The Speedy Hire Board is recommending payment of a final dividend of 1.80 pence per share making a total dividend of 2.60 pence per share which is at the same level as last year.
Other Financial Highlights:
Revenue of £421.5m, down 4.3% against a challenging market backdrop;
o Resilient UK Hire performance, down 1.7% versus FY2023
Significant contract wins and renewals including a promising pipeline of further opportunities
Positive performance with our National customers, mitigating softening with Regional customers
o Service revenue (excl. Fuel) down 1.6% versus FY2023
Strong performance in Customer Solutions
The decline in the wholesale price of fuel impacted our pass through revenues, however margin improved
Adjusted EBITDA was down 6.8% versus PY but margin held broadly flat, the result of tight cost control and pricing discipline mitigating the revenue shortfall
Adjusted PBT down 52.1%;
o Impacted by high operational gearing
o Increased interest costs
o Normalised performance of our Kazakhstan JV, following a record FY2023.
EPS impacted by the decline in profit before tax
Significant free cash flow generation of £23.5m, more than double FY2023 (£10.6m).
Net debt at £101.3m, increased by £8.9m, due to the acquisition of Green Power Hire Limited ('GPH'), funded in part by £23.5m of free cash flow; leverage of 1.5x
