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Speedy Hire Plc Annual Report and Accounts 2026
ENABLED FOR
GROWTH
Strategic Review
Highlights
Driving Progress 1
Chairman’s Statement 2
From Enable to Growth 4
Strategy 6
Business Model 8
Business at a Glance 10
Marketplace 14
Investment Case 19
Chief Executive’s Statement 20
Transformation Review 22
Keeping our People and
Communities Safe
26
Financial KPIs 28
Chief Financial Officer’s Review 29
ESG Report 34
Non-Financial and Sustainability
Information Sheet
55
S172 Statement 56
Risk Management 60
Viability Statement 67
Governance
Board of Directors 68
Chairman’s Letter to Shareholders 70
Corporate Governance 71
Audit & Risk Committee Report 77
Nomination Committee Report 82
Remuneration Report 84
Sustainability Committee Report 105
Directors’ Report 106
Statement of Directors’
Responsibilities
109
Independent Auditors’ Report
110
Financial Statements
Consolidated Income Statement
118
Consolidated Statement of
Comprehensive Income
119
Consolidated Balance Sheet
120
Consolidated Statement of
Changes in Equity
121
Consolidated Cash Flow Statement 122
Notes to the Financial Statements 123
Company Balance Sheet 152
Company Statement of
Changes in Equity
153
Company Cash Flow Statement 154
Notes to the Company Financial
Statements
155
Corporate Information
Five-Year Summary
162
Shareholder Information
163
Registered Office and Advisors
164
speedyhire.com/investors
OUR BUSINESS
Operating in the Construction Equipment Rental Market (‘CERM’), Speedy Hire is the UK’s leading
provider of tools, equipment and specialist services to customers in the construction, infrastructure,
industrial, utilities and energy sectors. Our c.44,000 customers range from National Tier 1 contractors
to regional specialists, and local subcontractors to tradespeople and DIY enthusiasts.
Our integrated omni-channel model enables
customers to hire via 128 national service centres
and customer on-site facilities, central Hire Direct
operation and national trading desks, the Speedy
Hire website and mobile app.
Customers can also access our hire proposition
though our strategic partnerships with some of the
UK’s leading Trade and Retail brands, and via our
recent Commercial Agreement with ProService
1
.
Our operations continue through joint ventures
with H-Power Plc (previously known as ‘AFC
Energy Plc’) in the UK and Ireland, and Denholm
Energy Services in Kazakhstan.
2,617
hire product lines
3,902,353
website visits
c.44,000
customers
3,335
colleagues
128
service centre and
on-site locations
£257.4m
net book value (of plant,
property and equipment)
£85.4m
adjusted EBITDA
£416.1m
revenue
1,254
supply chain partners
from global leading tool,
plant and equipment
brands
*as at 31 March 2026
CONTENTS
HIGHLIGHTS
1
On 6 October 2025 the Company’s subsidiary Speedy Asset Services Limited (‘SASL’) entered into a comprehensive
commercial hire and services supply agreement with HSS ProService Limited (‘ProService’), a subsidiary of ProService
Building Services Marketplace plc (‘ProService plc’) (‘Commercial Agreement’) and ProService plc’s subsidiary at that
time, HSS Service Group Limited, agreed to sell certain assets to SASL, and ProService plc agreed to issue to the
Company 79,368,711 of its shares (together the ‘ProService Transaction’).
Speedy Hire Plc Annual Report and Accounts 2026
DRIVING PROGRESS
To drive a hire revolution. Inspiring people to make hire their first choice by bringing this sustainable option
to more people, places and projects.
1. Driving a Hire Revolution
Speedy Hire aims to shift the industry
and customer mindset from ownership to
hire, emphasising that hire is the smarter,
greener, more efficient way to access tools
and equipment.
2. Inspiring People to Choose
Hire First
We act as an enabler, making hire
the intuitive first choice by improving
accessibility, service, digital convenience
and customer experience.
3. Bringing Sustainable Hire to More
People, Places and Projects
Our vast tool and equipment range,
specialist solutions and services, all
available through our fully integrated
omni-channel customer experience.
OUR PURPOSE
OUR VALUES
AMBITIOUS
We lead with bravery
to make anything
possible.
INNOVATIVE
We nurture a culture
where ideas grow.
