Shares of Speedy Hire Plc (SDY.L) were gaining more than 3 percent on the London Stock Exchange on Wednesday after the provider of tools and equipment hire registered a surge in its preliminary pre-tax income for fiscal 2024, amidst a decline in non-underlying items. However, the company recorded a decline in revenue.
Looking ahead, Speedy said that it has started its new financial year well with performance in line with Board expectations, which is marginally ahead of last year. For the 12-month period to March 31, the company recorded a profit before tax of 5.1 million pounds, higher than 1.8 million pounds last year.
Excluding items, pre-tax earnings were at 14.1 million pounds, lesser than 30.3 million pounds a year ago. The earnings were hurt by high operational gearing, increased interest costs, and normalized performance of the company's Kazakhstan JV, following a record performance a year ago.
Pre-tax non-underlying items narrowed to 9 million pounds from previous year's 28.5 million pounds.
Net profit increased to 2.7 million pounds or 0.58 pence per share from last year's 1.2 million pounds or 0.24 pence per share.
Adjusted income plunged to 9.8 million pounds or 2.33 pence per share from previous year's 23.8 million pounds or 4.92 pence per share.
Profit from operations increased to 17.8 million pounds from 10.4 million pounds in 2023.
Excluding items, profit from operations was 26.8 million pounds, compared with 38.9 million pounds a year ago.
Due to a challenging market backdrop, revenue slipped to 421.5 million pounds from 440.6 million pounds last year.
The Board will pay a final dividend of 1.80 pence per share, same as last year. This makes the full-year total dividend of 2.60 pence per share, unchanged from the previous year. The final dividend will be paid on September 20 to shareholders on the register as of August 9.
In London, Speedy Hire shares were trading at 29.60 pence, up 3.48 percent.
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