AGM Statement
Summary by AI BETAClose X
Speedy Hire Plc
("Speedy Hire", "the Company" or "the Group")
10 September 2026
AGM Statement
Speedy Hire Plc, the UK and Ireland's leading provider of tools, specialist equipment and services, provides an update on the Group's business and trading performance in advance of its Annual General Meeting later today.
Business and trading update
The Group has delivered a resilient performance in the year to date, with revenue to the end of July up 4.6% on the prior year, notwithstanding continuing challenging market conditions, especially in regional and local markets.
Our Velocity strategy and improved platform have enabled us to secure several new large multi-year contracts and we are continuing to gain market share. Whilst we have seen previously announced customer led delays on the mobilisation of large contract wins, these contracts have now mobilised and are growing, albeit the rate of growth in some instances is being impacted by market conditions.
As we announced at our full year results in June, initial trading from our Commercial Agreement with ProService has been encouraging with integration and mobilisation continuing. The Commercial Agreement is closely aligned to our Velocity strategy, enhancing the utilisation of our existing asset base, widening our channel availability, and providing a platform for sustainable growth over the medium-term. Whilst the market overall remains subdued, we are pleased that our conversion is within the agreed range, demonstrating our operational capabilities and the service levels we expect to deliver.
Adjusted EBITDA and operating profit margins are improving, reflecting high operational gearing, continued disciplined cost control and efficiency benefits coming through from the conclusion of the Enable phase of our Velocity strategy.
With the large contracts now mobilised and ramping up, the timing of national customer activity, and our typical seasonal trading patterns, we anticipate a second-half weighting to revenue and profit.
For the full year, the Board expects revenue to be in line and EBITDA to be broadly in line with market expectations. Despite this, the Board is taking a more prudent view of the revenue mix of core hire and services and the level of operating profit margin improvement in FY2027 with increases expected in depreciation as we invest to support the major contract wins. In addition, with leverage still running at the top end of the margin ratchet on the RCF and no expected reduction in UK base rates, the Board also expects interest costs to be higher than market expectations. As a result, adjusted profit before tax for the full year is expected to be towards the lower end of range of current market consensus.
We remain pleased with the Group's progress to date and its ability to win business and gain market share in difficult market conditions. With our focused strategy and improved operating platform, the Group remains well positioned to capitalise on current and future growth opportunities.
Notes:
Market expectations for FY2027 refer to the analyst consensus compiled by the Company, which as at the date of this announcement stands at Revenue of £459.0m, adjusted EBITDA of £111.6m, adjusted Operating Profit of £33.2m and adjusted Profit before Tax of £14.3m, with a range of £4.6m to £20.0m.
Enquiries:
Speedy Hire Plc Tel: 01942 720 000
Dan Evans, Chief Executive
Judith Cottrell, Chief Financial Officer
Teneo Tel: 020 7427 5494
Giles Kernick
Notes:
Explanatory notes:
Inside Information: This announcement contains inside information for the purposes of the Market Abuse Regulation (Regulation (EU) No. 596/2014) as it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018
Forward looking statements: The information in this release is based on management information. This report includes statements that are forward looking in nature. Forward looking statements involve known and unknown risks, assumptions, uncertainties and other factors which may cause the actual results, performance or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Except as required by the Listing Rules and applicable law, the Company undertakes no obligation to update, revise or change any forward looking statements to reflect events or developments occurring after the date of this report.
Notes to Editors: Founded in 1977, Speedy Hire is the UK's leading provider of tools and equipment hire services to a wide range of customers in the construction, infrastructure, industrial, and support services markets, as well as to local trade, and retail. The Group provides complementary support services through the provision of training, asset management and compliance services. Speedy is certified nationally to ISO50001, ISO9001, ISO14001, ISO17020*, ISO27001 and ISO45001. The Group operates from 128 Service Centres and on-site locations across the UK and Ireland and through a joint venture in Kazakhstan. *Lloyds British National Contracts only.
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