Speedy Hire says early fiscal 2027 performance ahead of last year, reaffirms annual guidance
Speedy Hire says early fiscal 2027 performance ahead of last year, reaffirms annual guidance June 17 (Reuters) - UK's Speedy Hire SDY.L said performance in the first two months of its new financial year has been better than the previous year's, after a challenging domestic construction market pushed the company to pre-tax loss for the year ended March 31.
Economic uncertainty and Iran war-fueled cost inflation have driven Britain's construction sector to its steepest contraction in six years according to surveys, with new work dropping sharply.
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"Despite uncertainty caused by global geopolitical events, the new financial year has started well and showing the benefits of high operational gearing, with secured contracts mobilising as anticipated and trading in line with market expectations" - CEO Dan Evans
The construction and industrial tools maker said customer-led delays were resolving and now expects projects to contribute meaningfully in the first half of fiscal 2027.
Revenue for the two months ended May 2026 rose about 2% and adjusted core was up about 13%, both ahead of the figures in the same year ago period.
The company reaffirmed its expectations for the year ending March 31, 2027, with a company-compiled consensus pointing to revenue of £475.3 million ($637.38 million), up from £416.1 million reported for 2026.
The group reported an adjusted pre-tax loss of £9.8 million for fiscal 2026, compared with a profit of £8.7 million a year earlier, driven, in part, by higher interest costs associated with fleet investment and its supply agreement with HSS ProService.
($1 = £0.7457)
(Reporting by Neeshita Beura in Bengaluru; Editing by Janane Venkatraman)