REG - Speedy Hire PLC - Half Year Results
Today 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251126:nRSZ9833Ia&default-theme=true
RNS Number : 9833I Speedy Hire PLC 26 November 2025
Speedy Hire Plc
("Speedy Hire", "the Company" or "the Group")
26 November 2025
FY2026 Interim Results
Results for the six months to 30 September 2025
Speedy Hire Plc, the UK and Ireland's leading provider of tools, specialist
equipment and services, announces results for the six months to 30 September
2025.
Commenting on the results Dan Evans, Chief Executive, said:
"We were delighted to have achieved significant further strategic progress in
the first half, including the transformational commercial agreement with
ProService. This commercial agreement is now live and expected to generate
£50-55m of annualised revenue and significant earnings accretion in its first
full year after integration.
Speedy Hire is a fundamentally different business now to when we embarked on
our Velocity strategy. Despite subdued markets, we are gaining market share
and winning significant long-term contracts, leaving us far better positioned
to take advantage as and when market conditions improve.
As a result of our strategic progress, recent contract wins and the commercial
agreement with ProService, we expect to offset the ongoing subdued market
conditions and the Board's expectations for FY2026 remain unchanged. We look
forward to FY2027 with confidence."
Strategic and operational highlights
· Transformational commercial agreement with HSS ProService Limited
("ProService")
o Made possible by technology investment in our Velocity growth strategy
o Initial trading performance supports expectation of £50-55m of annualised
revenue and significant earnings accretion from FY2027
o Accelerated fleet evolution, reducing future capital investment
requirements
· Continued to gain market share, having won and extended several multi-year
contracts
o Recently won a major hire framework contract with Thames Water, which will
mobilise during the remainder of H2
o Together with ProService and Amey, these represent >£90m of annual
revenue opportunity under long-term contracts
o Diversified business mix, with increased exposure to infrastructure
projects and growing Services revenues
· Velocity growth strategy firmly on track
o FY2026 concludes the 'Enable' phase which has successfully
repositioned the business
o Further development of our digital capabilities to support our commitment
to providing excellent customer service
· Resilient H1 performance in a subdued market
o Challenging market conditions with uncertainty ahead of the Budget causing
delays in mobilisation and contract starts for major customers
o Strong cost and cash management together with continuing pricing
discipline
o Divested of the manufacturing division of Lloyds British, to allow
focus on the core testing, inspection and certification ("TIC") business
o New specialist business, Temporary Site Solutions ("TSS"), now
operational
Financial Highlights
6 months ended 6 months ended Change
30 September 2025 (£m) 30 September 2024 (£m)
Revenue 205.2 203.6 0.8%
Adjusted EBITDA(1) 38.7 44.2 (12.4)%
Adjusted (loss)/profit before tax(1) (7.2) 0.4 £(7.6)m
Adjusted earnings per share (pence)(2) (1.28) 0.07 (1.35)p
Operating (loss)/profit (5.8) 4.6 £(10.4)m
Loss before tax (15.1) (2.2) £(12.9)m
Basic earnings per share (pence)(2) (2.64) (0.35) (2.29)p
Underlying operating cash flow(3) 44.6 45.0 £(0.4)m
Free cash flow(4) 3.7 (1.6) £5.3m
Net debt(5) 118.9 111.8 £7.1m
Dividend per share 0.30p 0.80p (0.50)p
Financial performance
· Despite subdued market conditions, revenue increased to £205.2m (H1 FY2025:
£203.6m)
o Revenue (excluding fuel) increased by 5.1% on H1 FY2025, to £197.6m
o Hire revenues down 1.7%
§ Strong performance with National customers offsetting some volume
decline in our Regional customer base
§ Trade & Retail growth constrained by weak market conditions
o Services revenues (excluding fuel) up 10.6%
§ Customer Solutions, including consumables and training, up 16.4%
§ Lloyds British, our testing, inspection and certification business
("TIC") achieved growth of 3.8%
§ Fuel revenues down year on year due to lower sales volumes and the
transition to third party fuel deliveries in FY2026 on which the Group take
only a commission element
o Disposals revenue of £6.9m (H1 FY2025: £1.6m), predominantly the result
of planned divestment of specialist compressors in the period in expectation
of the ProService deal
· Adjusted EBITDA(1) of £38.7m (H1 FY2025: £44.2m), equating to a margin of
18.9% (H1 FY2025: 21.7%), impacted by reduced hire revenues and the increase
in national living wage and national insurance
· Adjusted loss before tax(1) of £7.2m (H1 FY2025: £0.4m profit) reflecting
higher interest costs following accelerated hire fleet investment to support
contract growth
· Adjusted EPS(2) of (1.28)pps (H1 FY2025: 0.07pps)
· Strong underlying operating cash flow(3) of £44.6m, representing 115.2%
conversion from EBITDA (H1: FY2025: £45.0m at 101.8% conversion)
· Free cash flow(4) of £3.7m (H1 FY2025: £1.6m outflow) due to working capital
management, after continued investment in transforming the business
· Interim dividend of 0.30 pence per share (H1 FY2025: 0.80 pence per share), in
line with the previously guided rebasing of dividend payments for the period
to the end of FY2028
· Net debt(5) of £118.9m (H1 FY2025: £111.8m), with leverage(6) of 2.2x,
expected to be around 2.1x at the end of March 2026, including £35m invested
in ProService
· Meaningful deleveraging is expected in the next 12-24 months to the middle of
the target range of 1.0-2.0x, as a result of strong operating cash flow
Outlook
· Anticipate a continuation of subdued market conditions for the remainder of
FY2026
· Recent multi-year contract wins and the transformational commercial agreement
with ProService give confidence for the second half
· Strong second half weighting to revenues and profits
· Trading in the second half to date is in line with the Board's expectations
and, as a result, the Board's expectations for FY2026 remain unchanged
· We look forward to FY2027 and the long-term with increasing confidence
Enquiries:
Speedy Hire
Plc
Tel: 01942 720 000
Dan Evans, Chief Executive
Paul Rayner, Chief Financial Officer
Teneo
Tel: 020 7427 5494
Giles Kernick
Analyst and investor presentations
Dan Evans, CEO, and Paul Rayner, CFO, will host a presentation and Q&A for
analysts today at 9.30am at Panmure Liberum, 25 Ropemaker St, London EC2Y 9LY.
For further information please contact SpeedyHire@teneo.com
(mailto:SpeedyHire@teneo.com)
Management will also be hosting an Investor Presentation and Q&A with
Equity Development. The online event will be hosted by Dan Evans, CEO, and
Paul Rayner, CFO, and will begin at 11.15am on Friday 28 November. The
registration link to sign up for the webinar is:
https://www.equitydevelopment.co.uk/news-and-events/speedy-hire-hy-results-investor-presentation-28th-november-2025
Notes:
Explanatory notes:
The Group believes that the non-GAAP performance measures presented in this
announcement provide valuable additional information for readers. Further
details can be found in notes 7, 9 and 13.
(1) See note 9.
(2) See note 7.
(3) Underlying operating cash flow: cash generated from operations before
changes in hire fleet and non-underlying items.
(4) Free cash flow: net cash flow before movement in borrowings, merger and
acquisition activity, corporate activity and returns to shareholders.
(5) See note 13. This metric excludes lease liabilities.
(6) Leverage: net debt(5) covered by EBITDA(1). This metric excludes the
impact of IFRS 16.
Inside Information: This announcement contains inside information for the
purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms
part of domestic law by virtue of the European Union (Withdrawal) Act 2018.
Upon the publication of this announcement via Regulatory Information Service,
this inside information is now considered to be in the public domain.
Forward looking statements: The information in this release is based on
management information. This report includes statements that are forward
looking in nature. Forward looking statements involve known and unknown risks,
assumptions, uncertainties and other factors which may cause the actual
results, performance or achievements of the Group to be materially different
from any future results, performance or achievements expressed or implied by
such forward looking statements. Except as required by the Listing Rules and
applicable law, the Company undertakes no obligation to update, revise or
change any forward looking statements to reflect events or developments
occurring after the date of this report.
Notes to Editors: Founded in 1977, Speedy Hire is the UK's leading provider of
tools and equipment hire services to a wide range of customers in the
construction, infrastructure, industrial, and support services markets, as
well as to local trade, and retail. The Group provides complementary support
services through the provision of training, asset management and compliance
services. Speedy Hire is certified nationally to ISO50001, ISO9001, ISO14001,
ISO17020*, ISO27001 and ISO45001. The Group operates from 138 Service Centres
and on-site locations across the UK and Ireland and through a joint venture in
Kazakhstan. *Lloyds British National Contracts only.
Chief Executive's statement
Today we report our interim results for the six months to 30 September 2025.
Despite persistently challenging market conditions, we have continued to
progress our Velocity strategy, making enabling improvements in our business
and securing significant opportunities for long-term profitable growth.
Commercial agreement with ProService
We were delighted to announce completion of the comprehensive commercial hire
and supply agreement with ProService ("Commercial Agreement"), for the Group
to take on a right of first refusal to supply ProService with the core hire
equipment it needs to fulfil its customer orders, as well as right of first
refusal to supply ProService with TIC services, through Speedy Hires's Lloyds
British business. In addition, the Group agreed the transfer of certain assets
(from HSS Service Group Limited) and an equity subscription in HSS Hire Group
plc (to be re-named ProService Building Services Marketplace plc) (together
the "Transaction"). This is a transformational agreement for Speedy Hire, made
possible by the progress of the Group under our Velocity growth strategy.
The Commercial Agreement will provide Speedy Hire customers with greater
choice and an enhanced service, while providing ProService customers the
ability to indirectly access our national network, larger equipment fleet and
faster delivery capability. The agreement, which is already generating
revenues, is expected to generate £50-55m of annualised revenue and will be
significantly accretive to earnings in the first full financial year post
agreement.
The Transaction was funded through the Group's existing resources,
strengthened by our recent refinancing. Whilst we anticipate moving outside of
our target leverage(6) range in the short term, the Group's strong operating
cash flow is expected to support meaningful deleveraging in the next 12-24
months, supported by a planned reduction in dividend payments and a lower
level of hire fleet capex during H2 FY2026 and in FY2027.
Business update
Group hire revenue in the first half was impacted by the current subdued
market conditions. We have however taken market share and secured significant
long-term contract opportunities, including the agreement with ProService. In
November, we won a major hire framework contract with Thames Water, which will
mobilise during the remainder of the second half. These long-term contract
opportunities give us confidence for growth in the second half.
