Speedy Hire swings to interim loss
By Michele Maatouk
Date: Thursday 21 Nov 2024
(Sharecast News) - Tools and equipment hire firm Speedy Hire said on Thursday that it swung to an interim pre-tax loss amid higher costs.
In the six months to the end of September, the group swung to a pre-tax loss of £2.2m from a profit of £5.6m in the same period a year earlier.
Adjusted pre-tax profit slumped to £0.4m from £5.9m, which the company put down to higher interest costs and some delays in major project opportunities in the joint venture in Kazakhstan.
Revenue declined 2.4% to £203.6m and Speedy Hire maintained its dividend per share at 0.80p.
Chief executive Dan Evans said: "We have delivered resilient results for the first half of FY2025 against a challenging but manageable market backdrop, whilst maintaining investment in our Velocity strategy.
"The group secured significant contract wins and renewals earlier in the calendar year, which will deliver revenue and profit growth in this financial year and beyond.
"The second half has started well with hire revenues for October and November to date, up circa 3% on this time last year. Consistent with prior years, the group expects a strong second half weighting to its hire revenues and profits, as the seasons change and new contracts fully mobilise. It is particularly encouraging that we are mobilising the Amey contract earlier than anticipated, in addition to a strong pipeline of further opportunities that give us confidence in the outlook for the business."
The company expects to meet its full-year expectations, Evans added.
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