|
Speedy Hire PLC on Wednesday said it expects to report annual results at the lower end of board expectations, as it grappled with ‘cost inflation and softer demand’. The Merseyside-based tools and equipment hire service company expects to post total revenue of £420.0 million for the year ended March 31, a 4.7% decrease from £440.6 million. In a trading statement, it said ‘cost inflation and softer demand’ in the construction sector meant revenue from its regional customers fell 6% on-year. It noted this has since ‘stabilised in the last quarter of the year and in [financial 2025] trading to date’. ‘Revenues from our national customers whilst declining in the last quarter had continued to trade positively year-on-year,’ Speedy Hire added. The company said: ‘The momentum from securing major opportunities and progressing operational efficiencies, positions the group well to benefit from the anticipated recovery of the wider macroeconomic environment during the second half of [financial 2025]. ‘As a result, while the group expects to report results for the year towards the lower end of the board’s expectations, it is encouraged by the commercial progress in the business.’ Speedy Hire shares fell 2.7% to 24.66 pence each in London on Wednesday morning. In January, the company had said it expected full-year profit to be ‘below its previous expectations’, which it did not outline at the time. Copyright 2024 Alliance News Ltd. All Rights Reserved.
|
