help our customers manage risk on major overseas projects and 
contracts by delivering the highest safety and quality standards often 
in challenging environments and by tracking and controlling assets 
through our inhouse management information and control systems 
we also work with our customers to help them make more effi  cient 
and eff ective use of assets typically we implant experienced teams 
into our customers’ operations to work in partnership with their 
management teams to apply our expertise and innovation in driving 
measurable effi  ciency savings
strategy
our ultimate vision is to be able to support our customers on any 
major project anywhere in the world by following our existing 
customers into new markets we can reach out to new customers 
who will benefi t from our services
we are implementing the fi rst phases of our strategy by investing 
in the middle east where there is a high concentration of our existing 
customers along with attractive returns and longterm opportunities 
in our target markets
priorities for 201011
in december we signed a fi veyear exclusive strategic services 
agreement to support al futtaim carillion’s operations across the 
middle east and north africa our fi rst priority is to deliver upon the 
contract targets and complete the investment in our purposebuilt 
services hub in abu dhabi so we can extend our reach across the 
wider region our second priority is to sign similar agreements with 
a select group of strategic customers
our markets
we are focusing on two key markets in the middle east government
backed infrastructure and industrial including the onshore and 
off shore oil and gas markets many middle eastern governments have 
longterm plans to invest in infrastructure particularly water power 
and transport where there are structural shortages and social 
programmes for new hospitals schools and universities as well as 
being an international hub for the oil and gas industry the region has 
major programmes of industrial diversifi cation underway 
how we performed
we made signifi cant progress in our fi rst year and from a standing 
start have generated an operating profi t and ended the year with an 
annualised run rate of £10m in revenue we have a highly focused plan 
to build our business and have delivered on the fi rst phase of that 
plan selecting abu dhabi as our base and ensuring that we are 
working with the right local partners we have built a highly talented 
team combining experience from within speedy with new talent 
bringing considerable experience of major overseas projects
our fi veyear exclusive strategic services agreement with al futtaim 
carillion provides an outstanding opportunity to grow with our fi rst 
major customer and prove our abilities with a view to bringing in new 
customers across the region
our ultimate vision is to 
support our customers 
on any major project 
anywhere in the world
mike mcgrath
managing director international asset services
business review annual report and accounts 20 1 0 speedy hire plc  35
branded  advisory services provides over 200 accredited or certifi ed 
training courses in safety skills and compliance we off er courses from 
over 100 nationwide training locations or delivered at customer sites
our key activity has been the delivery of training services to speedy 
customers during 200910 the right products have been developed 
and the right people recruited such that the new service off erings in 
the areas of waste environmental and health and safety consultancy 
will be commercially available during 20101 1
strategy
we will deliver solutionsorientated assurance services and fi nancial 
products to existing group customers in traditional sectors new 
customers in traditional sectors and new customers in new sectors in 
the uk and international markets these services will add strength to 
the speedy brand extending customer intimacy into wider industries
priorities for 201011
the shortterm priority is the further recruitment of experts to 
develop and deliver the new service off erings that will complement 
speedy’s current off erings developing the already strong relationship 
with speedy’s existing customers and strengthening its market 
position key priorities are also to sell the new product off erings 
outside speedy’s traditional core sectors
our markets
to date the focus has been on the delivery of new service off erings 
to customers within the group’s traditional markets as the group 
extends its position within industrial and nonconstruction sectors 
we will develop commercial relationships within these new markets 
our service off erings will also enable us to penetrate sectors outside 
the traditional core markets with a crossselling benefi t to the group 
as a whole
how we performed
in the past year we focused on developing our training off ering 
which comprises a portfolio of safety and skills courses capable 
of nationwide delivery we recently entered into a preferred supply 
agreement in respect of the provision of plant training for the carillion 
group this demonstrates that the new product off erings do indeed 
complement the traditional product off erings and will enable speedy 
to develop further its key customer relationships
branded  advisory services
what we do
we aim to leverage the strength of the 
speedy brand by building broader and deeper 
relationships with the group’s customers as 
well as developing commercial relationships 
with new customers for the group branded 
 advisory services provides consultancy and 
training services based on speedy’s core 
brand values of safety skills compliance and 
innovation the new service off erings have been 
developed to complement the core product 
off erings provided by speedy
key priorities are to 
sell the new product 
offerings outside 
speedy’s traditional 
core sectors
patrick rawnsley
head of branded  advisory services
business review 36  speedy hire plc annual report and accounts 20 1 0
business review
group financial review
justin read
group finance director
group financial performance
turnover for the year to 31 march 2010 of £3511m was 27 3 below 
the prior year period 2009 restated £4827m gross margin was 
594 2009 restated 597 and the group reported ebita before 
exceptional costs of £80m 2009 restated £492m after deducting 
depreciation charges of £602m 2009 £759m
the group’s loss before taxation amortisation and exceptional items 
was £62m 2009 restated profi t £334m the loss after taxation 
amortisation and exceptional items was £183m 2009 restated 
loss £551m 
revenue in the uk  ireland asset services division totalled £347 4m 
of which £58m relates to the ireland operations which was 280 
down on the prior year period despite this £1353m drop in turnover 
the division remained profi table at the operating level with ebita 
before exceptional costs of £150m 2009 restated £591m however 
notwithstanding signifi cant cost reduction measures operational 
leverage within the business meant that the operating profi t margin 
before amortisation and exceptional costs fell to 42 from 120
the two businesses which are reported within the international  
advisory services segment were both formed during the year of the 
segment’s £37m turnover £24m relates to the international asset 
services division and derives principally from activity with al futtaim 
carillion in the uae where the group has invested £7 7m in hire 
equipment during the year the branded  advisory services division 
reported turnover of £13m in the year largely derived from servicing 
the training requirements of some of the group’s major customers 
the operating profi t of this segment all derived from international 
asset services amounted to £05m despite the startup nature of the 
activities in the year 
the fi gures for the segments reported above are stated before 
corporate costs these costs amounted to £7 5m before exceptional 
costs in the year equivalent to 21 of revenue in the prior year 
period corporate costs were £99m before exceptional costs 
equivalent to 21 of revenue
the group’s principal operating cost items are personnel depreciation 
and vehiclesfuel these totalled £2012m in the year 2009 restated 
£247 6m representing 586 of total operating costs 2009 restated 
57 1 personnel costs totalled £1 1 19m which was 158 down on 
the prior year depreciation totalled £602m of which £27m is within 
corporate costs and was 243 down on the prior year period vehicle 
costs amounted to £291m including transportrelated fuel these 
were 17 2 down on the prior year period
business review annual report and accounts 20 1 0 speedy hire plc  37
interest and hedging
net interest expense before exceptional costs totalled £142m 
2009 £158m of which £57m was incurred in the second half 
of the year 
borrowings under the group’s bank facility are priced on the basis 
of libor plus a margin while the unutilised commitment is charged 
at 50 of the applicable margin during the year the margin payable 
under the facility fell from 4 to 25 as a result of the group 
bettering thresholds contained within the facility agreement’s 
leverage covenant
the group hedges part of its exposure to fl uctuations in interest 
rates typically it aims to hedge between 40 and 70 of net debt 
as a consequence of the rights issue proceeds being entirely used 
to pay down debt it was over hedged compared to group policy 
for much of the year at the year end hedges with a notional value 
of £1 10m 2009 £140m were in place equivalent to approximately 
90 of net debt outstanding the market value of these hedges 
was £32m at year end and they have varying maturity dates out 
to july 201 1 the incremental interest cost arising from these hedges 
amounted to £37m during the year 2009 £03m 
exceptional items
exceptional items of £1 11m before taxation 2009 £953m relate 
to restructuring and costsaving initiatives that were undertaken 
during the year which resulted in a number of nonrecurring items 
of expense 
 
the principal exceptional items were charges in respect of an 
onerous lease provision to cover the costs for up to three years of 
the 51 leasehold properties 37 depots and 14 workshops that were 
closed during the year redundancy costs relating to the 317 positions 
which were removed during the year and other costs relating to the 
closure of regional back offi  ces and the set up of the shared services 
centre the cash cost before taxation of these exceptional items 
excluding the onerous lease provision was £61m all of which was 
spent in the year
taxation
the group’s income statement shows a tax credit for the year 
of £45m 2009 credit £160m of this amount £18m relates to 
a preexceptional tax credit based on an eff ective tax rate of 
154 2009 charge 289 the balance represents a credit of £27m 
in respect of the exceptional items referred to above
cash tax in the year ending 31 march 2010 amounted to a net refund 
of £59m 2009 paid £98m
shares earnings per share and dividends
during the year the group announced and completed a fund raising 
via a fully underwritten 9 for 1 rights issue which involved the issue 
of 458658900 new ordinary shares at 23 pence each raising gross 
proceeds of £1055m net £997m as a consequence the weighted 
average number of shares outstanding for the year ended 31 march 
2010 was 4191m at the year end 517 2m shares were outstanding 
of which 104m were held in the employee benefi ts trust 
the basic loss per share before amortisation and exceptional items 
was 141 pence 2009 adjusted earnings 1300 pence the basic loss 
per share after amortisation and exceptional costs was 437 pence 
2009 adjusted loss 2957 pence
the board remains committed to the payment of dividends when 
prudent to do so subsequent to the year end it has recommended 
a fi nal dividend of 02 pence per share 2009 17 pence adjusted for 
the rights issue which represents a total cash cost of approximately 
£1m this gives a total dividend for the year of 04 pence per share 
if approved by shareholders the fi nal dividend will be paid on 
18 august 2010 to all shareholders on the register on 18 june 2010 
the group will continue to 
maint ain a tight focus on 
cash genera tion recognising 
however the need to invest in 
order to maint ain the quality 
of its uk hire fleet
business review 38  speedy hire plc annual report and accounts 20 1 0
business review
group financial review c ontinued
net debt has fallen from £2484m at the beginning of the year to 
£1 193m at 31 march 2010 a £1291m decrease £997m of this decrease 
was a consequence of the rights issue launched last summer the 
proceeds of which were entirely used to pay down debt
as a consequence of the signifi cant debt reduction during the year 
net debt to ebitda before exceptional items was 175x at 31 march 
2010 which was a stronger position than the 199x restated reported 
for 31 march 2009 equally the improvement in the net debt position 
and the share premium arising from the rights issue means that 
gearing net debt divided by shareholders’ funds has improved from 
1483 at 31 march 2009 to 484 at 31 march 2010
balance sheet
net assets at 31 march 2010 totalled £2466m a £791m increase on 
the £167 5m reported at 31 march 2009 this is equivalent to a per 
share value of 48 pence as a result of disposals and capex running 
below the rate of depreciation net property plant and equipment 
of £2856m at 31 march 2010 is £37 6m lower than at the beginning 
of the year equipment for hire represents approximately 86 of net 
property plant and equipment and net debtnet property plant and 
equipment of 042x at 31 march 2010 2009 077x underlines the 
strong asset backing within the business
gross trade debtors totalled £1011m at 31 march 2010 down 
£1 16m from the start of the year bad debt and credit note provisions 
totalled £107m at 31 march 2010 £139m at 31 march 2009 equivalent 
to 106 of the debtor book 123 at 31 march 2009 debtor weeks 
calculated on a countback basis remained broadly in line with 
the position at the start of the year at 1 11 weeks 107 weeks at 
31 march 2009
capital expenditure and disposals
total capital expenditure during the year amounted to £438m of 
which £335m related to equipment for hire including £7 7m in the 
middle east and the balance principally to investments in it the new 
shared services centre and the group’s depot network this compares 
to £751m in 2009 a reduction of 417 with disposal proceeds of 
£230m 2009 £394m net capital expenditure totalled £208m 2009 
£357m the disposal of hire fl eet during the year generated profi t of 
£27m underlining the appropriateness of the carrying value of the 
group’s fi xed assets
the 417 reduction in net capital expenditure was consistent with 
the group’s objective of investing only in assets necessary to maintain 
the operational integrity of its uk businesses and support the growth 
of its middle east presence whilst at the same time promoting the 
disposal of older and underutilised assets 
a consequence of this strategy in particular with gross capital 
expenditure representing only 728 of total depreciation 2009 
989 there has been an increase in the average age of the group’s 
hire fl eet at 31 march 2010 the average age was estimated at 42 years 
2009 34 years based on net book value approximately 50 of the 
fl eet is less than three years old
cash flow and net debt
cash generation has remained strong with net cash fl ow generated 
from operating activities amounting to £524m in the year 2009 
£781m a year on year reduction of only £257m despite the £308m 
negative variance in the group’s year on year posttax loss before 
amortisation and exceptional items the principal drivers of this 
performance were a 427 reduction in net investment in hire 
equipment £69m lower net interest expense a £88m release of 
cash from working capital and a £59m receipt of cash from hmrc
free cash fl ow ie before acquisitions dividends and fi nancing 
activities amounted to £342m 2009 restated £314m there were 
no acquisitions during the year 2009 £146m and dividend payments 
amounted to £43m 2009 £100m
business review annual report and accounts 20 1 0 speedy hire plc  39
capital structure and treasury
speedy’s longterm funding is provided through a combination 
of shareholders’ funds and bank debt 
for the year ended 31 march 2010 shareholders’ funds increased 
by £791m following a rights issue which generated net proceeds 
of £997m and net debt was reduced by £1291m as a consequence 
of both the rights issue and strong cash fl ow generation the 
objective of the rights issue was to strengthen the group’s balance 
sheet and reduce the extent of its fi nancial leverage
bank funding for the group is via a committed bank facility provided 
by seven relationship banks at 31 march 2010 the amount of the 
facility was £260m and headroom under the facility amounted 
to approximately £1405m including £125m of cash £510m at 
31 march 2009 including £110m of cash the facility combines a 
term loan facility and a revolving credit facility both of which are 
subject to gradual amortisation prior to maturity of the facility in 
june 2012 the facility includes quarterly interest fi xed charge 
leverage and cash fl ow cover tests speedy was compliant with 
these tests throughout the year
the group will continue to maintain a tight focus on cash generation 
recognising however the need to invest in order to maintain the 
quality of its uk hire fl eet additionally investment will be provided 
to help support the group’s middle east operations
return on capital
return on capital based on ebita before exceptional items totalled 
20 in the year ended 31 march 2010 this compares to 109 in the 
prior year period the principal reason for the decline was a 838 
decline in ebita before exceptional items only partially off set by 
a 142 decline in average capital employed
justin read
group finance director
speedy ftse
1 jun
2009
1 aug
2009
1 oct
2009
1 dec
2009
1 feb
2010
31 mar
2010
1 apr
2009
30
40
50
60
70
oneyear share price record compared to ftse 250
price in pence
20
10
0
80
business review 40  speedy hire plc annual report and accounts 20 1 0
business review
corpora te responsibility
speedy has a comprehensive 
corporate responsibility strategy 
which is built into the fabric of 
our organisation at the heart 
of this strategy is a determination 
to drive innovation and positive 
change through our leading 
market position
guiding principles
  to operate and conduct our business 
in a transparent straightforward and 
open way
  to attract retain train and develop the 
best people and recognise and reward 
success
  t o progressively reduce our 
environmental impact and promote 
sustainable growth
  to implement internal excellence in 
the health safety and wellbeing of our 
people and promote those standards 
externally
  to be a positive influence in the 
communities in which we operate
positive change through leadership
over the last fi ve years speedy has been recognised on a national 
basis for its commitment to the corporate responsibility agenda 
however we are never complacent and we continue to build a 
comprehensive corporate responsibility strategy into the fabric 
of the organisation and our plans for future business growth
our strategy is underpinned by a determination to utilise our 
marketleading position to drive positive change throughout 
our industry
setting the context for our commitment to corporate responsibility 
are our corporate responsibility ‘guiding principles’ which ensure 
common standards whenever and wherever we operate locally 
nationally or internationally engagement with speedy will carry 
the same commitment to health and safety to the environment 
and to customer service excellence
our commitment to these issues is unrivalled within our 
chosen sectors
our manifesto
over the last three decades speedy has grown into the uk’s clear 
market leader the group has always believed that with leadership 
comes responsibility which is why we have continued to change 
and adapt challenging existing methods innovating with new 
products and services and tackling the industry’s most diffi  cult 
challenges head on
our manifesto builds on this foundation of continuous improvement 
and outlines our commitment to being part of the solution to the issues 
our industry faces against the current challenging economic backdrop
the solution we believe is the creation of a worldclass built 
environment industry whose skills technologies standards and 
services can be delivered domestically and exported globally
principally looking at the areas of the economy skills and the 
environment our manifesto is not intended as a complete or 
comprehensive review rather it is a package of simple logical 
priority measures that speedy believes could be implemented 
quickly to create a positive and measurable impact
a new era of collaboration between client and supplier is required 
if we are going to deliver a vision of which we can all be proud this 
will require joint leadership shared responsibility and a combined 
commitment to innovation
at speedy we are ready to play our part and take a lead
business review annual report and accounts 20 1 0 speedy hire plc  41
stakeholder engagement
creating an environment where our industry our customers and our 
suppliers can thrive as we have indicated earlier is not something we 
can achieve in isolation open dialogue with our customers supply 
chain employees communities investors and wider stakeholders is 
a crucial part of ensuring our approach to corporate responsibility 
remains relevant and focused 
the key aspects of our approach have therefore been designed and 
delivered in collaboration with our stakeholders our awardwinning 
‘safety from the ground up’ campaign was launched in 2005 but 
remains as relevant and important today as it was then it set the 
standard that we have built upon year on year designed in collaboration 
with key stakeholders in particular the health and safety 
executive hse it formed the basis of our ‘from the ground up’ 
communications addressing key industry issues at site level to 
support the eff orts of our customers and the wider industry
customer and supplier events take place regularly on issues of 
joint importance to share best practice and promote collaborative 
solutions to industry issues the most recent of these was the launch 
of our ‘go green option initiative’ further details on page 42
speedy’s approach to corporate responsibility looks to engage 
and collaborate with our stakeholders on a continuous basis 
marketplace
the marketplace has been the most prominent arena for speedy’s 
approach to corporate responsibility over a number of years 
speedy’s commitment to openness honesty and straightforwardness 
is longstanding and forms the basis for all our external dialogue
speedy’s recognition for the ‘safety from the ground up’ campaign 
as the national example of excellence for responsible marketing 
in business in the community’s awards for excellence programme 
in 2007  subsequently reaccredited for three years running provided 
the benchmark for an ongoing commitment to transparency in all 
our activities also it demonstrated a commitment to providing our 
customers with the most comprehensive market information on 
safety and more recently on energy and environmental performance
the marketplace is an area where speedy we believe has the 
opportunity to innovate continually on the responsible and 
sustainable aspects of our operations while improving the health 
and safety environmental and social impacts of our products and 
services we are also looking to provide solutions for our customers 
and opportunity for our suppliers
by creating strategic relationships with our customers we aim to build 
joint approaches to sustainability that deliver responsible sustainable 
growth and development
speedy delivers a toolbox talk 
on safe working at heights to 
construction site workers
speedy’s fi rst manifesto was 
launched in december 2009 
outlining our commitment to 
continuous improvement in 
the areas of economy skills 
and the environment
business review 42  speedy hire plc annual report and accounts 20 1 0
business review
corpora te responsibility c ontinued
environment
speedy’s commitment to the principles of sustainable growth and 
working collaboratively has led to a range of sectorleading activity
we believe that sustainability should be viewed as a driver for 
cost reduction and effi  ciency which helps us meet commercial as 
well as environmental goals by working in partnership we can both 
increase the scale of our impacts and the speed of progress
the ‘go initiative’ 
recently launched to our customers the ‘go initiative’ places 
environmental performance at the centre of the procurement 
process it provides customers with independently assessed data 
provided by erm the world’s leading provider of environmental 
and sustainable development consulting services on the energy 
use and co 2 emissions of products thus linking environmental 
best practice directly to cost effi  ciencies
to supplement this information speedy is also rolling out our ‘getting 
greener from the ground up’ programme of toolbox talks to ensure 
that best practice in terms of the use and effi  ciency of tools and 
equipment reaches its most important audience site operatives
reaction from our customers has been excellent as we look to 
enhance carbon management at site level through product options 
and onsite behaviours our focused approach to carbon reduction 
is also providing opportunities for international  advisory services 
current work on ‘best practice’ site design and management 
addressing issues including energy waste and transport will provide 
substantial environmental and commercial benefi t
greener on the inside
in addition to our customerfacing activity on the environment 
we realise that our own internal performance is equally important
in terms of our vehicle fl eet we have reduced emissions per vehicle 
by 6 over the last three years and with the introduction of 
incentivised lowemission ‘star cars’ in our company car procedures 
we are confi dent that once again we will be able to increase cost 
effi  ciency and reduce our co 2 emissions going forward 17 of our 
19 listed company car options are now under the 120g co 2 per km 
threshold vehicle emissions are our largest carbon footprint 
contributor and therefore remain a signifi cant factor in our future 
environmental strategy
leading on our internal strategy is our head of sustainability and 
environment appointed during the last 12 months who is working 
within the business to prioritise further the key performance indicators 
that will enhance our effi  ciency provide material cost reductions and 
tackle our carbon emissions speedy has also decided to shadow the 
government’s carbon reduction commitment crc even though 
we are not currently captured by it to further our commitment to 
carbon reduction for future years
the targets and timescales for all our key performance indicators 
have been pulled together in one ‘road map’ which will act as an 
implementation plan going forward this will allow us to monitor and 
manage our progress on a regular basis and set challenging targets 
going forward
our environmental programme will look to engage all our people 
from simple ‘switch off ’ campaigns in depots to sustainable 
procurement options and customer relations
business review annual report and accounts 20 1 0 speedy hire plc  43
workplace
we are acutely aware that our whole approach to and aspirations 
for corporate responsibility are dependent on our people many 
of the social and environmental issues we face are linked as much 
to behaviours as they are to product or service improvements 
and effi  ciencies 
therefore at the heart of our approach to corporate responsibility is 
a commitment to engage inspire and listen to our people we look 
to achieve this through a number of routes our depot teams have 
all received a green ‘how to’ handbook giving a lighthearted insight 
into best practice on energy waste and water backed up by the safety 
health environment and quality sheq team who perform both 
a central advice and guidance function and an audit role
speedy is also addressing areas of worklife balance for example 
our sales team are reducing road miles wherever possible increasing 
their use of the rail network conference calls and video conferencing 
to improve effi  ciency and improve quality of life we have no intention 
of taking the personal approach out of our business but there is 
a great opportunity to work smarter
similarly by improving the environmental performance of our 
buildings and engaging our people in the process by engaging 
our procurement team in dialogue with our suppliers to improve 
product effi  ciency and by signalling our stance on corporate 
responsibility from the employee induction stage we are committed 
to enhancing behaviours throughout the group
the enthusiasm of our people continues to bode well for our success 
in making corporate responsibility an essential part of the way we 
do business
the vt1eco lighting tower is 
exclusive to speedy it produces 
2417kg co
2 equivalents less 
per hire day than a standard 
vt1 lighting tower and off ers an 
energy saving of 33
the essential data on energy 
and carbon savings is presented 
as a pie chart on every product 
in the green range
example data for illustration only energy effi  ciency rating pie chart is based 
on £010 kwhr and £080 per litre of fuel and data provided is per hire day
red
the estimated costsaving 
in energy versus the 
alternative test product
green
the number of go 
credits awarded
blue
the actual amount of carbon 
saved versus the ‘typical’ 
alternative expressed as kg 
co 2 equivalents
yellow
the amount of energy saved 
expressed as a  versus the 
alternative test product
example energy efficiency rating
business review 44  speedy hire plc annual report and accounts 20 1 0
business review
corpora te responsibility c ontinued
health and safety
the health safety and wellbeing of our people remains of paramount 
importance to the group it has become part of the fabric of the 
group both internally via the ‘safety starts here’ programme and 
externally via the ‘safety from the ground up’ campaign an extensive 
depot checklist submitted every month supplemented by a rigorous 
internal audit process allows the group to improve procedures and 
monitor progress
health and safety forms a central part of our corporate responsibility 
approach and a range of key performance indicators monitor and 
measure our performance health and safety is a standing agenda 
item at board meetings
behind much of our customerfacing activity has been an excellent 
working relationship with the health and safety executive hse and 
the off highway plant and equipment research centre operc who 
provide the group with independent performance data in relation to 
health and safety issues such as handarm vibration of power tools 
this allows the group to continue to target excellence in health and 
safety and simultaneously to support our customers to improve their 
health and safety performance
rewarding success
one of the group’s core values is ‘driven by success and reward’ we 
are currently introducing a ‘balanced scorecard’ to help us measure 
fi nancial and nonfi nancial performance indicators such as this core 
value we believe in getting it right fi rst time every time but always 
in a safe and responsible way and to live these values we want to 
measure these highly important nonfi nancial indicators
as part of valuing the impacts of ‘going the extra mile’ for a customer 
a colleague or a community organisation and to keep the fun 
element in our operations we have recently introduced ‘spot rewards’ 
these are rewards given to our people directly by their line managers 
to recognise exceptional performance and provide reward ‘on the 
spot’ allowing managers to recognise employee eff orts and 
rewarding our people as appropriate throughout the year
community
the group over the last three years has built community relationships 
with a number of organisations engaged our people and looked to 
add value to the communities in which we operate
we also have a number of charitable partnerships with construction
based charities such as the lighthouse club and crash with whom 
we have longstanding relationships wider partnerships exist with 
organisations such as learning for life and habitat for humanity with 
whom we have supported projects abroad in disadvantaged parts of 
the world on three separate occasions 
our charities committee has continued to disburse a small charitable 
fund to organisations based on a set of criteria against which the 
group assesses applications employee engagement has also 
continued through a number of avenues in addition to the charities 
committee and our people have as always often gone above and 
beyond the call of duty 
apprenticeships
we expanded our awardwinning apprenticeship programme after 
successfully leading the ‘construction site solutions’ consortium 
which won the olympic bid to provide onsite tool and equipment 
needs for the olympic park part of our bid was an undertaking to 
recruit an extra 50 apprentices to help build the skills legacy of 
the games and we have also provided substantial support to the 
national construction college as part of this initiative
rehabilitation agenda
the group’s longstanding partnership with hm prison service has also 
continued with prison workshops now established in prisons across 
england and scotland speedy’s contribution includes providing 
the fi nancial support for fi ve fulltime employees within the prisons 
who provide accredited training courses for prisoners in electrical 
maintenance we have also provided the kit required to set up the 
prison workshops and supply the work each month by way of sending 
equipment from speedy’s hire fl eet for testing repair and maintenance
there are now over 200 inmates in accredited training via the 
workshops in addition employment opportunities will be made 
available to prisoners where appropriate upon release and in 
consultation with the hm prison service reoff ending rates are 
proven to reduce dramatically if former inmates have a job to go 
to when released
business review annual report and accounts 20 1 0 speedy hire plc  45
looking forward
corporate responsibility will remain at the heart of everything we 
do our customers people communities and wider stakeholders 
deserve the assurance that as a group we will not only rise to the 
environmental and social challenges that face us on a global basis 
but that we will provide innovation and leadership within our industry
the right behaviours triggered by understanding are central to 
achieving our corporate responsibility objectives and through training 
and involving our people through onsite toolbox talks on safety 
and the environment and through excellence in the supply chain 
we will look to play our part in communicating the corporate 
responsibility message
our customers can be assured that we will continually look to add 
value to innovate and to provide options for a more sustainable 
future our people can be assured that we will support their training 
needs and engage and develop them and that their dedication and 
success will be both recognised and rewarded our investors and 
wider communities can be assured that our future growth will be 
safe responsible and sustainable wherever and whenever we operate
our approach will continue to be open and honest engaging 
and collaborative
the apprenticeship scheme was 
launched in 2007 and has gone 
from strength to strength we 
provide apprenticeship training 
up to nvq level 3 in a range of 
industrybased qualifi cations
business review 46  speedy hire plc annual report and accounts 20 1 0
governance
board of directors
mike mcgrath 
managing director international asset services
mike mcgrath became managing director international asset services 
in 2009 he previously held the role of commercial director from 2006 
to 2009 and was company secretary on a parttime basis from 2001 
to 2006 mike was formerly a partner at pinsent masons the group’s 
legal advisers and has advised speedy in relation to the majority of its 
acquisitions over the last 17 years
claudio veritiero 
managing director uk  ireland asset services 
claudio veritiero joined the board in 2007 having been employed
by speedy since 2004 previous roles within the group include chief 
operating offi  cer from 2007 to 2009 group business development 
director with responsibility for acquisitions and strategic development 
and managing director of speedy lifting prior to joining speedy he 
worked for eight years with the investment banking arm of rothschild
justin read 
group finance director 
justin read joined the board in april 2008 prior to joining speedy 
he worked for 13 years at hanson plc the international building 
materials company at the time of leaving hanson he held the dual 
roles of managing director hanson continental europe and head 
of corporate development previously he held a number of other 
senior roles within hanson including deputy finance director 
head of risk management and treasury and group treasurer he 
had also been responsible for hanson’s corporate communications 
and investor relations
steve corcoran 
chief executive 
steve corcoran was appointed chief executive of the company 
in april 2005 and was previously the chief operating offi  cer from 
april 2001 having joined the company in 1987 when the business 
had 13 outlets he has been progressively promoted ‘through the 
ranks’ he has over 25 years’ experience in the hire industry
david wallis 
nonexecutive chairman 
david wallis joined the board in june 2000 and was appointed 
as chairman in february 2001 when he also became chairman 
of the nomination committee he is also chairman of directorbank 
group limited and has previously held the position of chairman or 
nonexecutive director in a number of public and private companies 
including most recently chairman of glisten plc his executive career 
included nine years as group managing director of merchant retail 
group plc 
governance annual report and accounts 20 1 0 speedy hire plc  47
suzana koncarevic 
group company secretary
suzana koncarevic joined the company in april 2009 suzana has a 
corporate and commercial law background and was formerly a senior 
legal adviser at united utilities group plc for fi ve years prior to that 
suzana was a corporate lawyer at herbert smith in london and at 
dla phillips fox in sydney australia
ishbel macpherson 
nonexecutive director and senior independent director 
ishbel macpherson joined the board in july 2007 when she 
also became the senior independent director and chair of the 
remuneration committee ishbel is an investment banker of over 
20 years’ standing who has specialised in uk midmarket corporate 
fi nance ishbel was head of uk emerging companies corporate 
finance at dresdner kleinwort wasserstein from 1999 to 2005 and 
is presently a nonexecutive director of game group plc hydrogen 
group plc may gurney integrated services plc and dignity plc
james morley 
nonexecutive director 
james morley joined the board on 2 april 2009 and became chairman 
of the audit committee on 8 may 2009 he is a chartered accountant 
with some 25 years’ experience as a board member at both listed and 
private companies most recently james was chief operating offi  cer 
of primary insurance group he currently holds nonexecutive 
directorships at clarkson plc costain group plc and the innovation 
group plc previously james was also a nonexecutive director of the 
bankers investment trust ws atkins and the trade indemnity group
peter atkinson 
nonexecutive director 
peter atkinson joined the board in june 2005 peter is currently 
chief executive of macfarlane group plc a position which he has 
held since october 2003 prior to this he held a number of senior 
positions within brambles industries plc gkn plc sc johnson wax 
and procter  gamble
michael averill 
nonexecutive director 
michael averill joined the board on 1 may 2008 previously he held 
the position of group chief executive of shanks group plc for 13 years 
until september 2007  michael is also chairman of enviroco limited 
previously he was chairman of jbm international limited and a 
nonexecutive director of care uk plc tdg plc and the waste and 
resources action programme wrap
 
