Trading Update
Speedy Hire Plc has provided a trading update for the year ending 31 March 2026, highlighting strategic progress with a commercial agreement with Proservice Building Services Marketplace Plc expected to generate £50-55m in revenue and be earnings accretive. Despite anticipating subdued market conditions, the company now expects FY2026 EBITDA to be approximately £90m due to worsened market conditions and customer-led delays, with net debt projected at around £159m, including a £35m investment in ProService. Speedy Hire anticipates meaningful deleveraging in FY2027 and remains confident in its outlook for the future.
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Speedy, the UK's leading tools and equipment hire services company, operating across the construction, infrastructure and industrial markets, provides the following trading update for the year to 31 March 2026.
The Group made significant strategic progress in FY2026 including a transformational commercial agreement with the Proservice Building Services Marketplace Plc group ("ProService"), with the integration continuing to progress as planned and the agreement remaining on track to generate £50-55m of revenue and be significantly earnings accretive in its first full year of trading. The Group also concluded the 'Enable' phase of its Velocity strategy re-positioning the business for future growth.
At our interim results on 26 November 2025 we anticipated a continuation of subdued market conditions for the remainder of FY2026. Market conditions have worsened through Q4 with uncertainty around the UK Budget in November and the recent geopolitical events in the Middle East. The Group has also seen certain customer led delays, affecting hire and service revenues, which are now expected to impact positively in the near term. As a result the Board now expects FY2026 EBITDA to be c.£90m.
Net debt at 31 March 2026 is expected to be c.£159m, including the £35m invested in ProService. The Group expects to see meaningful deleverage in FY2027 as a result of strong operating cash flow.
Notwithstanding our caution around ongoing economic and geopolitical events, the Board remains confident of its outlook for FY2027 and beyond.
The Group will announce its Full Year results on 17 June 2026.
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