Speedy Hire鈥檚 results for the six months to 30th September 2024 show a pre-tax loss of 拢2.2m (2023: 拢5.6m profit) on revenue down 4% at 拢203.6m (2023: 拢208.5m)
Operating profit was down roughly 50% at 拢4.6m (2023: 拢9.4m).
The pre-tax loss was attributed to one-off costs of 拢2.3m associated with implementing a new strategy, which it calls 鈥榁elocity鈥�.
There was also increased fleet investment in the period, including 拢7m on specialist powered access and 拢5m on battery storage units.
Total capital expenditure during the period totalled 拢40.4m (2023: 拢22.4m), of which 拢35.6m (2023: 拢17.6m) related to equipment for hire, and 拢4.8m related to non-hire property, plant and equipment (2023: 拢4.8m).
However, the full year results remain on course to meet expectations, with a bounce-back in the second half, as chief executive Dan Evans explained. "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,鈥� he said.
鈥淭he 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.
鈥淭he second half has started well with hire revenues for October and November to date, up c. 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.鈥�
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