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Highlights

  • SDY reported FY25 revenue of GBP 416.6m, down 1.2% YoY from GBP 421.5 million in FY24.
  • The company maintained total FY25 dividend at 2.60p, with 1.80p final dividend.
  • Speedy Hire to launch Temporary Site Solutions (TSS) business in FY26.

Speedy Hire Plc (LSE:SDY), a UK-based provider of tools, equipment, and services to construction and industrial markets, reported audited results for the full year ended 31 March 2025. The company experienced a modest drop in total revenue, impacted by macroeconomic uncertainty, delays in infrastructure projects, and increased interest costs.

In the financial year 2025 (FY25), the company reported total revenue of GBP 416.6 million, down 1.2% YoY from GBP 421.5 million in FY24. However, revenue excluding fuel rose by 1.3% YoY to GBP 386.4 million. Within this, hire revenue rose slightly by 0.6% YoY, and services revenue (excluding fuel) increased by 4.5% YoY. Lloyds British, the Group’s testing, inspection, and certification business, achieved 5.8% YoY revenue growth.

Speedy Hire noted challenging conditions in major infrastructure projects due to delayed government spending. Despite this, the company said it gained market share and saw growth in trade and retail customers, though this growth was slower than anticipated.

Adjusted EBITDA was broadly stable, with a slight increase in margin to 23.3% YoY, up from 23.0% YoY last year. However, adjusted profit before tax dropped to GBP 8.7 million, compared to GBP14.7 million in FY24. The decline was attributed to higher interest costs and a reduced contribution of GBP 1.0 million from the Group’s Kazakhstan joint venture, down from GBP 2.9 million in the prior year. Reported loss before tax stood at GBP 1.5 million, versus a profit of GBP 5.1 million in FY24.

Adjusted earnings per share fell to 1.41 pence (FY24: 2.35 pence), reflecting the decline in profitability. Underlying operating cash flow totalled GBP 91.8 million, down from GBP 100.2 million in the prior year, representing 94.5% conversion from EBITDA. Free cash flow declined, primarily due to increased investment in the hire fleet up GBP 8.7 million compared to FY24 to support contract growth and business transformation initiatives.

Net debt increased to GBP 113.1 million, compared to GBP 101.3 million a year earlier. After the reporting period, Speedy Hire secured a new GBP 225 million financing facility. The company updated its capital allocation policy to support growth ambitions, setting a target leverage range of 1.0x to 2.0x. The Board recommended a final dividend of 1.80 pence per share, bringing the total FY25 dividend to 2.60 pence, unchanged from the previous year.

Speedy Hire continued to progress with its Velocity transformation strategy during the ‘Enable’ phase. The company said it has been investing in digital infrastructure, including trials and rollout of system-led logistics and collaborations with PEAK AI to improve pricing and asset management.

A new specialist business Temporary Site Solutions (TSS) is set to launch during FY26. The company also highlighted its continued investment in sustainable fleet operations and its position in environmental, social, and governance (ESG) initiatives. Speedy Hire renewed and extended multiple multi-year contracts during the year and reported a promising pipeline of opportunities with both existing and new customers. Management stated that while market conditions remain uncertain, the Board remains confident in meeting its FY26 expectations.