SAFE
We share a collective
responsibility to keep
everyone safe.
TOGETHER
We are family, proud to
work as one to make
great things happen.
INCLUSIVE
We are all unique,
and we all belong.
TRUSTED
We are responsible and do
the right thing, always.
To inspire and innovate the
future of hire and accelerate
sustainable growth.
OUR MISSION
To be the most efficient and sustainable
UK hire business: digital and data driven,
optimised through operational excellence
and powered by our people.
VELOCITY
STRATEGY
OUR VISION
Our Targets
£650m
Revenue
28%
EBITDA margin
Sustainable leverage at
1.0-2.0x
EBITDA
Speedy Hire Plc Annual Report and Accounts 2026
01
STRATEGIC REVIEW
CHAIRMAN’S STATEMENT
These actions support future efficiencies and
have reshaped the business, strengthening our
operational platform and positioning Speedy
Hire to capitalise on current and future growth
opportunities particularly when market conditions
improve.
A defining milestone in the year was the
transformational Commercial Agreement entered
into with ProService. This agreement represents
a material strategic step forward for Speedy Hire,
broadening our addressable market, accelerating
the evolution of our hire fleet and enhancing the
Group’s long-term earnings profile. Importantly,
it demonstrates the value of the technological
and operational investments made over recent
years and reinforces the Board’s confidence in the
strategic direction of the Group, as we move into
the Deliver phase of our Velocity strategy.
Results
Group revenue for the year was impacted by
the continued softness in our markets; however
we continued to gain market share, particularly
within our National customer base, securing
several significant multi-year contracts. This
resulted in an adjusted loss before tax
1
of £9.8m
(FY2025: £8.7m profit), reflecting the downside of
high operational gearing and elevated financing
costs following targeted investment to support
new business, with benefits from these actions
expected to build over time.
Despite these short-term pressures, underlying
operating cash flow
2
remained strong,
demonstrating the resilience of the Group’s
business model and supporting the Board’s
confidence in future deleveraging.
The Group continues to operate internationally
through its joint venture in Kazakhstan. Recently,
a new multi-year contract has been secured with
our partner to replace the previously completed
contracts, giving confidence for growth in this
geography.
ProService
The ProService Transaction represents a
transformational step for Speedy Hire. The
Commercial Agreement is closely aligned to the
Group’s strategy, enhancing the utilisation of our
existing asset base and providing a platform for
sustainable growth over the medium-term. This
deal was only made possible by the investment
in our technology and operational platform under
the Velocity Strategy.
Initial trading since completion in November
2025 has been encouraging, with integration
progressing positively. This supports our
unchanged expectations of £50–55m of
annualised revenue and significant earnings
accretion in the first full year post-integration. The
Commercial Agreement also enables accelerated
rationalisation and evolution of the Group’s
hire fleet, reducing future capital intensity and
enhancing returns over the medium-term.
The ProService Transaction was funded
through the Group’s existing resources and
recently refinanced facilities. While leverage
has temporarily increased beyond the Group’s
target range, the Board remains confident that
strong cash generation will support meaningful
deleveraging over the next 12–24 months.
OVERVIEW
The Group’s results for FY2026 are set against a backdrop
of continued macro‑economic uncertainty and subdued
activity levels across some of our end markets. Despite
this challenging environment we remain committed to our
investment plans and the Board is pleased with the strategic
and operational progress delivered during the final year of
the Enable phase of our Velocity strategy.
02
Speedy Hire Plc Annual Report and Accounts 2026
Capital allocation and dividend
During the year, the Board reaffirmed its
disciplined capital allocation framework,
balancing investment for long-term growth with
sustainable returns to shareholders. In light of
the ProService Transaction, the Board reaffirmed
a target leverage
3
range of 1.0x–2.0x EBITDA
through the cycle, with flexibility for short-term
deviation where strategic opportunities justify it.
Speedy Hire understands the importance of
dividend payments to its shareholders and, in
line with the previously announced dividend
rebasing to help fund the ProService Transaction,
the Board is recommending a final dividend of
0.70 pence per share for FY2026, bringing the
total dividend for the year to 1.00 pence per share.
It continues to be our intention to grow this by
at least 5% per annum for each of FY2027 and
FY2028, returning to historical levels in line with
earnings thereafter.