governance 48  speedy hire plc annual report and accounts 20 1 0
governance
directors’ report
employee involvement
the group aims to achieve a shared commitment from all employees 
to the success of the businesses in which they are employed 
the board believes in the fi nancial eff ectiveness of incentive bonuses 
it is the group’s policy that every employee should be in some form of 
incentive scheme as soon as possible after joining the group details 
of such incentive schemes including annual bonus arrangements for 
executive directors are summarised in the remuneration 
committee’s report on page 57 
payments to suppliers
it is the group’s policy to make suppliers aware of the terms and 
conditions upon which the group will trade with them and to abide 
by those terms codes or standards on payment practice are followed 
where appropriate the group had 81 days of purchases outstanding 
at the end of the fi nancial year company 39 days
financial instruments
the group holds and uses fi nancial instruments to fi nance its 
operations and manage its interest rate and liquidity risks full 
details of the group’s arrangements are contained in note 17 of 
the financial statements
going concern
as detailed in note 1 of the financial statements basis of preparation 
the directors continue to adopt the going concern basis in preparing 
the annual report and financial statements
political and charitable donations
the group made charitable donations amounting to £50000 
2009 £76000 during the year company charitable donations were 
£35000 2009 £63000 in accordance with the policy of the group 
no political donations were made during the year
principal benefi ciaries include the lighthouse club and crash in the 
construction sector and wider partnerships with habitat for humanity 
and learning for life the group’s charities committee meets quarterly 
to assess applications and make recommendations membership 
comes from across the group’s uk operations and the committee also 
helps to instigate and support employee fundraising activity ‘inkind’ 
support through our depot network and community engagement
substantial shareholders
as at 18 may 2010 the company had been notifi ed in accordance 
with the disclosure and transparency rules of the following holders 
of shares with 3 or more of the total voting rights in the issued share 
capital of the company
    percentage of
shareholder    voting rights
fidelity investments  1422
schroder investment management 945
hermes investment management 7 28
jo hambro capital management  501
dexia banque internationale a luxembourg 459
psigma asset management 446
legal  general investment management 363
oberbank ag 355
norges bank investment management 351
 
principal activity
the company is a public limited company incorporated in england 
registered number 927680 with its registered offi  ce at chase house 
16 the parks newtonlewillows merseyside wa12 0jq
the principal activity of the group is the provision of equipment for 
hire and sale and associated services to construction infrastructure 
industrial and related industries the principal activity of the company 
is that of a holding company a fuller description of the business 
activities is contained within the business review on pages 18 to 45
business review
the chairman’s statement on page 18 the chief executive’s review on 
pages 20 to 23 the financial and business review on pages 30 to 39 and 
the principal risks and uncertainties on page 24 provide a detailed 
review of the group’s activities likely future developments and principal 
risks and uncertainties all the information detailed in these pages is 
incorporated by reference into this report and is deemed to form part 
of this report
results and dividends
the consolidated loss after taxation for the year was £183m 2009 
profi t £551m this is after a taxation credit of £45m 2009 credit 
£160m representing an eff ective rate of 154 2009 289 pre 
exceptional items an interim dividend of 02 pence per share was 
paid during the year the directors propose that a fi nal dividend 
of 02 pence per share be paid making a total dividend distribution 
in respect of the year of 04 pence per share 2009 128 pence
postbalance sheet events
there have been no signifi cant events since the balance sheet date 
which would have a material eff ect on the financial statements
related party transactions
except for director service contracts the company did not have 
any material transactions or transactions of an unusual nature with 
and did not make loans to related parties in the periods in which 
any director is or was materially interested
issue of shares
on 10 july 2009 the company issued 458658900 ordinary shares of 
5 pence each to shareholders and subscribers who had participated 
in the rights issue announced by the company on 28 may 2009 
buyback of shares
at the annual general meeting held on 21 july 2009 a special 
resolution was passed to authorise the company to make purchases 
on the london stock exchange of up to 10 of its ordinary shares 
as at 18 may 2010 no shares had been purchased under this authority 
shareholders will be requested to renew this authority at the 
forthcoming agm in july 2010
employment of disabled persons
the group recognises its responsibilities towards disabled persons 
and gives full and fair consideration to applicants in positions suited 
to their own particular abilities where appropriate openings exist 
where employees become disabled in the course of their employment 
every eff ort is made to provide them with continuing employment
equal opportunities
in the recruitment of employees and their subsequent career 
development individuals are considered having regard to their 
aptitudes and abilities irrespective of race sex marital status age 
religion or disability
governance annual report and accounts 20 1 0 speedy hire plc  49
directors
the directors who served during the year and the interests of 
directors in the share capital of the company are set out on pages 
46 to 47 and page 61
david wallis claudio veritiero and ishbel macpherson are retiring 
by rotation at the agm and are off ering themselves for reelection 
the remaining nonexecutive members of the board have 
undertaken a review of the chairman’s performance and are satisfi ed 
that david wallis performs to the very highest standard as chairman 
and that his wide experience of business and fi nance continue to be 
of great value to the board and the company the board believes that 
david has played a vital role in overseeing the company and has been 
responsible for the strengthening and development of the board into 
the strong and eff ective team it is today david remains an important 
sounding board for the executive team providing trust and support 
whilst upholding high standards of governance through constructive 
challenge of strategy and operational developments 
the board unanimously supports the reelection of david wallis 
claudio veritiero and ishbel macpherson
no director had any interest either during or at the end of the year 
in any disclosable contracts or arrangements other than a contract 
of service with the company or any subsidiary company no director 
had any interest in the shares of any subsidiary company during 
the year
disclosure of information to auditors
the directors who held offi  ce at the date of approval of this directors’ 
report confi rm that so far as they are each aware there is no relevant 
audit information of which the company’s auditors are unaware and 
each director has taken all the steps that he or she ought to have 
taken as a director to make himself or herself aware of any relevant 
audit information and to establish that the company’s auditors are 
aware of that information
statement of directors’ responsibilities in respect of 
the annual report and the financial statements
the directors are responsible for preparing the annual report and the 
group and parent company financial statements in accordance with 
applicable law and regulations
company law requires the directors to prepare group and parent 
company financial statements for each fi nancial year under that 
law they are required to prepare the group financial statements in 
accordance with ifrss as adopted by the eu and applicable law and 
have elected to prepare the parent company financial statements 
on the same basis
under company law the directors must not approve the financial 
statements unless they are satisfi ed that they give a true and fair 
view of the state of aff airs of the group and parent company and of 
their profi t or loss for that period in preparing each of the group and 
parent company financial statements the directors are required to
select suitable accounting policies and then apply them  
consistently
make judgements and estimates that are reasonable and prudent 
state whether they have been prepared in accordance with ifrss  
as adopted by the eu and
prepare the financial statements on the going concern basis  
unless it is inappropriate to presume that the group and the parent 
company will continue in business
the directors are responsible for keeping adequate accounting 
records that are suffi  cient to show and explain the parent company’s 
transactions and disclose with reasonable accuracy at any time the 
fi nancial position of the parent company and enable them to ensure 
that its financial statements comply with the companies act 2006 
they have general responsibility for taking such steps as are 
reasonably open to them to safeguard the assets of the group 
and to prevent and detect fraud and other irregularities
under applicable law and regulations the directors are also responsible 
for preparing a directors’ report directors’ remuneration report 
and corporate governance statement that comply with that law 
and those regulations
the directors are responsible for the maintenance and integrity of 
the corporate and fi nancial information included on the company’s 
website legislation in the uk governing the preparation and 
dissemination of financial statements may diff er from legislation 
in other jurisdictions 
statement of directors’ responsibilities pursuant 
to disclosure and transparency rules 4112
the directors confi rm that to the best of their knowledge
i  the financial statements prepared in accordance with the 
applicable set of accounting standards give a true and fair view 
of the assets liabilities fi nancial position and profi t or loss of the 
company and the undertakings included in the consolidation 
taken as a whole and
ii  the business review includes a fair review of the development and 
performance of the business and the position of the company and 
the undertakings included in the consolidation taken as a whole 
together with a description of the principal risks and uncertainties 
that they face
the names and functions of the directors of the company are set 
out on pages 46 and 47 of the annual report
auditors
kpmg audit plc were reappointed at the agm of the company held 
on 21 july 2009 and their appointment expires at the conclusion of this 
year’s agm kpmg audit plc off er themselves and are recommended 
by the board for reappointment under the provisions of section 489 
of the companies act 2006 
takeover directive information
where not provided elsewhere in this report the additional information 
required for shareholders as a result of the implementation of the 
takeover directive into english law is set out below
share capital
as at 31 march 2010 the company’s share capital comprised a 
single class of ordinary shares of 5 pence each as at 31 march 2010 
the authorised share capital of the company was £35000000 
comprising 700000000 ordinary shares of 5 pence each and the 
issued share capital was £2586078330 comprising 517 215666 
ordinary shares of 5 pence each there are no special rights or 
obligations attaching to the ordinary shares
governance 50  speedy hire plc annual report and accounts 20 1 0
governance
directors’ report c ontinued
directors’ powers
at the agm to be held on 20 july 2010 shareholders will be asked to 
renew the directors’ power to allot shares and buy back shares in the 
company and to renew the disapplication of preemption rights
change of control – significant agreements
there are no signifi cant agreements to which the company is a party 
that may take eff ect alter or terminate upon a change of control 
following a takeover bid other than in relation to i employee share 
schemes and ii the company’s borrowings which would become 
repayable on a takeover being completed
shares in the company are held in the speedy hire employee benefi ts 
trust for the purpose of satisfying awards made under the company’s 
performance plan and coinvestment plan unless otherwise directed 
by the company the trustees of the trust abstain from voting on 
any shares held in the trust in respect of which the benefi cial interest 
has not vested in any benefi ciary in relation to shares held in the 
trust where the benefi cial interest has vested in a benefi ciary the 
benefi ciary can direct the trustees how to vote
compensation for loss of office
there are no agreements between the company and its directors 
or employees providing for compensation for loss of offi  ce or 
employment whether through resignation purported redundancy 
or otherwise that occurs because of a takeover bid
directors’ indemnities
as permitted by the companies act 2006 the company has indemnifi ed 
each of the directors who held offi  ce during the year
electronic communications with shareholders
at the agm to be held on 20 july 2010 shareholders will be asked to 
pass an ordinary resolution to allow the company to communicate 
with its shareholders in electronic form and via its website
annual general meeting
the company’s agm will be held at mere court hotel and conference 
centre warrington road mere knutsford cheshire wa16 0rw 
at 1100am on tuesday 20 july 2010 a formal notice of meeting 
an explanatory circular and a form of proxy will each be sent 
separately to shareholders
by order of the board on 18 may 2010
suzana koncarevic
group company secretary
restrictions on share transfers
the company’s articles of association provide that the company may 
refuse to transfer shares in the following customary circumstances
where the share is not a fully paid share 
where the share transfer has not been duly stamped with the  
correct amount of stamp duty
where the transfer is in favour of more than four joint transferees  
where the share is a certificated share and is not accompanied by  
the relevant share certificates and such other evidence as the 
board may reasonably require to prove the title of the transferor or 
in certain circumstances where the shareholder in question has  
been issued with a notice under section 793 of the companies 
act 2006
these restrictions are in addition to any which are applicable to all 
uk listed companies imposed by law or regulation
shares with special rights
there are no shares in the company with special rights with regard 
to control of the company
restrictions on voting rights
the notice of the agm specifi es deadlines for exercising voting rights 
and appointing a proxy or proxies to vote in relation to resolutions to 
be passed at the agm all proxy votes are counted and the numbers 
for against or withheld in relation to each resolution are announced at 
the agm and published on the company’s website after the meeting
agreements which may result in restrictions 
on share transfers
the company is not aware of any agreements between shareholders 
which may result in restrictions on the transfer of securities andor 
on voting rights
appointment and replacement of directors
the company’s articles of association provide that all directors must 
stand for election at the fi rst agm after having been appointed by 
the board
each director must also stand for reelection at the third agm 
following their last election or reelection if the number of directors 
standing for reelection is less than onethird of the current board 
which excludes any directors appointed by the board who are 
standing for election for the fi rst time then additional directors must 
also stand for reelection in order that at least onethird is standing
articles of association
the company’s articles of association may be amended by special 
resolution of the company’s shareholders at the forthcoming 
agm a special resolution will be put to shareholders proposing 
amendments to the company’s existing articles of association 
as described in the notice of the meeting
governance annual report and accounts 20 1 0 speedy hire plc  51
corpora te governance
highlights
appointment of james morley as nonexecutive director  
and chairman of the audit committee and retirement of 
david galloway as nonexecutive director and chairman 
of the audit committee
ongoing review of the effectiveness of the board’s operation 
combined code compliance statement including terms of  
reference of the board and each committee available on the 
company’s website
combined code compliance
the board is committed to maintaining high standards of corporate 
governance the board fi rst reported its compliance with the new 
combined code in 2004 and since then has continued to comply 
in full with the combined code and to develop further its approach 
to corporate governance and the eff ective management of risk in 
the context of a rapidly growing business
the following paragraphs explain how the company has applied 
the principles of good governance and the code of best practice 
set out in the current edition of the combined code
throughout the year ended 31 march 2010 the company has been 
in compliance with the provisions set out in the combined code
directors
the board
in the year ended 31 march 2010 the board met nine times including 
an off site meeting solely to discuss strategy the board also meets as 
required on an ad hoc basis to deal with urgent business including 
the consideration and approval of transactions the table below lists 
the directors’ attendance at the board meetings and committee 
meetings during the year ended 31 march 2010
board and committee attendance
  audit  nomination remuneration
 board committee committee committee
executive directors
steve corcoran 8 – – –
justin read 8 – – –
claudio veritiero 9 – – –
mike mcgrath 9 – – –
nonexecutive directors
david wallis  9 – 1 –
ishbel macpherson 9 5 1 5
michael averill 9 4 2 5
peter atkinson 9 5 2 5
david galloway  
retired 31 may 2009 1 1 – –
james morley  
appointed 2 april 2009 9 5 2 4
 
