“Speedy Hire Sees Profits Decline Amid Inflationary Pressures”
“Specialist in tools and machinery, Speedy Hire, has announced a significant decrease in profit due to rising costs and a challenging macroeconomic environment.
The company, headquartered in Newton-le-Willows, reported a 52% drop in adjusted pre-tax profit to £14.7 million. Revenue also declined by 4.3% to £421.5 million, with adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) falling by 6.8% to £96.8 million.
CEO Dan Evans commented that Speedy Hire, a major supplier of tools and equipment in the UK and Ireland, had achieved a resilient financial performance and made strategic progress despite the difficult economic conditions. He highlighted ongoing efforts to enhance the customer experience through technology investments, sustainable product offerings, and talent development to drive profitable growth.
Evans noted that the company’s performance in the new financial year met board expectations and slightly exceeded last year’s results. He also mentioned securing new contracts and renewals with key customers post-year-end.
This news follows a challenging period for Speedy Hire and the broader UK construction sector, facing inflationary pressures, softer demand, and milder winter weather.
The company’s shares have declined by over 15% this year, following a profit warning in January that revised half-year forecasts downward. Aberforth partners, based in Edinburgh, increased their stake in the company from 5.95% to 10.31% in February, taking advantage of the share price decline. Speedy Hire has proposed a full-year dividend of 2.6p per share, consistent with the previous year.
Speedy Hire anticipates a second-half weighting to its revenue and profit as it embarks on new contracts secured over the past year.
Despite challenges, there have been positive signs for construction firms, with the sector’s purchasing managers’ index (PMI) reaching a 14-month high, driven by growth in civil engineering and commercial construction.”
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“Speedy Hire Sees Profits Decline Amid Inflationary Pressures”
“Specialist in tools and machinery, Speedy Hire, has announced a significant decrease in profit due to rising costs and a challenging macroeconomic environment.
The company, headquartered in Newton-le-Willows, reported a 52% drop in adjusted pre-tax profit to £14.7 million. Revenue also declined by 4.3% to £421.5 million, with adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) falling by 6.8% to £96.8 million.
CEO Dan Evans commented that Speedy Hire, a major supplier of tools and equipment in the UK and Ireland, had achieved a resilient financial performance and made strategic progress despite the difficult economic conditions. He highlighted ongoing efforts to enhance the customer experience through technology investments, sustainable product offerings, and talent development to drive profitable growth.
Evans noted that the company’s performance in the new financial year met board expectations and slightly exceeded last year’s results. He also mentioned securing new contracts and renewals with key customers post-year-end.
This news follows a challenging period for Speedy Hire and the broader UK construction sector, facing inflationary pressures, softer demand, and milder winter weather.
The company’s shares have declined by over 15% this year, following a profit warning in January that revised half-year forecasts downward. Aberforth partners, based in Edinburgh, increased their stake in the company from 5.95% to 10.31% in February, taking advantage of the share price decline. Speedy Hire has proposed a full-year dividend of 2.6p per share, consistent with the previous year.
Speedy Hire anticipates a second-half weighting to its revenue and profit as it embarks on new contracts secured over the past year.
Despite challenges, there have been positive signs for construction firms, with the sector’s purchasing managers’ index (PMI) reaching a 14-month high, driven by growth in civil engineering and commercial construction.”