Speedy Hire’s results for the six months to 30th September 2024 show a pre-tax loss of £2.2m (2023: £5.6m profit) on revenue down 4% at £203.6m (2023: £208.5m)
Operating profit was down roughly 50% at £4.6m (2023: £9.4m).
The pre-tax loss was attributed to one-off costs of £2.3m associated with implementing a new strategy, which it calls ‘Velocity’.
There was also increased fleet investment in the period, including £7m on specialist powered access and £5m on battery storage units.
Total capital expenditure during the period totalled £40.4m (2023: £22.4m), of which £35.6m (2023: £17.6m) related to equipment for hire, and £4.8m related to non-hire property, plant and equipment (2023: £4.8m).
However, the full year results remain on course to meet expectations, with a bounce-back in the second half, as chief executive Dan Evans explained. "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,” he said.
“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.”
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