Board and people
During the year, Rob Barclay stepped down as
a Non-Executive Director, having served on
the Board since 2016. On behalf of the Board, I
would again like to thank Rob for his significant
contribution, including his leadership of the
Remuneration and Sustainability Committees.
As previously announced, David Garman will step
down from the Board at the forthcoming AGM,
and Rhian Bartlett assumed the role of Senior
Independent Director following the 2025 AGM. I
would like to thank David for his wise counsel and
significant contribution to the Board throughout
his tenure and wish him well for the future.
In March 2026, the Company announced a
planned succession in the role of Chief Financial
Officer. Paul Rayner indicated that he would be
retiring from executive life and would step down
from his role following an orderly handover period,
with Judith Cottrell being appointed to the Board
with effect from 1 July 2026 and Paul stepping
down from the Board on that date. Succession
planning had been ongoing for some time and
the Board is confident that this transition will
ensure continuity, discipline and strong financial
leadership as the Group enters the next phase
of its Velocity strategy. On behalf of the Board
and personally I would like to thank Paul for his
dedication and commitment to the business and
wish him well in his non-executive life.
On behalf of the Board and personally, I would
like to thank each and every one of my colleagues
across the Group for their continuing commitment
and dedication throughout what has been a
challenging year for the business.
Future
As Speedy Hire enters the Deliver phase of
its Velocity strategy, the Board is encouraged
by the quality and multi-year scale of the
Group’s contract base; the momentum from
the ProService Transaction and the increasing
resilience and flexibility of the Group’s operating
model. The Board also recognises the uncertain
global geopolitical landscape and continues to
assess any potential implications for the Group.
At this time, we have not identified or observed
any significant effects on our operations and
will maintain close oversight and react swiftly as
circumstances dictate. Initial trading in FY2027
has shown growth alongside the benefit of high
operational gearing and we look forward with
increasing confidence in the Group’s ability to
deliver sustainable growth and value creation
over the medium-term.
DAVID SHEARER
Chairman
1
See note 11 to the Financial Statements.
2
Underlying operating cash flow: Cash generated
from operations before changes in hire fleet and non-
underlying items.
3
Leverage: Net debt
4
to EBITDA
1
. This metric
excludes the impact of IFRS 16. This differs from the
methodology used in the Group’s banking covenants,
which include certain additional EBITDA adjustments,
and is therefore not directly comparable to covenant
leverage.
4
See note 20 to the Financial Statements. This metric
excludes lease liabilities.
03
STRATEGIC REVIEW
Speedy Hire Plc Annual Report and Accounts 2026
BUILT TO SCALE,
ENABLE PHASE
2023 2024 2025
VELOCITY STRATEGY
FY2026
COMPLETION OF ENABLE
FY2026 marks the completion of the Enable
phase of our velocity strategy.
The Enable phase is the first major stage of
the Velocity transformation programme. It
focused on building the foundations needed
for future growth, deliver improvements
across technology and operational efficiency.
Over three years, we have:
h strengthened our operating platform;
h modernised our systems;
h integrated data and reporting capabilities;
h improved efficiency; and
h embedded sustainability across the
business.
We now enter the Growth phase and are
focused on scaling contracted demand, using
data to drive our performance, increasing
utilisation, expanding margins and delivering
sustainable shareholder returns.
FROM ENABLE TO GROWTH
ENABLE
BUILD THE PLATFORM:
h Modernised technology and systems
h Improved operating model efficiency
h Optimised logistics and network
performance
h Disciplined fleet investment and
repositioning
h Embedded sustainability across
operations
h Strengthened governance and controls
Speedy Hire Plc
Annual Report and Accounts 2026
04
READY TO DELIVER.
GROWTH PHASE
2026 2027 2028
VELOCITY STRATEGY
GROWTH
DELIVER THE SCALE:
The Growth phase is where data and systems
capabilities are used to actively drive better
customer outcomes, stronger operational
performance, and sustainable revenue and
margin growth.