the executive directors of the company may attend meetings of 
the committees at the invitation of the chairman of the respective 
committee 
the board has approved a schedule of matters reserved for decision 
by it this schedule which forms part of a combined code compliance 
statement formally adopted by the board is available for inspection 
at the company’s registered offi  ce and on the company’s website
the combined code compliance statement was last revised on 
22 may 2008 and is regularly reviewed the matters reserved for 
specifi c approval by the board can be subdivided into a number 
of key areas including but not limited to
financial reporting including the approval of interim and  
final financial statements interim management statements 
and dividends
the group’s finance banking and capital structure arrangements 
group strategy and transactions 
stock exchangelisting authority matters including the issue of  
shares the approval of circulars and communications to the market
approval of the policies and framework in relation to remuneration  
across the group following appropriate recommendations from 
the remuneration committee
approval of the group’s risk management and control framework  
following appropriate recommendations from the audit committee
the constitution of the board itself including its various  
committees and succession planning following appropriate 
recommendations from the nomination committee and 
approving the group’s policies in relation to inter alia the  
environment health and safety and corporate responsibility
matters requiring board and committee approval are generally the 
subject of a proposal by the executive directors submitted to the 
board together with supporting information as part of the board 
or committee papers circulated prior to the relevant meeting the 
implementation of matters approved by the board particularly in 
relation to matters such as signifi cant acquisitions or other material 
projects sometimes includes the establishment of a subcommittee 
comprising at least one nonexecutive director
the posts of chairman and chief executive are held by david wallis 
and steve corcoran respectively in addition to the chairman 
the board includes four independent nonexecutive directors 
ishbel macpherson peter atkinson michael averill and james morley 
together they bring a strong and independent nonexecutive 
element to the board the senior independent director is 
ishbel macpherson
the audit committee is chaired by james morley its other 
members are ishbel macpherson peter atkinson and michael averill 
in accordance with the smith guidance on audit committees the 
chairman david wallis is not a member of the audit committee
the remuneration committee is chaired by ishbel macpherson its 
other members are peter atkinson michael averill and james morley
the nomination committee is chaired by david wallis its other 
members are ishbel macpherson peter atkinson michael averill 
and james morley
the chairman and other nonexecutive directors meet at least 
twice a year without the executive directors present in addition 
the chairman regularly briefs the other nonexecutive directors 
on relevant developments regarding the company and group 
as necessary the senior independent director ishbel macpherson 
and the other nonexecutive directors meet at least annually without 
the chairman present to appraise the chairman’s performance as part 
of the overall board annual appraisal process
governance 52  speedy hire plc annual report and accounts 20 1 0
governance
corpora te governance c ontinued
three members of the board are also nonexecutive directors 
of companies which are customers of or suppliers to the group 
ishbel macpherson is a nonexecutive director of may gurney 
integrated services plc a customer of the group david wallis is 
nonexecutive chairman of directorbank group limited which 
is a supplier to the group james morley who was appointed after 
the start of the fi nancial year is a nonexecutive director of costain 
group plc which is a customer of the group
the group’s trading with each of these companies is conducted entirely 
on arm’s length terms and in the ordinary and normal course of the 
group’s business additionally the board considers that in each case 
the sums involved are de minimis these potential confl icts of interest 
have been approved by the board in accordance with previous board 
procedures and also under the new procedures established under the 
companies act 2006 in order to ensure that there can be no possible 
suggestion of a confl ict of interest it has been resolved by the board 
that in the event that the board should ever be required to discuss or 
make decisions in relation to the group’s relationships with these 
companies the aff ected directors would not take part in or receive 
any material information in relation to those discussions none of these 
directors has been involved in any commercial negotiations between 
the group and the other companies
appointments to the board
the board has established a nomination committee its terms 
of reference are also included in the combined code compliance 
statement referred to above the committee meets formally as 
necessary but at least once a year and met twice during this fi nancial 
year the principal functions of the nomination committee are 
to consider and review the structure and composition of the board 
and membership of board committees it also considers candidates 
for board nomination including job description reelection to the 
board for those candidates retiring by rotation and succession 
planning generally a specifi cation for the role of chairman including 
anticipated time commitment is included as part of the written 
statement of division of responsibilities between chairman and 
chief executive which was revised and updated in may 2008 details 
of the chairman’s other material commitments are set out on page 46 
and are disclosed to the board in advance and included in a register 
of the same maintained by the group company secretary
the terms and conditions of appointment of all the nonexecutive 
directors and those of the chairman are available for inspection 
at the company’s registered offi  ce during normal business hours 
each letter of appointment specifi es the anticipated level of time 
commitment including where relevant additional responsibilities 
derived from involvement with the audit remuneration or 
nomination committees details of other material commitments 
are disclosed to the board and a register of the same is maintained 
by the group company secretary
none of the directors is a nonexecutive director or chairman 
of a ftse 100 company 
a more detailed summary of the work of the nomination committee 
during the year is contained in the separate report of the committee 
on page 65
the minutes of all meetings of the board and each committee are 
taken by the group company secretary in addition to constituting 
a record of decisions taken the minutes refl ect questions raised by 
the directors relating to the company’s businesses and in particular 
issues raised from the reports included in the board or committee 
papers circulated prior to the relevant meeting any unresolved 
concerns are recorded in the minutes
on resignation concerns if any raised by an outgoing nonexecutive 
director are circulated by the chairman to the remaining members 
of the board
appropriate directors’ and offi  cers’ insurance cover is arranged and 
maintained via the company’s insurance brokers marsh and its terms 
are reviewed annually
the companies act 2006 allows directors of public companies to 
authorise confl icts and potential confl icts of interest of directors 
where the articles of association contain a provision to that eff ect 
the company’s articles of association give the board authority to 
authorise matters which may result in the directors breaching their 
duty to avoid a confl ict of interest directors who have an interest 
in matters under discussion at a board meeting must declare that 
interest and abstain from voting only directors who have no interest 
in the matter being considered are able to approve a confl ict of 
interest and in taking that decision the directors must act in a way 
they consider in good faith would be most likely to promote the 
success of the company the directors are able to impose limits or 
conditions when giving authorisation if they feel this is appropriate 
any confl icts considered by the board and any authorisations given 
will be recorded in the board minutes and in the register of confl icts 
which will be reviewed annually by the board the board considers 
that its procedures to approve confl icts of interest and potential 
confl icts of interest are operating eff ectively
chairman and chief executive
a statement as to the division of the responsibilities of the chairman 
and chief executive is included in the combined code compliance 
statement formally adopted by the board and referred to above 
the board considers that the chairman on his appointment met the 
independence criteria set out in paragraph a31 of the combined 
code it is the policy of the board that the chief executive should 
not go on to become chairman
board balance and independence
currently there are in addition to the chairman four nonexecutive 
directors on the board out of a total of nine directors david galloway 
was a nonexecutive director until his resignation with eff ect from 
31 may 2009 and their respective experience details of which are
set out on pages 46 and 47  clearly indicates that they are of suffi  cient 
calibre and number for their views to carry appropriate weight in 
the board’s decisions the senior independent director ishbel 
macpherson is available to shareholders if they have concerns
which contact through the normal channels of chief executive and 
chairman or group finance director fail to resolve or for which such 
contact is inappropriate
the board considers that all of the nonexecutive directors are 
independent on the basis of the criteria specifi ed in paragraph a31 
of the combined code and generally are free from any business or 
other relationship which could materially interfere with the exercise 
of their independent judgement
governance annual report and accounts 20 1 0 speedy hire plc  53
information and professional development
before each scheduled board meeting all directors receive 
appropriate information regarding the group comprising a fi nancial 
report and briefi ngs from senior executives the chief executive 
also briefs directors on results key issues and strategy during board 
meetings the nonexecutives regularly make further enquiries 
of the executive directors and seek further information which 
is provided either at the relevant meeting or subsequently
a monthly information pack is compiled on market data including 
information and activity in relation to competitors and the 
construction industry generally this information is drawn from 
a number of respected sources and provides a current constantly 
updated summary of trends in the group’s market
the board also recognises the importance of ongoing training and 
education particularly regarding new laws and regulations which 
relate to or aff ect the group such training and education is obtained 
by the directors individually through the company or through other 
companies of which they are directors
all the nonexecutive directors have during the course of the year 
attended briefi ngs and seminars relevant to their role including 
updates on best practice in audit and remuneration issues and 
economic aff airs in general as well as bringing knowledge and 
information gathered from their other business interests
the chairman and the group company secretary meet on a regular 
basis to discuss corporate governance and other issues including 
inter alia information fl ows induction and training programmes for 
directors and operational management
procedures are in place to enable directors to take independent 
professional advice if necessary at the company’s expense in the 
furtherance of their duties the procedure to enable such advice 
to be obtained is included in the company’s combined code 
compliance statement
all directors have access to the advice and services of the group 
company secretary whose role is to ensure that all procedures are 
followed and that applicable rules and regulations are complied 
with the removal of the group company secretary is a matter 
specifi cally reserved for decision by the board
performance evaluation
during the fi nancial year ended 31 march 2006 the chairman and 
group company secretary engaged the services of specialist 
performance consultants lintstock to carry out a detailed independent 
review of the board’s processes and procedures and in the past three 
years the chairman has undertaken an internal review of the board’s 
processes and procedures 
reelection
under the company’s articles of association all directors are
subject to election by shareholders at the fi rst agm following 
appointment and all directors are subject to retirement by rotation 
provisions requiring reelection at intervals of no more than three 
years biographical details of all the directors including those 
subject to reelection are included in this report in order to enable 
shareholders to take an informed decision on any reelection 
resolution the letters of appointment of each of the nonexecutive 
directors and the chairman confi rm that appointments are 
for specifi ed terms and that reappointment is not automatic 
peter atkinson commenced a second threeyear term in 2008 ishbel 
macpherson and michael averill commenced their fi rst threeyear 
terms in 2008 james morley commenced his fi rst three years in 2009 
the appointment of the chairman was renewed in 2009 for a further 
oneyear term to 2010
directors’ remuneration
level and makeup of remuneration
the performancerelated elements of the remuneration of the 
executive directors form a signifi cant proportion of their potential 
total remuneration packages the performancerelated elements 
of the schemes in which the executive directors are entitled to 
participate are set out in more detail in the remuneration report 
the remuneration committee with the advice of hewitt new 
bridge street hnbs reviews on a regular basis the company’s 
remuneration policy including the design of performancerelated 
remuneration schemes such performancerelated elements have 
been designed with a view to aligning the interests of the executive 
directors with those of shareholders and to incentivise performance 
at the highest level the board’s policy is that no executive share 
options should be off ered at a discount save as permitted by 
the listing rules
levels of remuneration payable to nonexecutive directors are 
regularly benchmarked with the assistance of external advisers 
against companies of a similar size the levels of remuneration 
also refl ect the time commitment and responsibilities of each role 
including where relevant chairmanship of board committees 
it is the policy of the board that remuneration for nonexecutive 
directors should not include share options or any other sharebased 
incentives no current executive director serves as a nonexecutive 
director elsewhere
the service contracts of all executive directors provide for termination 
by the company on one year’s notice
governance 54  speedy hire plc annual report and accounts 20 1 0
governance
corpora te governance c ontinued
accountability and audit
financial reporting
the directors’ report and auditors’ report appear on pages 48 to 50 
and 66 respectively and comply with the provisions of paragraphs 
c11 and c12 of the combined code
internal control
the board is responsible for the company’s schemes of internal 
control and for reviewing the eff ectiveness of such systems
the board via the audit committee conducts a review at least 
annually of the group’s systems of internal control such a review 
examines all material controls including fi nancial operational and 
compliance controls and risk management systems and accords 
with the recommendations contained in the turnbull guidance 
a formal report is prepared by kpmg audit plc kpmg highlighting 
matters identifi ed in the course of its statutory audit work and 
reviewed by the audit committee in the presence of kpmg the 
chief executive the group finance director and the head of the 
group’s internal audit function the committee also considers formal 
reports prepared and presented by the internal audit function the 
fi ndings and recommendations of the committee are then reported 
to the board for detailed consideration
audit committee and auditors
the board has established an audit committee which met fi ve times 
during the year the terms of reference of the audit committee are set 
out in full in the combined code compliance statement such terms 
of reference are compatible with the provisions of paragraph c3 of 
the combined code the board is satisfi ed that the chairman of the 
audit committee james morley has appropriate recent and relevant 
fi nancial experience
in addition to its work in relation to the group’s systems of internal 
control set out above the committee is also responsible for reviewing 
the integrity of the company’s accounts including the annual and 
interim results and recommending their approval to the board 
the committee’s work also includes reviewing the adequacy of 
the group’s ‘whistleblowing’ procedures
the committee meets on a regular basis with the external auditors 
and internal audit function without the executive directors being 
present if appropriate to review and discuss issues arising from 
internal and external audits and to agree the scope and planning 
of future work
the eff ectiveness of the group’s internal audit function is one of 
the matters reviewed in conjunction with kpmg
the audit committee has primary responsibility for making a 
recommendation on the appointment reappointment and removal 
of the external auditors the policy of the audit committee is to 
ensure auditor objectivity and independence is safeguarded at 
all times the use of the company’s auditors for nonaudit services 
must be preapproved by the audit committee where the total 
anticipated costs exceed £30000 taking into account factors such 
as cost speed and effi  ciency of delivery in determining whether to 
approve their appointment during the year the company used two 
additional fi rms for nonauditrelated services accordingly the audit 
committee considers that the company’s auditors are independent
a more detailed description of the work of the audit committee 
during the year is contained in the separate report of the committee 
on page 64
procedure
the board has constituted a remuneration committee which met 
fi ve times during the year its terms of reference are included in the 
combined code compliance statement and are fully compatible 
with the provisions of paragraph b21 of the combined code the 
remuneration committee consists of the nonexecutive directors 
excluding the chairman who are independent of management and 
free from any business or other relationship which could materially 
interfere with the exercise of their independent judgement the 
chief executive regularly attends by invitation but is not present 
for discussions relating to his own remuneration the remuneration 
committee has appointed hnbs to advise it in relation to the design 
of appropriate executive remuneration structures hnbs has no other 
connection with the company
the responsibilities of the remuneration committee include setting 
remuneration policy ensuring that remuneration including pension 
rights and compensation payments and the terms of service of 
the executive directors are appropriate and that executive directors 
are fairly rewarded for the contribution which they make to the 
group’s overall performance it is also responsible for the allocation 
of shares under longterm incentive arrangements approved by 
shareholders and in accordance with agreed criteria in addition 
it monitors current best practice in remuneration and related issues
the remuneration of nonexecutive directors is dealt with by 
a committee of the board specifi cally established for this purpose 
comprising the chief executive the group finance director the 
managing director uk  ireland asset services and the managing 
director international asset services without the presence of the 
nonexecutive directors the remuneration of the nonexecutive 
directors is the subject of regular benchmarking reviews usually 
carried out every two years with the assistance of hnbs the last 
such benchmarking exercise was carried out in february 2007  
no such benchmarking exercise was necessary in 2009 as there 
were no salary increases
the board’s policy is that all new longterm incentive schemes as 
defi ned in the listing rules and signifi cant changes to existing schemes 
should be specifi cally approved by shareholders while recognising that 
the remuneration committee must have appropriate fl exibility to alter 
the operation of these arrangements to refl ect changing circumstances 
in addition as part of the company’s commitment to transparency 
as regards its remuneration policy and to maintaining a continuous 
dialogue with shareholders the chair of the remuneration committee 
ishbel macpherson has held discussions with shareholders to take 
soundings on the key features of proposed changes to the executive 
directors’ incentive arrangements
a more detailed summary of the work of the remuneration committee 
during the year is contained in the separate report of the committee 
on page 56
governance annual report and accounts 20 1 0 speedy hire plc  55
relations with shareholders
dialogue with institutional shareholders
the chairman routinely attends brokers’ and analysts’ presentations 
in relation to the company’s interim and fullyear results the 
chairman with assistance from the company’s brokers collates 
feedback from such presentations and reports the fi ndings to the 
next meeting of the board the chairman also maintains a regular 
dialogue with major shareholders in relation to inter alia strategy and 
corporate governance issues the senior independent director ishbel 
macpherson is available to attend meetings with major shareholders 
in order to understand their issues and concerns should the normal 
communication channels with the chairman chief executive or the 
group finance director be ineff ective or inappropriate
constructive use of the agm
the company’s agm procedures indicate as a matter of course the 
level of proxies lodged on each resolution and the balance for and 
against each resolution and votes withheld after each has been dealt 
with on a show of hands it is also the company’s policy to propose 
a separate resolution at the agm on each substantive separate issue 
including in relation to the report and accounts and the directors’ 
remuneration report
all committee chairs are available at the agm
the company’s standard procedure is to ensure that the notice of 
agm and related papers are sent to shareholders at least 20 working 
days before the meeting in compliance with paragraph d24 of the 
combined code
responsible investment disclosure guidelines
environmental social and governance risks are considered by the 
board as part of the ongoing process of risk assessment the impact 
of risk is evaluated not only in fi nancial terms but also according to its 
eff ects on employees operational effi  ciency and stakeholder relations 
for further details regarding the steps which the board takes through 
the risk management process in managing and mitigating risk please 
see page 24
pages 24 and 40 to 45 of the business review outline the company’s 
approach to risk corporate responsibility and sustainability for more 
detail concerning the opportunity which the board sees in sustainable 
growth through sound corporate responsibility please refer to the 
speedy corporate responsibility report which is due to be published 
in july 2010 this report refers to the kpi targets running through to 
31 march 201 1 which have been established for monitoring progress 
against the group’s environmental community and workplace 
strategies together with an evaluation of performance from previous 
fi nancial years
risk management controls
in late 2009 the board asked the head of internal audit to carry out 
a full review of enterprisewide risks to business objectives so that 
the board could update its understanding of how well risks were 
mitigated by the control environment risks were identifi ed in a series 
of workshops held in every key part of the group and were followed 
by discussions between the head of internal audit and specialists who 
could advise on the quality of controls to mitigate the risks identifi ed 
in the workshops physical evidence of the quality of these controls 
was sought where appropriate the enterprise risk management 
erm programme was completed in march 2010 and the fi ndings 
were submitted to the group board in may
the results of this work identifi ed that the group needs to focus 
on nine key risk areas as detailed on page 24 under the heading 
‘principal risks and uncertainties’ in order to maximise its chances 
of achieving its strategic aims each member of the executive team 
has at least one risk template to manage which describes the nature 
of the risk the events that need to be prevented the kpis that measure 
the probability of these events occurring the current controls and a 
prioritised action plan with names and dates the updated templates 
are presented regularly to the group board
the internal audit plan is informed by the erm programme fi ndings 
and the fi ndings from these audits feed into the above process 
of the group board review of business risks and controls
governance 56  speedy hire plc annual report and accounts 20 1 0
governance
remunera tion report
the remuneration committee met on fi ve occasions during the year 
details of the attendance at remuneration committee meetings are 
set out in the corporate governance report on page 51
the remuneration committee’s terms of reference are published on 
speedy’s website at wwwspeedyhireplcuk and are available in hard 
copy form on application to the group company secretary
advisers
during the year the remuneration committee received advice 
from hewitt new bridge street hnbs who are independent 
remuneration consultants in connection with remuneration matters 
including the provision of general guidance on market and best 
practice and the development of the group’s performancerelated 
remuneration policy hnbs has no other connection or relationship 
with the group hnbs provided no other services to the group during 
the fi nancial year ended 31 march 2010 
the committee also sought advice from the company’s legal 
advisers pinsent masons llp  in connection with the operation of the 
performance plans coinvestment plans and saye schemes described 
later in this report
remuneration policy and objectives
the remuneration policy with respect to the executive directors 
has been designed to ensure that pay practices at speedy remain 
appropriate for both the company and its shareholders 
the principal objective of the policy is to attract and retain the best 
talent to deliver speedy’s strategy and to drive shareholder value 
within a framework of good corporate governance
the key principles of this policy are
between lower quartile and median salaries but with the  
potential to earn upper quartile rewards for sustained exceptional 
performance provided stretching and demanding performance 
conditions are met
a reward structure that balances shortterm and longterm  
performance and
competitive incentive arrangements that are underpinned by  
a balance of financial and operational performance metrics to 
provide both a focus on business performance and alignment 
with the interests of shareholders
the committee acknowledges that the principle with respect to 
lower to median quartile salaries for executive directors has become 
more diffi  cult to maintain given the reduction of the company’s 
market capitalisation in the past fi nancial year however to counter
balance this eff ect executive director salaries have not increased in 
the past two fi nancial years
there is no restriction on the committee which prevents it from 
taking into account performance on environmental social and 
governance issues the committee notes with approval the continued 
eff ort being made by the company in motivating responsible 
behaviour in relation to these issues by encouraging reduced energy 
consumption and providing incentives to choose more effi  cient 
company vehicles in addition the committee seeks to ensure that 
the company’s pay policies do not encourage inappropriate 
operational risktaking 
this report has been prepared by the remuneration committee and 
approved by the board for the fi nancial year ended 31 march 2010 
it has been prepared in accordance with the companies act 2006 
this report provides the company’s statement of how it has applied 
the principles of good governance relating to directors’ remuneration 
and is intended to communicate the company’s policies and practices 
on executive remuneration this report will be subject to an advisory 
shareholder vote at the forthcoming agm information relating to the 
emoluments and pension contributions of the directors on pages 60 
to 61 and executive directors’ interests in the company’s performance 
plan coinvestment plan and uk saye scheme on page 62 has 
been audited
refl ecting the board’s commitment to maintaining high standards of 
corporate governance the remuneration committee has complied 
during the year with schedule a of the combined code provisions 
on the design of performancerelated remuneration
 
