Speedy Hire plc, the Newton-le-Willows-based tools and equipment hire firm, said its revenue fell 2.4% to £203.6 million in the six months to September 30, 2024.

First-half adjusted profit before tax fell to £400,000 from £5.9 million. Interim dividend was maintained at 0.80p per share.

Speedy Hire said the fall in adjusted profit was due to “operational gearing impact of the shortfall in revenue, coupled with the investment in people costs in the first half” and “Kazakhstan joint venture down due to project phasing” as well as “higher interest costs due to the increase in net debt …”

The company’s shares fell about 6%.

However, Speedy Hire CEO Dan Evans said: “We have delivered resilient results for the first half of FY2025 against a challenging but manageable market backdrop, whilst maintaining investment in our Velocity strategy.

“The Group secured significant contract wins and renewals earlier in the calendar year, which will deliver revenue and profit growth in this financial year and beyond.

“The second half has started well with hire revenues for October and November to date, up c.3% on this time last year. Consistent with prior years, the Group expects a strong second half weighting to its hire revenues and profits, as the seasons change and new contracts fully mobilise.

“It is particularly encouraging that we are mobilising the Amey contract earlier than anticipated, in addition to a strong pipeline of further opportunities that give us confidence in the outlook for the business.

“The Board anticipates the Group meeting its full year expectations.”