Speedy Hire profit drops 21%; reinstates dividend as demand

Speedy Hire profit drops 21%; reinstates dividend as demand recovers | 25 May 2021


25 May 2021 | 07:44am
StockMarketWire.com - Equipment and plant hire company Speedy Hire booked a 21% drop in annual profit but resumed its dividend, citing a strong recovery in the second half.
Pre-tax profit for the year through March fell to £12.3 million, down from £20.7 million year-on-year, as revenue slid 11% to £363.6 million.
Speedy Hire nevertheless declared full-year dividend to 1.4p per share, up from 0.7p year-on-year.
Hire revenue in the fourth quarter had risen 4% on a like-for-like basis.
'I am pleased to report results that are ahead of our expectations in what has been an exceptionally challenging year for customers and colleagues alike,' chief executive Russell Down said.

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