remuneration committee
the remuneration committee comprises four nonexecutive 
directors ishbel macpherson chair of the remuneration committee 
james morley who joined the committee following his appointment 
on 2 april 2009 peter atkinson and michael averill david galloway 
was a member of the remuneration committee until he retired 
from the committee with eff ect from 31 may 2009 each of ishbel 
macpherson james morley peter atkinson and michael averill is 
considered by the board to be independent biographies of the 
members of the remuneration committee are set out on page 47 
at the invitation of the chair of the remuneration committee 
the nonexecutive chairman and the chief executive may attend 
meetings of the remuneration committee except when their 
own remuneration is under consideration no director is involved 
in determining his or her own remuneration the group company 
secretary acts as the secretary to the remuneration committee the 
members of the remuneration committee can where they judge 
it necessary to discharge their responsibilities obtain independent 
professional advice at the company’s expense
the remuneration committee’s duties include
to make recommendations to the board on the company’s  
framework and policy for the remuneration of the chairman 
executive directors group company secretary and senior 
executives
to review and determine on behalf of the board the executive  
remuneration and incentive packages to ensure such packages 
are fair and reasonable
to review and approve directors’ expenses 
to determine the basis on which the employment of executives  
is terminated
to design the company’s share incentive schemes and other  
performancerelated pay schemes and to operate and administer 
such schemes
to determine whether awards made under performancerelated  
and share incentive schemes should be made the overall amount 
of the awards the individual awards to executives and the 
performance targets to be used
to ensure that no director is involved in any decisions as to their  
own remuneration and 
to review regularly the ongoing appropriateness and effectiveness  
of all remuneration policies
governance annual report and accounts 20 1 0 speedy hire plc  57
the committee believes that it is incumbent upon it to ensure that the remuneration policy as it applies to the senior executives is eff ectively 
delivered in a manner that takes full account of the company’s specifi c and developing circumstances this has proved a particular challenge 
for the committee this year against a backdrop of the continuing diffi  cult economic climate additionally in determining the remuneration 
arrangements of the executive directors the remuneration committee takes into consideration not only the performance of the executive 
directors but also pay and employment conditions elsewhere in the group through regular interaction with the company’s hr function 
and senior operational executives
as a result the remuneration committee has determined that the remuneration of executive directors will provide an appropriate balance 
between fi xed and performancerelated pay elements the remuneration committee will continue to review the remuneration policy to 
ensure it takes due account of best remuneration practice and is aligned to shareholders’ interests the remuneration committee believes 
the policy described on page 56 which applied in 2009 remains appropriate and has resolved that it will continue in 2010
components of remuneration
the main components of the remuneration packages of the executive directors consist of the following elements
purpose delivery detailed policy
basic salary reflect the value of the  
individual and his or her 
role skills experience and 
performance
cash 
monthly 
pensionable 
normally reviewed annually on or around  
1 april and benchmarked against comparable 
companies
no increases were made in april 2009 or  
april 2010 next review in april 201 1
annual bonus incentivise delivery of  
specific group divisional 
and personal annual goals
deferred share element aids  
retention and alignment 
with shareholders
annual payment subject  
to performance
cash up to 50 of salary  
rest in shares but all can 
be invested in shares
performancerelated 
nonpensionable 
payments based on group profit before tax  
performance and projectbased kpis for 20101 1
bonus potential of up to 100 of salary for  
201011 reduced from the previous 120 
of salary maximum when bonus last paid 
in 200708
any bonus above 50 of salary paid in shares  
executive directors can choose to take all of 
bonus in shares linked to coinvestment plan
longterm incentives encourage longterm  
value creation
encourage coinvestment 
align executives’ interests  
with those of shareholders
retention 
sharebased 
annual awards 
shares may be released  
after three years
performancerelated 
nonpensionable 
performance plan
normal maximum award 100 of salary  
vesting based on comparative tsr targets 
with an underpin for most recent awards
70 of salary maximum for 20101 1 vesting  
based on comparative tsr targets with 
an underpin
coinvestment plan
matching shares based on investment  
of bonus up to 21
vesting based on real eps growth 
no awards were made last year or this year 
benefi ts to provide competitive  
benefits
retention 
ongoing  car allowance medical insurance and life  
assurance
pension to provide competitive  
postretirement benefits
ongoing 
payable on retirement 
1020 of basic salary depending on length  
of service
share ownership 
guidelines
to align the interests of  
executive directors with 
shareholders
ongoing  must build a shareholding of 100 of salary 
governance 58  speedy hire plc annual report and accounts 20 1 0
governance
remunera tion report c ontinued
base salary
base salary for each executive director is determined by the 
remuneration committee taking account of the director’s performance 
experience and responsibilities the remuneration committee has 
regard to salary levels paid by uk listed companies i which operate 
within the same broad business space as speedy and with which 
speedy competes for key talent and ii market capitalisation and 
geographic operations this approach ensures that the best available 
benchmark data for each director’s specifi c position is obtained when 
determining executive directors’ base salaries the remuneration 
committee also has regard to economic factors remuneration trends 
and the general level of salary increases awarded throughout the group
the remuneration committee has come to the view that no increases 
in these base salary levels should be made this year with the next 
review due in april 201 1 therefore the executive directors’ salaries 
will remain at the following levels for the forthcoming year steve 
corcoran – £340000 mike mcgrath – £220000 claudio veritiero – 
£203000 and justin read – £250000
performancerelated annual bonus
the committee‘s general policy is that every employee in the group 
is brought within some form of incentive scheme as soon as possible 
after joining the group however as previously reported last year 
no annual bonus opportunity was off ered to the executive directors 
or other employees
following a review of incentive arrangements the remuneration 
committee has determined that an incentive to deliver against 
shortterm operational drivers of the business is once again 
appropriate therefore an annual performancerelated bonus will 
be off ered to executive directors and senior executives in 20101 1 
the maximum bonus opportunity for the forthcoming year will be 
100 of salary which is a reduction on previous bonus arrangements 
under which the maximum percentage achievable was 120 of salary
the bonus opportunity will be split as follows i 70 of the bonus 
will be payable by reference to performance against a challenging 
range of adjusted profi t before tax targets and ii 30 will be 
payable for performance against key strategic objectives relating 
to group net debt working capital gross profi t margin central 
costs asset turn co
2 emissions strategic development customer 
satisfaction and employee engagement
outstanding performance will be required for a maximum bonus 
to become payable with no bonus payable unless a number of 
fi nancial ie adjusted profi t before tax and nonfi nancial thresholds 
are achieved
any bonus earned over 50 of salary will be subject to a compulsory 
deferral into shares with such shares subject to a corresponding 
matching award under the coinvestment plan see page 59
nonexecutive directors do not receive a bonus
longterm incentive plan
in line with the overall remuneration policy of the remuneration 
committee the objectives of the company’s sharebased longterm 
incentive arrangements which were approved by shareholders in 
2004 are
to support the company’s strong performance culture and provide  
exceptional rewards for exceptional performance
to provide a competitive total compensation package 
to link rewards to group performance so that the interests of  
executives are fully aligned with speedy’s shareholders and
to create an expectation of ownership on the part of executives  
in accordance with shareholding guidelines established by 
the committee requiring executive directors to build up and 
retain shares in the company of a value equivalent to 100 
of basic salary
the two main sharebased longterm incentive plans operated 
for senior executives are i the performance plan and ii the 
coinvestment plan 
benefi ts under the performance plan and the coinvestment plan 
are nonpensionable
performance plan
the key features of the performance plan are as follows
the normal maximum award that can be made each year is  
over shares worth up to 100 of salary which vest at the end of 
a threeyear period subject to the extent to which performance 
conditions have been satisfied
‘oneoff’ awards that exceeded the normal 100 of salary limit  
were made to executive directors and other senior executives last 
year as approved by shareholders at the extraordinary general 
meeting held on 24 june 2009
vesting of all of the awards made following the extraordinary  
general meeting was subject to a tsrbased performance 
condition measured over a threeyear period beginning with the 
date of the grant 20 of each award will vest if speedy ranks at 
the median compared to the ftse 250 excluding investment 
trusts measured over the threeyear performance period with full 
vesting at the upper quartile and straightline vesting between 
these points an underpin also applies to this primary tsr 
measure under which the committee may reduce the number of 
shares that provisionally vest by reference to performance against 
the relative tsr condition if this performance is not considered 
to be truly representative of the company’s underlying 
performance over the relevant period when considering the 
company’s underlying performance the committee will take 
account of performance against a range of targets including 
operating cash flow profit against targets working capital 
management and share price progression and
in accordance with amendments made by the committee to the  
rules of the performance plan to enable the grant of awards in a 
potentially more taxefficient manner for participants as referred 
to in last year’s report and in the rights issue prospectus published 
by the company on 1 june 2009 awards to executive directors 
in 200910 were made in the form of exsop awards and 
associated initial value awards see page 63 for more details 
regarding these awards
governance annual report and accounts 20 1 0 speedy hire plc  59
as stated above the committee has recently reviewed the executive 
directors’ incentive pay policy encompassing a review of longterm 
incentive provision following this review it has been deemed that 
performance plan awards will be made in the forthcoming year albeit 
subject to a maximum 70 of salary individual limit this is a reduction 
on previous awards which were subject to a maximum 100 of salary 
individual limit save for the larger awards made last year the vesting 
of the awards will be subject to continued employment and the 
satisfaction of a tsrbased performance condition with the same 
structure as that outlined previously for the awards made last year
tsr has been used again as the primary performance measure for 
the performance plan awards as it is currently considered a robust 
measure of speedy’s longterm performance the committee will 
ensure that appropriate independent verifi cation is sought as to the 
extent to which these performance conditions are satisfi ed 
both the 2006 and the 2007 performance plan awards have not vested 
due to performance below criteria threshold levels
coinvestment plan
the key features of the coinvestment plan as operated thus far are 
as follows
executive directors are required to defer any annual bonus over  
50 of basic salary which is used to acquire speedy shares and 
can defer the rest likewise used to acquire speedy shares at the 
executive director’s option
deferral is for three years 
matching shares are awarded by the committee which vest  
at the end of the threeyear deferral period if predetermined 
performance criteria are satisfied the maximum matching 
which is only awarded for exceptional performance could be on 
a 21 or 200 basis by reference to the gross amount of bonus 
deferred and
performance targets have been based on eps growth over the  
deferral period for the most recent awards to obtain maximum 
matching eps growth is required to be greater than consumer 
price index cpi plus 125 per annum calculated on a compound 
basis no awards vest if eps growth is less than cpi plus 7 5 per 
annum also calculated on a compound basis with straightline 
vesting in between
as there was no annual bonus opportunity for the executive directors 
last year there will be no deferral of bonus into shares therefore no 
corresponding award will be made in the forthcoming year under 
the coinvestment plan nor was any coinvestment plan award 
made last year again due to there being no bonus payable for the 
prior year
both the 2006 and 2007 coinvestment plan awards have not vested 
due to performance below criteria threshold levels
benefits in kind
the group operates a policy whereby executive directors and senior 
management are off ered a car or cash alternative as appropriate 
health insurance and life cover and pension contributions further 
details of which are set out on page 60 justin read also received 
a housing allowance
the group does not operate a defi ned benefi t pension scheme 
and has no plans to introduce such a scheme
total shareholder return tsr
the graph below shows speedy’s performance measured 
by tsr compared with the performance of the ftse 250 index 
excluding investment trusts also measured by tsr the graph 
illustrates the movement of speedy’s tsr assuming dividends are 
reinvested on the exdividend date against that of the ftse 250 
index excluding investment trusts for the fi veyear period to 
31 march 2010 the ftse 250 index excluding investment trusts 
has been used as it provides consistency with the performance 
measurement of the group’s executive share incentive plans 
service contracts
it is the committee’s general policy that the service contracts of 
executive directors none of which are for a fi xed term should 
provide for termination of employment by giving 12 months’ notice 
or by making a payment of an amount equal to 12 months’ basic 
salary and pension contributions in lieu of notice together with any 
accrued bonus entitlement it is the company’s ongoing policy for 
bonus to not be included in any new joiner’s termination payments 
it is also the committee’s general policy that no executive director 
should be entitled to a notice period or payment on termination of 
employment in excess of the levels set out in their service contracts 
in determining amounts payable on termination the committee also 
considers where it is able to do so appropriate adjustments to take 
into account accelerated receipt and the executive director’s duty 
to mitigate his loss
the service contracts of steve corcoran mike mcgrath claudio 
veritiero and justin read contain express provisions relating to their 
duty to mitigate their loss and for accelerated receipt in the event 
of termination
subject to the above no executive director has the benefi t of 
provisions in his service contract for the payment of predetermined 
compensation in the event of termination of employment
speedy ftse 250 excluding investment trusts index
0
20
40
60
80
100
120
140
160
180
200
3 1 mar
2005
3 1 mar
2006
3 1 mar
2007
3 1 mar
2008
3 1 mar
2009
3 1 mar
2010
total shareholder return
governance 60  speedy hire plc annual report and accounts 20 1 0
governance
remunera tion report c ontinued
the execution dates of the service contracts of the executive directors 
are set out below
    contract date
s corcoran    7 january 2002
m mcgrath    10 march 2006
c veritiero    16 july 2007
j read    1 april 2008
nonexecutive directors
the remuneration of the nonexecutive directors is set by the 
executive directors the policy of the board is that the remuneration 
of the nonexecutive directors should be consistent with the levels 
of remuneration paid by companies of a similar size with due regard 
to their expected time commitment and responsibility in 
performing their duties the levels of nonexecutive director 
remuneration are the subject of benchmarking exercises carried 
out with the assistance of hnbs typically at least every two years 
no such benchmarking exercise was considered necessary this year 
and therefore the nonexecutive directors’ remuneration levels are 
unchanged from those paid last year nonexecutive directors receive 
an annual fee and are reimbursed expenses incurred in attending 
meetings they do not receive any performancerelated bonuses 
pension contributions share awards or other forms of benefi t
the chairman and nonexecutive directors do not have contracts 
of service but their terms are set out in letters of appointment 
david galloway retired as a nonexecutive director on 31 may 2009 
peter atkinson commenced a second threeyear term on 1 june 2008 
payments to executive directors audited
base salaries for executive directors and remuneration levels for nonexecutive directors were not increased in the year
  pension 
 salaries and fees contributions
   salary benefi ts bonus total  2010 2009
   £000 £000 £000 2010 £000 £000
s corcoran   340 1 1 – 351 68 68
m mcgrath   220 10 – 230 29 26
c veritiero   203 10 – 213 30 29
j read   250 23 – 273 28 25
total   1013 54 – 1067 155 148
ishbel macpherson and michael averill commenced their fi rst 
threeyear terms in july 2007 and may 2008 respectively james morley 
joined on 2 april 2009 commencing his fi rst threeyear term 
appointments are subject to earlier termination by six months’ notice 
on either side in the case of david wallis and three months’ notice on 
either side in the case of each of peter atkinson ishbel macpherson 
michael averill and james morley the letters of appointment copies 
of which are available for inspection at the company’s registered 
offi  ce during normal business hours specify an anticipated time 
commitment of 50 days per annum in relation to david wallis 21 days 
per annum in the case of ishbel macpherson and james morley and 
19 days per annum in the case of peter atkinson and michael averill
emoluments of the directors
the emoluments of the directors of speedy for the year under review 
were as follows
aggregate emoluments audited 
   2010 2009
   £000 £000
salaries and fees   1275 1265
benefi ts   54 41
annual performancerelated bonuses  – –
pension contributions   155 148
total   1484 1454
a payment of £18000 was also made to the widow of a former 
director 2009 £18000
governance annual report and accounts 20 1 0 speedy hire plc  61
pensions
the committee reviews the pension arrangements for the executive 
directors to ensure that the benefi ts provided are consistent with 
those provided by similar companies and take account of changes 
in relevant legislation
the company does not off er a defi ned benefi t pension scheme 
instead it makes contributions to an approved pension scheme 
of the executive director’s choice pensions contributions range 
between 10 and 20 of basic salary depending on length of service
the amount of pension contributions made in respect of each 
executive director is set out on page 60
save as set out on page 60 there are no other pension arrangements 
for the executive directors
individual emoluments of nonexecutive directors 
audited 
   2010 2009
   £000 £000
d wallis   105 105
d galloway resigned 31 may 2009  7 41
p atkinson   34 34
i macpherson   41 41
m averill    34 31
j morley appointed 2 april 2009  41 –
total   262 252
directors’ interests in shares and options audited
interests in shares 
the interests of the directors of speedy hire plc in the issued share 
capital of speedy hire plc at the beginning and end of the year or 
date of appointment where appropriate are shown below
 speedy hire plc 
 ordinary shares
   31 march 31 march
   2010 2009
s corcoran   2186423 274786
m mcgrath   1291500 43499
c veritiero   986245 24943
d wallis   187 069 50000
d galloway resigned 31 may 2009  1000 22000
p atkinson   42800 4280
i macpherson   216940 21694
j read   1201307 22800
m averill   50000 5000
j morley appointed 2 april 2009  158236 –
post rights issue
this table includes joint ownership interests which are included in 
the table on page 62
there have been no changes in the interests of the directors in the 
share capital of speedy hire plc since 31 march 2010 the executive 
directors also have joint ownership interests in the share capital 
of speedy hire plc through their exsop awards under the 
performance plan
governance 62  speedy hire plc annual report and accounts 20 1 0
governance
remunera tion report c ontinued
directors’ interests in share options and performance plan awards
the options under the saye scheme were granted for nil consideration
the market price of speedy ordinary shares at 31 march 2010 was 3025 pence and the range during the year was 2525 pence post rights 
issue to 250 pence prerights issue per share
the price of an ordinary share on 8 september 2009 when the performance plan awards were made was 39 pence a nominal amount was 
paid for each exsop award made under the performance plan
details of the executive directors’ interests in the uk saye scheme performance plan and coinvestment plan are as follows
       options   
   options   options awards   
  interest lapsed  rights lapsed granted interest at exercise expected date
  at 1 april prerights prerights issue postrights during  31 march price  from which
  2009 issue issue adjusted issue the year 2010 pence exercisable 
s corcoran
save as you earn 2007  1426  – 1426  5253  5253 – – 183 febjul 2011
performance plan 2006
1
  33646  33646 – – – – – nil jun 2009
performance plan 2007
23
  26133  – 26133  96274  – – 96274  nil jun 2010
performance plan 2008
34
  49351  –  49351  181809  – – 181809  nil jun 2011
performance plan 2009
5
  – – – – – 1323697  1323697  na sep 2012
coinvestment 2006
6
  45876  45876 – – – – – nil jun 2009
coinvestment 2007
37
  21936  – 21936  80812  – – 80812  nil jun 2010
coinvestment 2008
38
  92966  – 92966  342486  – – 342486  nil jun 2011
  271334  79522 191812  706634  5253 1323697  2025078   
m mcgrath
save as you earn 2009  – – – – – 9012  9012  29 nov 2012apr 2013
performance plan 2006
1
  21870  21870 – – – – – nil jun 2009
performance plan 2007
23
  16885  – 16885  62204  – – 62204  nil jun 2010
performance plan 2008
34
  31933  – 31933  1 17 641  – – 11 764 1  nil jun 2011
performance plan 2009
5
  – – – – – 856510  856510  na sep 2012
coinvestment 2006
6
  44728  44728 – – – – – nil jun 2009
coinvestment 2007
37
  30998  – 30998  1 14196  – – 11 4 1 96  nil jun 2010
coinvestment 2008
38
  69888  – 69888  257 467  – – 257 467  nil jun 2011
  216302  66598 149704  551508  – 865522  141 7 030   
c veritiero
save as you earn 2005  1498  1498 – –  – – – 624 febjul 2009
save as you earn 2009  – – – – – 9012  9012  29 nov 2012apr 2013
performance plan 2008
34 
 27 941  – 27 941  102935  – – 102935  nil jun 201 1
performance plan 2009
5
  – – – – – 788378  788378  na sep 2012
coinvestment 2006
6
  4586  4586 – – – – – nil jun 2009
coinvestment 2007
37
  7 446  – 7 446  27 431  – – 27 431  nil jun 2010
coinvestment 2008
38
  56576  – 56576  208425  – – 208425  nil jun 2011
  98047  6084 91963  338791  – 797 390  1136181   
j read
save as you earn 2009  – – – – – 9012  9012  29 nov 2012apr 2013
performance plan 2008
34
  36288  – 36288  133685  – – 133685  nil jun 2011
performance plan 2009
5
  – – – – – 973307  973307  na sep 2012
coinvestment 2008
38
  77 288  – 77 288  284729  – – 284729  nil jun 2011
  1 13576  – 1 13576  418414  – 982319  1400733   
total  699259  152204 547 055  2015347  5253 3968928  5979022   
no options were exercised during the year
governance annual report and accounts 20 1 0 speedy hire plc  63
1
 the tsr target was not met and the awards lapsed 
2
  the 2007 performance plan awards were subject to a tsr performance condition 
measuring the tsr of speedy against the tsr of companies within the ftse 250 index 
excluding investment trusts over the performance period with 20 of the award 
vesting at median and straightline vesting to upper quartile performance at which 
point awards would vest in full in addition awards under the performance plan were 
subject to an underpin requiring growth in eps over the performance period to be 
at least equal to the consumer prices index cpi plus 2 per annum on a compound 
basis for any award to vest 
3
  performance plan awards and coinvestment plan matching awards before 2009 were 
options to acquire shares for nil consideration no consideration was paid for the grant 
of these options 
4
  for the 2008 performance plan awards 50 of the award was based on comparative 
tsr against the ftse 250 excluding investment trusts 20 of this portion of the award 
will vest at median with straightline vesting to upper quartile performance at which 
point this portion of the award will vest in full the balance of the award was based on 
eps growth targets 20 of this portion of the award will vest for the achievement 
of a threshold level of eps growth being at least cpi plus 75 per annum calculated 
on a compound basis with the entire portion of this award vesting if eps growth is 
at least cpi plus 15 per annum also on a compound basis with straightline vesting 
in between 
5
  exsop awards involve the acquisition of shares jointly by the participant and the 
trustee of the company’s employee trust on terms that to the extent the performance 
condition described on page 58 is satisfi ed the participant can benefi t from any 
growth of the shares in excess of a hurdle initial value awards entitle the holder 
to a value in shares or cash equal to the number of exsop shares if any in respect 
of which the performance condition is met multiplied by the share value on the award 
date or if lower the share value when the exsop award crystallises 
6
  the eps target was not met and the awards lapsed 
7
  the 2007 awards under the coinvestment plan were subject to an eps performance 
condition over the performance period requiring growth in eps to exceed growth 
in the cpi over the performance period with maximum vesting of matching shares 
if eps growth exceeded cpi growth by 125 per annum on a compound basis no 
awards would vest if eps growth were less than cpi growth plus 75 per annum on 
a compound basis over the performance period with straightline vesting in between 
the two limits the relevant targets have not been met and therefore the awards 
will lapse
8
  for the 2008 coinvestment plan awards performance targets were based on eps 
growth over the deferral period to obtain maximum matching eps growth is required 
to be greater than cpi plus 125 per annum calculated on a compound basis no 
awards vest if eps growth is less than cpi plus 75 per annum also calculated on a 
compound basis with straightline vesting in between
saye scheme
options may be granted over shares in speedy under the speedy 
sharesave scheme the ‘uk saye scheme’ in which all eligible 
employees including executive directors are entitled to participate 
at the end of a threeyear period participants have the right if they 
choose to use funds accumulated under the savings contract linked 
to the saye scheme to purchase shares in speedy at up to a 20 
discount to the price of speedy’s shares at the date employees are 
invited to join the scheme 
in november 2007 the committee established an irish revenue
approved irish sharesave scheme the ‘irish saye scheme’ to enable 
irish employees of the group to participate in a comparable tax
favoured manner to their english counterparts for which shareholder 
approval was obtained at the 2008 agm the committee is keen to 
encourage ownership of speedy’s shares by employees at all levels in 
the group and grants are made under the saye schemes on a regular 
normally annual basis a grant was made under both the uk and the 
irish saye schemes in october 2009 
 