A leading indicator of market conditions for the Group is UK Construction
PMI*, which has contracted for the tenth consecutive month, with October 2025
showing the sharpest month on month decline since May 2020. In response, we
continue to seek and secure opportunities to increase market share, remaining
vigilant on pricing, and are focused on maximising our revenue with existing
customers and from major UK infrastructure and construction projects. These
include CP7 in the rail sector, despite this remaining challenging, AMP8 in
the water sector and the various opportunities in the wider infrastructure and
energy sectors, including nuclear.
Our Trade & Retail operation which, whilst profitable, has seen its growth
constrained by the weak market conditions. We continue to explore partner
expansion as this remains a key growth area for the Group, aligned to the
Velocity strategy.
Our focus remains on the enhancement and growth of our core operations. During
the first half, we have divested of our specialist compressor fleet which
would have required significant future investment for us to maintain the
quality of fleet to best service our customers. This product will now be
fulfilled as part of our agreement with ProService as we continue to support
our customers, demonstrating the broader benefits we expect the agreement to
provide to Speedy Hire.
We have also divested of the loss-making manufacturing division of our Lloyds
British business, which was not material, or core, to the Group, resulting in
greater focus on our TIC services. Subsequent to the period end we have taken
the opportunity to restructure that business and introduce new management into
Lloyds British, to support in securing the significant growth opportunities
with our existing customer base and through the new offering of its services
via ProService, which will be part of our integration as this progresses.
We remain committed to our Velocity strategy during the final year of the
'Enable' phase, making the necessary foundational improvements to deliver on
our targets for growth and long-term sustainable returns. The transformative
investments made in technology and data especially, provided the platform to
secure the Commercial Agreement with ProService, giving the Group significant
scaling opportunities with lower costs to serve. As we transition to a more
efficient operating model, as part of our strategy, the Group continues to
review opportunities around cost efficiencies.
We have continued to assess our hire fleet categories to ensure our current
fleet and future capex is targeted in the right areas to best serve our
customers. We have made significant investment in our specialist fleet over
the last two years, and in response to significant contract wins, we now have
a well invested fleet and anticipate lower hire fleet capex in the second half
and a targeted reduction in FY2027, with a focus on certain core and
specialist products most in demand.
Operational efficiency and cost control
Operational efficiency remains a key part of our Velocity strategy, as we
continue to enhance decision making by leveraging data and Artificial
Intelligence ("AI"). AI is helping to ensure we have the right products, in
the right place, at the right time, to efficiently meet customer demand;
utilising our national service centre network, logistics and asset
intelligence. During the first half, we have expanded the number of service
centres operating our new logistics management system, Openfleet, which is now
operational in over 40% of our network. This system-led approach is making it
easier for customers to trade with us as well as improving business
efficiency. This roll-out will continue throughout the second half across
remaining locations.
Now, more than ever, cost discipline is crucial. We have continued to control
costs where possible, complimented by the implementation of Velocity
initiatives to improve operational efficiency as we scale. During the first
half, we made necessary investments in our business to deliver on significant
contract opportunities, both secured and in the Group's pipeline. This level
of investment has impacted the Group's profitability in the short term, in
addition to the impact of the national insurance and national living wage
increases which came into effect in April 2025.
ESG
We continue to lead the hire industry in sustainability and are embracing
product innovation in areas that are increasingly in demand from our customer
base. We are working with our partners to deliver award winning, sustainable
solutions for customers and to accelerate our own carbon reduction pathway.
Underpinning this all is the need for commercial sustainability, for both our
customers and Speedy Hire. During the period we have continued to invest in
sustainable hire fleet products.
Trading performance
Total revenue for the period to 30 September 2025 increased by 0.8%, to
£205.2m (H1 FY2025: £203.6m), with a strong performance with our National
customers, offsetting volume decline with our Regional customers. As referred
to above, our Trade & Retail revenues have grown year on year, albeit
behind our ambitious expectations. Revenue from planned disposals of our hire
fleet was £6.9m (H1 FY2025: £1.6m), primarily the result of the divestment
of our specialist compressor fleet.
Gross profit was £112.5m (H1 FY2025: £113.4m), with a reduction in gross
margin to 54.8% (H1 FY2025: 55.7%), being the result of a higher proportion of
lower gross margin services and disposals revenue.
Adjusted EBITDA(1) was £38.7m (H1 FY2025: £44.2m) and adjusted loss before
tax(1) was £7.2m (H1 FY2025: £0.4m profit), impacted significantly by
operational gearing as hire revenue opportunities have not yet materialised to
the level the Group anticipated.
The Group made a loss after taxation of £12.2m (H1 FY2025: £1.6m loss).
Revenue and margin analysis
The Group generates revenue through two key categories, Hire and Services.
Revenue and margin by type Change
Six Months ended Six Months ended
30 September 30 September
2025 2024
£m £m %
Hire:
Revenue 123.3 125.5 (1.8)%
Cost of sales (26.3) (26.6)
Gross profit 97.0 98.9 (1.9)%
78.7% 78.8%
Gross margin
Services:
Revenue 75.0 76.5 (2.0)%
Cost of sales (60.9) (61.6)
Gross profit 14.1 14.9 (5.4)%
18.8% 19.5%
Gross margin
Hire revenues have been impacted by a challenging market and declined year on
year. A strong performance with our National customers has offset some volume
decline in our Regional customer base. Rates are largely maintained but
impacted by mix with our National customers. Hire revenues are expected to
grow significantly during the second half, benefitting from newly secured
contract wins and opportunities, including the agreements with ProService and
Thames Water. The Group's pipeline remains strong as we continue to explore
other opportunities for growth during the second half.
Services revenues (excluding fuel) up 10.6% on H1 FY2025, driven by growth in
both Customer Solutions and Lloyds British TIC services. Divestment of the
manufacturing division of Lloyds British represents a revenue loss of £2.1m
from H1 FY2025, with negligible profit impact, continuing into the second
half.
During the first half, the Group entered into a commercial agreement for third
party supply of fuel deliveries, on which the Group recognise only a
commission element. As a result, fuel revenues declined by 51.2% (£8.0m
decrease) on the same period last year, although with a minimal gross profit
impact.
The Group continues to monitor pricing, introducing increases to mitigate the
effects of cost inflation on both overheads and new equipment purchases. Any
opportunities to review price take effect as contracts are renewed, resulting
in the benefit of those increases building throughout the year.
Gross margins decreased slightly from 55.7% in H1 FY2025 to 54.8% in H1
FY2026. Hire margin remained in line at 78.7% (H1 FY2025: 78.8%). Services
margin reduced to 18.8% (H1 FY2025: 19.5%), due to a higher proportion of
Customer Solutions revenue.
Overheads
Overheads (excluding non-underlying items) disclosed in the income statement
can be further analysed as follows:
Six Months ended Six Months ended
30 September 30 September
2025 2024
£m £m
Distribution and administrative costs 109.2 105.9
Amortisation (1.8) (2.4)
Underlying overheads 107.4 103.5
We have maintained our focus on disciplined cost management, balanced against
the need to invest in the business to drive growth as part of our Velocity
strategy. Underlying overheads increased by £3.9m (3.8%) from H1 FY2025,
primarily attributable to the increase in national insurance and national
living wage costs and one-off cost saving initiatives in the prior period.
The UK and Ireland headcount at 30 September 2025 was 3,288, a decrease of
3.1% on 30 September 2024 (3,394) and a decrease of 0.6% on 31 March 2025
(3,307).
Non-underlying items
Six Months ended Six Months ended
30 September 30 September
2025 2024
£m £m
Transformation costs 3.9 2.3
Business disposal 2.2 -
Other professional and support costs 1.5 -
7.6 2.3
As outlined in the results for the year end 31 March 2025, FY2026 represents
the third and final year of the 'Enable' phase of our Velocity strategy.
Incremental costs in respect of the investment in implementing this strategy,
and executing our transformation programme, represent a significant cost to
the business over the initial phases of the programme. In the first half, this
resulted in non-underlying costs of £3.9m (H1 FY2025: £2.3m).
In August 2025 the Group disposed of the manufacturing division of Lloyds
British, generating a loss on disposal of £2.2m, presented within
non-underlying items due to the infrequent nature of such transactions.
As discussed above, on 17 November 2025 the Group completed the Transaction.
Substantially all of the work required to enter into the Transaction was
undertaken in the first half of FY2026. Significant legal and professional
costs have been incurred to date for completion of this work, which have been
presented as non-underlying items owing to the scale and rarity of a
transaction such as this. Subsequent legal and professional costs anticipated
in the second half are in the region of c.£0.5m.
Interest and banking facilities
The Group's net financial expense was £8.9m (H1 FY2025: £7.5m). Excluding
interest on lease liabilities, the net financial expense was £5.3m (H1
FY2025: £4.5m) due to higher average levels of net debt and a change in debt
structure following the refinancing of the Group in April 2025.
The Group's facilities of £225.0m comprise a £150.0m revolving credit
facility ("RCF") and a £75.0m private placement term loan. The refinancing
replaced the Group's prior £180.0m asset based lending facility. The RCF has
a three year maturity with options to extend up to a further two years and the
private placement term loan has a seven year maturity. The revolving credit
facility is priced based on SONIA plus a variable margin, while any unutilised
commitment is charged at 35% of the applicable margin. The price on the
private placement term loan is fixed for the duration of the facility. During
the period, the margin payable on the outstanding debt fluctuated between
1.85% and 2.45%. The effective average margin in the period was 2.29% (H1
FY2025: 2.12%).
The Group utilises interest rate hedges to manage fluctuations in rates. The
fair value of these hedges was nil at 30 September 2025. The hedges have
varying maturity dates, notional amounts and rates and provide the Group with
mitigation against interest rate rises.
Interest on lease liabilities of £3.6m (H1 FY2025: £3.0m) was charged during
the period, impacted by sizeable property lease extensions and new vehicle
leases during the period.
Taxation
The tax credit for the period was £2.9m (H1 FY2025: £0.6m credit),
reflecting a projected full year effective tax rate after amortisation and
non-underlying items of 20.9% (H1 FY2025: 28.3%). The effective rate has
decreased year on year primarily due to the loss-making position, and certain
non-deductible expenses reducing the tax credit rather than creating
additional tax charges, resulting in a lower overall effective tax rate.
