For the year to 31st March 2025 Speedy Hire made a pre-tax loss of 拢1.5m (2024: 拢5.1m profit) on revenue down 1% at 拢416.6m (2024: 拢421.5m).
Operating profit was 拢13.4m (2024: 拢14.9m) but this was eroded by finance costs increasing to 拢15.9m (2024: 拢12.7m).
It also spent 拢6.6m on 鈥榯ransformation costs鈥� and 拢1.2m on restructuring.
Net debt increased by 拢11.8m from 拢101.3m at the beginning of the year to 拢113.1m at 31st March 2025, due to increased hire fleet capital investment and transformation costs
Investment in hire inventory increased from 拢42.5m in financial year 2024 to 拢57.5m last year. It expects to invest a similar amount this year.
Chief executive Dan Evans said: 聽鈥淲hilst the macro-economic environment has remained challenging during the year, with delays in government spending across a number of key sectors and projects, there are positive growth opportunities for the group as we go into FY 2026 and beyond, with a promising pipeline of new and existing customers who should benefit from increased government and private sector spending on infrastructure and construction projects.鈥�
He added: 鈥淲e 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.鈥�
Got a story? Email news@theconstructionindex.co.uk
