Speedy Hire revenue falls 10% to £363m

Speedy Hire plc, the Newton-le-Willows-based tools and equipment hire firm, said its revenue fell 10.6% to £363.6 million in the year to March 31, 2021, and statutory profit before tax fell 40.6% to £12.3 million.

However, the firm said its dividend payments have resumed with a final dividend of 1.40p per share proposed “which recognises the strong recovery in the second half.”

Speedy Hire CEO Russell Down said: I am pleased to report results that are ahead of our expectations in what has been an exceptionally challenging year for customers and colleagues alike.  

“The resilient performance of our business during this unprecedented period is testament to the strength of our model, hard work of all my colleagues and strong operational delivery.  

“Our excellent customer service, including our four-hour delivery commitment, has facilitated a strong recovery in the second half.

“We have had an encouraging start to FY2022 with revenue in April and May c.2% ahead of the equivalent period in 2019. 

“Our strong balance sheet and the actions we have taken to develop our digital and ESG offerings give us confidence for the future.”