Shares and earnings per share
At 30 September 2025, 516,983,637 (31 March 2025: 516,983,637) Speedy Hire Plc
ordinary shares were in issue, of which 55,141,657 were held in treasury and
1,091,429 were held in the Employee Benefit Trust. Adjusted earnings per
share(2) was (1.28) pence (H1 FY2025: 0.07 pence), a decrease of 1.35p.
Basic earnings per share(2) was (2.64) pence (H1 FY2025: (0.35) pence).
Balance sheet
Total capital expenditure during the period amounted to £34.5m (H1 FY2025:
£40.4m), reflecting a reduction in spend in response to slower than
anticipated trading in the first half. This is further strengthened by the
reduction in cash outflows relating to capital purchases to 30 September 2025,
a £3.5m decrease from 30 September 2024.
Hire fleet additions in the period were £31.9m (H1 FY2025: £35.6m).
Expenditure on non-hire property, plant and equipment of £2.6m (H1 FY2025:
£4.8m).
Total proceeds from disposal of hire equipment were £11.2m (H1 FY2025:
£6.1m). This was driven primarily by the planned divestment of specialist
compressors in the period, as part of the overall project to bring greater
focus to our fleet of owned assets.
Net property, plant and equipment (excluding IFRS 16 right of use assets) was
£248.2m at 30 September 2025 (31 March 2025: £243.3m), of which equipment
for hire represents 91.7% (31 March 2025: 91.4%).
Intangible assets decreased marginally to £37.9m (31 March 2025: £38.4m),
the result of amortisation charged in the period.
Right of use assets of £105.7m (31 March 2025: £104.2m) and corresponding
lease liabilities of £108.2m (31 March 2025: £105.9m) were recognised at 30
September 2025. The movement from 31 March 2025 is due to property lease
extensions and new vehicle leases during the period.
Gross trade receivables totalled £93.7m at 30 September 2025 (31 March 2025:
£97.9m), the result of continued focus on reducing overdue debts. Bad debt
and credit note provisions were £3.6m at 30 September 2025 (30 September
2024: £3.3m; 31 March 2025: £2.9m), equivalent to 3.8% of gross trade
receivables (30 September 2024: 3.5%; 31 March 2025: 3.0%). In setting the
provisions the Directors have given specific consideration to the impact of
macroeconomic uncertainties. Whilst the Group has not experienced a
significant worsening of debt collections or debt write-offs in H1 FY2026,
there remain indications of economic vulnerability and insolvencies and
therefore we continue to monitor the situation closely and consequently
increased the level of provision held, despite continued strong cash
collections.
Debtor days were 62 days (31 March 2025: 66 days), an improvement on September
2024 (68 days) with continued focus on reducing the Group's overdue debts;
which were down by £1.0m versus September 2024. Trade payables were £66.1m
(31 March 2025: £54.1m). Creditor days were 69 days (31 March 2025: 61 days),
the result of continued collaboration with suppliers to more closely align our
working capital cycle and the negotiation of favourable terms for some
significant hire fleet capex purchases.
Cash flow and net debt
Underlying operating cash flow(3) for the period was £44.6m (31 March 2025:
£91.8m; 30 September 2024: £45.0m), representing 115.2% (31 March 2025:
94.5%; 30 September 2024: 101.8%) conversion from EBITDA. Free cash flow(4), a
key metric for the Group, was £3.7m (31 March 2025: £0.8m), the result of
working capital management despite continued investment in transformation of
the business.
Net debt(5) increased by £5.8m, from £113.1m at the beginning of the period,
to £118.9m at 30 September 2025. As a result, leverage(6) increased to 2.2
times (31 March 2025: 1.9 times), which is temporarily outside of the Group's
target range communicated as part of the announcement of the FY2025 annual
results. This follows continued investment in the hire fleet and
transformation, as well as returns to shareholders during the period. Total
net debt, including lease liabilities, was £227.1m (31 March 2025: £219.0m),
resulting in post IFRS 16 leverage of 2.5 times (31 March 2025: 2.3 times).
The Group retained substantial headroom within its committed facilities, with
undrawn RCF availability of £80.0m at 30 September 2025 (31 March 2025:
£42.0m under the Group's previous £180.0m asset based finance facility).
Dividend
The Board is committed to maintaining an efficient balance sheet and regularly
reviews the Group's capital resources in light of the medium-term investment
requirements and in accordance with the capital allocation policy.
The Board has declared an interim dividend of 0.30 pence per share (H1
FY2025 interim dividend: 0.80 pence per share), to be paid on 21
January 2026 to shareholders on the register on 12 December 2025. This
follows the planned reduction in dividend payments for a period up to the end
of FY2028, as announced on 6 October 2025, to part fund the Transaction.
A Dividend Reinvestment Plan ("DRIP") is provided by Equiniti Financial
Services Limited. The DRIP enables the Company's shareholders to elect to have
their cash dividend payments used to purchase the Company's shares. More
information can be found at http://www.shareview.co.uk/info/drip
(http://www.shareview.co.uk/info/drip)
Outlook
Whilst we anticipate market conditions will remain subdued for the remainder
of FY2026, the share gains achieved through our recent multi-year contract
wins, and the transformational Commercial Agreement with ProService, are
expected to mitigate this demand headwind. As a result, the Board's
expectations for FY2026 remain unchanged. We look forward to FY2027 and the
long-term with increasing confidence having successfully repositioned the
business during the 'Enable' phase of our Velocity strategy, leaving the Group
in a far stronger position from which to capitalise when market conditions
improve.
Dan Evans
Chief Executive
* Source: S&P Global (formerly IHS Markit), in collaboration with the
Chartered Institute of Procurement & Supply (CIPS)
Interim condensed consolidated income statement
Six months ended Six months ended
30 September 2025 30 September 2024
_________________________________ _________________________________
Non-underlying items¹ Non-underlying items¹
Underlying performance Underlying performance
Total Total
Note £m £m £m £m £m £m
Revenue 3 205.2 - 205.2 203.6 - 203.6
Cost of sales (92.7) - (92.7) (90.2) - (90.2)
───── ───── ───── ───── ───── ─────
Gross profit 112.5 - 112.5 113.4 - 113.4
Distribution and administrative costs (109.2) (7.6) (116.8) (105.9) (2.3) (108.2)
Impairment losses on trade receivables (1.5) - (1.5) (0.6) - (0.6)
───── ───── ───── ───── ───── ─────
Operating profit/(loss) 1.8 (7.6) (5.8) 6.9 (2.3) 4.6
Share of results of joint venture (0.4) - (0.4) 0.7 - 0.7
───── ───── ───── ───── ───── ─────
Profit/(loss) from operations 1.4 (7.6) (6.2) 7.6 (2.3) 5.3
Finance costs 5 (8.9) - (8.9) (7.5) - (7.5)
───── ───── ───── ───── ───── ─────
(Loss)/profit before taxation (7.5) (7.6) (15.1) 0.1 (2.3) (2.2)
Taxation 6 1.4 1.5 2.9 - 0.6 0.6
───── ───── ───── ───── ───── ─────
(Loss)/profit for the financial period (6.1) (6.1) (12.2) 0.1 (1.7) (1.6)
═════ ═════ ═════ ═════ ═════ ═════
Earnings per share
- Basic (pence) 7 (2.64) (0.35)
═════ ═════
- Diluted (pence) 7 (2.64) (0.35)
═════ ═════
Non-GAAP performance measures
Adjusted EBITDA 9 38.7 44.2
═════ ═════
Adjusted (loss)/profit before tax 9 (7.2) 0.4
═════ ═════
Adjusted earnings per share (pence) 7 (1.28) 0.07
Adjusted diluted earnings per share (pence) 7 (1.28) 0.06
═════ ═════
¹ See note 4.
All activities in each period presented related to continuing operations.
Interim condensed consolidated statement of comprehensive income
Six months ended Six months
30 September ended
2025 30 September
2024
£m £m
Loss for the financial period (12.2) (1.6)
───── ─────
Other comprehensive expense that may be reclassified subsequently to the
Income Statement:
- Effective portion of change in fair value of cash flow hedges - (0.7)
- Exchange difference on retranslation of foreign operations - (0.7)
- Tax on items - (0.1)
───── ─────
Other comprehensive expense - (1.5)
───── ─────
Total comprehensive expense for the financial period (12.2) (3.1)
═════ ═════
Interim condensed consolidated balance sheet
30 September 30 September 31 March
2025 2024 2025
Note £m £m £m
ASSETS
Non-current assets
Intangible assets 10 37.9 39.2 38.4
Investment in joint venture 5.0 6.6 5.7
Property, plant and equipment
- Land and buildings 11 14.1 16.1 15.0
- Hire equipment 11 227.7 221.9 222.4
- Other 11 6.4 6.5 5.9
Right of use assets 12 105.7 93.8 104.2
───── ───── ─────
396.8 384.1 391.6
───── ───── ─────
Current assets
Inventories 10.7 11.6 11.2
Trade and other receivables 103.1 104.4 105.2
Cash and cash equivalents 13 16.3 1.4 2.1
Current tax asset 0.9 3.0 2.9
Derivative financial assets 14 - 0.1 -
───── ───── ─────
131.0 120.5 121.4
───── ───── ─────
Total assets 527.8 504.6 513.0
───── ───── ─────
LIABILITIES
Current liabilities
Bank overdraft 13 (6.0) (0.5) -
Borrowings(1) 13 (129.2) - (2.3)
Lease liabilities 13 (23.2) (20.8) (25.0)
Trade and other payables (122.3) (107.6) (106.9)
Derivative financial liabilities 14 - (0.3) (0.1)
Provisions (5.3) (7.6) (6.1)
───── ───── ─────
(286.0) (136.8) (140.4)
───── ───── ─────
Non-current liabilities
Borrowings 13 - (112.7) (112.9)
Lease liabilities 13 (85.0) (73.6) (80.9)
Provisions (7.9) (8.1) (8.0)
Deferred tax liabilities (6.6) (8.8) (8.6)
───── ───── ─────
(99.5) (203.2) (210.4)
───── ───── ─────
Total liabilities (385.5) (340.0) (350.8)
───── ───── ─────
Net assets 142.3 164.6 162.2
═════ ═════ ═════
EQUITY
Share capital 25.8 25.8 25.8
Share premium 1.9 1.9 1.9
Capital redemption reserve 0.7 0.7 0.7
Merger reserve 1.0 1.0 1.0
Hedging reserve (0.4) (0.5) (0.4)
Translation reserve (2.2) (2.2) (2.2)
Retained earnings 115.5 137.9 135.4
───── ───── ─────
Total equity 142.3 164.6 162.2
═════ ═════ ═════
(1) On 5 November 2025, £75.0m of these Borrowings were reclassified as
non-current liabilities; see note 18.
