The Speedy Hire Plc Board has proposed a final dividend for FY2025 of 1.80 pence per share (FY2024: 1.80 pence per share) to be paid on 19 September 2025 to shareholders on the register on 8 August 2025.
The cash cost of this dividend is expected to be c.£8.3m. This takes the total dividend for FY2025 to 2.60 pence per share (FY2024: 2.60 pence per share), following an interim dividend of 0.80 pence per share (FY2024: 0.80 pence per share).
Other financial highlights include:
Revenue of £416.6m (FY2024: £421.5m)
o Revenue (excluding fuel) increased by 1.3% to £386.4m
o Hire up 0.6% and Services (excluding fuel) up 4.5% versus FY2024
o Lloyds British, their testing, inspection and certification business, achieved growth of 5.8%
o Challenging market conditions with delays in government spending impacting major infrastructure projects, although they are taking market share
o Hire revenue with their National customers traded flat, with growth in their Regional customers
o Growth in Trade and Retail, albeit slower than anticipated after securing new relationships
Adjusted EBITDA grew marginally year on year with a slight margin improvement to 23.3% (FY2024: 23.0%), reflecting increased gross margin and disciplined cost control
Adjusted PBT declined to £8.7m (FY2024: £14.7m), impacted by higher interest costs and a lower contribution of £1.0m (FY2024: £2.9m) from our Kazakhstan joint venture, as contracts completed. Reported loss before tax of £1.5m (FY2024: £5.1m profit)
Adjusted EPS was 1.41pps (FY2024: 2.35pps)
Underlying operating cash flow was £91.8m, representing 94.5% conversion from EBITDA (FY2024: £100.2m, 103.5%)
Free cash flow remains a key performance indicator for the Group, with the year on year decrease reflecting lower underlying cash flow and investment in their hire fleet to support contract growth (up £8.7m versus FY2024), and investment in transformation
Net debt at £113.1m (FY2024: £101.3m), leverage of 1.9x
o After the year end, the Group refinanced its borrowings, securing new facilities of £225m
Updated capital allocation policy to align with the Group's growth ambitions, balancing investment and sustainable returns, adopting a target leverage range of 1.0 - 2.0x