1208 employees participated in the 2009 grant and as at 31 march 
2010 there were in aggregate 1267 live accounts spread across 
1208 participants in the uk and irish saye schemes as allemployee 
schemes no performance targets are attached to options granted 
under the saye schemes 
longterm service awards
consistent with the speedy approach of recognising the contribution 
of its employees at all levels in the business the group operates a 
longterm service award scheme under which employees serving 
10 20 and 25 years receive a range of additional benefi ts including 
additional days of annual holiday entitlement including the 
employee’s birthday for reaching 20 years’ service employees serving 
20 years receive an additional £1000 in basic salary and those serving 
25 years a further increase of £ 1000 and an award of shares in the 
company to the value of £1000 members of the 20 and 25year 
clubs attend an annual luncheon hosted by the chief executive
these benefi ts are popular amongst employees and speedy believes 
that they fulfi l a business need by encouraging and rewarding the 
loyalty and motivation of longserving employees and by rewarding 
those employees with higher levels of experience
this report was approved by the board on 18 may 2010
ishbel macpherson
chair of the remuneration committee
governance 64  speedy hire plc annual report and accounts 20 1 0
governance
a udit committee report
the audit committee presents a separate report in relation to the 
fi nancial year ended 31 march 2010
composition of the audit committee
the audit committee comprises four nonexecutive directors 
james morley chairman of the audit committee ishbel macpherson 
peter atkinson and michael averill all of whom are considered by the 
board to be independent biographies of each of the members of the 
audit committee are set out on page 47  james morley is a chartered 
accountant with over 25 years’ experience as a board member at both 
listed and private companies he currently holds nonexecutive 
directorships at clarkson plc costain group plc and the innovation 
group plc previously james was also a nonexecutive director of the 
bankers investment trust ws atkins and trade indemnity group 
the board is satisfi ed that james morley has recent and relevant 
fi nancial experience
operation of the audit committee
the audit committee met on fi ve occasions during the year details 
of the attendance at audit committee meetings are set out in the 
corporate governance report on page 51 
the chairman chief executive and group finance director together 
with representatives from the external auditors and the head of 
internal audit are invited to attend all meetings of the committee 
by the chairman of the audit committee the external auditors and 
the head of internal audit meet privately and are regularly invited 
by the audit committee to advise them of any matters which they 
consider should be brought to the audit committee’s attention 
without the executive directors present the external auditors may 
also request a meeting with the audit committee if they consider 
it necessary
the group company secretary acts as secretary to the audit 
committee the members of the audit committee can where 
they judge it necessary to discharge their responsibilities obtain 
independent professional advice at the company’s expense
the audit committee’s duties include inter alia
monitoring the integrity of the group’s financial statements and  
formal announcements relating to the group’s performance
monitoring the effectiveness of the external process including the  
appointment cost and independence of the external auditors
reviewing the effectiveness of internal controls and the internal  
audit function
approving the appointment or replacement of the head  
of internal audit and
reviewing the board’s process for reviewing and managing  
significant risk in the business
the audit committee undertakes its activities in line with an annual 
work plan the audit committee agrees the scope of the external 
audit work and discusses the results of the fullyear audit and halfyear 
review each year with the external auditors and the group finance 
director and chief executive
the terms of reference of the audit committee are published 
on speedy’s website at wwwspeedyhireplcuk and are available 
in hard copy form on application to the group company secretary
during the year the audit committee reviewed the group’s 
whistleblowing procedures to ensure arrangements are in place to 
enable employees to raise concerns about possible malpractice or 
wrongdoing by the group or any of its employees on a confi dential 
basis this includes arrangements to investigate proportionately and 
independently such matters and for appropriate followup action
internal control and risk management
the board is responsible for the group’s system of internal control 
and risk management and for reviewing its eff ectiveness 
the audit committee undertook a review of the eff ectiveness of 
and the framework for the group’s system of internal control and 
risk management including fi nancial operational and compliance 
controls during the year in addition to this review the external 
auditors provided the audit committee with reports of the results 
of their controls testing as part of the external audit 
review of the work of the external auditors
subject to the annual appointment of the external auditors by 
shareholders the audit committee regularly reviews the relationship 
between the group and the external auditors this review includes 
an assessment of their performance costeff ectiveness objectivity 
and independence
the audit committee is responsible for ensuring that an appropriate 
relationship is maintained between the group and the external 
auditors the group has implemented a policy to control the provision 
of nonaudit services by the external auditors in order to ensure 
that their objectivity and independence are safeguarded this policy 
requires that the provision of any nonaudit services in excess of 
£30000 by the external auditor are subject to prior approval by the 
audit committee during the year nonaudit services were provided 
to the group by both the external auditors and other accounting or 
consulting fi rms and the group anticipates that this will continue in 
2010 a full breakdown of the audit and nonaudit related fees is set 
out in note 4 to the group financial statements on page 84
the audit committee considered the external auditors’ performance 
during their period in offi  ce and reviewed the level of fees charged 
and considered them appropriate given the current size of the group 
the audit committee is satisfi ed that the level and scope of nonaudit 
services undertaken by the external auditors do not impair their 
independence and objectivity having considered the results of 
the audit committee’s work the board is recommending the 
reappointment of the external auditors
this report was approved by the board on 18 may 2010
james morley
chairman of the audit committee
governance annual report and accounts 20 1 0 speedy hire plc  65
the nomination committee presents a separate report in relation 
to the fi nancial year ended 31 march 2010
composition of the nomination committee
the nomination committee comprises the fi ve nonexecutive 
directors david wallis the chairman of the nomination committee 
ishbel macpherson peter atkinson michael averill and james morley 
all of whom are considered by the board to be independent 
biographies of the members of the nomination committee are 
set out on pages 46 and 47 
operation of the nomination committee
the nomination committee met on two occasions during the year 
details of the attendance at nomination committee meetings are 
set out in the corporate governance report on page 51
the nomination committee’s duties include inter alia
reviewing the size and composition of the board and membership  
of board committees
evaluating the balance of skills knowledge and experience  
of the board
ensuring that succession planning is in place for the board 
ensuring that there is a formal and transparent procedure for the  
appointment of new executive and nonexecutive directors to 
the board and making recommendations to the board on such 
appointments and
the reappointment of directors following their retirement  
by rotation
the nomination committee has a formal rigorous and transparent 
procedure for the appointment of new directors to the board the 
process involves the nomination committee interviewing suitable 
candidates who are proposed by either the existing board members 
or by an external search company careful consideration is given to 
ensure appointees have enough time available to devote to the role 
and that the balance of skills knowledge and experience on the board 
is maintained when the nomination committee has identifi ed a 
suitable candidate the chairman of the nomination committee will 
make a recommendation to the board with the board making the 
fi nal decision
when dealing with the appointment of a successor to the chairman 
the senior independent nonexecutive director will normally chair 
the nomination committee instead of the chairman
during the year the nomination committee reviewed the balance of 
skills knowledge and experience of the board together with the size 
structure and composition of the board and reviewed the succession 
plans for the board 
at the invitation of the chairman of the nomination committee the 
chief executive may attend meetings of the nomination committee 
the group company secretary acts as secretary to the nomination 
committee the members of the nomination committee can where 
they judge it necessary to discharge their responsibilities obtain 
independent professional advice at the company’s expense
the terms of reference of the nomination committee are published 
on speedy’s website at wwwspeedyhireplcuk and are available 
in hard copy form on application to the group company secretary
this report was approved by the board on 18 may 2010
david wallis
chairman of the nomination committee
nomina tion committee report
governance 66  speedy hire plc annual report and accounts 20 1 0
governance
independent a uditors’ report 
to the members of speed y hire plc
we have audited the financial statements of speedy hire plc 
for the year ended 31 march 2010 set out on pages 68 to 101 
the fi nancial reporting framework that has been applied in their 
preparation is applicable law and international financial reporting 
standards ifrss as adopted by the eu and as regards the parent 
company financial statements as applied in accordance with the 
provisions of the companies act 2006 
this report is made solely to the company’s members as a body 
in accordance with chapter 3 of part 16 of the companies act 2006 
our audit work has been undertaken so that we might state to the 
company’s members those matters we are required to state to them 
in an auditors’ report and for no other purpose to the fullest extent 
permitted by law we do not accept or assume responsibility to 
anyone other than the company and the company’s members 
as a body for our audit work for this report or for the opinions 
we have formed
respective responsibilities of directors and auditors
as explained more fully in the directors’ responsibilities statement 
set out on page 49 the directors are responsible for the preparation 
of the financial statements and for being satisfi ed that they give a 
true and fair view our responsibility is to audit the financial 
statements in accordance with applicable law and international 
standards on auditing uk and ireland those standards require us 
to comply with the auditing practices board’s apb’s ethical standards 
for auditors
scope of the audit of the financial statements
a description of the scope of an audit of fi nancial statements is 
provided on the apb’s website at wwwfrcorgukapbscopeukp 
opinion on financial statements
in our opinion
the financial statements give a true and fair view of the state of the  
group’s and of the parent company’s affairs as at 31 march 2010 
and of the group’s loss for the year then ended
the group financial statements have been properly prepared  
in accordance with ifrss as adopted by the eu 
the parent company financial statements have been properly  
prepared in accordance with ifrss as adopted by the eu and as 
applied in accordance with the provisions of the companies act 
2006 and
the financial statements have been prepared in accordance with  
the requirements of the companies act 2006 and as regards the 
group financial statements article 4 of the ias regulation
opinion on other matters prescribed by the companies 
act 2006
in our opinion
the part of the directors’ remuneration report to be audited has  
been properly prepared in accordance with the companies act 
2006 
the information given in the directors’ report for the financial year  
for which the financial statements are prepared is consistent with 
the financial statements and
information given in the corporate governance statement set  
out on pages 51 to 55 with respect to internal control and risk 
management systems in relation to financial reporting processes 
and about share capital structures is consistent with the financial 
statements
matters on which we are required to report by 
exception
we have nothing to report in respect of the following
under the companies act 2006 we are required to report to you 
if in our opinion
adequate accounting records have not been kept by the parent  
company or returns adequate for our audit have not been received 
from branches not visited by us or
the parent company financial statements and the part of the  
directors’ remuneration report to be audited are not in 
agreement with the accounting records and returns or
certain disclosures of directors’ remuneration specified by law  
are not made or
we have not received all the information and explanations we  
require for our audit or
a corporate governance statement has not been prepared  
by the company 
under the listing rules we are required to review
the directors’ statement set out on page 48 in relation to going  
concern and
the part of the corporate governance statement on pages 51 to 55  
relating to the company’s compliance with the nine provisions of 
the june 2008 combined code specified for our review
m newsholme
senior statutory auditor
for and on behalf of
kpmg audit plc
statutory auditor
st james square
manchester m2 6ds
18 may 2010
governance annual report and accounts 20 1 0 speedy hire plc  67
financial st a tements
financial statements
68 consolidated income statement
69  consolidated statement of comprehensive income
70 consolidated balance sheet
71 company balance sheet
72 consolidated cash fl ow statement
73 company cash fl ow statement
74  consolidated statement of changes in equity
75  company statement of changes in equity
76 notes to the fi nancial statements
 101 fiveyear summary
investor information
 102 shareholder information
 103 registered offi  ce and advisers
 104  awards
ibc  accreditations and memberships
financial statements investor information
financial statements 68  speedy hire plc annual report and accounts 20 1 0
financial statements
consolid a ted income st a tement
for the year ended 3 1 march 20 1 0
      before  
   before   exceptional  
   exceptional exceptional  items exceptional total
   items items total 2009 items 2009
   2010 2010 2010 restated 2009 restated
  note £m £m £m £m £m £m
revenue  2 3511 – 3511 4827 – 4827
cost of sales   1427 – 1427 1947 – 1947
gross profi t   2084 – 2084 2880 – 2880
distribution costs   378 – 378 505 – 505
administrative expenses   1681 111 1792 1975 907 2882
analysis of operating lossprofi t
operating profi t before amortisation and 
 exceptional items   80 – 80 492 – 492
amortisation   55 – 55 92 – 92
impairment of intangible assets  3 – – – – 609 609
impairment of property plant and equipment 3 – – – – 88 88
exceptional restructuring costs  3 – 111 111 – 210 210
operating lossprofi t  4 25 111 86 400 907 507
financial income  7 – – – 02 – 02
financial expense  3 7 142 – 142 160 46 206
lossprofi t before taxation   117 111 228 242 953 711
taxation   3 8 18 27 45 70 230 160
lossprofi t for the fi nancial year   99 84 183 172 723 551
attributable to
equity holders of the parent     183   551
earnings per share     pence   pence
– basic  9   437   2957
– diluted  9   437   2957
financial statements annual report and accounts 20 1 0 speedy hire plc  69
consolid ated st atement of 
comprehensive income
for the year ended 3 1 march 20 1 0
        2009
       2010 restated
       £m £m
loss for the fi nancial year       183 551
other comprehensive income
 eff ective portion of change in fair value of cash fl ow hedges     26 53
 exchange diff erence on retranslation of foreign operations     05 –
other comprehensive income net of tax      21 53
total comprehensive income for the fi nancial year      162 604
attributable to equity holders of the parent      162 604
financial statements 70  speedy hire plc annual report and accounts 20 1 0
financial statements
consolid a ted balance sheet
a t 3 1 march 20 1 0
       2010 2009
      note £m £m
assets
noncurrent assets
intangible assets      11 657 712
property plant and equipment      12 2856 3232
        3513 3944
current assets
inventories      14 113 122
trade and other receivables      15 1034 1044
income tax       – 69
cash and cash equivalents       125 110
        127 2 1345
total  assets       4785 5289
liabilities
current liabilities
borrowings      18 02 02
other fi nancial liabilities      17 32 57
trade and other payables      16 709 641
provisions      19 48 41
income tax       17 –
        808 741
noncurrent liabilities 
borrowings      18 1316 2592
provisions      19 25 38
deferred tax liabilities      20 1 7 0 243
        1511  2873
total liabilities       2319 3614
net assets       2466 1675
equity     
share capital      21 259 25
share premium account       1902 1110
merger reserve       37 37
hedging reserve       34 60
translation reserve       05 –
retained earnings       307 563
total equity attributable to equity holders of the parent     2466 1675
the fi nancial statements on pages 68 to 101 were approved by the board of directors on 18 may 2010 and were signed on its behalf by
steve corcoran justin read
director director
company registered number 927680
financial statements annual report and accounts 20 1 0 speedy hire plc  71
comp any balance sheet
a t 3 1 march 20 1 0
       2010 2009
      note £m £m
assets
noncurrent assets
investments      13 945 943
deferred tax asset      20 02 01
        947 944
current assets
trade and other receivables      15 3537 3226
tax receivable       10 09
cash and cash equivalents       – 01
        3547 3236
total assets       4494 4180
liabilities
current liabilities
bank borrowings      18 21 76
trade and other payables      16 846 171
other fi nancial liabilities      17 32 57
        899 304
noncurrent liabilities
borrowings      18 1311  2586
total liabilities       2210 2890
net assets       2284 1290
equity
share capital      21 259 25
share premium account       1902 1110
merger reserve       86 86
hedging reserve       34 60
retained earnings       71 129
total equity       2284 1290
the fi nancial statements on pages 68 to 101 were approved by the board of directors on 18 may 2010 and were signed on its behalf by
steve corcoran justin read
director director
company registered number 927680
financial statements 72  speedy hire plc annual report and accounts 20 1 0
financial statements
consolid ated cash flow st atement
for the year ended 3 1 march 20 1 0 
        2009
       2010 restated
       £m £m
cash fl ow from operating activities
loss before tax       228 711
adjustments for   
 financial income       – 02
 financial expense       142 206
 exceptional impairment of intangible assets      – 609
 exceptional impairment of property plant and equipment     – 88
 amortisation       55 92
 depreciation       602 759
 profi tloss on disposal of hire equipment      27 11
 loss on disposal of other property plant and equipment including £07m impairment in respect 
 of closed depots 2009 £05m        09 05
purchase of hire equipment       336 586
disposal of hire equipment       226 386
equitysettled sharebased payments       01 07
        442 850
decrease in inventories       09 40
decrease in trade and other receivables       10 392
increasedecrease in trade and other payables      69 558
movement in provisions       06 57
cash generated from operations       524 781
interest received       – 02
interest paid       143 214
tax receivedpaid       59 98
net cash fl ow from operating activities      440 471
cash fl ow from investing activities
acquisition of businesses       – 146
purchase of other property plant and equipment      102 165
disposal of other property plant and equipment      04 08
net cash fl ow from investing activities      98 303
net cash fl ow before fi nancing activities      342 168
cash fl ow from fi nancing activities
finance lease payments       01 02
repayment of bank loans       127 5 –
proceeds from rights issue       1055 –
rights issue costs       58 –
dividends paid       43 100
net cash fl ow from fi nancing activities      322 102
increase in cash       20 66
eff ect of exchange rate fl uctuations       05 –
cash at the start of the fi nancial year       110 44
cash at the end of the fi nancial year       125 110
financial statements annual report and accounts 20 1 0 speedy hire plc  73
comp any cash flow st a tement
for the year ended 3 1 march 20 1 0 
       2010 2009
       £m £m
cash fl ow from operating activities
loss before tax       23 108
adjustments for
 dividends received       – 138
 financial income       133 143
 financial expense       148 207
 impairment of noncurrent investments      – 187
 equitysettled sharebased payments       01 12
        09 07
increasedecrease in trade and other receivables      311 150
increasedecrease in trade and other payables      654 35
cash generated from operations       334 108
interest received       133 143
interest paid       149 215
tax received       59 04
net cash fl ow from operating activities      37 7 40
cash fl ow from investing activities 
acquisition of minority interest       02 13
dividends received        – 138
        02 125
net cash fl ow before fi nancing activities      37 5 165
cash fl ow from fi nancing activities
repayment of borrowings       1330 64
proceeds from rights issue       1055 –
rights issue costs       58 –
dividends paid       43 100
net cash fl ow from fi nancing activities      37 6 164
decreaseincrease in cash       01 01
cash at the start of the fi nancial year       01 –
cash at the end of the fi nancial year       – 01
financial statements 74  speedy hire plc annual report and accounts 20 1 0
financial statements
consolid ated st atement of 
changes in equity
for the year ended 3 1 march 20 1 0
  share share merger hedging translation retained  minority total
  capital premium reserve reserve reserve earnings subtotal interest  equity
  £m £m £m £m £m £m £m £m £m
at 1 april 2008  25 1 1 10 37 07 – 1223 2388 13 2401
loss for the fi nancial year – – – – – 551 551 – 551
losses on cash fl ow hedges – – – 53 – – 53 – 53
total comprehensive income – – – 53 – 551 604 – 604
dividends – – – – – 100 100 – 100
equitysettled sharebased payments – – – – – 07 07 – 07
tax on items taken directly to equity – – – – – 02 02 – 02
purchase of minority interest – – – – – – – 13 13
at 31 march 2009 25 1 1 10 37 60 – 563 167 5 – 167 5
loss for the fi nancial year – – – – – 183 183 – 183
gains on cash fl ow hedges – – – 26 – – 26 – 26
translation reserve – – – – 05 – 05 – 05
total comprehensive income – – – 26 05 183 162 – 162
dividends – – – – – 43 43 – 43
equitysettled sharebased payments – – – – – 01 01 – 01
issue of ordinary shares 229 768 – – – – 997 – 997
employee benefi ts trust allotments 05 24 – – – 29 – – –
at 31 march 2010 259 1902 37 34 05 307 2466 – 2466
financial statements annual report and accounts 20 1 0 speedy hire plc  75
comp any st a tement of changes in equity
for the year ended 3 1 march 20 1 0 
   share share merger hedging retained total
   capital premium reserve reserve earnings equity
   £m £m £m £m £m £m
at 1 april 2008    25 1 1 10 86 07 349 1563
loss for the fi nancial year   – – – – 108 108
losses on cash fl ow hedges    – – – 53 – 53
total comprehensive income   – – – 53 108 161
dividends   – – – – 100 100
equitysettled sharebased payments   – – – – 12 12
at 31 march 2009   25 1 1 10 86 60 129 1290
profi t for the fi nancial year   – – – – 15 15
losses on cash fl ow hedges   – – – 26 – 26
total comprehensive income   – – – 26 15 41
dividends   – – – – 43 43
equitysettled sharebased payments   – – – – 01 01
issue of ordinary shares   229 768 – – – 997
employee benefi ts trust allotments   05 24 – – 29 –
at 31 march 2010   259 1902 86 34 7 1 2284
financial statements 76  speedy hire plc annual report and accounts 20 1 0
financial statements
notes to the financial st a tements
1 accounting policies
speedy hire plc is a company incorporated in the united kingdom the consolidated fi nancial statements of the company for the year ended 
31 march 2010 comprise the company and its subsidiaries together referred to as the ‘group’ the consolidated and parent company fi nancial 
statements were approved by the board of directors on 18 may 2010
statement of compliance
both the group and parent company fi nancial statements have been prepared and approved by the directors in accordance with 
international financial reporting standards as adopted by the european union ‘ifrs’ on publishing the parent company fi nancial statements 
here together with the group fi nancial statements the company is taking advantage of the exemption in section 408 of the companies act 
2006 not to present its individual income statement or statement of comprehensive income and related notes that form part of the approved 
fi nancial statements 
basis of preparation
the fi nancial statements are prepared on the historical cost basis except that derivative fi nancial instruments are held at fair value 
the accounting policies set out below have been applied consistently to all periods presented in these consolidated fi nancial statements
as highlighted in note 17 to the fi nancial statements the group meets its daytoday working capital requirements through operating cash 
fl ows supplemented as necessary by borrowings
the directors have prepared cash fl ow projections for the period to september 201 1 which show that the group is capable of continuing to 
operate within its existing loan facilities and can meet the covenant tests set out within its bank facility agreement the key assumptions on 
which the projections are based include an assessment of the impact of future market conditions on projected revenues and an assessment 
of the net capital investment required to support the expected level of revenues
further information on the group’s business activities together with the factors likely to aff ect its future development performance and 
position is set out in the chief executive’s review above the fi nancial position of the group its cash fl ows liquidity position and borrowing 
facilities are described in the group financial review above in addition note 17 to the fi nancial statements includes the group’s objectives 
policies and processes for managing its capital its fi nancial risk management objectives details of its fi nancial instruments and hedging 
activities and its exposure to credit risk and liquidity risk
whilst the directors consider that there is a degree of subjectivity involved in their assumptions on the basis of the above the directors have 
a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable 
future accordingly they continue to adopt the going concern basis of accounting in preparing the annual report and fi nancial statements
basis of consolidation
subsidiaries are entities controlled by the company control exists when the company has the power directly or indirectly to govern the 
fi nancial and operating policies of an entity so as to obtain benefi ts from its activities the fi nancial statements of subsidiaries are included in 
the consolidated fi nancial statements from the date that control commences until the date that control ceases
intragroup balances and any unrealised gains and losses or income and expenses arising from intragroup transactions are eliminated in 
preparing the consolidated fi nancial statements 
adoption of new accounting standards 
during the year the group has adopted ifrs 8 operating segments as explained in note 2 in addition the following amendments to existing 
standards and ifrics have also been adopted details of which can be found in note 22
ias 1 presentation of fi nancial statements a revised presentation
ifrs 7 improving disclosures on fi nancial instruments
ifrs 2 sharebased payment vesting conditions and cancellations
ias 16 property plant and equipment and consequential amendment to ias 7 statement of cash fl ows
 
accounting standards not yet effective
a number of new standards amendments to standards and interpretations are not yet eff ective for the year ended 31 march 2010 and have 
not been applied in preparing these consolidated fi nancial statements none of these will have an eff ect on the consolidated fi nancial 
statements of the group except for eligible hedged items − amendment to ias 39 financial instruments recognition and measurement 
which clarifi es the existing principles that determine whether specifi c risks or portions of cash fl ows are eligible for designation in a hedging 
relationship the amendment which becomes mandatory for the group’s 201 1 consolidated fi nancial statements is not expected to have a 
signifi cant impact on the consolidated fi nancial statements
financial statements annual report and accounts 20 1 0 speedy hire plc  77
1 accounting policies continued
revenue
revenue is measured at the fair value of consideration received or receivable net of returns trade discounts and volume rebates
revenue is recognised in the income statement on a straightline basis over the period of the hire revenue arising from the sale of exhire fl eet 
assets and consumable stock is recognised in the income statement when the signifi cant risks and rewards of ownership have been transferred 
to the buyer transfer occurs when the product or asset is received at the customers’ location
property plant and equipment
items of property plant and equipment are stated at cost less accumulated depreciation and impairment losses cost includes expenditure that 
is directly attributable to the acquisition of the asset 
depreciation of property plant and equipment is charged to the income statement so as to write off  the cost of the assets over the estimated 
useful lives after taking account of estimated residual values residual values are reassessed annually land is not depreciated hire equipment 
assets are depreciated so as to write them down to their residual value over their normal working lives which range from three to 15 years 
depending on the category of the asset 
the principal rates and methods of depreciation used are as follows
hire equipment 
tools and general equipment   – between three and seven years straightline
surveying equipment    – fi ve years straightline
power equipment    – between fi ve and ten years straightline
accommodation and storage units   – between eight and 15 years straightline
nonhire assets 
freehold buildings and long leasehold improvements – over the shorter of the lease period and 50 years straightline
short leasehold property improvements  – over the period of the lease
fixtures and fi ttings and offi  ce equipment excluding it – 2545 per annum reducing balance
it equipment and software    –  between three and fi ve years straight line or over the period of software 
licence if shorter
motor vehicles     – 25 per annum reducing balance
planned disposals of hire equipment are transferred at net book value to inventory prior to sale
 
startup expenses and lease incentives
legal and startup expenses incurred in respect of new hire depots are written off  as incurred 
premiums paid or incentives received including rentfree periods extending beyond a depot’s opening date on the acquisition of trading 
locations are written off  over the period of the lease 
leases
leases in which the group assumes substantially all of the risks and rewards of ownership are classifi ed as fi nance leases these assets are 
included in the balance sheet at the lower of the fair value or present value of minimum lease payments at inception and are depreciated 
accordingly the capital element of the corresponding fi nancing commitments is included in the balance sheet 
lease payments in respect of fi nance leases are apportioned between the fi nance charge and the reduction of the outstanding liability 
the fi nance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining 
balance of the liability
payments made under operating leases are recognised in the income statement on a straightline basis over the term of the lease lease 
incentives received are recognised in the income statement as an integral part of the total lease expense
financing income and costs
financing costs comprise interest payable on borrowings and gains and losses on fi nancial instruments that are recognised in the income 
statement
interest income is recognised in the income statement as it accrues using the eff ective interest rate
interest payable on borrowings includes a charge in respect of attributable transaction costs which are recognised in the income statement 
over the period of the borrowings on an eff ective interest basis the interest expense component of fi nance lease payments is recognised 
in the income statement using the lease’s implicit interest rate
financial statements 78  speedy hire plc annual report and accounts 20 1 0
financial statements
notes to the financial st a tements
c ontinued
1 accounting policies continued
income tax
income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity in which case it 
is recognised in equity income tax comprises current and deferred tax current tax is the expected tax payable on the taxable income for 
the year using tax rates substantively enacted at the balance sheet date and any adjustment to tax payable in respect of previous years 
deferred tax is recognised using the balance sheet liability method providing for temporary diff erences between the carrying amounts of 
assets and liabilities for fi nancial reporting purposes and the amounts used for taxation purposes the following temporary diff erences are not 
provided for goodwill not deductible for tax purposes the initial recognition of assets or liabilities aff ecting neither accounting nor taxable 
profi t and diff erences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future the 
amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities 
using tax rates enacted or substantively enacted at the balance sheet date 
ias 12 income taxes does not require all temporary diff erences to be provided for in particular the group does not provide for deferred tax on 
undistributed earnings of subsidiaries where the group is able to control the timing of the distribution and the temporary diff erence created is 
not expected to reverse in the foreseeable future 
a deferred tax asset is recognised only to the extent that it is probable that future taxable profi ts will be available against which the asset can 
be utilised deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related 
tax benefi t will be realised 
 
segment reporting
as of 1 april 2009 the group determines and presents operating segments based on the information that internally is provided to the group 
board which is the group’s chief operating decision body this change in accounting policy is due to the adoption of ifrs 8 operating 
segments previously operating segments were determined and presented in accordance with ias 14 segment reporting the new accounting 
policy in respect of segment operating disclosures is presented as follows
comparative segment information has been represented in conformity with the transitional requirements of such standard since the change 
in accounting policy only impacts presentation and disclosure aspects there is no impact on earnings per share
an operating segment is a component of the group that engages in business activities from which it may earn revenues and incur expenses 
including revenues and expenses that relate to transactions with any of the group’s other components an operating segment’s operating 
results are reviewed regularly by the group board to make decisions about resources to be allocated to the segment and to assess its 
performance for which discrete fi nancial information is available 
segment results that are reported to the group board include items directly attributable to a segment as well as those that can be allocated 
on a reasonable basis unallocated items comprise mainly corporate assets primarily the company’s headquarters and head offi  ce expenses
segment capital expenditure is the total cost incurred during the period to acquire property plant and equipment and intangible assets other 
than goodwill 
intangible assets
as part of its transition to ifrs the group elected to restate only those business combinations that occurred on or after 1 april 2004 in respect 
of acquisitions prior to 1 april 2004 goodwill represents the amount recognised under the group’s previous accounting framework uk gaap  
less subsequent impairments
goodwill 
 all business combinations are accounted for by applying the purchase method in respect of acquisitions since 1 april 2004 goodwill 
represents the diff erence between the cost of acquisition and the fair value of the identifi able assets liabilities and contingent liabilities 
acquired 
goodwill is stated at cost less any accumulated impairment losses and is included as an intangible asset it is allocated to cashgenerating 
units and is tested annually for impairment and at each reporting date to the extent that there are any indicators of impairment 
gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold
other intangible assets 
intangible assets other than goodwill that are acquired by the group are stated at cost less accumulated amortisation and impairment 
losses note 1 1 
expenditure on internally generated goodwill and brands is recognised in the income statement as an expense as incurred
financial statements annual report and accounts 20 1 0 speedy hire plc  79
1 accounting policies continued
amortisation 
amortisation is charged to the income statement on a straightline basis over the estimated useful economic lives of identifi ed intangible 
assets intangible assets excluding goodwill are amortised from the date that they are available for use for a number of its acquisitions the 
group has identifi ed intangible assets in respect of sole supply contracts customer lists brands and noncompete agreements the values 
of these intangibles are recognised as part of the identifi able assets liabilities and contingent liabilities acquired the useful lives are 
estimated as follows
sole supply contracts  – over the unexpired period of the contracts up to fi ve years
customer lists   – over the period of agreement up to ten years
brand    – over the period of use in the business up to four years
noncompete agreements  – over the period of the agreement up to fi ve years
 
investments company only
investments in subsidiary undertakings are stated at cost less any provisions for permanent diminution in value dividends received and 
receivable are credited to the company’s profi t and loss account to the extent that they represent a realised profi t for the company 
impairments 
the carrying amounts of the group’s nonfi nancial assets other than inventory and deferred tax are reviewed at each reporting date to 
determine whether there is any indication of impairment if any such indication exists then the asset’s recoverable amount is estimated being 
the higher of net realisable value and value in use and if there is an impairment loss then this loss is recognised such that the carrying amount 
is reduced accordingly
impairment losses recognised in respect of cashgenerating units are allocated fi rst to reduce the carrying amount of any goodwill allocated 
to the units and then to reduce the carrying amount of the other assets in the unit or group of units on a pro rata basis
own shares held by employee benefits trust
transactions of the companysponsored employee benefi ts trust are treated as being those of the company and are therefore refl ected on the 
parent company and group fi nancial statements in particular the trust’s purchases of shares in the company are debited directly to equity
inventories
inventories are stated at the lower of cost and net realisable value using fifo or in the case of exhire equipment assets at the lower of cost 
less accumulated depreciation and impairment at the date of transfer to inventory or net realisable value cost comprises direct materials and 
where appropriate overheads that have been incurred in bringing the inventory to its present location and condition net realisable value is 
the estimated selling price in the ordinary course of business less the estimated costs of completion and selling expenses
derivative financial instruments 
the group uses derivative fi nancial instruments to hedge its exposure to interest rate risks arising from fi nancing activities in accordance with 
its treasury policy the group does not hold or issue derivative fi nancial instruments for trading purposes however derivatives that do not 
qualify for hedge accounting are accounted for as trading instruments and the movement in fair value is recognised in the income statement
derivatives are recognised initially at fair value attributable transaction costs are recognised in profi t or loss when incurred subsequent to 
initial recognition changes in the fair value of the derivative hedging instrument designated as a cash fl ow hedge are recognised directly in 
equity to the extent that the hedge is eff ective to the extent that the hedge is ineff ective changes in fair value are recognised in profi t or loss
if the hedging instrument expires no longer meets the criteria for hedge accounting is sold is terminated or is exercised then hedge 
accounting is discontinued prospectively the cumulative gain or loss previously recognised in equity remains there until the forecast 
transaction occurs when the hedged item is a nonfi nancial asset the amount recognised in equity is transferred to the carrying amount 
of the asset when it is recognised in other cases the amount recognised in equity is transferred to profi t or loss in the same period that the 
hedged items aff ects profi t or loss 
 
