Speedy Hire Plc (SDY.L), on Thursday, issued an update on the Group's business and trading performance for the half year ended 30 September 2024 and reported that trading performance during the first half has been satisfactory, despite facing challenging market conditions in several of the Group's end markets.
Hire revenue for the first half is consistent with that of the corresponding period in FY2024. However, the lower-margin Services revenue has experienced a decline of 5%, primarily due to a decrease in fuel revenues attributable to a reduction in wholesale fuel prices. This decline was partially offset by growth in Lloyds British testing services. Consequently, Group revenue has seen a slight decrease compared to the first half of FY2024.
Net debt at the mid-year point has risen to about £112 million. This increase is a result of forward purchasing of Hire fleet assets to support growth with key customers, including previously announced contract wins. As a consequence, there has been an escalation in interest costs during the first half.
Further, the company stated that the business has made good progress mobilising new contracts, in particular, Amey announced in June this year, and expects these to deliver significant growth in the second half. As a result, the Board anticipates the Group meeting its full-year expectations.
For comments and feedback contact: editorial@rttnews.com
Business News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.