Speedy Hire shares fell sharply on Thursday after the equipment hire company warned that annual profits would drop amid worsening trading conditions. The London-listed firm said it expects underlying earnings of around £90 million for the year to March, a 7% decline from £97.1 million the previous year, citing uncertainty from the November budget and the Middle East conflict.
The company blamed “customer-led delays” that have hit hire and services revenues, noting that market conditions worsened in the fourth quarter. Shares slumped as much as 17% in morning trading before settling around 12% lower.
Merseyside-based Speedy Hire stated: “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.”
Despite the caution, the group said it remains “confident of its outlook” for the 2026-27 financial year and beyond. Analysts at Panmure Liberum cut their forecasts, now expecting a £1.5 million underlying pre-tax loss for the year to March 31, compared with an £8.7 million profit in 2024-25.
The company had previously been impacted by delayed government spending on major infrastructure projects, leading to a turnaround plan that included closing eight depots and reducing staff numbers by 74 last year.
