Speedy Hire slashes dividend as revenue growth stalls in soft markets
Speedy Hire PLC on Wednesday cut its dividend as annual pretax losses mounted, but reiterated guidance after a good start to the new financial year.
The Merseyside, England equipment hire firm said its pretax loss ballooned to £32.3 million in the financial year ended March 31 from £1.5 million the year prior.
Non-underlying costs increased to £17.6 million from £9.6 million, including transformation, restructuring, business disposal expenses. Finance costs grew to £18.6 million from £15.9 million.
Adjusted earnings before interest, tax, depreciation and amortisation fell 12% to £85.4 million from £97.1 million. Adjusted losses per share were 1.71 pence compared to EPS of 1.41p a year before.
Revenue was little changed at £416.1 million compared to £416.6 million a year ago. Excluding fuel, sales increased 3.6%.
‘Group revenue for the year was impacted by the continued softness in our markets; however we continued to gain market share, particularly within our National customer base, securing several significant multi-year contracts,’ Speedy Hire said.
Hire revenue was broadly stable, services revenue rose 4.9% while fuel sales were down year-on-year.
The annual dividend was more than halved to 1.0p per share from 2.6p, including a final payout of 0.70p, down from 1.8p.
Speedy Hire expressed a commitment to progressive dividend growth from financial 2027, with the intention to return to historic levels in line with expected earnings after financial 2028.
The new financial year has started well, with revenue to the end of May around 2% ahead of the prior year and adjusted Ebitda up 13% on-year.
‘Previously announced customer led delays are resolving and the related projects will contribute meaningfully in the first half,’ Speedy Hire said.
The firm reaffirmed market guidance for financial 2027, noting consensus for revenue is £475.3 million and adjusted Ebitda of £117.3 million.
Shares in Speedy Hire fell 2.0% to 19.50p each in London early Wednesday afternoon.
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