Increased data capabilities are used to
measure customer service and operational
performance to enable data led decisions.
h Mobilise contracted demand
h Expand market share
h Increase utilisation
h Drive margin expansion
h Enhance service-led mix
h Deliver sustainable shareholder returns
PROSERVICE:
GROWTH IN ACTION
h £50–55m annualised revenue
opportunity
h Earnings accretive from first full
financial year following integration
h Accelerates utilisation of the
existing fleet
h Enhances operating leverage
h Capital-efficient expansion of
contracted revenues
h New channel to market
The ProService Transaction converts
the Enable investment into scalable,
higher-return growth and improved
cash generation.
Speedy Hire Plc
Annual Report and Accounts 2026
05
STRATEGIC REVIEW
STRATEGY
During FY2023, we developed
and launched ‘Velocity’, a
strategy designed to accelerate
sustainable growth through
increasing revenue and
improving margins, along with
a clear focus on measurable
medium- and long-term growth
and performance objectives.
Our growth engines reflect
opportunities that are
presented in our current
addressable construction,
infrastructure and industrial
markets, along with sectors
including rail, water, clean
energy (including nuclear),
defence, highways aviation and
housebuilding. By focussing
on these key areas, we aim to
increase market share profitably
and accelerate sustainable
growth to meet our stated key
performance indicators (‘KPIs’).
Examples of progress against
milestones within this strategic
model are outlined on the
next page.
DELIVER
GROWTH
To be the most efficient
and sustainable UK hire
business
Customers
Grow customer base;
national, regional, trade
and retail
Sectors
Expand market share in key
target sectors
Products
Invest in cleaner energy and
efficient technology
Customer experience
Create best in class channel
and service delivery
Propositions
Grow tailored Customer
Solutions business and
services model
Logistics
Enhancing asset utilisation
and improving carbon
reduction
ENABLE
GROWTH
Deliver foundational
improvements across
technology and operational
efficiency
Brand and customer
Clear brand strategy
implementation and
customer experience
development
Technology and data
Technology and data led
hire business committed to
sustainability
Group‑wide
transformation
programme
Innovative customer focused
transformational programme
powered by our people first
strategy
Cloud based secure platform
Modern and secure digital
operating platform to
enable growth and support
enhancing our customer
experience
Strategic
collaboration:
GROWTH
ENGINES
Strategic revenue drivers
Specialist products and
services
A focus on niche products
and services with significant
growth and margin
opportunities
Core hire
Grow our market share
with all customer segments
across all geographies
trading as a multichannel
service offering
Trade and retail markets
Grow trade and retail
customers, through
conversion of sales into hire,
e-commerce opportunities
and market creation to a less
focused area of hire
5 YEAR
FINANCIAL
KPIs
Revenue
£650m
Target revenue
EBITDA
Grow EBITDA
margins to
28%
Leverage
Maintain sustainable
leverage at
1.0-2.0x
EBITDA
STRONG
FOUNDATIONS
OF A SUSTAINABLE
CUSTOMER
FOCUSED
APPROACH AND
PEOPLE FIRST
PHILOSOPHY
Speedy Hire Plc Annual Report and Accounts 2026
06
STRATEGY
PROGRESS AGAINST OUR VELOCITY STRATEGY DURING FY2026
Velocity was launched as a
five-year transformation and
growth strategy. During the
year, we delivered a wide range
of foundational improvements
across technology, operational
efficiency, sustainable
investment and our People
First strategy, providing strong
foundations to fully align with
our vision ‘To inspire and
innovate the future of hire and
accelerate sustainable growth’.
