The shift away from its B&Q partnership set the company back £2million in trading losses and closure costs
Tool and equipment rental company Speedy Hire has announced that it will meet the lower end of expectations, as its revenue dipped last year due to a warm winter and a generally “challenging market.”
The business reported around a 5% decrease in revenue compared to the previous year, totalling approximately £420million for the year ending on March 31st. Underperformance of its regional bases – along with reduced wholesale fuel prices – hit the company hard. A warmer winter also impacted the profits made from seasonal products.
Despite the challenges, the company stated: “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 revealed that they secured new long-term contracts last year which when fully implemented, will add an estimated £40million to their annual turnover. The firm is in the midst of a major overhaul, which it admits comes with a “significant cost”. Speedy says it will disclose the full financial impact at the year’s end.
The shift away from its B&Q partnership set the company back £2million in trading losses and closure costs. Speedy has exited all 22 of its concessions within B&Q stores, pivoting to an online hire model accessible through all B&Q and Tradepoint locations.
