Speedy Hire has announced its audited financial performance for the year ending March 31 2025. The results demonstrate a somehat negative trend, however...
In terms of topline numbers, the company made a pre-tax loss of £1.5m - some £6.6m adrift of the previous year. Revenue, meanwhile, finished at £416.6m - although the company managed £421.5 in FY2024. Net Debt showed a marked increase on 2024, £113.1m in FY2025 vs £101.3m in FY2024. Lastly, operating profit finished at £13.4m for the year, again showing a negative variance of £1.5m compared to the previous year.
The financial disparities are the result of rising costs, challenging market conditions and increased investment in the hire fleet - the company spent £57.5m on new equipment in FY2025, an improvement on the £42.5m invested in FY2024,.
Commenting on the results, Speedy Hire Chief Executive 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."
https://www.speedyservices.com/