Speedy Hire made a loss in the six months to 30 September 2024 due to challenging market conditions and the ongoing cost of its new strategy.

Results posted this morning show a pre-tax loss of £2.2m compared to a £5.6m profit last time as turnover dipped to £203.6m from £208.5m.

Chief Executive Dan Evans said the next six months was looking more positive on current trading following a major kit supply deal with Amey.

He said: “We have delivered resilient results for the first half of FY2025 against a challenging but manageable market backdrop, whilst maintaining investment in our Velocity strategy. The Group secured significant contract wins and renewals earlier in the calendar year, which will deliver revenue and profit growth in this financial year and beyond.

“The second half has started well with hire revenues for October and November to date, up c.3% on this time last year. Consistent with prior years, the Group expects a strong second half weighting to its hire revenues and profits, as the seasons change and new contracts fully mobilise.

“It is particularly encouraging that we are mobilising the Amey contract earlier than anticipated, in addition to a strong pipeline of further opportunities that give us confidence in the outlook for the business.

“The Board anticipates the Group meeting its full year expectations.”