Interim condensed consolidated statement of changes in equity
Share Share Capital redemption Merger Hedging Translation Retained Total
Capital premium reserve reserve reserve reserve earnings equity
Note £m £m £m £m £m £m £m £m
At 1 April 2024 25.8 1.9 0.7 1.0 0.2 (1.5) 147.6 175.7
Loss for the period - - - - - - (1.6) (1.6)
Other comprehensive expense - - - - (0.7) (0.7) (0.1) (1.5)
( ) ───── ───── ───── ───── ───── ───── ───── ─────
Total comprehensive expense - - - - (0.7) (0.7) (1.7) (3.1)
Dividends 8 - - - - - - (8.2) (8.2)
Equity-settled share-based payments - - - - - - 0.2 0.2
───── ───── ───── ───── ───── ───── ───── ─────
At 30 September 2024 25.8 1.9 0.7 1.0 (0.5) (2.2) 137.9 164.6
Profit for the period - - - - - - 0.5 0.5
Other comprehensive income - - - - 0.1 - 0.2 0.3
───── ───── ───── ───── ───── ───── ───── ─────
Total comprehensive income - - - - 0.1 - 0.7 0.8
Dividends - - - - - - (3.6) (3.6)
Equity-settled share-based payments - - - - - - 0.4 0.4
───── ───── ───── ───── ───── ───── ───── ─────
At 31 March 2025 25.8 1.9 0.7 1.0 (0.4) (2.2) 135.4 162.2
Loss for the period - - - - - - (12.2) (12.2)
───── ───── ───── ───── ───── ───── ───── ─────
Total comprehensive expense - - - - - - (12.2) (12.2)
Dividends 8 - - - - - - (8.3) (8.3)
Equity-settled share-based payments - - - - - - 0.6 0.6
───── ───── ───── ───── ───── ───── ───── ─────
At 30 September 2025 25.8 1.9 0.7 1.0 (0.4) (2.2) 115.5 142.3
═════ ═════ ═════ ═════ ═════ ═════ ═════ ═════
Interim condensed consolidated statement of cash flows
Six months ended Six months ended
30 September 30 September Year ended
2025 2024 31 March
Restated(1) 2025
( )
£m £m £m
Cash generated from operating activities
Loss before tax (15.1) (2.2) (1.5)
Net financial expense 5 8.9 7.5 15.9
Amortisation 10 1.8 2.4 3.8
Depreciation 11,12 35.3 34.2 67.6
Non-underlying items 4 7.6 2.3 9.6
Share of loss/(profit) from joint venture 0.4 (0.7) (1.0)
Termination of lease contracts (0.2) (0.1) -
(Profit)/loss on planned disposals of hire equipment (0.2) 0.7 2.7
(Profit)/loss on other disposals of hire equipment (0.9) 0.7 (1.2)
Loss on disposal of non-hire equipment 0.2 - 0.6
Decrease in inventories 0.5 0.2 0.7
Decrease/(increase) in trade and other receivables 2.1 (1.7) (2.5)
Increase/(decrease) in trade and other payables 4.5 2.2 (1.2)
Decrease in provisions (0.9) (0.7) (2.3)
Equity-settled share-based payments 0.6 0.2 0.6
───── ───── ─────
Cash generated from operations before changes in hire fleet(1) 44.6 45.0 91.8
Cash flow relating to changes in hire fleet:
Purchase of hire equipment (25.9) (26.4) (50.0)
Proceeds from planned sale of hire equipment 6.9 1.6 3.6
Proceeds from customer loss/damage of hire equipment 4.3 4.5 9.6
───── ───── ─────
Cash outflow from changes in hire fleet (14.7) (20.3) (36.8)
Cash flow relating to non-underlying items:
Non-underlying items 4 (7.6) (2.3) (9.6)
Increase in non-underlying payables 4 4.0 - 3.2
───── ───── ─────
Cash outflow from non-underlying items (3.6) (2.3) (6.4)
───── ───── ─────
Cash generated from operations 26.3 22.4 48.6
Interest paid (7.2) (7.5) (15.8)
Tax received/(paid) 3.3 (0.2) 0.6
───── ───── ─────
Net cash flow from operating activities 22.4 14.7 33.4
───── ───── ─────
Cash flow used in investing activities
Purchase of non-hire property, plant and equipment 11 (2.4) (4.8) (5.7)
Capital expenditure on IT development 10 (1.3) (1.9) (2.5)
Proceeds from sale of non-hire property, plant and equipment - 1.3 -
Investment in joint venture (Speedy Hydrogen Solutions) - (0.6) (0.6)
Dividends from joint venture(2) - 2.9 4.2
───── ───── ─────
Net cash flow used in investing activities (3.7) (3.1) (4.6)
───── ───── ─────
Net cash flow before financing activities 18.7 11.6 28.8
───── ───── ─────
Cash flow from financing activities
Payments for the principal element of leases (15.0) (13.8) (28.6)
Drawdown of loans 193.7 266.0 534.7
Repayment of loans (176.7) (257.5) (526.1)
Proceeds received under a payables finance arrangement - - 7.2
Repayments to a financial institution under a payables finance arrangement (2.3) - (4.9)
Refinancing fees paid (1.9) - -
Dividends paid (8.3) (8.2) (11.8)
───── ───── ─────
Net cash flow from financing activities (10.5) (13.5) (29.5)
───── ───── ─────
Increase/(decrease) in cash and cash equivalents 8.2 (1.9) (0.7)
Cash and cash equivalents at the start of the period 2.1 2.8 2.8
───── ───── ─────
Cash and cash equivalents at the end of the period 10.3 0.9 2.1
═════ ═════ ═════
Analysis of cash and cash equivalents
Cash 13 16.3 1.4 2.1
Bank overdraft 13 (6.0) (0.5) -
───── ───── ─────
10.3 0.9 2.1
═════ ═════ ═════
(1) Six months ended 30 September 2024 restated to separately show the cash
flow relating to non-underlying items.
(2) Relates wholly to the joint venture in Kazakhstan.
1 Accounting policies
Speedy Hire Plc is a public limited company listed on the London Stock
Exchange, incorporated and domiciled in the United Kingdom. The interim
condensed consolidated financial statements of the Company for the six months
ended 30 September 2025 comprise the Company and its subsidiaries (together
referred to as the 'Group').
The financial statements of the Group for the year ended 31 March 2025 are
available from the Company's registered office, or from the website:
www.speedyhire.com (http://www.speedyhire.com) .
Basis of preparation
These interim condensed consolidated financial statements have been prepared
under the historical cost convention, with the exception of certain financial
assets and liabilities (including derivative instruments) which are measured
at fair value through profit or loss.
In assessing the Group and Company's ability to continue as a going concern,
the Directors have considered its liquidity position, forecast cash flows, and
compliance with financing arrangements. The Directors consider the going
concern basis of preparation for the Group and Company to be appropriate for
the following reasons.
The Group has a £150.0m revolving credit facility ('RCF') in place through to
April 2028, with uncommitted extension options for a further two years, and a
£75.0m private placement term loan due to expire in April 2032. Under these
facilities, the Group also has an additional uncommitted accordion of £50.0m
which remains in place through to April 2028. RCF headroom as at 30 September
2025 was £80.0m (31 March 2025: £42.0m under the Group's prior asset based
lending facility).
The facilities include quarterly leverage and fixed charge cover covenant
tests. In preparation for entering into the Commercial Agreement with
ProService, the Group agreed short term amendments to the fixed charge cover
covenant on 5 November 2025, for the quarters ended 30 September 2025 and 31
December 2025, subsequent to which the covenants revert to their original
levels. Under IAS 1, the classification of liabilities is based on conditions
existing at the reporting date. The Group's private placement term loan of
£75.0m was therefore classified as a current liability at 30 September 2025,
because the amendments were not agreed at the reporting date. As of 5 November
2025, the loan notes were reclassified to non-current liabilities, given the
amendments restore the Group's ability to defer settlement beyond 12 months
from the reporting date. Consequently, the loan notes are not expected to be
payable within 12 months from the date of approval of these Financial
Statements.
The Group meets its day-to-day working capital requirements through operating
cash flows, supplemented as necessary by borrowings. The Directors have
prepared a going concern assessment covering at least 12 months from the date
on which the Financial Statements were authorised for issue, which confirms
that the Group is capable of continuing to operate within its existing loan
facilities and can meet the covenant requirements set out within the
facilities, considering the covenant amendments and other mitigating actions.
The key assumptions on which the projections are based include an assessment
of the impact of current and future market conditions on projected revenues
and the anticipated impact of the Commercial Agreement with ProService. The
financial projections also critically assess the net capital investment
required to support those expected level of revenues.
The Board has considered severe but plausible downside scenarios, which result
in reduced levels of revenue from the base case, whilst also maintaining a
similar cost base. Mitigations applied in these downturn scenarios include a
reduction in planned capital expenditure and restrictions on significant
overhead growth. Despite the significant impact of the assumptions applied in
these scenarios, the Group maintains sufficient headroom against its available
facilities and covenant requirements. In the event of more sustained, or
severe underperformance, including reduced benefits from the commercial
agreement with ProService, there are further mitigation measures available to
the Group to maintain covenant compliance and sufficient liquidity in order
for the Group to meet its liabilities as they fall due.
The Directors acknowledge that there is a degree of subjectivity involved in
their assumptions, particularly around the benefit expected to flow to the
Group from the Commercial Agreement with ProService, and the current
macroeconomic environment. In consideration of all of the above, the Directors
have a reasonable expectation that the Company and the Group have adequate
resources to continue in operational existence for a period of at least 12
months from the date of approval of these Financial Statements. Accordingly,
they continue to adopt the going concern basis of accounting in preparing the
Financial Statements.
Statement of compliance
These interim condensed consolidated financial statements for the six months
ended 30 September 2025 have been prepared in accordance with the UK-adopted
International Accounting Standard 34, 'Interim Financial Reporting' and the
Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's
Financial Conduct Authority.
The interim report does not include all of the notes of the type normally
included in an annual financial report. Accordingly, this report is to be read
in conjunction with the annual report for the year ended 31 March 2025, which
has been prepared in accordance with UK-adopted international accounting
standards and the requirements of the Companies Act 2006, and any public
announcements made by Speedy Hire Plc during the interim reporting period.
