Published On: Wed, Apr 10th, 2024

Speedy Hire revenue dips as warm winter hits tool rental firm | Personal Finance | Finance

Tool and equipment rental firm Speedy Hire has reported a dip in revenue, citing a mild winter and “challenging market.”

conditions. Despite this, the company expects to meet the lower end of its profit expectations.

Revenue fell by around five percent to approximately £420 million in the year to March 31. The company attributed the decline to underperformance in regional bases, reduced wholesale fuel prices, and lower income from seasonal products due to the warm weather.

“The group has performed resiliently in the year against a challenging market backdrop and wider macroeconomic uncertainty,” Speedy Hire said.

“The cost inflation and softer demand faced across much of the construction sector mean that revenues from our regional customers closed six percent down year-on-year, although these stabilised in the last quarter of the year and in the 2025 financial year trading to date.”

“Revenues from our national customers whilst declining in the last quarter had continued to trade positively year-on-year.”

Speedy Hire has secured new long-term contracts that are expected to contribute £40 million to annual turnover once fully implemented. The company is in the midst of a major transformation plan, which it admits comes with “significant cost”.

Speedy has promised to disclose the full financial impact at the year’s end.

The overhaul has already set the firm back £2 million due to trading losses and closure costs associated with altering its partnership with B&Q.

Speedy has exited all 22 of its concessions within B&Q stores, pivoting to a digital hire service accessible across all B&Q and Tradepoint locations.

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