Speedy Hire plc, the Newton-le-Willows-based tools and equipment hire firm, said its group revenue fell 1.2% to £416.6 million in the year ended March 31, 2025, “impacted by the challenging markets and slower than anticipated expansion of Trade and Retail.”

This resulted in lower adjusted profit before tax of £8.7 million (FY2024: £14.7m) due to “high operational gearing and the continued investment in people and transformation, which is providing a strong base for future growth.”

Total dividend is maintained at 2.6p per share.

Speedy Hire CEO Dan Evans said: “Despite the macro-economic challenges, we have remained committed to, and in parts accelerated, the implementation of our Velocity strategy during its ‘Enable’ phase, which is setting the foundation for growth opportunities for the benefit of our customers and people, whilst maintaining shareholder returns.

“Our transformation is key to our business, ensuring service excellence, innovation and ease of transacting for our customers, from an efficient and systems driven operating model.  

“We are focused on what we can control, and we will continue to manage our cost base and balance our investment decisions through the economic cycle. We are well positioned to capitalise on end market recovery.

“We anticipate seeing the benefit from a promising pipeline of growth opportunities with new and existing customers, alongside increased commitment and clarity on government spending. The board is confident of achieving its full year expectations.”