Speedy Hire PLC
LSE:SDY
Speedy Hire PLC
Speedy Hire Plc engages in the provision of equipment for hire, sale, and associated services to the construction, infrastructure, and industrial industries. The company is headquartered in Newton-Le-Willows, Merseyside and currently employs 3,428 full-time employees. Its segment includes UK and Ireland, and Corporate. The UK and Ireland segment delivers asset management services. The company provides equipment hire to building and site works, heating, drying ,and cooling, lifting, and handling, pipework and engineering, power tools, and plant and waste management. Its sales include rail, site, survey, tools, and equipment, cutting, grinding, and sanding. The company provides various training, such as access training, powered access training, crane operations and lift training, fire training, first aid training, health, safety and environment training, speedy powered access, confined space training and plant operator training. The company provides a range of services, including aviation services, partnered services, fuel solutions, advisory/technical services, and powered access specialist services.
Speedy Hire Plc engages in the provision of equipment for hire, sale, and associated services to the construction, infrastructure, and industrial industries. The company is headquartered in Newton-Le-Willows, Merseyside and currently employs 3,428 full-time employees. Its segment includes UK and Ireland, and Corporate. The UK and Ireland segment delivers asset management services. The company provides equipment hire to building and site works, heating, drying ,and cooling, lifting, and handling, pipework and engineering, power tools, and plant and waste management. Its sales include rail, site, survey, tools, and equipment, cutting, grinding, and sanding. The company provides various training, such as access training, powered access training, crane operations and lift training, fire training, first aid training, health, safety and environment training, speedy powered access, confined space training and plant operator training. The company provides a range of services, including aviation services, partnered services, fuel solutions, advisory/technical services, and powered access specialist services.
Strategic Deal: Speedy Hire secured its largest-ever commercial agreement with ProService, expected to bring in £50–55 million in annual revenue in its first full year and enhance long-term visibility.
Market Conditions: H1 performance was resilient despite subdued market conditions in construction, with volume in the core hire business down 1.7%.
Financial Outlook: The Board's expectations for the current and next financial year remain unchanged, with second-half profits and revenues expected to be weighted to H2.
Cash Generation: Operating cash conversion from EBITDA exceeded 100%, supporting strong free cash flow and plans to deleverage after the ProService investment.
Dividend: An interim dividend of 0.3p per share was recommended.
Guidance Unchanged: Both October and November trading were in line with expectations, and the company sees a clear path to meeting full-year targets, supported by recent contract wins.
Cost Pressures: Margins were squeezed by wage inflation and higher bad debt provisions, but cost controls and business transformation continue.
Technology & Integration: Significant progress made on tech investments, digital integration, and ongoing ProService integration expected to continue into H2.
