Tool and machinery specialist Speedy Hire has reported a significant dip in profit amid cost inflation and a “challenging” macro-economic environment. The Newton-le-Willows-headquartered company said adjusted pre-tax profit had fallen by 52 per cent to £14.7m.
Revenue dipped 4.3 per cent to £421.5m, alongside a 6.
8 per cent decrease in adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) to £96.8m. Chief executive Dan Evans said Speedy Hire, a leading supplier of tools and equipment in the UK and Ireland, had delivered a “resilient financial performance, making strategic progress over the year despite the challenging macro-economic environment.
” “We continue to improve our customer proposition, investing in technology and AI capabilities, sustainable products and our people, to position the Group strongly for profitable growth.” Evans said that performance had been “in line” with board expectations in the new financial year and marginally ahead of last year. “I am pleased that since the year end, we have also secured further contract wins and renewals with key customers,” he added.
It comes after a challenging 12 months for the group, which has struggled along with the wider UK construction sector with inflation, softer demand and warmer weather in the winter months. Shares are down over 15 per cent in the year to date after Speedy Hire issued a profit warning in January that cut half-year forecasts from £13.2m to £5.
6m..
