The Speedy Hire Board has declared an interim dividend of 0.80 pence per share (H1 FY2022 interim dividend: 0.75 pence per share), to be paid on 20 January 2023 to shareholders on the register on 9 December 2022.
Other financial highlights include:
• Continued hire revenue growth of 5.5% versus H1 FY2022:
• Improved pricing helping to mitigate inflationary cost pressures
• Strong service revenue increase of 29.0% versus H1 FY2022:
• Strong performance, particularly in their re-hire business Customer Solutions (formerly Partnered Services) and the increased revenue from fuel and energy sales
• Operating profit behind H1 FY2022 reflecting the impact of inflation on the cost base and the continued investment in growth strategies
• Controlling costs through initiatives to improve operational efficiency and supply chain collaboration
• Joint venture in Kazakhstan performing well following major contract wins in FY2022
• Adjusted profit before tax from continuing operations in H1 down 3.4% on H1 FY2022 with the joint venture mitigating the impact of investment in the cost base
• Profit before tax in H1 down 7.7% on H1 FY2022 to £13.2m; profit after tax has improved by 13.7% to £10.8m
Strong balance sheet and cash flow maintained:
• Investment in hire fleet of £30.5m in part in response to retail strategy rollout and advanced purchasing to mitigate the impact of supply chain lead times and price inflation; H1 utilisation was 54.1%, improving to 58.1% currently
• Cash and facility headroom of £91.7m (31 March 2022: £110.8m)
• Net debt at £86.7m, leverage of 1.2 times reflective of share buyback of c.£20.3m to date (31 March 2022: £67.5m, 0.9 times)