These interim condensed consolidated financial statements do not comprise
statutory accounts within the meaning of section 434 of the Companies Act
2006. Statutory accounts for the year ended 31 March 2025 were approved by the
Board of Directors on 17 June 2025 and delivered to the Registrar of
Companies. The report of the auditors on those accounts was qualified in
respect of the Group's prior period opening property, plant and equipment
balance, however did not contain any statement under section 498 of the
Companies Act 2006.
These interim condensed consolidated financial statements have been reviewed,
not audited.
The interim report was approved by the Board of Directors on 25 November 2025.
Significant accounting policies
Other accounting policies
There have been no new standards or interpretations issued or endorsed by the
International Accounting Standards Board (IASB) or IFRIC since the date of the
FY2025 year end financial statements that materially impact the Group.
The accounting policies applied by the Group in these interim condensed
consolidated financial statements are the same as those applied by the Group
in its consolidated financial statements for the year ended 31 March 2025.
The carrying amount of goodwill is tested annually for impairment and, along
with other non-financial assets, at each reporting date to the extent that
there are any indicators of impairment. Due to the market capitalisation of
the Group at 30 September 2025 being below the consolidated net asset
position, and performance behind budget, an impairment test has been
undertaken at the interim reporting date, details of which can be found in
note 10.
Seasonality
In addition to economic factors, revenue is subject to an element of seasonal
fluctuation. Whilst construction activity tends to increase in the summer
months, the equipment range helps to mitigate the impact, specifically with
heating, lighting and power generation products being more in demand during
the winter months. Overall, the Directors do not feel that these factors
have a material effect on the performance of the Group when comparing first
half results to those achieved in the second half.
2 Changes in estimates
The preparation of interim condensed consolidated financial statements
requires management to make judgements, estimates, and assumptions that affect
the application of accounting policies and the reported amounts of assets and
liabilities, income and expense. Actual results may differ from these
estimates.
In preparing the interim condensed consolidated financial statements, the
significant judgements made by management in applying the Group's accounting
policies and key sources of estimation uncertainty for the consolidated
financial statements for the year ended 31 March 2025 continued to apply.
This includes the basis for estimating the dilapidations provision, having
taken account of subsequent settlements. At 30 September 2025, the provision
is £13.2m (31 March 2025: £14.1m). If the provision were to change by £1
per square foot, a £2.2m movement in the provision would result. Management
will continue to monitor and assess the adequacy of the provision recognised
and the appropriateness of the judgements made.
3 Segmental analysis
The segmental disclosure presented in these interim condensed consolidated
financial statements has been determined based on the way in which performance
is assessed, assets are monitored and resources allocated, and hence reflects
the format of reports reviewed by the 'chief operating decision-maker'. The
Group's reportable segments are Hire and Services, which form the UK and
Ireland ("UK&I") business.
The Hire segment relates to hire of the Group's core fleet of owned products,
covering a range of product lines in categories such as small tools, access,
power and battery storage, lifting, survey, powered access, welding and plant
machinery. The Services segment predominantly relates to the re-hire of an
extensive range of specialist equipment through partnerships with the
industry's leading suppliers, referred to as Customer Solutions. This segment
also includes fuel and energy sales and management, training, product sales,
and test, inspection and certification services.
An element of the Group's costs are incurred at a corporate level and
consequently cannot be analysed by segment. These costs, together with net
corporate borrowings and taxation, are not directly attributable to the
activities of the operating segments and consequently are presented under
Corporate items. The remaining unallocated net assets comprise principally
working capital balances held by the support services function.
For the six months ended 30 September 2025 / As at 30 September 2025
Hire excluding disposals Services UK and Ireland(1) Corporate items Total
£m £m £m £m £m
Revenue 123.3 75.0 205.2 - 205.2
Cost of sales (26.3) (60.9) (92.7) - (92.7)
───── ───── ───── ───── ─────
Gross Profit 97.0 14.1 112.5 - 112.5
═════ ═════ ═════ ═════ ═════
Segment result:
Adjusted EBITDA 39.9 (1.2) 38.7
Depreciation(2) (35.2) (0.1) (35.3)
Profit on planned disposals of hire equipment 0.2 - 0.2
───── ───── ─────
Operating profit/(loss) before amortisation 4.9 (1.3) 3.6
Amortisation(2) (1.8) - (1.8)
Non-underlying items (7.6) - (7.6)
───── ───── ─────
Operating (loss)/profit (4.5) (1.3) (5.8)
Share of results of joint venture - (0.4) (0.4)
───── ───── ─────
(Loss)/profit from operations (4.5) (1.7) (6.2)
═════ ═════
Financial expense (8.9)
─────
Loss before tax (15.1)
Taxation 2.9
─────
Loss for the financial period (12.2)
═════
Intangible assets(2) 28.4 9.5 37.9
Investment in joint venture 0.6 4.4 5.0
Land and buildings 14.1 - 14.1
Hire equipment 227.7 - 227.7
Non-hire equipment 6.4 - 6.4
Right of use assets 105.7 - 105.7
Taxation assets - 0.9 0.9
Current assets 106.9 6.9 113.8
Cash - 16.3 16.3
───── ───── ─────
Total assets 489.8 38.0 527.8
═════ ═════ ═════
Lease liabilities (108.2) - (108.2)
Other liabilities (125.2) (16.3) (141.5)
Borrowings - (129.2) (129.2)
Taxation liabilities - (6.6) (6.6)
───── ───── ─────
Total liabilities (233.4) (152.1) (385.5)
═════ ═════ ═════
(1) UK and Ireland also includes revenue and costs relating to the disposal of
hire assets.
(2) Intangible assets in Corporate items relate to the Group's ERP system,
amortisation is charged to the UK and Ireland segment as this is fundamental
to the trading operations of the Group. Depreciation in Corporate items
relates to computers and is recharged from the UK and Ireland based on
proportional usage.
For the six months ended 30 September 2024 / As at 30 September 2024
Hire excluding disposals Services UK and Ireland(1) Corporate items Total
£m £m £m £m £m
Revenue 125.5 76.5 203.6 - 203.6
Cost of sales (26.6) (61.6) (90.2) - (90.2)
───── ───── ───── ───── ─────
Gross Profit 98.9 14.9 113.4 - 113.4
═════ ═════ ═════ ═════ ═════
Segment result:
Adjusted EBITDA 45.6 (1.4) 44.2
Depreciation(2) (34.0) (0.2) (34.2)
Loss on planned disposals of hire equipment (0.7) - (0.7)
───── ───── ─────
Operating profit/(loss) before amortisation 10.9 (1.6) 9.3
Amortisation(2) (2.4) - (2.4)
Non-underlying items (0.6) (1.7) (2.3)
───── ───── ─────
Operating profit/(loss) 7.9 (3.3) 4.6
Share of results of joint venture - 0.7 0.7
───── ───── ─────
Profit/(loss) from operations 7.9 (2.6) 5.3
═════ ═════
Financial expense (7.5)
─────
Loss before tax (2.2)
Taxation 0.6
─────
Loss for the financial period (1.6)
═════
Intangible assets(2) 29.1 10.1 39.2
Investment in joint venture 0.6 6.0 6.6
Land and buildings 16.1 - 16.1
Hire equipment 221.9 - 221.9
Non-hire equipment 6.5 - 6.5
Right of use assets 93.8 - 93.8
Taxation assets - 3.0 3.0
Current assets 109.3 6.8 116.1
Cash - 1.4 1.4
───── ───── ─────
Total assets 477.3 27.3 504.6
═════ ═════ ═════
Lease liabilities (94.4) - (94.4)
Other liabilities (120.1) (4.0) (124.1)
Borrowings - (112.7) (112.7)
Taxation liabilities - (8.8) (8.8)
───── ───── ─────
Total liabilities (214.5) (125.5) (340.0)
═════ ═════ ═════
(1) UK and Ireland also includes revenue and costs relating to the disposal of
hire assets.
(2) Intangible assets in Corporate items relate to the Group's ERP system,
amortisation is charged to the UK and Ireland segment as this is fundamental
to the trading operations of the Group. Depreciation in Corporate items
relates to computers and is recharged from the UK and Ireland based on
proportional usage.
Geographical information
In presenting geographical information, revenue is based on the geographical
location of customers. Assets are based on the geographical location of the
assets.
Six months ended Six months ended
30 September 2025 30 September 2024
──────────────── ──────────────
( ) Non-current Non-current
Revenue Assets(1) Revenue Assets(1)
£m £m £m £m
UK 202.0 389.8 200.3 375.9
Ireland 3.2 7.0 3.3 8.2
───── ───── ───── ─────
205.2 396.8 203.6 384.1
═════ ═════ ═════ ═════
(1) Non-current assets excluding financial instruments and deferred tax
assets.
Revenue by type
Revenue is attributed to the following activities:
Six months Six months
ended ended
30 September 30 September
2025 2024
£m £m
Hire and related activities 123.3 125.5
Services 75.0 76.5
Disposals 6.9 1.6
───── ─────
205.2 203.6
═════ ═════
Major customer
No one customer represents more than 10% of revenue, reported profit or
combined assets of all reporting segments.
4 Non-underlying items
Six months Six months
ended ended
30 September 2025 30 September 2024
£m £m
Transformation costs 3.9 2.3
Business disposal 2.2 -
Other professional and support costs 1.5 -
───── ─────
7.6 2.3
═════ ═════
Transformation costs
Our Velocity strategy is split into two distinct phases through to 31 March
2028, being 'Enabling Growth' (years 1 to 3) and 'Delivering Growth' (years 1
to 5). The investment in implementing our Velocity strategy and executing our
transformation programme represents a significant cost to the business and
will continue to do so throughout the 'Enabling' phase to March 2026. There
has been no significant change in the anticipated cost of this phase to what
was reported at 31 March 2025 (between £20m and £22m, with £15m to £17m
expected to be non-underlying).
Management will continue to monitor and reassess the above based on the
phasing and delivery of the transformation programme.
Of the £3.9m non-underlying cost to the business in H1 FY2026, £1.9m relates
primarily to incremental people costs.
Business disposal
In August 2025 the Group disposed of the manufacturing division of Lloyds
British, generating a loss on disposal of £2.2m, presented within
non-underlying items due to the infrequent nature of such transactions.
Other professional and support costs
On 6 October 2025, the Group announced the Transaction. Whilst completion of
the Transaction was after the balance sheet date, substantially all of the
negotiation work required to procure such was undertaken in the first half of
FY2026. Significant legal and professional costs have been incurred to date
for completion of this work, which have been presented as non-underlying items
owing to the scale and rarity of a transaction such as this.