intragroup financial instruments
where the company enters into fi nancial guarantee contracts to guarantee the indebtedness of other companies within its group the 
company considers these to be insurance arrangements and accounts for them as such in this respect the company treats the guarantee 
contract as a contingent liability until such time as it becomes probable that the company will be required to make a payment under 
the guarantee
trade and other receivables
trade and other receivables are stated at their nominal amount less impairment losses
financial statements 80  speedy hire plc annual report and accounts 20 1 0
financial statements
notes to the financial st a tements
c ontinued
1 accounting policies continued
cash and cash equivalents
cash and cash equivalents comprise cash balances and overnight deposits
interestbearing borrowings
interestbearing borrowings are recognised initially at fair value less directly attributable transaction costs subsequent to initial recognition 
interestbearing borrowings are stated at amortised cost with any diff erence between cost and redemption value being recognised in the 
income statement over the period of the borrowings on an eff ective interest basis
translation of foreign currencies
transactions in foreign currencies are initially recorded at the rate of exchange prevailing at the transaction date monetary assets and liabilities 
denominated in foreign currencies are retranslated at the rates of exchange ruling at the balance sheet date exchange gains and losses arising 
on settlement or retranslation of monetary assets and liabilities are included in the income statement
assets and liabilities of overseas subsidiaries are translated at the rate of exchange ruling at the balance sheet date the results of overseas 
subsidiary undertakings are translated into sterling at the average rates of exchange during the period exchange diff erences resulting from 
the translation of the results and balances of overseas subsidiary undertakings are charged or credited directly to the foreign currency 
translation reserve such translation diff erences become recognised in the income statement in the period in which the subsidiary undertaking 
is disposed
employee benefits
pension schemes 
 the group off ers a stakeholder pension arrangement to employees and in addition makes contributions to personal pension schemes for 
certain employees obligations for contributions to these defi ned contribution pension plans are recognised as an expense in the income 
statement as incurred
sharebased payment transactions 
  the group operates a number of schemes which allow certain employees to acquire shares in the company including the performance 
plan the coinvestment plan and the allemployee sharesave schemes the fair value of options granted is recognised as an employee 
expense with a corresponding increase in equity the fair value is measured at grant date and spread over the period during which the 
employees become unconditionally entitled to the options the fair value of the options granted is measured using an appropriate option 
pricing model taking into account the terms and conditions upon which the options were granted the amount recognised as an expense 
is adjusted to refl ect the actual number of share options that vest except where forfeiture is only due to tsr not achieving the threshold for 
vesting for sharebased payment awards with nonvesting conditions the grant date fair value of the sharebased payment is measured to 
refl ect such conditions and there is no trueup for diff erences between expected and actual outcomes
provisions
a provision is recognised in the balance sheet when the group has a present legal or constructive obligation as a result of a past event the 
obligation can be measured reliably and it is probable that an outfl ow of economic benefi ts will be required to settle the obligation if the 
eff ect is material provisions are determined by discounting the expected future cash fl ows at a pretax rate that refl ects current market 
assessments of the time value of money and where appropriate the risks specifi c to the liability
exceptional items
exceptional items are those material items which by virtue of their size or incidence are presented separately in the income statement 
to enable a full understanding of the group’s fi nancial performance transactions which may give rise to exceptional items include the 
restructuring of business activities
significant judgements and estimates
the preparation of fi nancial statements in conformity with ifrs requires management to make judgements estimates and assumptions 
that aff ect the application of accounting policies and the reported amounts of assets and liabilities income and expense the estimates 
and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the 
circumstances the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily 
apparent from other sources actual results may diff er from these estimates
the judgements and estimates and underlying assumptions are reviewed on an ongoing basis revisions to accounting estimates are 
recognised in the period in which the estimate is revised if the revision aff ects only that period or in the period of the revision and future 
periods if the revision aff ects both current and future periods
in relation to the group’s property plant and equipment note 12 useful economic lives and residual values of assets have been established 
using historical experience and an assessment of the nature of the assets involved assets are assessed on an ongoing basis to determine 
whether circumstances exist that could lead to potential impairment of the carrying value of such assets 
financial statements annual report and accounts 20 1 0 speedy hire plc  81
1 accounting policies continued
the group has a number of properties which are leased but no longer occupied the future cost of these ongoing lease obligations is provided 
for by way of an onerous property contract provision see note 19 in determining the level of provision required the group assesses the 
likelihood of mitigating future lease costs as a result of break clauses in leases or the likelihood of subletting the property to third parties 
in doing so the group obtains external professional advice where the amounts involved are material
goodwill is reviewed annually to assess the requirement for impairment other intangible assets are assessed on an ongoing basis to determine 
whether circumstances exist that could lead to the conclusion that the carrying value of such assets is not supportable impairment testing on 
goodwill is carried out in accordance with the analyses described in note 1 1 such calculations require judgement relating to the appropriate 
discount factors and longterm growth prevalent in particular markets as well as shortterm business performance the directors draw upon 
experience as well as external resources in making these judgements
in the year to 31 march 2010 an impairment review was undertaken in respect of intangible assets and property plant and equipment using 
the basis and key assumptions set out in note 1 1
upon acquisition of a business its identifi able assets and liabilities are assessed to determine their fair value the values attributed to assets and 
liabilities as part of this process are where appropriate based on market values identifi ed for equivalent assets together with management’s 
experience and assessments where possible for example in respect of the acquisition of hire assets comparison is made to the carrying value 
of assets of a similar condition and age in the existing business
2 segmental analysis
the group adopted ifrs 8 operating segments during the period this accounting standard requires the segmental disclosure presented 
in the fi nancial statements to refl ect the format of reports reviewed by the chief operating decisionmaker to make strategic decisions
the group has undertaken a signifi cant restructure of the operational and statutory structure during the year
uk statutory entities reported under ‘tools’ and ‘equipment’ historically have been incorporated into one statutory entity speedy asset 
services limited strategic decisions are now made on a consolidated ‘one speedy’ level refl ecting the group’s strategy of becoming closer 
to customers crossselling and reducing the cost base by having one operational overhead base
the group’s chief operating decision body is the group board the group board reviews the group’s internal reporting which is structured into 
uk  ireland asset services and international  advisory services in order to monitor and assess performance for the purpose of making 
operating decisions 
uk  ireland asset services are managed separately but have been aggregated into one operating segment as they have similar economic 
characteristics including the nature of the products and services the type or class of customer for their products and services and the methods 
used to distribute their products or provide their services
the international  advisory services segment contains the new international asset services and branded  advisory divisions which 
commenced trading in april 2009 but are not currently material to the group’s operations 
      uk   international   
      ireland asset  advisory
      services services total
for the year ended 31 march 2010      £m £m £m
analysis of segmental result   
segmental revenue      3534 37 3571
intragroup revenue      60 – 60
revenue      3474 37 3511
operating result before depreciation amortisation and exceptional costs   720 10 730
amortisation      55  – 55
depreciation      570 05 575
exceptional restructuring costs      73 – 73
reportable segment result      22 05 27
corporate costs including exceptional costs of £38m       1 13
operating loss        86
net fi nancial expense        142
loss before tax        228
taxation        45
loss for the fi nancial year        183
financial statements 82  speedy hire plc annual report and accounts 20 1 0
financial statements
notes to the financial st a tements
c ontinued
2 segmental analysis continued
      uk   international   
      ireland asset  advisory
      services services total
for the year ended 31 march 2010      £m £m £m
analysis of segmental assets and liabilities
segmental noncurrent assets   
intangible assets      657 – 657
property plant and equipment      2761 95 2856
       3418 95 3513
segmental current assets      1060 18 1078
segmental total assets      4478 113 4591
cash        125
unallocated assets        69
total assets        4785
segmental liabilities      841 10 851
borrowings        1311 
unallocated liabilities        157
total liabilities        2319
net assets        2466
analysis of capital expenditure
property plant and equipment      264 78 342
segmental capital expenditure      264 78 342
unallocated capital expenditure        96
total capital expenditure        438
      uk   international   
      ireland asset  advisory
      services services total
for the year ended 31 march 2009 restated     £m £m £m
analysis of segmental result
segmental revenue      4944 – 4944
intragroup revenue      117 – 117
revenue      4827 – 4827
operating result before depreciation amortisation and exceptional costs   1322 – 1322
 amortisation      92 – 92
 depreciation      731 – 731
 impairment of intangible assets      609 – 609
 impairment of property plant and equipment     88 – 88
 exceptional restructuring costs      176 – 176
reportable segment result      374 – 374
corporate costs including exceptional costs of £34m       133
operating loss        507
net fi nancial expense        204
loss before tax        711
taxation        160
loss for the fi nancial year        551
 
financial statements annual report and accounts 20 1 0 speedy hire plc  83
2 segmental analysis continued
      uk   international   
      ireland asset  advisory
      services services total
for the year ended 31 march 2009 restated     £m £m £m
analysis of segmental assets and liabilities
segmental noncurrent assets
intangible assets      712 – 712
property plant and equipment      3228 – 3228
       3940 – 3940
segmental current assets      1116 – 1116
segmental total assets      5056 – 5056
cash        110
unallocated assets        123
total assets        5289
segmental liabilities      880 – 880
borrowings        2586
unallocated liabilities        148
total liabilities        3614
net assets        167 5
analysis of capital expenditure
intangible assets      124 – 124
property plant and equipment      621 – 621
segmental capital expenditure      745 – 745
unallocated capital expenditure        139
total capital expenditure        884
          
intragroup transactions are undertaken on an arm’s length basis corporate costs comprise the costs of operating the head offi  ce of speedy 
hire plc and also certain central activities these are not directly related to the activities of the operating segments
the fi nancing of the group’s activities is undertaken at head offi  ce level and consequently net fi nancing costs cannot be analysed segmentally 
the unallocated net assets comprise principally computer and information systems working capital balances held by the support services 
function and liabilities relating to dividends and taxation and are not directly attributable to the activities of the operating segments
 
geographical information
in presenting geographical information revenue is based on the geographical location of customers assets are based on the geographical 
location of the assets 
        noncurrent
       revenues assets
for the year ended 31 march 2010       £m £m
uk       3429 3353
ireland       58 65
other countries        24 95
        3511 3513
                 
        noncurrent
       revenues assets
for the year ended 31 march 2009       £m £m
uk       4736 3860
ireland       91 84
other countries        – –
        4827 3944
                 
major customer
no one customer represents more than 10 of revenue reported profi t or combined assets of all reporting segments
 
financial statements 84  speedy hire plc annual report and accounts 20 1 0
financial statements
notes to the financial st a tements
c ontinued
3 exceptional items
for the year ended 31 march 2010
during the period the group has undertaken further restructuring and costsaving initiatives resulting in a number of nonrecurring items of 
expense items include costs related to the creation of a new shared service centre £06m provisions in respect of further property closures 
including provision for vacant property £39m and writing off  related fi xtures and fi ttings £07m redundancy and related costs £39m and 
reorganisation costs associated with depot and back offi  ce restructuring £20m 
the resulting tax credit in relation to exceptional items amounts to £27m of which £25m relates to current tax and £02m relates to 
deferred tax
for the year ended 31 march 2009
impairment of noncurrent assets
a provision of £609m was made against the group’s goodwill and intangible assets following a review of their carrying values as part of the 
annual impairment testing process deterioration in the markets in which the group operates notably the construction markets resulted in the 
group revising its assumptions regarding future activity levels this resulted in revised forecasts of cash fl ows arising in cashgenerating units 
an impairment loss was calculated on a valueinuse basis and consisted of a £480m writedown in goodwill and £129m writedown of other 
acquired intangibles in addition an impairment loss was identifi ed in respect of the carrying value of tangible assets in respect of the former 
accommodation business and accordingly £88m was written off  the carrying value in the year
exceptional restructuring costs
as part of the group’s cost reduction programme a number of initiatives were undertaken to reduce the group’s operating structure to a 
more appropriate level in light of the changes in market conditions the main elements of cost incurred as part of these processes include 
provisions for onerous lease obligations on depot closures £53m together with provisions against the carrying value of related fi xtures and 
fi ttings and leasehold improvements £05m redundancy costs £40m losses incurred on the oneoff  disposal of surplus hire fl eet assets 
£7 1m reorganisation of backoffi  ce structures and the ongoing creation of a central sharedservice facility £08m in addition costs of £19m 
were incurred arising from the acquisition and integration of the amec lss and carillion asset management businesses relating primarily to 
redundancy relocation and asset reorganisation costs
other exceptional items
the group negotiated amendments to its bank facility to establish more appropriate fi nancial covenants and £14m of costs were incurred 
in respect of various advisers working for either the group or the bank syndicate included within operating expenses and fees amounting 
to £46m included within fi nancing costs were paid to the bank syndicate
the resulting tax credit arising in relation to exceptional items amounts to £230m of which £168m related to current tax and £62m related 
to deferred tax
 
4 operating lossprofit
operating lossprofi t is stated after chargingcrediting
       2010 2009
       £m £m
amortisation of intangible assets       55 92
depreciation  
 of owned property plant and equipment      601 758
 of property plant and equipment held under hirepurchase and fi nance leases    01 01
lossprofi t on disposal of property plant and equipment net of impairment £07m 2009 £05m   18 16
operating lease rentals  
 of plant and equipment       16 23
 of land and buildings       146 151
 of vehicles       126 145
auditors’ remuneration  
 audit of these fi nancial statements       01 01
 amounts receivable by auditors in respect of  
 audit of fi nancial statements of subsidiaries pursuant to legislation     01 02
 other nonaudit services       04 06
 other services relating to taxation       – 01
nonaudit services in 2010 relate to work associated with the rights issue in july 2009 and the costs have been applied against the share 
premium arising on the rights issue
financial statements annual report and accounts 20 1 0 speedy hire plc  85
5 employees
the average number of people employed by the group including directors during the year was as follows
        number of employees
       2010 2009
uk  ireland asset services       3714 4681
international  advisory services       41 –
central       512 428
        4267 5109
                
the aggregate payroll costs of these employees were as follows
        2009
       2010 restated
       £m £m
wages and salaries       1050 1293
social security costs       99 124
other pension costs       07 06
sharebased payments       01 07
        11 55 1416
                
the company does not have any employees
 
6 directors’ remuneration
       2010 2009
       £000 £000
directors’ emoluments  
basic remuneration including benefi ts       1329 1348
performancerelated bonuses       – –
payments to former directors       18 33
sharebased payment charge       – –
company pension contributions to personal pension plans     155 154
        1502 1535
emolument of the highest paid director  
basic remuneration including benefi ts       352 352
performancerelated bonuses       – –
sharebased payment charge       – –
company pension contributions to personal pension plans     68 68
        420 420
further analysis of directors’ remuneration can be found in the remuneration report
all of the directors’ remuneration is paid by speedy support services limited a whollyowned subsidiary of speedy hire plc no charge is 
incurred by the parent company
financial statements 86  speedy hire plc annual report and accounts 20 1 0
financial statements
notes to the financial st a tements
c ontinued
7 financial income and expense
       2010 2009
       £000 £000
financial income  
bank interest receivable       – 02
financial expense  
interest on bank loans and overdrafts       99 150
hedge interest payable       37 03
exceptional amortisation of bank fee       – 46
other fi nance costs       06 07
        142 206
net fi nancial expense       142 204
8 taxation
       2010 2009
       £000 £000
current tax  
uk corporation tax on profi ts for the period at 28 2009 28     – 51
adjustment in respect of prior years       28 23
total current tax       28 28
deferred tax  
uk deferred tax at 28 2009 28       49 92
adjustment in respect of prior years       24 40
total deferred tax       7 3 132
total tax credit       45 160
the tax credit for the year is lower than the standard rate of corporation tax in the uk and is explained as follows
        2009
       2010 restated
       £000 £000
loss before tax       228 711
tax credit at 28 2009 28       64 199
expenses not deductable for tax purposes      19 25
nontaxable income       07 06
sharebased payments       01 05
impairment of goodwill arising on consolidation      – 32
deferred tax not provided on losses       02 –
adjustment to tax in respect of prior years      04 17
tax credit for the year       45 160
tax recognised directly in equity note 20  
deferred tax charge       – 02
there are no unrecognised deferred tax liabilities 2009 £nil
 
financial statements annual report and accounts 20 1 0 speedy hire plc  87
9 lossearnings per share
the calculation of basic lossearnings per share is based on the loss attributable to equity holders of the parent of £183m 2009 loss £551m 
and the weighted average number of 5 pence ordinary shares in issue during the year ended 31 march 2010 calculated as follows
        31 march
       31 march 2009
       2010 restated
loss £m  
loss for the year after tax – basic earnings      183 551
intangible amortisation charge after tax      40 71
exceptional items after tax       84 722
adjusted lossearnings after tax       59 242
weighted average number of shares in issue million  
at the beginning of the year       1865 1796
issue of ordinary shares       2324 –
exercise of share options        02 65
at the end of the year – basic number of shares      4191 1861
share options       – 21
employee share scheme       – –
at the end of the year – diluted number of shares      4191 1882
lossearnings per share pence  
basic lossearnings per share       437 2957
amortisation       096 376
exceptional costs       200 3881
adjusted lossearnings per share       141  1300
basic lossearnings per share       437 2957
share options       – –
employee share scheme       – –
diluted loss per share       437 2957
adjusted lossearnings per share       141  1300
share options       – 012
employee share schemes       – –
adjusted diluted lossearnings per share      141  1288
comparative fi gures for the year ended 31 march 2009 have been restated to take account of the bonus element of the rights issue in july 2009 
the restatement has been calculated by applying the theoretical exrights price of 32775 pence total number of shares outstanding at 
31 march 2010 amounted to 517 215666 
 
10 dividends 
the aggregate amount of dividend comprises
       2010 2009
       £m £m
2008 fi nal dividend 134 pence on 507m shares      – 68
2009 interim dividend 64 pence on 507m shares      – 32
2009 fi nal dividend 64 pence on 507m shares      32 –
2010 interim dividend 02 pence on 517 2m shares      11 –
        43 100
                
subsequent to the end of the year and not included in the results for the year the directors recommended a fi nal dividend of 02 pence 
2009 64 pence per share bringing the total amount payable in respect of the 2010 year to 04 pence 2009 128 pence to be paid on 
18 august 2010 to shareholders on the register on 18 june 2010 the total amount payable in respect of the 2009 year after adjustment for 
the rights issue was 17 pence per share for both interim and fi nal dividends
the employee benefi ts trust established to hold shares for the performance plan and coinvestment plan has waived its right to the interim and 
fi nal proposed dividends at 31 march 2010 the trust held 10410896 5p ordinary shares including 7 594666 jointly owned shares 2009 
281673 shares
financial statements 88  speedy hire plc annual report and accounts 20 1 0
financial statements
notes to the financial st a tements
c ontinued
11 intangible fixed assets
    customer noncompete  supply 
   goodwill lists agreements brand agreements total
   £m £m £m £m £m £m
cost 
at 1 april 2008   893 315 46 41 147 1442
additions through business combinations  42 47 03 – 32 124
at 31 march 2009   935 362 49 41 17 9 1566
additions through business combinations  – – – – – –
at 31 march 2010   935 362 49 41 17 9 1566
amortisation      
at 1 april 2008   12 43 08 29 61 153
charged in year   – 40 12 06 34 92
impairment note 3   480 7 1 10 – 48 609
at 31 march 2009   492 154 30 35 143 854
charged in year   – 30 08 06 11 55
at 31 march 2010   492 184 38 41 154 909
net book value
at 31 march 2010   443 178 11 – 25 657
at 31 march 2009   443 208 19 06 36 712
at 31 march 2008   881 27 2 38 12 86 1289
all goodwill has arisen from business combinations on transition to ifrs the balance of goodwill as measured under uk gaap was allocated 
to cashgenerating units cgus these are independent sources of income streams and represent the lowest level within the group at which 
the associated goodwill is monitored for management purposes as explained in note 2 the group’s reportable business segments comprise 
uk  ireland asset services and international  advisory services all intangible assets are held in the uk  ireland asset services segment and 
it is this cgu which is assessed for impairment testing in the prior year there were two cgus being tools and equipment
goodwill arising on business combinations after 1 april 2004 has been allocated to the cgus that are expected to benefi t from that business 
combination
the group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired
the recoverable amounts of the goodwill and intangible assets allocated to cgus are determined by valueinuse calculations the valueinuse 
calculations use cash fl ow projections based on fi veyear fi nancial forecasts approved by management the key assumptions for these forecasts 
are those regarding revenue growth net margin and the level of capital expenditure required to support trading which management 
estimates based on past experience adjusted for current market trends and expectations of future changes in the market to prepare value
inuse calculations the group uses cash fl ow projections for a 15year period the projections are made up of the 201011 budget 
a subsequent fouryear period using the group’s business plan and a further ten years’ income the fi nal ten years’ income is extrapolated at 
an estimated average longterm nominal growth rate estimated at 25 2009 25 being an estimate of infl ation the resulting forecast cash 
fl ows are discounted back to present value using the group’s pretax discount rate the discount rate assumptions use an estimate of the 
group’s weighted average cost of capital the pretax discount rate has been adjusted for company and marketspecifi c risks the pretax 
discount rate used to discount cash fl ow forecasts is 126 2009 139 for both tools and equipment cgus
in the year to 31 march 2009 deterioration in the markets in which the group operates notably the construction markets resulted in the group 
revising its expectations about the level of activity sustainable in the long term an impairment loss was calculated on a valueinuse basis 
consisting of a £480m writedown in goodwill and £129m writedown of other acquired intangibles the total impairment loss was attributed 
to the uk  ireland asset services segment following this there was no diff erence between the carrying amount and the recoverable amount 
of the goodwill and intangibles balances at the balance sheet date 
at 31 march 2010 the recoverable amount calculated using the discounted forecast cash fl ows results in a surplus over carrying value of £519m 
impairment calculations are sensitive to changes in key assumptions of revenue growth and discount rate an increase of 1 in the pretax 
discount rate with all other assumptions held constant would reduce discounted cash fl ows by £17 3m leaving headroom against carrying 
value at £346m a decrease of 1 in the forecast revenue growth with all the other assumptions held constant would reduce discounted cash 
fl ows by £198m at 31 march 2009 an increase of 1 in the discount rate with other assumptions held constant would have given rise to an 
additional impairment charge of £54m for the tools cgu and £40m for the equipment cgu a 1 decrease in the forecast revenue growth 
with other assumptions held constant would have given rise to an additional impairment charge of £53m in the tools cgu and £24m in the 
equipment cgu
 
financial statements annual report and accounts 20 1 0 speedy hire plc  89
12 property plant and equipment
     land and hire  
      buildings equipment other total
     £m £m £m £m
cost     
at 1 april 2008     248 5698 498 6444
additions     52 597 102 751
arising on acquisition of businesses     – 09 – 09
disposals     20 238 17 275
transfers to inventory     – 923 – 923
at 31 march 2009     280 5143 583 6006
additions     26 335 77 438
disposals     39 491 96 626
transfers to inventory     – 275 – 275
at 31 march 2010     267 4712 564 5543
depreciation
at 1 april 2008     126 2356 233 2715
charged in year     28 635 96 759
impairment note 3     – 88 – 88
disposals     04 158 14 176
transfers to inventory     – 612 – 612
at 31 march 2009     150 2309 315 277 4
charged in year     28 500 74 602
disposals     39 425 91 555
impairment     07 – – 07
transfers to inventory     – 141 – 141
      146 2243 298 2687
net book value
at 31 march 2010     121 2469 266 2856
at 31 march 2009     130 2834 268 3232
at 31 march 2008     122 3342 265 3729
                                
the net book value of land and buildings comprises
       2010 2009
       £m £m
freehold properties       05 04
long leasehold properties       06 07
short leasehold properties       110 119
        121 130
                
at 31 march 2010 the net carrying amount of leased hire equipment was £04m 2009 £05m
an impairment review has been completed during the year using the basis set out in note 1 1 financial statements 90  speedy hire plc annual report and accounts 20 1 0
financial statements
notes to the financial st a tements
c ontinued
13 investments – company 
      investments
      in subsidiary other 
      undertakings investments total
      £m £m £m
cost    
at 31 march 2008      1117 01 1118
additions      13 – 13
at 31 march 2009      1130 01 1131
additions      02 – 02
at 31 march 2010      1132 01 1133
provisions
at 1 april 2008      01 – 01
impairment      187 – 187
at 31 march 2009      188 – 188
impairment      – – –
at 31 march 2010      188 – 188
net book value
at 31 march 2010      944 01 945
at 31 march 2009      942 01 943
at 31 march 2008      1116 01 1117
following the impairment testing performed in accordance with ias 36 see note 1 1 the company’s carrying value of investment in subsidiary 
undertakings has been reviewed and no impairment has been made 2009 £187m
the company’s principal subsidiary undertakings are as follows
        ordinary
       principal share capital
       activity held
speedy asset services limited       hire services 100
speedy hire centres northern limited       hire services 100
speedy hire centres southern limited       hire services 100
speedy hire centres western limited       hire services 100
speedy hire centres limited       hire services 100
speedy hire scotland limited       hire services 100
speedy hire ireland limited       hire services 100
waterford hire services limited       hire services 100
speedy hire direct limited       hire services 100
speedy lifting limited       hire services 100
speedy lgh limited       hire services 100
speedy space limited       hire services 100
speedy power limited       hire services 100
speedy lch generators limited       hire services 100
speedy pumps limited       hire services 100
speedy survey limited       hire services 100
speedy engineering services limited       hire services 100
speedy support services limited       provision of group services 100
speedy transport limited       provision of group services 100
allen investments limited       property management 100
speedy asset leasing limited       leasing services 100
speedy international asset services holdings limited      hire services 100
speedy international asset services equipment rental llc     hire and associated services 49
 indirect holding via a 100 subsidiary undertaking
the company holds voting rights in each subsidiary undertaking in the same proportion to its holdings in the ordinary share capital of the 
respective subsidiaries all subsidiary undertakings with the exception of the companies listed below are incorporated and operate in the 
united kingdom 
speedy hire ireland limited and waterford hire services limited are incorporated and operate in the republic of ireland
speedy international asset services equipment rental llc is incorporated and operates in the united arab emirates
financial statements annual report and accounts 20 1 0 speedy hire plc  91
14 inventories
        group
       2010 2009
       £m £m
finished goods and goods for resale       113 122
hire assets held for sale       – –
        113 122
                
the amount of inventory expensed in the year amounted to £453m 2009 £637m included within cost of sales no provision in respect of 
writedown in inventory is held at the year end or prior year end 
 
