Speedy update
10 April 2024
In a trading update issued this morning for the year ended 31 March 2024, Speedy Hire says it has weathered a challenging period across its core construction market and other sectors, aggravated by wider macroeconomic uncertainty.
Total group revenue of approximately £420 million was down by around 5% against the previous year, impacted by an underperformance from its regional customer base, a reduction in wholesale fuel prices and the performance of seasonal products, which was affected by a mild winter.
Construction sector challenges mean that revenues from regional customers closed 6% down year-on-year, although these stabilised in the last quarter of the year and during subsequent trading. Revenues from national customers, whilst declining in the last quarter, have continued to trade positively year-on-year.
The company has now closed its physical presences in B&Q home improvement retail stores, with hire equipment now available via a digital platform in B&Q’s outlets and on its website.
The Green Power Hire battery energy storage supplier, which Speedy acquired in October, https://www.alanguthrieonhire.com/cgi-bin/site-eco-full-details.pl?article_ref=3887&article_title=Speedy-acquires-Green-Power-Hire is said to be performing in line with expectations and last month Speedy showed the first H-Power generator arising out of its Speedy Hydrogen Solutions joint venture partnership with AFC Energy. https://www.alanguthrieonhire.com/cgi-bin/site-eco-full-details.pl?article_ref=3952&article_title=Speedy-confirms-hydrogen-joint-venture
Looking ahead, Speedy says it has secured additional annual turnover in excess of £40m across multi-year contracts with new and existing customers. It believes it remains well-positioned to gain from the anticipated recovery in the second half of the current financial year.
The group expects to announce its final full-year results in mid-June.
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