The net cash outflow from activities associated with non-underlying items
during the period ended 30 September 2025 is £3.6m.
Non-underlying items during the six months ended 30 September 2024 related to
transformation costs only. The £2.3m non-underlying cost in H1 FY2024 related
primarily to incremental people costs, which also represented the cash
outflow.
5 Finance costs
Six months Six months
ended ended
30 September 2025 30 September 2024
£m £m
Interest on bank loans and overdrafts 5.2 4.5
Amortisation of issue costs 0.1 0.1
───── ─────
Total interest on borrowings 5.3 4.6
Interest on lease liabilities 3.6 3.0
Other finance income - (0.1)
───── ─────
Finance costs 8.9 7.5
═════ ═════
6 Taxation
The corporation tax credit for the six months ended 30 September 2025 is based
on an estimated full year effective rate of taxation of 18.8% before
non-underlying items and amortisation (30 September 2024: 27.1%) and 20.9%
(2024: 28.3%) after non-underlying items and amortisation. This has been
calculated by reference to the projected charge for the full year ending 31
March 2026, applying the applicable UK corporation tax rate of 25.0% (2024:
25.0%). Deferred tax is provided using the tax rates that are expected to
apply to the period in which the liability is settled, based on the tax rates
that have been substantively enacted at the balance sheet date.
7 Earnings per share
The calculation of basic earnings per share is based on the loss for the
financial period of £12.2m (30 September 2024: £1.6m loss) and the weighted
average number of ordinary shares in issue, and is calculated as follows:
Six months ended Six months ended
30 September 30 September
2025 2024
Weighted average number of shares in issue (m)
Number of shares at the beginning of the period 460.5 457.7
Exercise of share options - 0.1
Movement in shares owned by the Employee Benefit Trust - 1.1
Vested shared not yet exercised 0.8 0.5
───── ─────
Weighted average for the period - basic number of shares 461.3 459.4
Share options 0.3 3.8
Employee share schemes - 0.4
───── ─────
Weighted average for the period - diluted number of shares 461.6 463.6
═════ ═════
Profit (£m)
(Loss)/profit for the period after tax - basic and diluted earnings (12.2) (1.6)
Intangible amortisation charge - acquired intangibles (after tax) 0.2 0.2
Non-underlying items (after tax) 6.1 1.7
───── ─────
Adjusted earnings (after tax) (5.9) 0.3
═════ ═════
Earnings per share (pence)
Basic earnings per share (2.64) (0.35)
Dilutive shares and options - -
───── ─────
Diluted earnings per share (2.64) (0.35)
═════ ═════
Adjusted earnings per share (1.28) 0.07
Dilutive shares and options - (0.01)
───── ─────
Adjusted diluted earnings per share (1.28) 0.06
═════ ═════
The total number of shares outstanding at 30 September 2025 amounted to
516,983,637 (30 September 2024: 516,983,637), including 1,091,429 (30
September 2024: 1,616,733) shares held in the Employee Benefit Trust and
55,141,657 (30 September 2024: 55,141,657) shares held in treasury, which are
excluded in calculating basic earnings per share.
8 Dividends
The aggregate amount of dividend comprises:
Six months ended Six months
30 September ended
2025 30 September
2024
£m £m
2024 final dividend (1.80 pence on 454.7m ordinary shares) - 8.2
2025 final dividend (1.80 pence on 458.8m ordinary shares) 8.3 -
───── ─────
8.3 8.2
═════ ═════
Subsequent to the end of the period, the Directors have declared a 0.30 pence
per share interim dividend (2025 interim dividend: 0.80 pence per share),
payable 21 January 2026.
9 Non-GAAP performance measures
The Group believes that the measures below provide valuable additional
information for users of the financial statements in assessing the Group's
performance by adjusting for the effect of non-underlying items and
significant non-cash depreciation and amortisation. The Group uses these
measures for planning, budgeting and reporting purposes and for its internal
assessment of the operating performance of the individual divisions within the
Group. The measures on a continuing basis are as follows.
Six months ended Six months ended
30 September 30 September
2025 2024
£m £m
Operating (loss)/profit (5.8) 4.6
Add back: amortisation 1.8 2.4
Add back: non-underlying items 7.6 2.3
───── ─────
Adjusted operating profit 3.6 9.3
Add back: depreciation 35.3 34.2
Add back: (profit)/loss on planned disposals of hire equipment (0.2) 0.7
───── ─────
Adjusted EBITDA 38.7 44.2
═════ ═════
Loss before tax (15.1) (2.2)
Add back: amortisation of acquired intangibles 0.3 0.3
Add back: non-underlying items 7.6 2.3
───── ─────
Adjusted (loss)/profit before tax (7.2) 0.4
═════ ═════
Return on capital employed (ROCE)
Adjusted profit before tax (7.2) 0.4
Interest 8.9 7.5
───── ─────
Profit before tax, interest, amortisation of acquired intangibles and 1.7 7.9
non-underlying items
Profit for the six months prior 16.7 15.8
───── ─────
Annualised profit before tax, interest, amortisation of acquired intangibles 18.4 23.7
and non-underlying items(1)
Average gross capital employed(2) 268.8 274.0
ROCE 6.8% 8.6%
( )
(1) Profit before tax, finance costs, amortisation of acquired intangibles and
non-underlying items for the last 12 months.
(2) Average gross capital employed (where capital employed equals total equity
and net debt) based on a two-point average for the last 12 months.
10 Intangible assets
Internally generated
Acquired
Goodwill Customer lists Brands Total acquired intangibles IT development Total intangible assets
£m £m £m £m £m £m
Cost
At 1 April 2024 27.4 3.9 1.3 32.6 18.0 50.6
Additions - - - - 1.9 1.9
───── ───── ───── ───── ───── ─────
At 30 September 2024 27.4 3.9 1.3 32.6 19.9 52.5
Additions - - - - 0.6 0.6
───── ───── ───── ───── ───── ─────
At 31 March 2025 27.4 3.9 1.3 32.6 20.5 53.1
Additions - - - - 1.3 1.3
───── ───── ───── ───── ───── ─────
At 30 September 2025 27.4 3.9 1.3 32.6 21.8 54.4
═════ ═════ ═════ ═════ ═════ ═════
Accumulated amortisation
At 1 April 2024 - 2.1 1.1 3.2 7.7 10.9
Charged in period - 0.2 0.1 0.3 2.1 2.4
───── ───── ───── ───── ───── ─────
At 30 September 2024 - 2.3 1.2 3.5 9.8 13.3
Charged in period - 0.2 0.1 0.3 1.1 1.4
───── ───── ───── ───── ───── ─────
At 31 March 2025 - 2.5 1.3 3.8 10.9 14.7
Charged in period - 0.3 - 0.3 1.5 1.8
───── ───── ───── ───── ───── ─────
At 30 September 2025 - 2.8 1.3 4.1 12.4 16.5
═════ ═════ ═════ ═════ ═════ ═════
Net book value
At 30 September 2025 27.4 1.1 - 28.5 9.4 37.9
═════ ═════ ═════ ═════ ═════ ═════
At 31 March 2025 27.4 1.4 - 28.8 9.6 38.4
═════ ═════ ═════ ═════ ═════ ═════
At 30 September 2024 27.4 1.6 0.1 29.1 10.1 39.2
═════ ═════ ═════ ═════ ═════ ═════
Analysis of goodwill, customer lists, brands and IT development by cash
generating unit:
Goodwill Customer Brands IT development Total
lists
£m £m £m £m £m
Allocated to
Hire 26.4 0.9 - 8.3 35.6
Services 1.0 0.2 - 1.1 2.3
───── ───── ───── ───── ─────
At 30 September 2025 27.4 1.1 - 9.4 37.9
═════ ═════ ═════ ═════ ═════
Allocated to
Hire 26.4 1.1 - 8.4 35.9
Services 1.0 0.3 - 1.2 2.5
───── ───── ───── ───── ─────
At 31 March 2025 27.4 1.4 - 9.6 38.4
═════ ═════ ═════ ═════ ═════
All goodwill has arisen from business combinations and has been allocated to
the cash-generating unit ("CGU") expected to benefit from those business
combinations. All intangible assets are held in the UK.
The Group tests goodwill for impairment annually, or more frequently if there
are indications that goodwill might be impaired, and considers at each
reporting date whether there are indicators that impairment may have occurred.
The Group performed an interim assessment of impairment at 30 September 2025.
Other assets are assessed at each reporting date for any indicators of
impairment and tested if an indicator is identified. The Group's reportable
CGUs comprise the UK&I Hire business ("Hire") and UK&I Services
business ("Services"), representing the lowest level within the Group at which
the associated assets are monitored for management purposes.
The recoverable amounts of the assets allocated to the CGUs are determined by
a value-in-use calculation. The value-in-use calculation uses cash flow
projections based on five-year financial forecasts.
To prepare the value-in-use calculation, the Group uses cash flow projections
from the latest expectations of FY2026 performance, and a subsequent four-year
period applying assumptions based on past experience, including known contract
wins, adjusted for current market trends and expectations of future changes in
the market, and the Group's cost base. The cashflow projections also include
substantial cashflows in respect of the ProService commercial arrangement,
reflecting reasonable estimates of the evolution of these cashflows over time.
The forecasts do not include the impact of future strategic initiatives and
form the best estimate of forecast performance at the time of impairment
testing. A terminal value into perpetuity using long-term growth rates is then
applied to these cash flows.
The key assumptions for these forecasts are those regarding trading
performance - representing a combination of the projected changes in revenue
and overheads - and discount rate.
The Group's five-year financial forecasts assume average annual revenue growth
of 7.0% and an average overhead increase of 3.9%. This results in average
operating margin of 9.6%. Revenue growth is above the current view of average
market growth due to significant contracts secured by the Group during the
period which are yet to fully mobilise and the cashflows associated with the
ProService agreement. The forecasts therefore assume an expectation of growth
in relative market share. The Directors believe that the assumptions adopted
in the cash flow forecasts are the most appropriate.
The resulting forecast cash flows are discounted back to present value, using
an estimate of the Group's pre-tax weighted average cost of capital, adjusted
for risk factors associated with the CGUs and market-specific risks.
The impairment model is prepared in nominal terms. The future cash flows are
based on current price terms inflated into future values, using general
inflation and any known cost or sales initiatives. The discount rate is
calculated in nominal terms, using market and published rates.
