Interim Results

1
BRANDON HIRE PLC

• Interim Results
• For the half year ended
• 30th June 2004

2
OverviewCharles SkinnerChief Executive
3
A Strong Six Months

• Record results
• Organic growth of 15
• Strategy on track with nationwide coverage
• Further expanded branch network
• Strengthened market position

4
Financial OverviewChris SimsFinance Director
5
Key Financials

• PBT doubled to 2.0 million
• Interim dividend up by 7 to 1.5p
• Increase in operating margin to 11.3
• 3.4 million net of expenses raised by the
  placing of 3 million shares

6
Profit and Loss Accountfor the 6 months ended 30
June 2004 (unaudited)
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Balance Sheetas at 30 June 2004 (unaudited)
8
Cash Flow Statementfor the six months ended 30
June 2004 (unaudited)
9
Cash Flow Statement Cont for the six months
ended 30 June 2004 (unaudited)
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Financial KPIs

• Return on cost of fleet 159 of turnover
• Productivity rates up 8 per employee
• Headcount closely managed
• Focus on return on invested capital
• Visible, high quality earnings

11
Current Trading and Strategic Update Charles
SkinnerChief Executive
12
Current Trading

• Turnover and profit for July / August at record
  levels
• Sole supply agreement worth over 2m pc signed
  with EMCOR Drake and Scull Group plc
• New acquisitions fully integrated into the
  business
• Strong market conditions continue

13
Sound Rationale for Growth

• Existing customers want broader network
• National coverage is attractive for new larger
  customers
• Opportunity to increase margins
• Career development for ambitious staff
• Strong market with fragmented competition
  provides growth environment
• Cash generation provides funding

14
Growth Strategy

• Acquisitions - 8 acquisitions made in the year to
  date
• Acquiring customer relationships
• Staff in place
• Appropriate properties
• Typically contributes financially from day one
• Many options at the moment
• Greenfields 10 new branches opened in the first
  half
• Initial loss making period
• No cultural issues
• Can choose staff

15
Achieving National Coverage
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Summary

• Delivering 25 compound growth for the last ten
  years
• Strong results secured as market conditions
  improved
• Opportunity to increase operating margins
• Effective controls ensure continued generation of
  impressive ROI
• Strongly cash generative, well funded, further
  growth to come