15 trade and other receivables
      group  company
     2010 2009 2010 2009
     £m £m £m £m
trade receivables     904 988 – –
amounts owed by group undertakings     – – 3484 3175
other receivables     58 07 31 33
prepayments and accrued income     72 49 22 18
      1034 1044 3537 3226
                                
16 trade and other payables
      group  company
     2010 2009 2010 2009
     £m £m £m £m
trade payables     433 368 04 07
amounts owed to group undertakings     – – 815 138
other payables     52 80 – –
accruals     224 193 27 26
      709 641 846 171
                                
17 financial instruments
the group holds and uses fi nancial instruments to fi nance its operations and to manage its interest rate and liquidity risks the group primarily 
fi nances its operations using share capital retained profi ts and borrowings a full description of the group’s approach to managing these risks 
is set out below
the group does not engage in trading or speculative activities using derivative fi nancial instruments a group off set arrangement exists for 
cash balances to take advantage of the most rewarding shortterm investment opportunities
fair value of financial assets and liabilities
the fair values of fi nancial assets and liabilities together with the carrying amounts shown in the balance sheet are as follows
     2010 2010 2009 2009
     carrying  fair carrying fair
     amount value amount value
     £m £m £m £m
trade and other receivables     1011 1011 995 995
cash     125 125 110 110
secured bank borrowings     1311 1311 2586 2586
finance lease liabilities     07 07 08 08
interest rate swaps caps and collars used for hedging    32 32 57 57
trade and other payables     485 485 448 448
      699 699 1994 1994
unrecognised gainloss      –  –
                  
financial statements 92  speedy hire plc annual report and accounts 20 1 0
financial statements
notes to the financial st a tements
c ontinued
17 financial instruments continued
basis for determining fair values
the following summarises the principal methods and assumptions used in estimating the fair value of fi nancial instruments refl ected in 
the table above
a derivatives broker quotes are used for all interest rate swaps caps and collars
b interestbearing loans and borrowings  fair value is calculated based on discounted expected future principal and interest cash fl ows
c trade and other receivablespayables for receivablespayables with a remaining life of less than one year the notional amount is 
deemed to refl ect the fair value all other receivablespayables are discounted to determine the fair value
the main risks arising from the group’s fi nancial instruments are credit interest rate foreign currency and liquidity risk the board reviews 
and agrees the policies for managing each of these risks on an annual basis
interest rates used for determining fair value 
the interest rate used to discount estimated cash fl ows where applicable has been estimated at 126 2009 139
fair value hierarchy
the group and company’s fi nancial instruments relate to cash fl ow hedges which are carried at fair value in both the current and prior year 
the valuation is based on inputs other than quoted prices but which are directly observable ie as prices classifi ed as level 2 in accordance 
with ifrs 7
credit risk
credit risk is the risk of fi nancial loss to the group if a customer or counterparty to a fi nancial instrument fails to meet its contractual obligations 
and arises principally from the group’s receivables from customers
the exposure to credit risk is monitored on an ongoing basis credit evaluations are performed on all customers requiring credit over a 
certain amount
at the balance sheet date there were no signifi cant concentrations of credit risk the maximum exposure to credit risk is represented by the 
carrying amount of each fi nancial asset including derivative fi nancial instruments in the balance sheet no individual customer accounts for 
more than 10 of the group’s sales transactions and the group’s exposure to outstanding indebtedness follows this profi le no collateral is 
held as security in respect of amounts outstanding however in a number of instances deposits are held against the value of hire equipment 
provided the extent of deposit taken is assessed on a casebycase basis and is not considered signifi cant in comparison to the overall 
amounts receivable from customers
transactions involving derivative fi nancial instruments are undertaken with counterparties within the syndicate of banks which provide 
the group’s term loan revolving credit facility given their high credit ratings management does not expect any counterparty to fail to meet 
its obligations 
the group establishes an allowance for impairment that is based on historical experience of dealing with customers with the same risk profi le 
 
there are £456m 2009 £522m of trade receivables that are past due at the balance sheet date that have not been provided against there is 
no indication as at 31 march 2010 that debtors will not meet their payment obligations in respect of trade receivables recognised in the balance 
sheet that are past due and unprovided the ageing of trade receivables net of impairment provision at the year end was as follows
        group
       2010 2009
       £m £m
not past due       448 466
past due 0–30 days       210 234
past due 31–120 days       17 5 185
more than 120 days past due       7 1 103
        904 988
                
the movement in the allowance for impairment in respect of trade receivables during the year was as follows
        group
       2010 2009
       £m £m
at 1 april       94 100
impairment loss charged to the income statement      29 94
written off  in the year       56 100
at 31 march       67 94
                
financial statements annual report and accounts 20 1 0 speedy hire plc  93
17 financial instruments continued
liquidity risk
liquidity risk is the risk that the group will not be able to meet its fi nancial obligations as they fall due the group’s approach to managing 
liquidity is to ensure as far as possible that it will always have suffi  cient liquidity to meet its liabilities when due under both normal and stressed 
conditions without incurring unacceptable losses or risking damage to the group’s reputation
the group uses both short and longterm cash forecasts to assist in monitoring cash fl ow requirements typically the group uses shortterm 
forecasting to ensure that it has suffi  cient cash on demand to meet operational expenses and to service fi nancing obligations for a period of 12 
weeks longerterm forecasts are performed on a regular basis to assess compliance with bank covenants on existing facilities ensuring that 
activities can be managed within reason to ensure covenant breaches are avoided 
at 31 march 2010 the group had available loan facilities amounting to £260m 2009 £300m as detailed in note 18 of these facilities £128m 
remained unutilised at 31 march 2010
the group monitors available facilities against forward requirements on a regular basis and where necessary obtains additional sources of 
fi nancing to provide the group with the appropriate level of headroom against the required borrowing the group has obtained additional 
bank and equity funding in recent years as the business has grown and maintains close contact with its syndicate of banks
 
this analysis is based on the undiscounted contractual maturities on the group’s fi nancial liabilities including estimated interest that will accrue 
except where repayment is entitled and before its contractual maturity 
       undiscounted cash fl ows – 31 march 2010
     2011 2012 2013 total
at 31 march 2010     £m £m £m £m
term loan      397 298 – 695
revolving credit      – – 616 616
finance leases     03 03 01 07
      400 301 617 1318
interest payments     81 45 11 137
      481 346 628 1455
       undiscounted cash fl ows – 31 march 2009
    2010 2011 2012 2013 total
at 31 march 2009    £m £m £m £m £m
term loan     199 396 300 – 895
revolving credit     – – – 1691 1691
finance leases    02 02 02 02 08
     201 398 302 1693 2594
interest payments    205 171 132 30 538
     406 569 434 1723 3132
market risk
market risk is the risk that changes in market prices such as foreign exchange rates and interest rates will aff ect the group’s income or the value 
of its holdings of fi nancial instruments generally the group seeks to apply hedge accounting in order to manage volatility in profi t
currency risk 
the group is exposed to currency risk on the translation of the results of its subsidiaries which are resident in the republic of ireland speedy 
hire ireland limited and waterford hire services limited and in the united arab emirates speedy international asset services equipment 
rental llc it is the group’s policy to review the net investment in all companies on a regular basis and to hedge against potential 
exposures to movements in foreign currency where considered appropriate at 31 march 2010 speedy hire ireland limited had net 
liabilities of £43m 2009 £36m waterford hire services limited had net assets of £15m 2009 £15m and speedy international asset 
services equipment rental llc had net assets of £05m 2009 £nil and no hedging instruments are in place to cover potential movements 
in foreign currency
financial statements 94  speedy hire plc annual report and accounts 20 1 0
financial statements
notes to the financial st a tements
c ontinued
17 financial instruments continued
market risk continued
interest rate risk 
the group is exposed to a risk of a change in cash fl ows due to changes in interest rates as a result of its use of variable rate borrowings 
the group’s policy is to review regularly the terms of its borrowing facilities to assess and manage the longterm borrowing commitment 
accordingly and to put in place interest rate hedges to reduce the group’s exposure to signifi cant fl uctuations in interest rates the group 
adopts a policy of ensuring that between 40 and 70 of its borrowings are covered by some sort of interest rate hedge as a 
consequence of the rights issue proceeds being used to pay down debt the group had approximately 90 of its net debt covered by 
interest rate hedges 
the principal derivative fi nancial instruments used by the group are interest rate swaps caps and collars the notional contract amount and 
the related fair value of the group’s fi nancial instruments can be analysed as follows
     2010 2010 2009 2009
     fair notional fair notional
     value  amount value amount
group and company     £m £m £m £m
designated as cash fl ow hedges
fixed interest rate swaps     19 500 26 500
interest rate collars     10 400 25 700
interest rate caps     03 200 06 200
      32 1100 57 1400
                                
future cash fl ows associated with the above instruments are dependent upon movements in libor over the contractual period interest is 
paid or received under the instruments on a quarterly or monthly basis depending on the individual instrument referenced to the relevant 
prevailing uk libor rates
of the total £1 10m notional amount £50m expires in the six months to september 2010 a further £40m in the six months to march 201 1 and 
the remaining £20m expires in between one and two years the instruments are estimated to incur undiscounted cash outfl ows of £25m 
within one year and £02m after one to two years
the weighted average interest rate of the fi xed interest rate swaps is 5026 2009 5026 and the instruments are for a weighted average 
period of 1 1 months 2009 23 months the maximum contractual period is 15 months
collar instruments bear interest rates between 4300 and 6500 2009 between 4300 and 6500 for a weighted average period of 
seven months 2009 13 months the maximum contractual period is ten months
capped rate instruments bear a weighted average maximum interest rate of 5790 2009 5790 for a weighted average period of ten months 
2009 22 months the maximum contractual period is 15 months
 
sensitivity analysis
in managing interest rate and currency risk the group aims to reduce the impact of shortterm fl uctuation on the group’s earnings over the 
longer term however permanent changes in foreign exchange and interest rates would have an impact on consolidated earnings
at 31 march 2010 it is estimated that a general increase of 1 point in interest rates would decrease the group’s profi t before tax by approximately 
£05m interest rate swaps caps and collars have been included in this calculation
capital management
the group requires capital for amongst other things purchasing hire equipment to replace the existing asset base that has reached the end of 
its useful life and for growth including growth by establishing new rental locations completing acquisitions and refi nancing existing debts in 
the longer term the group defi nes gross capital as net debt cash less borrowings plus shareholders’ funds and seeks to ensure an acceptable 
return on gross capital the group has obtained additional bank borrowings and equity in recent years as the business has grown the board 
seeks to maintain a balance between debt and equity funding such that it maintains a sound capital position relevant for the prevailing 
economic environment
the board’s policy is to maintain a strong capital base so as to maintain investor creditor and market confi dence and to sustain future 
development of the business the board of directors monitors the demographic spread of shareholders in order to ensure that the most 
attractive mix of capital growth and income return is made available to investors
the group encourages participation in ownership of speedy hire plc shares by employees at all levels within the group and has developed this 
objective through the introduction of longterm incentive plans and saye schemes
there were no changes in the group’s approach to capital management during the year neither the company nor any of its subsidiaries are 
subject to externally imposed capital requirements
financial statements annual report and accounts 20 1 0 speedy hire plc  95
18 borrowings
      group  company
     2010 2009 2010 2009
     £m £m £m £m
current borrowings
bank overdraft     – – 21 76
term loan     – – – –
finance leases     02 02 – –
      02 02 21 76
noncurrent borrowings
maturing between two and fi ve years
term loan     695 895 695 895
revolving credit facility     616 1691 616 1691
finance leases     05 06 – –
total noncurrent borrowings     1316 2592 131 1 2586
total borrowings     1318 2594 1332 2662
less cash at bank and in hand     125 110 – 01
net debt     11 93 2484 1332 2661
the term loan is considered to expire after more than one year as the scheduled amortisation of the term loan facility can be off set by 
a corresponding increase in the revolving credit facility
 
both the overdraft and syndicated loan facility are secured by a fi xed and fl oating charge over all the assets of the group and are rated 
pari passu 
the term and revolving loan facility was originally entered into in june 2007  and was amended and restated in june 2008 and march 2009 
at 31 march 2010 the current facility is subdivided into
i  a secured overdraft facility provided by barclays plc which secures by crossguarantees and debentures the bank deposits and overdrafts of 
the parent and certain subsidiary companies up to a maximum of £5m 
ii a syndicated multicurrency term and revolving facility which is subdivided into
 i a term loan ‘a facility’ of £70m 2009 £90m and
 ii a revolving credit ‘b facility’ including overdraft of £190m 2009 £210m repayable on the fi fth anniversary of the issue date
the total b facility is for £190m but is reduced to the extent that ancillary facilities are provided
the term loan a facility reduces by £40m in the year to march 201 1 and £30m in the year to march 2012 the revolving credit b facility reduces 
by £20m in the year to march 2012 reductions in the term loan can be off set by additional drawing from headroom on the revolving 
credit facility
the revolving credit facility can be drawn for various periods specifi ed by the company up to the maturity date with interest being calculated 
for the drawn period by reference to the london inter bank off er rate libor applicable to the period drawn plus a margin which during the 
year ranged from 250 to 400 basis points 2009 67 5 to 400 basis points at 31 march 2010 the margin was 250 basis points 
the eff ective interest rate applicable to cash deposits during the year was 02 2009 350 the eff ective interest rates on bank overdraft and 
term loans and revolving credit facilities were 300 and 407 2009 379 and 504 respectively
the group’s bank overdrafts are secured by crossguarantees and debentures given by group companies in favour of barclays bank plc 
the bank loans are secured by a fi xed and fl oating charge over all the assets of the group 
the group’s borrowings are presented as noncurrent as the unamortised facility at 31 march 201 1 is greater than the outstanding borrowings 
at 31 march 2010 and repayments can therefore be made from undrawn facility rather than by direct payment
     at  noncash  at  31 march
     1 april 2009 movement cash fl ow 2010
analysis of consolidated net debt     £m £m £m £m
cash at bank and in hand     1 10 05 20 125
borrowings     2594 – 1276 1318
      2484 05 1296 1 193
                                
financial statements 96  speedy hire plc annual report and accounts 20 1 0
financial statements
notes to the financial st a tements
c ontinued
19 provisions
        onerous
        property
        contracts
group        £m
at 1 april 2008        22
created in the year        76
provision utilised in the year        17
unwinding of discount        02
at 31 march 2009        79
created in the year        39
provision utilised in the year        48
unwinding of discount        03
at 31 march 2010        73
of the £73m £48m 2009 £41m is due within one year and £25m 2009 £38m is due after one year the key assumption underlying the 
calculation of the provision relates to the assumed sublet period the provision is calculated based on a gross liability to the earlier of three 
years and the sublet or break clause and includes estimated dilapidations at current market rates the total liability is discounted at 126 
2009 139 if leases on properties which are forecast to be exited in 2012 are not exited until 2013 the increase required in the discounted 
provision would amount to £04m after taking account of leases that expire during the additional year
 
20 deferred tax
    property    
    plant and intangible sharebased 
    equipment assets payments other items total
group    £m £m £m £m £m
1 april 2008    337 55 07 12 37 3
recognised in income    1 12 21 05 04 132
recognised in equity    – – 02 – 02
at 31 march 2009    225 34 – 16 243
recognised in income    54 15 – 04 7 3
recognised in equity    – – – – –
at 31 march 2010    17 1 19 – 20 170
the group has trading losses carried forward at 31 march 2010 amounting to approximately £37m 2009 £32m a deferred tax asset of £02m 
2009 £01m has been recognised in respect of those losses
the group also has capital losses carried forward at 31 march 2010 amounting to approximately £7 5m 2009 £43m no deferred tax asset 
has been recognised in respect of these losses
       other items total
company       £m £m
1 april 2008        02 02
recognised in income       01 01
at 31 march 2009       01 01
recognised in income       01 01
recognised in equity       – –
at 31 march 2010       02 02
financial statements annual report and accounts 20 1 0 speedy hire plc  97
21 share capital 
       2010 2009
       £m £m
allotted called up and fully paid   
517 2m 2009 509m ordinary shares of 5 pence each      259 25
during the year 458658900 ordinary shares of 5 pence were issued on exercise of the rights issue for a cash consideration of £997m net 
of £58m issue costs
an employee benefi ts trust was established in 2004 the ‘trust’ the trust holds shares issued by the company in connection with the 
performance plan and coinvestment plan during the year the company allotted 7 594666 2009 nil shares to the trust held jointly with the 
participating employees as part of the exsop award arrangements no shares were transferred to employees during the year 2009 106693 
at 31 march 2010 the trust held 10410896 shares including 7 594666 jointly owned shares 2009 281673
the movement in issued share capital was as follows
       number
       million £m
as at 1 april 2008       508 25
employee benefi ts trust allotments       01 –
at 31 march 2009       509 25
employee benefi ts trust allotments       76 05
placing of ordinary shares       4587 229
at 31 march 2010       5172 259
                
22 adjustment arising from amendments to accounting standards
the group has adopted the following changes in accounting standards for the year ending 31 march 2010
ias 1 presentation of fi nancial statements a revised presentation
the group’s fi nancial statements now include a statement of comprehensive income and statement of movements in equity as primary 
statements these have replaced the statement of recognised gains and losses and the reconciliation of equity which was previously included 
in the notes to the accounts there have also been minor changes to the descriptions of some items
ifrs 7 improving disclosures on fi nancial instruments
the iasb issued amendments to enhance disclosures about fair value measurements of fi nancial instruments and over liquidity risk 
 
ifrs 2 sharebased payment vesting conditions and cancellations
the principal eff ect of this amendment to ifrs 2 is that when an award to an employee under a share option scheme lapses due to 
cancellation of the scheme then the full cost of the award will be expensed in the period in which the option lapses the amendment also 
stipulates that an individual ceasing to pay contributions is classed as a cancellation under the previous interpretation the lapsing of the 
award through employee cancellation would have resulted in the fair value of the option charged to date being reversed in the income 
statement this interpretation is required to be applied fully retrospectively 
as a result of the amendment the profi t after tax for the year ended 31 march 2009 was £05m lower than previously reported there is no 
impact on reported net assets
ias 16 property plant and equipment and consequential amendment to ias 7 statement of cash fl ows
in accordance with revisions to ias 16 assets that have previously been hired are transferred to inventory at estimated realisable value when 
a decision has been taken to dispose of them proceeds on disposal are then recognised as revenue previously the proceeds were accounted 
for as a component of profi t or loss on the disposal of assets a consequential amendment to ias 7 states that cash fl ows arising from purchase 
rental and sale of those assets should be classifi ed as cash fl ows from operating activities proceeds from the sale of other assets continue to 
be included in profi tloss on disposal in accordance with the previous accounting treatment
the adoption of the revised standard has resulted in revenue and cost of sales for the year ended 31 march 2009 increasing by £66m with no 
impact on reported profi t after taxation or net assets in addition cash fl ows relating to the sale and purchase of hire assets have been included 
in operating cash fl ows having previously been disclosed as investing cash fl ows
 
financial statements 98  speedy hire plc annual report and accounts 20 1 0
financial statements
notes to the financial st a tements
c ontinued
23 share incentives
at 31 march 2010 options and awards over 19036681 shares 2009 1610332 shares unadjusted for rights issue were outstanding under 
employee share schemes the group operates three share incentive schemes during the year no options were exercised by employees 
2009 145865 options unadjusted for rights issue 
in 2009 the options exercised comprised 93013 nil cost options in respect of the coinvestment and performance share plans and 52852 
at 383 pence in respect of the sharesave schemes at the date of exercise of the coinvestment and performance share plans awards the share 
price was 551 pence the sharesave awards were exercised between april and july 2008 when the group’s share price ranged between 
8185 pence and 40125 pence the weighted average share price for the exercise period was 594 pence
following the rights issue adjustments were made to refl ect the dilutive eff ect of the issue on outstanding awards the calculations were made 
in accordance with hm revenue and customs hmrc recommendations the adjustment was made using the theoretical exrights price 
calculation ‘terp’ as agreed with hmrc all outstanding awards made under the company’s share plans were multiplied by a terp factor 
of 368421 and the respective option prices and market prices at allocation were multiplied by a factor of 027143
as at 31 march 2010 options to acquire 5014731 2009 328755 speedy hire plc shares were outstanding under the speedy hire sharesave 
scheme these options are exercisable by employees of the group at prices between 29 and 255 pence 2009 624 and 940 pence at dates 
between february 2010 and april 2013 2009 february 2009 and july 201 1 at 31 march 2010 options to acquire 6427 284 2009 1281577 and 
awards over 7 594666 shares were outstanding under the performance and coinvestment plans these options were exercisable at eff ectively 
nil cost between june 2010 and december 2012 awards granted under the performance plan as exsop awards involve the acquisition of 
shares jointly by the participant and the trustee of the company’s employee trust on terms that to the extent certain performance conditions 
are satisfi ed the participant can benefi t from any growth of the shares in excess of a hurdle initial value awards entitle the holder to a value in 
shares or cash equal to the number of exsop shares if any in respect of which the performance condition is met multiplied by the share value 
on the award date or if lower the share value when the exsop award crystallises
the number and weighted average exercise price ‘waep’ of share options and awards under all the share incentive schemes are as follows
     2010  2009
     waep 2010 waep  2009
     pence number pence number
outstanding at 1 april     624 1610332 378 1457100
rights adjustment     – 4322131 – –
      39 5932463 378 1457100
granted     9 15645660 – 842901
exercised     – – 139 145865
lapsed     74 2541442 547 543804
outstanding at 31 march     10 19036681 145 1610332
exercisable at 31 march     255 75583 624 97339
options and awards outstanding at 31 march 2010 have weighted average remaining contractual lives as follows
       2010 2009
       years years
exercisable at nil pence       22 18
exercisable at 29 pence       25 –
exercisable at 183 pence       08 18
exercisable at 233 pence       – 08
exercisable at 255 pence       04 14
the fair value of services received in return for share options granted and shares awarded is measured by reference to the fair value of those 
instruments the pricing models and inputs used for the outstanding options on a weighted average basis where appropriate are as follows
              speedy hire share save plan
    september  december  september  december  december
    2009  2007  2007  2006  2005
pricing model used    stochastic stochastic stochastic stochastic stochastic
exercise price    29p 183p 255p 233p 169p
share price volatility    857 255 229 229 250
option life    325 years 325 years 325 years 3 years 3 years
expected dividend yield    31 21 15 13 16
risk free interest rate    21 45 53 51 42
financial statements annual report and accounts 20 1 0 speedy hire plc  99
23 share incentives continued
        coinvestment plan
      july july july
      2008  2007 2006
pricing model used      stochastic stochastic stochastic
exercise price      nil nil nil
share price volatility      – – –
option life      3 years 3 years 3 years
expected dividend yield      37 14 16
riskfree interest rate      52 58 42
               performance plan
     september  july july july
     2009 2008  2007 2006
pricing model used     stochastic stochastic stochastic stochastic
exercise price     nil nil nil nil
share price volatility     880 293 236 224
option life     3 years 3 years 3 years 3 years
expected dividend yield     31 37 14 16
riskfree interest rate     21 52 58 42
24 acquisitions
there were no acquisitions during the current year
all acquisitions in the prior year have been accounted for under the acquisition method of accounting an assessment has been made 
of the fair value to the group of the assets and liabilities acquired on all acquisitions
the group acquired the trade and assets of the carillion accommodation services cas business from carillion plc in may 2008 for a total 
consideration of £126m comprising cash and acquisition costs cas hires and sells portable and modular accommodation servicing both the 
carillion group’s internal accommodation requirements and those of a number of external customers cas’s accommodation business operates 
from three uk depots and has 23 employees all of whom transferred to speedy as part of the transaction cas has been integrated within 
speedy’s accommodation division which specialises in the hire of accommodation and storage units
the group also acquired the trade and assets of apollo hire centres from connaught plc in august 2008 for a consideration of £07m 
the initial fair values of the assets and liabilities acquired in total from the two acquisitions are as follows
  
      book value fair value 
      at acquisition adjustment fair value
      £m £m £m
intangible assets      – 82 82
hire equipment assets      09 – 09
       09 82 91
goodwill capitalised        42
total consideration        133
satisfi ed by
 cash consideration        127
 costs of acquisition        06
         133
           
the customer list intangible has been valued using the ‘excess earnings’ method and is based on income forecast to be generated over the 
next ten years the valuation assumes that the customer attrition rate will be 10 per annum based on management estimates and historical 
rates recorded by the company capital asset charges have been applied using riskadjusted weighted average costs of capital in respect 
of fi xed assets working capital and the workforce other assumptions used in the valuation include an assumed growth in income from 
customers of 25 per annum the customer list intangible is being amortised over fi ve years which is considered to be the period over which 
the majority of the benefi ts are expected to arise the noncompete intangible has been valued using the incremental income method
in addition the group acquired the remaining minority interest in speedy asset leasing limited in april 2008 for a cash consideration of £13m
goodwill has been recognised on the acquisitions as a result of their operational eff ectiveness in their marketplaces
disclosure of revenue and profi t for the acquisitions as if they were completed at the beginning of the year is impractical due to their being 
fully integrated into the existing business
 
financial statements 100  speedy hire plc annual report and accounts 20 1 0
financial statements
notes to the financial st a tements
c ontinued
25 contingent liabilities
the group has given warranties including taxation warranties and indemnities to the purchasers of fi ve businesses disposed of over the last 
1 1 years these warranties and indemnities expire at various dates up to 12 years from the date of disposal
in the normal course of business the company and certain subsidiaries have given performance bonds issued on behalf of group companies 
and parental guarantees have been given in support of the contractual obligations of group companies on both a joint and a several basis
26 commitments
the group had contracted capital commitments amounting to £27m 2009 £03m at the end of the fi nancial year for which no provision has 
been made 
the total of future minimum lease payments under noncancellable operating leases is as follows
      land and buildings other
     2010 2009 2010 2009
     £m £m £m £m
total future minimum lease payments    
 – not later than one year     162 191 112 126
 – later than one year and not later than fi ve years    508 542 120 125
 – later than fi ve years     392 490 01 01
      1062 1223 233 252
                                
