Speedy Hire’s Early Fiscal 2027 Results Surpass Last Year, Guidance Reaffirmed
Strong Start to Fiscal 2027 Amid Challenging Market Conditions
June 17 (Reuters) - UK's Speedy Hire 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.
Key Highlights and Management Commentary
Here are more details:
CEO’s Statement
• "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
Project Pipeline and Revenue Growth
• 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.
Financial Guidance and Consensus
• 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.
Fiscal 2026 Performance Recap
• 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)
