Home Business News Speedy Hire revenue falls amid a mild winter and ‘challenging market’

Speedy Hire revenue falls amid a mild winter and ‘challenging market’

by Thea Coates Finance Reporter
10th Apr 24 2:28 pm

Speedy Hire has said that their revenue has fallen due to a mild winter however they are still set to meet expectations.

In the year to 31 March revenue fell by 5% to around £420 million and the under performance was due to wholesale fuel prices, regional bases and lower income due to the mild winter months.

Speedy Hire said in a statement, “The group has performed resiliently in the year against a challenging market backdrop and wider macroeconomic uncertainty.

The cost inflation and softer demand faced across much of the construction sector mean that revenues from our regional customers closed 6% down year-on-year, although these stabilised in the last quarter of the year and in the 2025 financial year trading to date.

“Revenues from our national customers whilst declining in the last quarter had continued to trade positively year-on-year.

The company are expected to make £40 million in their annual turnover as Speedy Hire has secured some long-term contracts and the business are in a major transition which has come with a “significant cost.”

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