h Integration of new Commercial Agreement with
ProService worth £50-55m revenue annually
h Launched AI-powered bid tool to support our sales
teams and pursue new opportunities
h Data-driven pricing optimisation for popular assets
h Acquired three new RSC+ service centres in
Beckton, Derby and Old Kent Road, London as part
of the ProService Transaction
h Opened two new sites in Nuneaton and Widnes for
the Temporary Site Services (TSS) business
h Opened four new, Speedy On-Site on customer
major projects in London
h CRM opportunity pipeline has been introduced,
and all sales are now updating this to give us an
accurate forecast of growth
h Secured major national contract wins and renewals
h Launch of a new transactional website for guest and
cash customers
h Developing further opportunities on major
projects, with a clear focus on Energy, Nuclear and
Infrastructure to support the great grid upgrade and
the large energy projects due to start in 2026
h Strong sales pipeline of opportunities
h Mobilisation of the Thames Water agreement
h New CRM system launched for our
Sales & Business Development
teams enabling all customer
information to be managed in
one place
h Rolled out logistics management
system ‘OpenFleet’, optimising route
planning and reducing unplanned
mileage, transport costs, effort
and waste as well as reducing our
carbon footprint
h Supported major Velocity initiatives
with dedicated training on
Telephony, Customer Service (‘CS’)
and Customer Experience
h Rolled out D365 CS, a workflow and
case management process for Hire
Direct and our Trading Desks
h New telephony system implemented across
the organisation
h Implemented new payment terminals across
the network
h Provided new tablet technology across our
engineering network to enable efficiencies
and real time reporting
h Achieved 5% Club Gold status, meaning
more than 5% of all Speedy colleagues
were engaged in earn-to-learn roles
(apprenticeships, graduate and upskilling
activities)
h Delivered OpenFleet training and boots-
on-the-ground support across the service
centre network
h Replatforming the Speedy Hire website for
Guest Checkout users
ENABLE GROWTH
h Use of internal AI and modelling capabilities to improve dynamic Asset Management
and Warehousing forecasting to optimise stock levels and priorities for repair and
asset replacement
h Delivery of the Speedy Trading Platform to streamline the customer quote and order
process, including order-management capability to automate the allocation of assets
h Delivery of OpenFleet phase 2, which will enable further benefits and efficiencies
from the system implemented in phase 1
h Rollout of AI and data pathways to enable colleagues to get the most from our digital
systems and data
h Replatforming the Speedy Hire website for Account based users
h Use of new operational data and reporting capability to enhance performance
DELIVER GROWTHENABLE GROWTH
DELIVER GROWTH
PROGRESS
IN THE YEAR
OUTLOOK
Speedy Hire Plc Annual Report and Accounts 2026
07
STRATEGIC REVIEW
BUSINESS MODEL
KEY RESOURCES
Our Network
h Our network of service centres, regional hubs
and customer on-site facilities forms the
physical foundation of our business model. This
footprint enables rapid response, high asset
availability and local service delivery, while
supporting efficient logistics and fleet utilisation.
All complemented by a network of customer
specialist contact teams, including Speedy Hire
Direct and eight regionalised teams, allowing us
to flex capacity and scale fulfilment across both
traditional and digital demand channels.
Our People
h Our colleagues are central to delivering safe,
reliable and high-quality service. Skilled teams
across engineering, logistics, sales, customer
service and specialist technical functions provide
deep sector expertise and operational capability.
Our People First strategy ensures we continue
to invest in skills, safety, wellbeing and inclusion,
equipping our workforce to operate effectively
within a digital, service-led and growth-oriented
business.
Our Stakeholders
h Strong relationships with customers, suppliers,
partners, investors and communities underpin
our ability to operate at scale and deliver
long-term value. We actively engage with
stakeholders to understand expectation, manage
risk and align our strategy with market and
societal needs, ensuring our business model
remains resilient and relevant.
Our Technology and Data
h Technology and data are increasingly central
to how we operate and scale. Our digital
platforms support asset management, logistics
optimisation, trading desks, customer ordering
and case management, providing real-time
visibility and operational insight. These
capabilities enable faster fulfilment, improved
decision-making and a consistent customer
experience across all channels, while supporting
marketplace integration and future growth.
Our Partners
h Strategic partnerships play a key role in
extending our reach, enhancing capability and
enabling capital-efficient growth. Partnerships
with equipment manufacturers, energy providers
and digital marketplaces, including ProService,
allow us to broaden our product and service
offering, access new customer segments and
accelerate utilisation of our existing fleet while
maintaining operational discipline.
... POWERED BY OUR PEOPLE AND PARTNERS
AND UNDERPINNED BY OUR DATA ...
WE LEVERAGE OUR KEY RESOURCES ...
Speedy Hire’s business model is designed to deliver sustainable growth, capital efficiency and long‑term value creation by combining a market‑leading hire fleet,
specialist solutions and services, and a fully integrated omni‑channel operating platform. The model is underpinned by disciplined investment, digital enablement
and strong partnerships, allowing us to scale efficiently while continuing to meet evolving customer needs.
DIGITALLY AND DATA DRIVEN...