27 post balance sheet events
dividends
the directors have proposed a dividend of 02 pence per share as a fi nal dividend in respect of the year ended 31 march 2010 no charge in 
respect of the proposed dividend has been made in the income statement for the year and there were no tax consequences the total amount 
payable if the dividend is approved at the agm is as follows
       2010 2009
       £000 £000
02 pence 2009 64 pps on 517 2m 2009 509m ordinary shares     10 32
28 related party disclosures
key management remuneration
the group’s key management personnel are the executive and nonexecutive directors as identifi ed in the remuneration report
in addition to their salaries the group also provides noncash benefi ts to executive directors and contributes to approved pension schemes 
on their behalf executive directors also participate in the group’s share option schemes 
nonexecutive directors receive a fee for their services to the speedy hire plc board
full details of key management personnel compensation and interests in the share capital of the company as at 31 march 2010 are given in 
the remuneration report
company
the company has entered into transactions with its subsidiary undertakings primarily in respect of the provision of fi nance and the provision 
of share options to subsidiary employees
recharges are made to subsidiary undertakings for group loans based on funding provided at an interest rate linked to the prevailing base rate 
no recharges are made in respect of balances due to or from otherwise dormant subsidiaries the cost of providing employees of subsidiary 
companies with share options is recharged to the relevant company based on the accounting charge suff ered by the company in respect of 
those options
the amount outstanding from subsidiary undertakings to the company at 31 march 2010 totalled £3484m 2009 £317 5m amounts owed 
to subsidiary undertakings by the company at 31 march 2010 totalled £815m 2009 £138m
the company has had no expense in respect of bad or doubtful debts of subsidiary undertakings in the year 2009 £nil 
 
financial statements annual report and accounts 20 1 0 speedy hire plc  10 1
consolidated income statement     
    2010 2009 2008 2007 2006
    £m £m £m £m £m
revenue    3511 4827 4659 3360 2543
cost of sales    1427 1947 1675 1192 818
gross profi t    2084 2880 2984 2168 1725
other operating income    – – – – 01
distribution costs    37 8 505 498 432 235
administrative expenses    1 792 2882 2018 1277 1125
analysis of operating profi t
operating profi t before amortisation and exceptional items  80 492 640 500 381
exceptional items    1 11  907 100 – –
amortisation    55 92 72 41 15
operating lossprofi t    86 507 468 459 366
net fi nancial expense    142 204 163 95 59
lossprofi t before taxation    228 711 305 364 307
taxation    45 160 61 98 84
lossprofi t for the fi nancial year    183 551 244 266 223
consolidated balance sheet     
    2010 2009 2008 2007 2006
    £m £m £m £m £m
assets
noncurrent assets     
intangible assets    657 712 1289 713 239
property plant and equipment    2856 3232 3729 2957 2414
     3513 3944 5018 3670 2653
current assets
inventories    113 122 162 109 69
trade and other receivables    1034 1044 1436 1012 726
tax receivable    – 69 – – –
other fi nancial assets    – – – 07 –
cash    125 110 44 103 64
     127 2 1345 1642 1231 859
total assets    4785 5289 6660 4901 3512
liabilities
current liabilities     
borrowings    02 02 – – –
trade and other payables    709 641 1200 918 695
other fi nancial liabilities    32 57 05 – –
provisions    48 41 10 – –
income tax    17 – 59 60 67
     808 741 1274 978 762
noncurrent liabilities
borrowings    1316 2592 2600 1865 1094
provisions    25 38 12 – –
deferred tax liabilities    1 7 0 243 373 347 243
     1511  2873 2985 2212 1337
total liabilities    2319 3614 4259 3190 2099
net assets    2466 1675 2401 1711 1413
not restated for the adoption of amendments to ias 16 see note 22 
five year summary
financial statements 102  speedy hire plc annual report and accounts 20 1 0
investor information
shareholder informa tion
annual general meeting
the annual general meeting will be held on tuesday 20 july 2010 
at 1 100am at mere court hotel and conference centre warrington 
road mere knutsford cheshire wa16 0rw
details of the business of the agm and the resolutions to be proposed 
will be sent to shareholders
shareholders will be asked to approve the directors’ remuneration 
report and the reelection of david wallis ishbel macpherson and 
claudio veritiero to the board
other resolutions will include proposals to renew for a further year 
the directors’ general authority to allot shares in the company to 
allot a limited number of shares for cash on a nonpreemptive basis 
and to buy back its own shares and resolutions to amend the articles 
of association
share price informationperformance
the latest share price is available at wwwspeedyhireplcuk 
by selecting ‘our shares’ under the investor information section 
shareholders can check the value of their shareholding online or 
review share charts illustrating annual share price performance trends
shareholders can download copies of our annual report and 
accounts and interim accounts from wwwspeedyhireplcuk
shareholders within the uk can also use teletext and the ft cityline 
service telephone 09058 171 690 please note this is charged at 
premium rate
shareholders analysed by number of shares held 
as at 18 may 2010
 total  total percentage
 number  percentage number of issued 
balance ranges of holdings of holders of shares capital
11000 746 2815 366615 007
10015000 820 3094 2305627 045
500110000 318 1200 2520391 049
1000150000 453 1710 10577108 205
50001100000 77 291 5599504 108
100001500000 132 498 30821356 596
5000011000000 34 128 24610041 476
1000001 and above 70 264 440415024 8514
total 2650 100 517215666 100
shareholders analysed by type of holding 
as at 18 may 2010
 number  percentage number percentage
holder of holdings of holdings of shares of shares
directors 9 034 5729502 112
private individuals 1865 7038 17 018198 329
nominee accounts 693 2604 477 286278 9228
institutions and 
investment companies 61 230 12795219 247
other organisations 25 094 4386469 084
total 2650 100 517215666 100
 figures includes david galloway who resigned on 31 may 2009
electronic communications
speedy off ers shareholders the opportunity to receive electronic 
notifi cation of the company’s latest press releases via email to take 
advantage of this service you will need to register online to register 
log on to wwwspeedyhireplcuk click on the investor section of 
the website and register for news
enquiries on shareholdings
any administrative enquiries relating to shareholdings in speedy 
such as dividend payment instructions or a change of address 
should be notifi ed direct to the registrar see details on page 103 
your correspondence should state speedy hire plc and the registered 
name and address of the shareholder for further details of the 
shareholder services off ered by our registrars visit wwwshareviewcouk
contact details
we are happy to answer queries from current and potential 
shareholders similarly please let us know if you wish to receive 
past present or future copies of the annual report and accounts 
please contact us by telephone email fax or via the website
speedy hire plc
chase house
16 the parks
newtonlewillows
merseyside
wa12 0jq
telephone 01942 720000
facsimile 01942 402870
email plcadminspeedyhirecom
wwwspeedyhireplcuk
investor information annual report and accounts 20 1 0 speedy hire plc  103
registered office and advisers
registered office
speedy hire plc
chase house
16 the parks
newtonlewillows
merseyside
wa12 0jq
telephone 01942 720000
facsimile 01942 402870
email plcadminspeedyhirecom
wwwspeedyhireplcuk
registered number 927680
financial advisers
nm rothschild  sons limited
1 king william street
london
ec4n 7ar
stockbrokers
kbc peel hunt
1 1 1 old broad street
london
ec2a 1ph
oriel securities limited
125 wood street
london
ec2v 7an
legal advisers
pinsent masons llp
1 park row
leeds
ls1 5ab
auditors
kpmg audit plc
st james square
manchester
m2 6ds
bankers
barclays commercial bank
1st floor
3 hardman street
spinningfi elds
manchester
m3 3hf
the royal bank of scotland plc
corporate banking
1 spinningfi elds square
manchester
m3 3ap
public relations – financial
hudson sandler
29 cloth fair
london
ec1a 7nn
public relations – trade
citypress
2nd floor
bank house
faulkner street
manchester
m1 4eh
registrars and transfer office
equiniti limited
aspect house
spencer road
lancing
west sussex
bn99 bda
insurance brokers
marsh uk limited
1 city road east
manchester
m15 4pn
investor information 104  speedy hire plc annual report and accounts 20 1 0
investor information
awa rd s
awards
2010
hire association europe – environmental initiative – winner 
hire association europe – excellence in training – 
high commendation
the environment and energy awards – best sustainability 
communications campaign award – highly commended
green organisation – green hero
2009
green apple award for environmental best practice
business in the community – reaccreditation of ‘big tick award’ 
for responsible marketing
british safety council – international safety award
hire association europe – catalogue of the year
coins – supplier of the year
2008
hire association europe – hire company of the year over fi ve outlets
hire association europe – best contribution to environmental issues
bsif safety awards – service excellence
national business awards – finalist business of the year
institute of directors – north west director of the year 
steve corcoran
european rental association – european rental person of the year 
steve corcoran
business in the community – reaccreditation of ‘big tick award’ 
for responsible marketing
business in the community – silver ranking in the top 100 companies 
corporate responsibility cr index 2008
2007
corpcomms awards – annual report 2007
national business awards – winner marketing strategy of the year
business in the community – ‘big tick award’ for responsible 
marketing
hire association europe – best contribution to health and safety 
andor environmental issues
contract journal – plant hire company of the year
the observer’s good company guide – number one ethical 
investment choice
plc awards – best investor communications strategy 2007
business in the community – silver ranking in the top 100 companies 
corporate responsibility cr index 2007
investor information overview
02 speedy at a glance
04 speedy figures 
06 efficiencies and savings
08 customer intimacy
10 wins and revenues
12 partnerships and opportunities 
13 markets and diversification 
14 our people
16 safety 
17 speedy spirit
business review
18 chairman’s statement
20 chief executive’s review 
24 principal risks and uncertainties
25 stratton report
30 our performance 
36 group financial review 
40 corporate responsibility
governance
46 board of directors
48 directors’ report 
51 corporate governance
56 remuneration report
64 audit committee report 
65 nomination committee report 
66 independent auditors’ report
financial statements
68 consolidated income statement
69  consolidated statement of comprehensive income
70 consolidated balance sheet
71 company balance sheet
72 consolidated cash flow statement
73 company cash flow statement
74  consolidated statement of changes in equity
75  company statement of changes in equity
76 notes to the financial statements
 1 01 fiveyear summary
investor information
 1 02 shareholder information
 1 03 registered office and advisers
 1 04  awards
ibc  accreditations and memberships
speedy content s
overview governance business review financial statements investor information
accredit ation s
i so a ccredit ation s
i so 9001
speedy asset services limited
speedy engineering services limited
i so 14001
speedy asset services limited
speedy engineering services limited
i so 18001
speedy asset services limited
speedy engineering services limited
i so 17020
speedy asset services limited
partial accreditation only
i ndu stry s upplier a ccredit ation s
achilles linkup – rail supplier qualification and verification scheme
achilles uvdb – utilities prequalification scheme
achilles building confidence – construction prequalification scheme
fpal – oil and gas industry prequalification scheme
constructionline – uk register of prequalified construction services
chas – the contractors health and safety scheme
safecontractor – the contractor accreditation scheme for business
safehire – hae hire and rental certification scheme
mem ber ship s
p rofe ssion al body a nd tr ade associ ation me mbers hip hae hire association of europe
pasma prefabricated access suppliers and manufacturers association
leea lifting equipment engineers association
operc offhighway plant and equipment research centre
era european rental association
bsc british safety council international asset services
cbi confederation of british industry steve corcoran member  
of construction council
ftse4good
bitc business in the community
cpa contractors plant association
british water authority
federation of communication services
mpba modular and portable building association
a ccred it a t ions and mem bersh ips
investor information
printing and paper this report has been printed in the uk by the colourhouse our printers 
are accredited with the iso14001 and hold full fsc chain of custody they are also carbon 
neutral all inks used are vegetablebased the paper used is heaven 42 which is fully 
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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 wwwspeedyhireplcuk
designed and produced by the college  wwwthecollegeukcom
cert no xxxxxx000 annual report and accounts 2010 wwwspeedyhireplcuk
speedy hire plc  annual report and accounts 2010


Summary:
 20  speedy hire plc annual report and accounts 20 1 0
business review
chief executive’s review
steve corcoran
chief executive
overview
throughout the past fi nancial year we have consolidated our 
marketleading position with clients in the uk both construction and 
nonconstruction whom we saw as being the principal benefi ciaries 
of a polarising market in the short term and a consolidating one over 
the longer term this has been accompanied with an unstinting focus 
on delivering the objectives we outlined last year namely to maximise 
revenues optimise costs generate cash and reduce bank debt 
in the fi rst half we concentrated on restructuring our business and 
whilst it has been a diffi  cult year it is pleasing to report that we have 
delivered on our objectives the cost base has been reduced from 
a £464m run rate at july 2008 when we fi rst initiated our cost 
reduction programmes it now stands at £3486m and whilst some 
of this reduction can be explained by lower revenue £80m has been 
achieved as a result of specifi c management actions net bank debt 
at the year end was less than £120m down from a peak of £3018m in 
august 2008 and £1291m below the march 2009 fi gure underpinned 
by a hire fl eet with a net book value of £2469m additionally we 
realised £27m of profi ts from asset sales which confi rms the 
appropriateness of the group’s balance sheet valuations tight control 
was also maintained over capital expenditure down 417 on the 
prior year
 
having completed the closure of 37 depots and 14 workshops the 
removal of 322 vehicles and a 317 reduction in employee headcount 
over a 12 month period the business was able in the second half 
to concentrate on reinforcing its market leading position in the year 
we have secured over 212 new or renewed awards with a projected 
value of £170m including recent contract wins with costain plc 
galliford try plc and willmott dixon ltd together with secured 
agreements with connaught plc and spice plc in the uk and al 
futtaim carillion in the uae these have been complemented 
with signifi cant awards in nonconstruction activities including a 
£7 5m award from exxonmobil and a £4m award from welsh water plc 
revenues from nonconstruction activities now account for 35 
of our turnover 
 
we will continue to keep a tight rein on costs diligently control 
capital expenditure and manage our cash prudently whilst sensitivity 
remains in respect of the future outlook for some of the markets 
that we serve the early and determined action undertaken by 
management has ensured that the business is now very strongly 
placed to benefi t from the eventual upturn 
strategy
in the shortterm whilst economic uncertainty prevails we will 
continue to manage our business very conservatively maintaining 
a tight control over costs and cash management in parallel we will 
continue to consolidate our market leading position with those best 
placed to support the regulatedprivately fi nanced markets in energy 
business review annual report and accounts 20 1 0 speedy hire plc  21
transport waste and water and also with the key operators involved 
in the supply of services to food retailing the communications sector 
and essential repair and maintenance many of these activities require 
equity investment generally through pfippp or are undertaken 
through joint ventures or framework agreements which typically lend 
themselves to the larger construction and engineering groups where 
speedy enjoys a market leading position with the top 50 construction 
companies accounting for 27 of our turnover 
over the longer term our strategy is to position speedy as an 
international service provider this will be achieved by building 
upon the trusted relationships established over 33 years serving 
construction and industry our clients hire to mitigate the risks that 
they associate with the fi nancial liability operational management 
and compliance risk of ownership they choose speedy because we 
have the fl eet quality the operational network and the product range 
together with a commitment to health and safety sustainability and 
quality that best supports their objectives however in isolation hiring 
does not remove all risk if hired equipment is given to someone 
inadequately trained in its use they could break it fail in their task 
or cause injury to themselves or others eff ectively exchanging 
one risk for another speedy has instigated the off er of training and 
consultancy services to complement the use of the hired asset we 
will also use our purchasing power to provide clients with consumable 
products eg drill bits saw blades and personal protection 
equipment or safety wear to operate equipment safely each of 
which is integral to the use of an asset but which are typically ordered 
separately incurring additional cost and disruption to our client
this more integrated solution will also be enhanced with the provision 
of test and inspection services to provide for the planned service and 
maintenance needs of both owned and hired equipment our goal is 
a full service based off ering built around the provision of the hired 
asset and delivered by leveraging the strength of the speedy brand 
whilst at the same time extending the size of the market in which 
speedy operates this more integrated off ering clearly diff erentiates 
speedy from its peers
funding plan
our business is a strong generator of cash with net operating cash 
fl ow of £524m for the year to 31 march 2010 our fi nancial model 
provides for the utilisation of operating cash fl ows to self fi nance new 
fl eet requirements in a period of non growth this has enabled new 
fl eet investment during the year and yet still allowed us to reduce 
debt by £5m more than anticipated in november 2009 
at our interim presentation in november 2009 we advised the market 
that to support our longterm objective of establishing speedy as an 
international service provider we would adopt a three stage approach 
to funding requirements 
reduction in liability
operating liability
compliance liability
financial liability
derisking 
why customers hire
supply chain
quality control
price control
management costs
availability
consistency
balance sheet
capital outlay 
depreciation
availability
operating costs
purchase costs
health and safety
environmental
testing
regulatory
hirepurchase
we will continue to 
manage our business very 
conserva tivel y  maint aining 
a tight control over costs 
and cash management
business review business review
22 speedy hire plc annual report and accounts 20 1 0
chief executive’s review c ontinued
in the short term and until there is clear evidence that a  
sustainable recovery is underway in uk construction we will 
continue to manage our cash conservatively funding uk capex 
to support our service level requirements from the cash generated 
by operations the balance will continue to be used to pay 
down debt or to fund our fledgling operation in the middle east 
in the last financial year the business invested £7 7m in this 
operation which generated £24m in revenues and achieved a 
turnover run rate of c£10m per annum at the period end
investment in the hire fleet for growth is not planned until we see  
a more sustainable recovery in uk construction activity which 
we forecast will not occur until at least the 201 112 financial year 
over the longer term 2015 we would expect to have  
secured sufficient future contracts with longer term visible 
revenues that enjoy a transparency in earnings that will support 
additional funding 
in the meantime we will continue to concentrate on generating 
strong cash fl ow and maintaining the strength of the balance sheet 
whilst we develop our longterm plans to build the business into a 
fully recognised outsource service provider and establish appropriate 
longterm fi nances to support such plans
corporate responsibility
the safety and well being of our employees our clients stakeholders 
and the communities in which we operate continues to be at the 
forefront of what we do our values the ‘speedy spirit’ embody 
the way that we want to do business and be seen to do business 
we believe that good corporate responsibility can be measured by 
a company’s commitment to its values even when economically 
pressed we are pleased to be able to stand up to this test in 2009 
we set ourselves four primary objectives for the year by design these 
were intended to be three year stretching targets our performance 
to target is as follows
customer retention 100 achieved 100 retained 
emissions per vehicle 100 achieved reduced by 6 
accident loss frequency rate 43 achieved reduced by 27 and 
rehabilitation agenda 100 achieved training provided for  
200 prisoners
we acknowledge that work still remains to be done our 2010 
corporate responsibility report will be available in july 2010 and will 
provide greater detail on these achievements and also outlines our 
objectives for the coming year you will be able to view this report 
at wwwspeedyhireplcuk 
speedy is also the acknowledged leader in its fi eld for the provision 
of health and safety guidance and innovation in safety design as 
evidenced by our award winning ‘safety from the ground up’ 
campaign an example of this is our initiative in response to site 
related handarm vibration risks where speedy sourced and assisted 
with the design of an innovative meter which records and registers 
vibration whilst machinery is in use helping to protect the user 
from excessive exposure and the employer with improved safety 
management and risk control measures we now have over 285 of 
these on hire and they are specifi ed by clients such as balfour beatty 
bam nuttall and carillion 
our own safety record continues to improve with our all major 
accident frequency rate reducing from 59 to 43 a reduction of 
27 positioning speedy at the forefront of our industry 
we remain resolute in our determination to provide solutions to 
support sustainability initiatives in conjunction with erm ltd the 
world leading environmental and sustainable development 
consulting service in the supply of data relating to carbon reduction 
and sustainability we launched our new ‘go’ initiative this industry 
fi rst provides our clients with a monthly carbon statement detailing 
the carbon usage of the equipment that they have hired and 
provides them with ‘go’ credits which they can use to set targets for 
further reductions if they choose more energy effi  cient less carbon 
emitting products
we also continue to support the organisation ‘business in the 
community’ at a number of levels and continue to be members 
of the ftse4good index
looking ahead
having taken the early and aggressive action to reduce our cost base 
by over £80m from its high of £464m something that we started to 
instigate as early as july 2008 we developed a cost base which has 
enabled us to trade through the substantial diffi  culties that befell our 
industry post the economic and fi nancial turmoil in september 2008 
as the benefi ts of the actions on costs fed through we were able 
to concentrate on consolidating our clear market leading position 
as a result and despite trading off  substantially lower volumes the 
group has been able to deliver a progressive improvement in trading 
throughout the second half of the year ended 31 march 2010 and built 
a much more stable platform from which to move into the current 
calendar year
it is encouraging to note that this stability has continued into this 
fi nancial year and that volumes on hire at the end of april 2010 were 
broadly in line with those of april 2009 whilst we expect to see 
a further slight reduction in overall construction volumes this year 
we expect to see our trading position maintained this will be 
underpinned by private and regulated industry spending on 
infrastructure orders from this sector continue to show growth out 
to 2014 and whilst there will be a signifi cant reduction in public sector 
spending from current levels we do not anticipate the impact of this 
action will be felt until 201 1 as ongoing contracts will continue to 
business review annual report and accounts 20 1 0 speedy hire plc  23
as the year progresses and should the economic outlook 
continue to improve we expect new opportunities to emerge 
from outsourcing we will also maintain the development of our 
fl edgling activities in branded  advisory services and gradually 
progress our business in the middle east which is underpinned by 
the fi ve year exclusive strategic services agreement with al futtaim 
carillion in summary whilst the shortterm outlook is not without 
its challenges we are confi dent that we will continue to develop 
our overall strategic objectives and position our business as a full 
outsourcing partner building upon our uk market leading 
position for asset services in rental 
steve corcoran
chief executive
uk  ireland
provide solid levels of activity until then at that point all market 
forecasters predict that the private sector will have reestablished 
its traditional position as the construction industry’s principal client 
sector as a sector agnostic business speedy will follow this transition 
as our clients move towards contracts in support of private clients 
we expect this to manifest itself fi rst in spending associated with the 
energy water waste and transport especially rail sectors followed 
by the major food retailers
given our key relationships with those clients that continue to increase 
market share in their particular markets and given the progressive 
improvement in trading in h2 2010 which has continued into 201 1 our 
current expectation is that the business will maintain this momentum 
in the current fi nancial year notwithstanding uncertainty in respect 
of the shortterm economic outlook as ever we will continue to 
concentrate closely on keeping a tight control over costs and will 
retain a clear focus on generating cash
speedy’s
strategy
optimise capital 
structure
longer term 
strategic goals
2010 2011 2012 2013 2014 2015
focus on cash manage costs 
contain capital expenditure 
and improve margins
work with and plan future 
requirements of current 
revolving credit facilities
recognition as a service business
reduce capital intensity further improve return on capital expenditure
shortterm
existing facility 
maturity date
review overall capital structure 
to align funding strategy with 
business priorities 
timeline and strategic goals
our strategy – the building blocks
mid to longer term
june 2012
targeted
revenue
mix
branded 
 advisory 
services
rest of 
world
mena
consider stand alone 
mena fi nancing
geographic diversifi cation product development and enhanced service provision
drive customer intimacy – establish longer term outsourcing agreements
  focus on cash
 communication of strategy
  self fi nance middle east and north 
africa mena operations and 
establish branded  advisory services
an international organisation providing multiple services 
we understand our customers in depth and are ready to adapt to their 
changing needs and markets at any time through superior knowledge 
integrated systems and operational eff ectiveness
business review