IN BRIEF: ProService loss widens in "year of transition"
ProService Building Services Marketplace PLC - Manchester, England-based operator of a digital marketplace for customer and supplier acquisition, formerly known as HSS Hire - Reports revenue of £248.1 million for the year ended March 31, down from £362.8 million for the 15 months ended March 31, 2025. Pretax loss widens to £18.3 million from £481,000. Underlying loss before interest, tax, depreciation and amortisation is £427,000, swung from earnings of £12.5 million. ProService notes that the period was "a year of transition to a pure-play marketplace freed from the constraints of an asset-owning hire business via the disposal of The Hire Service Co...and the new commercial agreement with Speedy Hire". Revenue for the first four months of 2027 is up 20% on-year, "ahead of management expectations," and ProService reaffirms prior guidance of underlying Ebitda between £9 million and £12 million.
"Following the year-end, the group completed a refinancing exercise which provides the group greater financial flexibility to execute its strategy, as the previous facilities were due to be repaid in September," Chief Executive Tom Shorten notes. "These complex transactions have set the group up for profitable growth, ensuring we can offer our buyers unrivalled access to hire, training, equipment, fuel and building materials. Despite the subdued prevailing UK market conditions, the group is performing ahead of management expectations, supported by the growth in Speedy Customer Solutions revenue streams and a resilient performance across the rest of the business."
He adds that full-year adjusted Ebitda in line with management guidance "will set the business up for strong growth and cash generation in FY28 and beyond."
Current stock price: 2.40 pence, down 2.4% in London on Tuesday
12-month change: down 73%
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