OUR NETWORK
OUR LOGISTICS
OUR ASSETS
...POWERED BY OUR PEOPLE AND PARTNERS
Speedy Hire Plc Annual Report and Accounts 2026
08
VALUE CREATION FOR OUR STAKEHOLDERS
Our People
h We create value for our people by providing a
safe working environment, meaningful career
development and a supportive, inclusive culture.
Investment in digital tools, training and wellbeing
enables colleagues to work more efficiently,
reduce manual processes and focus on
delivering excellent service to customers.
Our Customers
h Our customers benefit from a single, integrated
proposition covering tools, equipment, specialist
solutions and services, delivered consistently
across physical and digital channels. The omni-
channel model provides flexibility, speed and
transparency, allowing customers to access the
right solution in the way that best suits their
needs, supported by strong service, safety and
sustainability credentials.
Stakeholders and Investors
h For investors and wider stakeholders, our
business model delivers value through
disciplined capital allocation, improved
utilisation, scalable digital growth and enhanced
operating leverage. Long-term contracts, digital
marketplaces and partnerships support revenue
visibility and margin progression, while strong
governance and risk management protect the
sustainability of returns.
Our Suppliers and Partners
h We work collaboratively with suppliers and
partners to drive innovation, improve availability
and develop sustainable, commercially viable
solutions. Long-term relationships, responsible
sourcing and clear governance support
resilience across the supply chain and enable
shared value creation.
Communities and Environment
h Hire is inherently circular, and our business
model supports more sustainable use of
resources by maximising asset life and
utilisation. Through our expanding eco
fleet, specialist clean-energy solutions
and commercially sustainable operational
efficiency initiatives, we help customers
reduce environmental impact while
supporting the communities in
which we operate.
... TO TRANSFORM OUR VALUE PROPOSITION AND CREATE VALUE FOR OUR STAKEHOLDERS.
09
Speedy Hire Plc Annual Report and Accounts 2026
STRATEGIC REVIEW
BUSINESS AT A GLANCE
CORE HIRE BUSINESS
Overview
Hire of our core fleet of owned products from global leading
brands, supported by a national distribution network.
Key Capabilities
Over 2,617 hire product lines, including an extensive range of
the most innovative and commercially sustainable products,
supporting projects of all sizes across infrastructure, construction
and industrial markets.
h Comprehensive product range including small tools and
general equipment, access and plant
h In-house testing, maintenance and refurbishment of our core
range of products through our National Service Centres
h Enhanced logistics ensuring optimum distribution and
availability across our network
h 57% of our core fleet is classed as eco, supporting customers
with their sustainability targets
h Digital account access and reporting through MySpeedy,
including carbon data insights
h 24/7 service model providing out-of-hours emergency
support
h Industry-leading four-hour delivery service promise
TRADE AND
RETAIL MARKETS
Overview
We continue to build momentum across the Trade and Retail
markets, both directly through our new website – which is now
optimised to give Trade and Retail customers a clearer and more
intuitive hire journey – and through our partnerships across
ecommerce, online marketplaces and retail outlets.
With the addition of a new partner operating a drop shift vendor
model, we now have more than 1,000 retail outlets, nationally,
where Speedy Hire is offered exclusively. This significantly
broadens the number of points-of-sale at which customers can
access our hire service.
Alongside this, Speedy Hire equipment is increasingly available
across multiple online marketplaces and partner ecommerce
sites. Whilst these partners front end their own propositions,
our hire offer can now be accessed through a wider range of
digital routes, extending our reach to web-based customers and
complementing the launch of our new website.
SPECIALIST PRODUCTS
AND SERVICES
Overview
A combination of hire of our own specialist fleet of products,
together with extended equipment access delivered through
strategic commercial partnerships, including ProService,
strengthening our overall specialist offering.
