Home Finance Speedy Hire slips to loss after investment push but trading improves
Finance

Speedy Hire slips to loss after investment push but trading improves

Share


Speedy Hire slips to loss after investment push but trading improves
Speedy Hire slips to loss after investment push but trading improves Proactive uses images sourced from Shutterstock

Speedy Hire PLC (LSE:SDY) reported a full-year loss after increased investment and higher financing costs weighed on earnings, but said trading in the new financial year had started strongly and remained in line with market expectations.

Revenues for the equipment hire group came in at £416.1 million for the year to 31 March, almost completely flat compared to a year earlier.

Adjusted EBITDA fell 12% to £85.4 million, while the group recorded an adjusted loss before tax of £9.8 million compared with an £8.7 million profit in the previous year. On a statutory basis, the loss before tax widened to £32.3 million from £1.5 million.

Net debt increased to £159 million from £113.1 million, reflecting investment in the hire fleet and the ProService transaction announced last year.

This commercial agreement was said to be trading “encouragingly” and remained on track to deliver £50-55 million of annualised revenue together with “significant” earnings growth in the 2027 financial year.

The company also highlighted continued market share gains, securing more than £90 million of annualised multi-year contract opportunities and a significant long-term contract with Thames Water.

Chief executive Dan Evans said: “We made strong strategic progress in FY2026, gaining market share with multi-year large-scale contracts, investing to support growth and improving the operational resilience of our business model, in spite of challenging market conditions.”

Trading in the first two months of the new financial year showed signs of improvement, with revenue about 2% ahead of last year and adjusted EBITDA up about 13%. The company said previously delayed customer projects were now progressing and would contribute meaningfully in the first half.

The board proposed a final dividend of 0.70p a share, taking the full-year payout to 1.00p, down from 2.60p last year.



Source link

Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Don't Miss

More Than Half of Europeans Are Worried About Their Personal Finances, Driving Spending Cutbacks

BCG's Consumer Sentiment Survey Shows Nearly Two-Thirds of Europeans Are Trying to Reduce Consumption 62% of Europeans Are Willing to Switch Brands for...

Is Your ATM Outdated? 5 Signs It’s Time to Upgrade

BlogMany businesses don't realize their ATM may be limiting revenue and customer satisfaction. Discover five signs your ATM is outdated and learn how...

Related Articles

Eskom Green to seek exemption from finance restrictions as it eyes 32GW renewables push

Access to grid-ready sites gives Eskom Green a head start, but Rivoningo...

Africa Finance Corporation Maintains its…

Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, has...

How Treasury single account will affect county operations

The government will extend the Treasury Single Account (TSA) framework to county...

Four times AI tried to lead my finances astray

Almost a quarter of UK investors use Artificial Intelligence (AI) to help...