Founded in 1977, Speedy Hire is the UK's leading provider of tools and equipment hire services to a wide range of customers in the construction, infrastructure, industrial, and support services markets, as well as to local trade, and retail. The Group provides complementary support services through the provision of training, asset management and compliance services.

02 Apr 2026

Unhelpful markets drive estimate downgrades

Speedy Hire's trading update causes us to downgrade our expectations, with weaker-than-anticipated Q4 trading driving a 15% EBITDA downgrade to the guided c.£90m.

FY26E revenue stands at £417.7m, broadly flat year-on-year, with an adjusted PBT loss of £(4.2)m, EPS of (0.72)p, a reduced DPS of 1.00p, and year-end net debt of c.£159m.

Speedy's ProService strategy continues to develop positively. Staff transfers have settled, hire asset and depot integration is well-advanced, and acquired asset utilisation has edged higher, pointing to meaningful operational momentum beyond the current subdued cycle.

Valuation remains compelling. The shares trade at an EV/EBITDA of 2.7× on trough earnings, yet the DCF-based fair value of 61p — over three times the current 19.3p — reflects long-term EBITDA of c.£127m, a figure which is still below our revised FY 28 estimate.

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