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Speedy Hire PLC on Wednesday reported a widening loss and modest revenue rise, which it plans to offset in the second half with the impact of interim contract wins. The Merseyside, England equipment hire firm said pretax loss for the six months to September 30 widened to £15.1 million from £2.2 million. This was driven by increased distribution and administrative costs, which rose 7.9% to £116.8 million from £108.2 million. The company increased investment in the business to deliver on contract opportunities, which has hurt profitability in the short term, Speedy Hire said. Revenue rose 0.8% to £205.2 million from £203.6 million a year ago. A 2.8% increase in the cost of sales outpaced the revenue rise, further hurting the bottom line. The company said revenue for the its Hire segment fell 1.8% to £123.3 million from £125.5 million, which Speedy Hire said was ‘impacted by a challenging market’. Services revenue, excluding fuel, rose 11%. Fuel revenue declined by 51% on the same period last year, as the company transitioned into an agreement for third party supply of fuel deliveries, on which it recognises only a commission element. Speedy Hire declared a 0.30 pence per share interim dividend, a 63% decrease from 0.80p a year ago. The company said this was ‘in line with the previously guided rebasing of dividend payments for the period’ to the end of financial 2028. Looking ahead, the company said it anticipates ‘subdued market conditions’ to continue for the remainder of the financial year. Speedy Hire added that Hire revenues are ‘expected to grow significantly during the second half, benefitting from newly secured contract wins and opportunities’, including agreements with ProService Building Services Marketplace PLC and Thames Water Utilities Ltd. ‘As a result of our strategic progress, recent contract wins and the commercial agreement with ProService, we expect to offset the ongoing subdued market conditions and the board’s expectations for FY2026 remain unchanged. We look forward to FY2027 with confidence,’ Chief Executive Dan Evans said. Shares in Speedy Hire rose 5.1% to 26.60p on Wednesday morning in London Copyright 2025 Alliance News Ltd. All Rights Reserved.
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