Speedy Hire announced that it has fast-tracked the planned closures of several depots and restructured support roles to mitigate the impact of recent tax increases.
The London-listed firm noted savings of about £3.5 million in costs for the year amid what it termed a "challenging market backdrop." Despite hurdles, Speedy Hire confirmed that its performance during the last financial year met projections, as reported by .
By mid-afternoon trading, the company’s shares had risen slightly over one per cent, though they have seen a decrease of more than 30 per cent so far this year.
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Experiencing a significant downturn in demand and project delays from Network Rail, where it supplies construction equipment, Speedy Hire has faced tough times.
Following a profit warning in February which negated gains made in the previous quarter leading up to December, the shares plummeted to an all-time low.
On Wednesday, the Newton-le-Willows-based company unveiled a new £225m refinancing deal, with a £150m revolving credit facility (RCF) and a £75m private placement term loan.
"The RCF has a three year maturity with options to extend up to a further two years and the private placement term loan has a seven year maturity. This new debt structure will provide the Group with greater flexibility to support its growth strategy," Speedy Hire communicated to the market.
Revealing optimism about prospective opportunities, Speedy Hire expressed confidence in the actions taken to bolster the upcoming financial year.
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The equipment hire specialist, celebrating a spate of multi-year contract wins over the last quarter, said on Wednesday that recent government endorsement of major infrastructure projects represented a "significant opportunity."
The firm is scheduled to announce its final results for the financial year ended 31 March 2025 on 18 June 2025.