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Speedy Hire slips to loss after investment push but trading improves

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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.



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