The pre-tax discount rates and terminal growth rates applied are as follows:
30 September 2025 31 March 2025
──────────────────────── ──────────────────────────
Pre-tax Terminal value Pre-tax Terminal value
discount rate growth rate discount rate growth rate
UK and Ireland Hire and Services 12.4% 2.0% 12.6% 2.0%
A single discount rate is applied to both CGUs as they operate in the same
market, with access to the same shared Group financing facilities, with no
additional specific risks applicable to either CGU.
At 30 September 2025, the headroom between value in use and carrying value of
related assets for the UK and Ireland was £281.4m (31 March 2025: £261.8m) -
£212.9m for Hire (31 March 2025: £165.7m) and £68.5m for Services (31 March
2025: £96.1m).
Impairment calculations are sensitive to changes in key assumptions around
trading performance and discount rate. An impairment may be identified if
there is a significant change to these key assumptions, resulting from
declining economic or market conditions and sustained underperformance of the
Group.
The sensitivity applied in relation to trading performance is consistent with
that applied in relation to going concern, representing a severe but plausible
downside scenario, resulting in reduced revenue growth and lower
profitability. Key assumptions are as follows:
Five-year forecast period
Reduced Trading Performance ─────────────────
Average annual revenue growth 3.8%
Average annual overheads growth 1.1%
Operating profit margin 8.3%
Revenue growth in this scenario is still ahead of general market trend as a
result of the Group's secured contract wins which are yet to fully mobilise.
Whilst this scenario includes some mitigating actions, the scenario still
results in a decline in operating profit margin from the base model.
No impairment was identified as a result of the application of these
sensitivities. Whilst revenue growth represents a key assumption in the
value-in-use calculation, it should not be considered in isolation as there
are cost saving measures available to the Group to mitigate the impact of
reduced revenue growth. For information, an unmitigated 1% reduction in
revenue from the base model would result in a £38.8m reduction in headroom -
£36.0m for Hire and £2.8m for Services. This would not result in an
impairment in either CGU.
After considering relevant mitigations, revenue over the forecast period would
need to decrease by 16.9% for Hire and 67.6% for Services from the base model,
for the recoverable amount of each CGU to equal its respective carrying
amount.
In the event of sustained or severe revenue underperformance, the Group is
able to respond by making additional efficiencies not already included in the
trading performance sensitivity. These include, but are not limited to,
further reduced capital expenditure and more extensive cost saving
initiatives.
The table below shows the reduction in headroom created by a change in
assumptions:
Impact on headroom at 30 September 2025 (£m)
──────────────────────── ──────────────────────────
Reduced trading performance Pre-tax discount rate - 0.5% increase
Hire (54.8) (27.3)
Services 25.0 (2.7)
There are no reasonable variations in these assumptions that would be
sufficient to result in an impairment of either the Hire or Services CGU at 30
September 2025. However, the Directors note the importance of the cash flows
of the ProService agreement in supporting the value-in-use.
It is noted that the market capitalisation of the Group at 30 September 2025
was below the consolidated net asset position - one indicator that an
impairment may exist. Based on the impairment test performed, and discussed
above, the Directors believe that no impairment is required in this regard.
The position will be reassessed at the next reporting date.
11 Property, plant and equipment
Land and Hire
buildings equipment Other Total
£m £m £m £m
Cost
At 1 April 2024 58.2 386.0 28.2 472.4
Foreign exchange - (0.2) - (0.2)
Additions 4.4 35.6 0.4 40.4
Disposals (1.7) (11.3) (0.7) (13.7)
Transfers to inventory - (8.7) - (8.7)
───── ───── ───── ─────
At 30 September 2024 60.9 401.4 27.9 490.2
Foreign exchange - (0.3) - (0.3)
Additions 0.5 21.9 0.4 22.8
Disposals (0.4) (8.6) (0.6) (9.6)
Transfers to inventory - (12.9) - (12.9)
───── ───── ───── ─────
At 31 March 2025 61.0 401.5 27.7 490.2
Foreign exchange - 0.3 - 0.3
Additions 1.3 31.9 1.3 34.5
Disposals (0.8) (7.4) (0.2) (8.4)
Transfers to inventory - (22.5) - (22.5)
───── ───── ───── ─────
At 30 September 2025 61.5 403.8 28.8 494.1
═════ ═════ ═════ ═════
Accumulated depreciation
At 1 April 2024 43.7 175.4 20.2 239.3
Foreign exchange - (0.2) - (0.2)
Charged in period 2.0 16.7 1.3 20.0
Disposals (0.9) (6.0) (0.1) (7.0)
Transfers to inventory - (6.4) - (6.4)
───── ───── ───── ─────
At 30 September 2024 44.8 179.5 21.4 245.7
Foreign exchange - (0.2) - (0.2)
Charged in period 2.1 14.2 1.3 17.6
Disposals (0.9) (5.5) (0.9) (7.3)
Transfers to inventory - (8.9) - (8.9)
───── ───── ───── ─────
At 31 March 2025 46.0 179.1 21.8 246.9
Foreign exchange - 0.2 - 0.2
Charged in period 2.0 16.6 0.8 19.4
Disposals (0.6) (4.1) (0.2) (4.9)
Transfers to inventory - (15.7) - (15.7)
───── ───── ───── ─────
At 30 September 2025 47.4 176.1 22.4 245.9
═════ ═════ ═════ ═════
Net book value
At 30 September 2025 14.1 227.7 6.4 248.2
═════ ═════ ═════ ═════
At 31 March 2025 15.0 222.4 5.9 243.3
═════ ═════ ═════ ═════
At 30 September 2024 16.1 221.9 6.5 244.5
═════ ═════ ═════ ═════
The net book value of land and buildings is made up of improvements to short
leasehold properties.
Of the £227.7m (2024: £221.9m) net book value of hire equipment, £28.2m
(2024: £28.7m) relates to non-itemised assets.
The net book value of other - non-hire equipment - comprises fixtures,
fittings, office equipment and IT equipment.
At 30 September 2025, no indicators of impairment were identified in relation
to property, plant and equipment.
12 Right of use assets
Land and
buildings Other Total
£m £m £m
Cost
At 1 April 2024 165.5 66.9 232.4
Additions 1.3 4.3 5.6
Remeasurements 3.2 2.5 5.7
Disposals (5.1) (5.2) (10.3)
───── ───── ─────
At 30 September 2024 164.9 68.5 233.4
Additions 0.8 15.0 15.8
Remeasurements 9.9 0.7 10.6
Disposals (0.3) (4.9) (5.2)
───── ───── ─────
At 31 March 2025 175.3 79.3 254.6
Additions 1.1 4.3 5.4
Remeasurements 11.8 0.6 12.4
Disposals (3.1) (8.3) (11.4)
───── ───── ─────
At 30 September 2025 185.1 75.9 261.0
═════ ═════ ═════
Accumulated depreciation
At 1 April 2024 106.3 28.8 135.1
Charged in period 7.0 7.2 14.2
Disposals (5.0) (4.7) (9.7)
───── ───── ─────
At 30 September 2024 108.3 31.3 139.6
Charged in period 7.2 8.6 15.8
Disposals 0.1 (5.1) (5.0)
───── ───── ─────
At 31 March 2025 115.6 34.8 150.4
Charged in period 7.3 8.6 15.9
Disposals (2.9) (8.1) (11.0)
───── ───── ─────
At 30 September 2025 120.0 35.3 155.3
═════ ═════ ═════
Net book value
At 30 September 2025 65.1 40.6 105.7
═════ ═════ ═════
At 31 March 2025 59.7 44.5 104.2
═════ ═════ ═════
At 30 September 2024 56.6 37.2 93.8
═════ ═════ ═════
Land and buildings leases comprise depots and associated ancillary leases such
as car parks and yards.
Other leases consist of cars, lorries, vans and forklifts.
13 Borrowings
30 September 30 September 31 March
2025 2024 2025
£m £m £m
Current borrowings
Bank overdraft 6.0 0.5 -
Borrowings - Payables financing - - 2.3
Bank borrowings - Revolving credit facility 54.2 - -
Bank borrowings - Loan notes 75.0 - -
Lease liabilities 23.2 20.8 25.0
───── ───── ─────
158.4 21.3 27.3
Non-current borrowings
Bank borrowings - Asset based finance facility - 112.7 112.9
Lease liabilities 85.0 73.6 80.9
───── ───── ─────
85.0 186.3 193.8
Total borrowings 243.4 207.6 221.1
Less: Cash (16.3) (1.4) (2.1)
Exclude lease liabilities (108.2) (94.4) (105.9)
───── ───── ─────
Net debt(1) 118.9 111.8 113.1
═════ ═════ ═════
(1) Key performance indicator - excluding lease liabilities.
Reconciliation of financing liabilities and net debt
1 April Non-cash movement Cash flow 30 September
2025 2025
£m £m £m £m
Bank borrowings (112.9) 0.7 (17.0) (129.2)
Payables financing (2.3) - 2.3 -
Lease liabilities (105.9) 16.4 (18.7) (108.2)
───── ───── ───── ─────
Liabilities arising from financing activities (221.1) 17.1 (33.4) (237.4)
Cash at bank and in hand 2.1 - 14.2 16.3
Bank overdraft - - (6.0) (6.0)
───── ───── ───── ─────
Net debt (219.0) 17.1 (25.2) (227.1)
═════ ═════ ═════ ═════
In April 2025, the Group refinanced its borrowings, replacing the £180.0m
asset based finance ("ABL") facility which was due to expire in July 2026. The
ABL balance of £112.9m at 31 March 2025 was repaid in full on 24 April 2025
and the new facilities simultaneously entered into. Detail on these new
facilities are as follows.
The Group has a £150.0m revolving credit facility ("RCF"), reduced to the
extent that any ancillary facilities are provided, which is sub divided into:
(a) A secured overdraft facility which secures by cross guarantees and debentures
the bank deposits and overdrafts of the Company and certain subsidiary
companies, up to a maximum of £5.0m.
(b) A supplier financing facility of £5.0m.
(c) A stand-by letter of credit facility of £5.0m.
(d) An RCF of up to £135.0m. Headroom on this facility as at 30 September 2025
was £80.0m (31 March 2025: £42.0m under the Group's previous £180.0m asset
based finance facility).
An additional uncommitted accordion of £50.0m is also in place.
Whilst the RCF expires in April 2028, the Group does not have the right to
defer settlement of each drawdown under the RCF for a minimum of 12 months
after the reporting date.
