𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

Speedy Hire shares have tumbled after it warned annual profits are set to drop amid worsening trading conditions.

The London-listed equipment hire firm said it expects underlying earnings to fall to around £90 million in the year to March – a 7% drop from £97.1 million the previous year – after seeing trading take a turn for the worse in its final quarter.

It blamed uncertainty caused by last November’s budget, as well as the conflict in the Middle East, adding that some “customer-led delays” have hit hire and services revenues.

Shares in the firm slumped as much as 17% at one stage in morning trading on Thursday, before settling around 12% lower.

Merseyside-based Speedy Hire said: “At our interim results on 26 November 2025 we anticipated a continuation of subdued market conditions for the remainder of 2025-26.

“Market conditions have worsened through the fourth quarter with uncertainty around the UK budget in November and the recent geopolitical events in the Middle East.”

But the group said despite caution over economic and global events, it remains “confident of its outlook” for the new 2026-27 financial year “and beyond”.

Analysts at Panmure Liberum said they had previously expected underlying earnings of £112 million for 2025-26 and now forecast Speedy Hire to report a £1.5 million underlying pre-tax loss for the year to March 31.

Speedy Hire posted underlying pre-tax profits of £8.7 million for 2024-25, but swung to a £1.5 million loss on a statutory basis.

Its previous year figures were impacted by delayed Government spending on major infrastructure projects, such as Network Rail’s development programme.

The firm launched a turnaround plan in response, shutting eight depots, leading to a reduction in staff numbers – down by 74 in the year to March last year.

Speedy Hire will report figures for 2025-26 on June 17.