Speedy Hire sales and profit dip

Speedy Hire plc, the Newton-le-Willows-based tools and equipment hire firm, reported a drop in full-year sales but said growth would return in the second half of this financial year. 

It said group revenue fell 4% to £421.5 million in the last financial year, partly due to “a softening in regional customer markets.” It reported adjusted profit of £14.7 million, down from £30.7 million a year ago, “impacted by high operational gearing.” 

The company said it had seen “a challenging market backdrop” during the year, but cited significant contract wins and renewals. 

The company said the current financial year had started well and was marginally ahead of last year, and it expects “a second half weighting to its revenues and profits as we mobilise the significant contracts won in FY2024.”

Dan Evans, Chief Executive, said: “Speedy delivered a resilient financial performance, making positive strategic progress over the year, despite the challenging macro-economic environment. The new financial year has started well with performance in line with Board expectations and I am pleased that since the year end, we have also secured further contract wins and renewals with key customers.”