REG - ProService Bldg Svcs - Year End Trading Update

Proservice Building Services MarketplaceAnnouncement

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RNS Number : 6939C  ProService Building Services Mktplc  01 May 2026

1 May 2026

 

ProService Building Services Marketplace Plc

 

Year End Trading Update

 

ProService Building Services Marketplace Plc ("PRO" or the "Group"), the
asset-light, pure-play digital marketplace business announces the following
trading update for the financial year ended 31 March 2026 (the "Period").

 

Trading

The Group delivered a resilient top-line performance in the Period despite a
difficult market backdrop. Revenue from continuing operations(1) is expected
to be £248m(2), reflective of slower than anticipated progress in mobilising
and ramping up the supply agreements with Speedy Hire (as announced on 6
October 2025) ("Supply Agreement") alongside broader macroeconomic pressures -
particularly within the UK construction sector, which has weighed on demand
across parts of the Group's end markets. Adjusted EBITDA for the Period is
expected to be at breakeven, in line with market expectations(3).

Operational progress

During the Period, strong progress was made on executing the Group's
transformation programme, including entering into the Supply Agreement.

PRO continues to grow its proposition as a pure-play marketplace platform and
develop its market presence, with a broad range of buyers having signed up for
platform access and a healthy pipeline of potential new large buyers attracted
to its proposition.

PRO continues to focus on frictionless transactions and is working on further
automation, augmented by AI, which will allow the Group to reduce operational
costs and improve its offering to both buyers and sellers.

Speedy Hire Commercial Supply Agreement

The Supply Agreement and dealings with Speedy Hire commenced on 17 November
2025. As previously announced, early trading post-completion was positive,
however some operational challenges were experienced as volumes increased and
due to the scale of the mobilisation.

Encouragingly, volumes transacted with Speedy Hire are now trending towards
the targets set at the time of entering into the Supply Agreement.

Our exclusive contract to supply rehire, certain resale, and training services
to Speedy Hire's customers continues to represent a material revenue growth
opportunity and the Board remains confident that the Supply Agreement will
enhance PRO's net margins and be earnings-accretive in the financial year
ending March 2027.

Refinancing

The Group's net debt as at 31 March 2026 was £27.2m (pre-IFRS16), which
included total bank debt of £40.9m comprising £35.9m of term debt and £5.0m
revolving credit facility ("RCF"). The Group's debt facilities are due to
expire in September 2026. Discussions regarding the refinancing of the Group's
debt facilities are ongoing with a number of parties. Wider macroeconomic and
geopolitical issues have resulted in discussions taking longer than previously
guided, with completion of the refinancing now expected by the end of August,
ahead of the relevant maturity date. As previously announced, successful
completion of such refinancing is expected to resolve outstanding covenant
issues.

 

Current Trading & Outlook

As previously announced, FY27 is expected to be a transitional year and this
is now set against an uncertain macro-economic backdrop which is having an
impact on both our buyers and sellers. Given the potential volatility in the
UK economy, the Board believes a prudent approach is required and therefore
FY27 underlying EBITDA is expected to be between £9 million and £12 million.

Further detail will be provided with the Group's preliminary results which are
expected to be reported in late summer, following completion of the
refinancing.

 

-Ends-

 

1.     Results for the Period included The Hire Service Company ("THSC")
until its disposal on 17 November 2025. Continuing Operations also excludes
THSC and HSS Ireland which was sold in May 2025.

2.     Results remain subject to audit.

3.     For the purpose of this announcement, the Group believes market
consensus for FY26 for the continuing operations of ProService to be revenues
of £260m and underlying EBITDA of breakeven and for FY27 to be revenues of
£375.8m and underlying EBITDA of £19.6m.

 

Notes to editors

On 28 November 2025 HSS Hire Group plc was renamed ProService Building
Services Marketplace plc (ticker symbol PRO.L) ("ProService"). ProService is
the leading Digital marketplace business focused on buyer and seller
acquisition in the building services sector. Technology driven, scalable and
uniquely differentiated. Wide range of building services, including hire,
resale, materials, training and more. For more information, please
see www.hssproservice.com (http://www.hssproservice.com) .

 

For further information, please contact:

 

 ProService Building Services Marketplace plc                    Email: hssproservice@fticonsulting.com
 Daniel Joll, General Counsel & Company Secretary

 FTI Consulting                                                  Tel: 020 3727 1340
 Nick Hasell
 Victoria Hayns

 Canaccord Genuity Limited (Nominated Adviser and Joint Broker)  Tel: 020 7523 8000
 Andrew Potts
 George Grainger

 Singer Capital Markets (Joint Broker)                           Tel: 020 7496 3000
 Alex Bond / Rick Thompson (Investment Banking)
 Jonathan Dighe (Equity Sales)

 

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014 as it forms part of domestic law of the United Kingdom
by virtue of the European Union (Withdrawal) Act 2018, as amended (together,
"MAR"). Upon the publication of this announcement, this inside information is
now considered to be in the public domain. The person responsible for
arranging the release of this announcement on behalf of PRO is Greig Thomas,
Group Chief Financial Officer.

 

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