The RCF is priced based on SONIA plus a variable margin, while any unutilised
commitment is charged at 35% of the applicable margin. During the period, the
effective margin was 2.29% (period ended 30 September 2024: 2.12%).
Additionally, the Group has a private placement loan of £75.0m, repayable in
April 2032. Interest on the private placement term loan is fixed for the
duration of the facility, payable quarterly.
The facilities are secured by fixed and floating charges over all of the
Group's property and undertakings and include quarterly leverage and fixed
charge cover covenant tests.
14 Fair value measurement of financial instruments
The Group holds and uses financial instruments to finance its operations and
to manage its interest rate and liquidity risks.
Fair value hierarchy
The Group's financial assets and liabilities are principally short-term in
nature and therefore their fair value is not materially different from their
carrying value. The valuation method for the Group's financial assets and
liabilities can be defined as follows in accordance with IFRS 13:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or
liabilities.
Level 2: Inputs other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly (i.e. as prices) or
indirectly (i.e. derived from prices).
Level 3: Techniques which use inputs that have a significant effect on the
recorded fair value that are not based on observable market data.
Basis for determining fair values
The following summarises the principal methods and assumptions used in
estimating the fair value of Group's financial instruments, in line with the
fair value hierarchy above:
(a) Derivatives - Broker quotes are used for all interest rate swaps and fuel
hedges (Level 1).
(b) Interest-bearing loans and borrowings - Fair value is calculated based on
discounted expected future principal and interest cash flows at a market rate
of interest (Level 2).
(c) Trade and other receivables and payables - For receivables and payables with a
remaining life of less than one year, the notional amount is deemed to reflect
the fair value. All other receivables and payables are discounted to determine
the fair value.
(d) Lease liabilities - Not within the scope of IFRS 13; accounted for in
accordance with IFRS 16.
Fair value of financial assets and liabilities
The carrying value of the Group's financial assets and financial liabilities
at 30 September 2025 are set out below:
Fair value through other comprehensive income
Amortised
Cost Total
£m £m £m
Financial assets
Trade and other receivables(1) 91.7 - 91.7
Cash 16.3 - 16.3
───── ───── ─────
108.0 - 108.0
═════ ═════ ═════
Financial liabilities
Bank overdraft (6.0) - (6.0)
Bank borrowings (129.2) - (129.2)
Lease liabilities - Current (23.2) - (23.2)
Lease liabilities - Non-current (85.0) - (85.0)
Trade and other payables(2) (78.0) - (78.0)
Accruals (32.1) - (32.1)
Customer rebates (12.2) - (12.2)
───── ───── ─────
(365.7) - (365.7)
═════ ═════ ═════
(1) Trade and other receivables excluding prepayments and accrued income.
(2) Trade and other payables excluding non-financial liabilities.
Impairment reviews did not identify any material impairment of financial
assets from carrying values as reported at the balance sheet date and, as
such, no material impairments are included in the interim condensed
consolidated income statement.
15 Contingent liabilities
In the normal course of business, the Company has given parental guarantees in
support of the contractual obligations of Group companies on both a joint and
a several basis.
The Directors do not consider any provision is necessary in respect of the
guarantees.
16 Related party disclosures
There has been no significant change to the nature and size of related party
transactions, including the remuneration provided to the key management, from
that disclosed in the FY2025 Annual Report and Accounts.
17 Principal risks and uncertainties
The principal risks and uncertainties which could have a material impact upon
the Group's performance over the remaining six months of the 2025 financial
year have not changed from those set out on pages 62 to 69 of the Group's 2025
Annual Report, which is available at www.speedyhire.com
(http://www.speedyhire.com) . These risks and uncertainties include the
following:
· Vehicle or health and safety incident
· Significant IT outage or disaster recovery event
· Cyber attack
· Velocity does not deliver expected benefits
· Funding arrangements
· Climate change
· Future of energy generation
· Competitor risk - loss of market share
· Loss of a major Speedy Hire site
· Loss of talent
· Market and economic conditions
· Government policy
18 Post balance sheet events
On 6 October 2025, Speedy Hire announced that its subsidiary Speedy Asset
Services Limited signed the Commercial Agreement with ProService. In addition,
HSS Hire Group plc (to be re-named ProService Building Services Marketplace
plc) agreed the issue to Speedy Hire of 79,368,711 of its shares, representing
approximately 9.99% of the post subscription issued share capital of
ProService plc.
On 17 November 2025, the Group announced that the conditions of the
Transaction had been fully satisfied and accordingly that the Transaction had
completed.
The Group's borrowing facilities include quarterly leverage and fixed charge
cover covenant tests. In preparation for entering into the Transaction, the
Group agreed short term amendments to the fixed charge cover covenant on 5
November 2025, for the quarters ended 30 September 2025 and 31 December 2025,
subsequent to which the covenants revert to their original levels. Under IAS
1, the classification of liabilities is based on conditions existing at the
reporting date. The Group's private placement term loan of £75.0m was
therefore classified as a current liability at 30 September 2025, because the
amendments were not agreed at the reporting date. As of 5 November 2025, the
loan notes were reclassified to non-current liabilities, given the amendments
restore the Group's ability to defer settlement beyond 12 months from the
reporting date. Consequently, the loan notes are not expected to be payable
within 12 months from the date of approval of these Financial Statements.
This amendment represents a non-adjusting event, reflecting conditions arising
after the reporting date which are relevant to understanding the Group's
liquidity position at the period end. The covenant amendments have been
considered within the Group's going concern assessment, with the Directors
concluding that the Group will continue to meet its obligations as they fall
due for at least 12 months from the date of approval of these Financial
Statements.
Statement of directors' responsibilities
The directors confirm that these interim condensed consolidated financial
statements have been prepared in accordance with UK adopted International
Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure
Guidance and Transparency Rules sourcebook of the United Kingdom's Financial
Conduct Authority and that the interim management report includes a fair
review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:
• an indication of important events that have occurred during the first
six months and their impact on the condensed set of financial statements, and
a description of the principal risks and uncertainties for the remaining six
months of the financial year; and
• material related-party transactions in the first six months and any
material changes in the related-party transactions described in the last
annual report.
The maintenance and integrity of the Speedy Hire Plc website is the
responsibility of the directors; the work carried out by the auditors does not
involve consideration of these matters and, accordingly, the auditors accept
no responsibility for any changes that might have occurred to the interim
financial statements since they were initially presented on the website.
The directors of Speedy Hire Plc are listed in the Speedy Hire Plc annual
report for 31 March 2025.
A list of current directors is maintained on the Speedy Hire Plc's website:
www.speedyhire.com
Dan Evans
Director
25 November 2025
Independent Review Report to Speedy Hire Plc
Report on the interim condensed consolidated financial statements
Our conclusion
We have reviewed Speedy Hire Plc's condensed consolidated interim financial
statements (the "interim financial statements") in the FY2026 Interim Results
of Speedy Hire Plc for the 6 month period ended 30 September 2025 (the
"period").
Based on our review, nothing has come to our attention that causes us to
believe that the interim financial statements are not prepared, in all
material respects, in accordance with UK adopted International Accounting
Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and
Transparency Rules sourcebook of the United Kingdom's Financial Conduct
Authority.
The interim financial statements comprise:
· the Interim condensed consolidated balance sheet as at 30 September 2025;
· the Interim condensed consolidated income statement and Interim condensed
consolidated statement of comprehensive income for the period then ended;
· the Interim condensed consolidated statement of cash flows for the period then
ended;
· the Interim condensed consolidated statement of changes in equity for the
period then ended; and
· the explanatory notes to the interim financial statements.
The interim financial statements included in the FY2026 Interim Results of
Speedy Hire Plc have been prepared in accordance with UK adopted International
Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure
Guidance and Transparency Rules sourcebook of the United Kingdom's Financial
Conduct Authority.
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410, 'Review of Interim Financial Information Performed by
the Independent Auditor of the Entity' issued by the Financial Reporting
Council for use in the United Kingdom ("ISRE (UK) 2410"). A review of interim
financial information consists of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and
other review procedures.
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and, consequently, does not
enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express
an audit opinion.
We have read the other information contained in the FY2026 Interim Results and
considered whether it contains any apparent misstatements or material
inconsistencies with the information in the interim financial statements.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for conclusion section of this report,
nothing has come to our attention to suggest that the directors have
inappropriately adopted the going concern basis of accounting or that the
directors have identified material uncertainties relating to going concern
that are not appropriately disclosed. This conclusion is based on the review
procedures performed in accordance with ISRE (UK) 2410. However, future events
or conditions may cause the group to cease to continue as a going concern.
Responsibilities for the interim financial statements and the review
Our responsibilities and those of the directors
The FY2026 Interim Results, including the interim financial statements, is the
responsibility of, and has been approved by the directors. The directors are
responsible for preparing the FY2026 Interim Results in accordance with the
Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's
Financial Conduct Authority. In preparing the FY2026 Interim Results,
including the interim financial statements, the directors are responsible for
assessing the group's ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis
of accounting unless the directors either intend to liquidate the group or to
cease operations, or have no realistic alternative but to do so.
Our responsibility is to express a conclusion on the interim financial
statements in the FY2026 Interim Results based on our review. Our conclusion,
including our Conclusions relating to going concern, is based on procedures
that are less extensive than audit procedures, as described in the Basis for
conclusion paragraph of this report. This report, including the conclusion,
has been prepared for and only for the company for the purpose of complying
with the Disclosure Guidance and Transparency Rules sourcebook of the United
Kingdom's Financial Conduct Authority and for no other purpose. We do not, in
giving this conclusion, accept or assume responsibility for any other purpose
or to any other person to whom this report is shown or into whose hands it may
come save where expressly agreed by our prior consent in writing.
PricewaterhouseCoopers LLP
Chartered Accountants
Manchester
25 November 2025
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR PKPBQOBDDPDB
Copyright 2019 Regulatory News Service, all rights reservedRecent news on Speedy Hire
See all newsREG - Speedy Hire PLC - Half Year Results
AnnouncementREG - Speedy Hire PLC - Commercial Agreement and Equity Subscription
AnnouncementREG - HSS Hire Group PLC Speedy Hire PLC - Transaction, Total Voting Rights, Trading Update
AnnouncementREG - Speedy Hire PLC - Commercial Agreement & Equity Subscription
AnnouncementREG - Speedy Hire PLC - Director/PDMR Shareholding
Announcement