Speedy Hire PLC (LSE:SDY), the provider of tools and specialist equipment, has reported a slump in full-year profits in its delayed results and has made its interim chief financial officer (CFO) permanent.
Pre-tax profits for the year to 31 March 2023 dropped by 93.8% to £1.8mln, although that was “significantly impacted” by a £20.4mln asset write-off, the company said in its results statement.
Net debt also deepened by £24.9mln to £92.4mln, but again this was largely attributed to a £24mln share buyback.
Revenues grew by 13.9% to £440.6mln, and the group increased its dividend for the year to 2.6p from 2.2p.
Looking ahead, the firm said recent contract wins and extensions, as well as a strong pipeline, gives it confidence of meeting its expectations for the year, although it remains vigilant to the challenges of the macro-economic climate.
“We have made an encouraging start to the financial year 2024 with a strong pipeline of new customer and project-based opportunities,” said Speedy Hire chief executive Dan Evans.
Results were due to be released on 6 June, but auditors PricewaterhouseCoopers requested additional time to complete its internal processes in order to finalise the audit report.
In a separate statement, Speedy Hire confirmed the appointment of Paul Rayner as CFO with effect from 1 July. Rayner joined as CFO on an interim basis last November.
"I am pleased Paul is joining the Board as Chief Financial Officer on a permanent basis. He has settled in well during his time as an interim and will be invaluable in supporting the delivery of our new Velocity strategy,” said Evans.