Speedy Hire PLC (LSE:SDY) turned in final results showing lower sales and a swing to statutory losses, but said it "remains committed" to delivering its growth strategy through further investment in its fleet and transforming the business.
Revenue of £416.6 million in the year to end-March 2025 was down 1.2% compared to the prior year, blamed on challenging markets amid delays in government spending impacting major infrastructure projects, along with and slower than anticipated expansion of its new Trade & Retail business.
Hire revenues were up 0.6% and Services up 4.5%, while the Lloyds British testing, inspection and certification business grew 5.8%.
Adjusted EBITDA rose marginally to £97.1 million, with a slightly improved margin of 23.3%, while adjusted profit before tax fell to £8.7 million from £14.7 million.
On a reported basis, Speedy swung to a loss before tax of £1.5 million, compared to a profit of £5.1 million the previous year.
Chief executive Dan Evans said: "Despite the macro-economic challenges, we have remained committed to, and in parts accelerated, the implementation of our Velocity strategy during its 'Enable' phase, which is setting the foundation for growth opportunities for the benefit of our customers and people, whilst maintaining shareholder returns."
A final dividend of 1.8p was proposed, bringing the full-year dividend to 2.6p, unchanged from the previous year.
Free cash flow dropped to £0.8 million, reflecting investment in the hire fleet and transformation initiatives, and net debt rose to £113.1 million. A new £225 million borrowing facility has since been arranged.