Key Capabilities
h Knowledge, sector expertise and technical support provided
by our specialist teams
h Rail-specific products including eco-managed site lighting
solutions and battery tools, as well as survey, tools and on-
track equipment
h A UK leader in specialist powered access solutions on a
range of equipment up to a height of 90ft
h Provision of hydrogen power through Speedy Hydrogen
Solutions, our joint venture with H-Power Plc
h Specialist power and clean energy products, including
battery storage
h Specialist equipment access with supporting safety and
skills training capability delivered through ProService,
strengthening our overall specialist offer and product choice
for customers
h Test, inspection and certification services through our
Lloyds British business to a broad range of market sectors,
supporting customers’ compliance, regulatory and safety
obligations
h Fuel-management solutions and sales delivered in
partnership with New Era Energy, providing low-emission
fuel alternatives, including HVO and supporting on-site
energy optimisation
h The ability to acquire specialist businesses that enhance our
value proposition
h A state-of-the-art evolving property network to support our
full range of specialist products and services, including test
and inspection
Speedy Hire Plc Annual Report and Accounts 2026
10
OUR PRODUCTS AND SERVICES
PROSERVICE TRANSACTION
How the ProService Commercial
Agreement enhances our existing
proposition
ProService now forms an integral part of
our business model and has rapidly become
one of Speedy Hire’s largest customer
relationships, representing an annual revenue
opportunity of £50-£55 million in the first
full year of trading following integration.
The Commercial Agreement enhances
and expands our full proposition across
tools, equipment and specialist solutions &
services, while strengthening our omni-
channel approach, including:
h 3 service centres acquired in key
locations (Old Kent Road (London),
Beckton, Derby)
h 224 colleagues joined Speedy Hire
following TUPE transfer in and
associated restructuring; 65 colleagues
transferred out to ProService
h Live contract file acquired, enabling
revenue from day one
h 28 vehicles added to support increased
contract demand
h 45 new hire desk roles created to
enhance customer support and contract
management
h Assets added to fleet, including assets
acquired with live contracts
Integrated across our three product
line‑ups
h Core Tools and Powered Access
(Core Hire Products)
Through a structured Right of-First Refusal
(ROFR) approach, Speedy Hire supplies
an agreed list of core products directly to
ProService marketplace. Weekly trading
remains positive as we navigate the current
mobilisation, reflecting strong early adoption
and demonstrating the scale of demand for
our core offering through this new digital
channel. This integration allows ProService
customers to access Speedy Hire’s tool
range via a faster, digital transaction flow,
improving response times and service
levels.
h Speedy Solutions (Customer Solutions,
Equipment Sales & Training)
The Commercial Agreement transforms
how Speedy Hire fulfils rehire requests.
Instead of traditional phone and email-
based process, customer requirements are
now fulfilled via ProService marketplace,
enabling access to a much wider supplier
network and improving order conversion
rates. Customer orders are sent out as digital
requests across the marketplace, ensuring
clear pricing, availability and competitiveness.
This directly strengthens our ability to deliver
for customers across a broader range of
products and categories, while increasing
utilisation of our own fleet.
h Lloyds British – Testing, Inspection and
Certification
The product resale function is now fully
transacted through the ProService platform,
improving consistency, speed and SLA
management. In addition, work is underway
to integrate Lloyds British testing, inspection
and certification (‘TIC’) services onto the
marketplace – a capability and proposition
that ProService has never offered to its
customers before. This represents meaningful
future growth opportunity and extends our
multi-service offering into a new digital
channel.
What this adds to our omni‑channel
offering
The Commercial Agreement strengthens
our existing channels; service centres,
on-site solutions, digital platforms and
partnerships, by adding a high-volume
digital marketplace channel that opens
access to ProService’s customer base
across all customer audiences. Speedy
Hire customers continue to access our full
proposition through our own channels,
while ProService customers benefit from our
broader product range, improved availability
and single-invoice simplicity. The underlying
customer experience remains consistent
– one account, one account manager, one
invoice, but is now fulfilled through a more
connected digital backbone.
11
STRATEGIC REVIEW
Speedy Hire Plc Annual Report and Accounts 2026
OUR PRODUCTS AND SERVICES
SUPPORTING SUCCESSFUL SITES
Speedy Hire works with customers to supply the right tools, plant and services at the right time. Our hire, specialist solutions, training, fuel
and compliance services are backed by a national fleet and expert support, helping sites operate safely and efficiently.
Tools and Equipment
Full range of tools and equipment, available nationwide.
Order from 2,617 product lines, including the latest in
sustainable ECO tools and equipment. Click and collect
from over 135 service centres.
Powered Access
A wide range of powered access equipment to
support safe working at height, including scissor
lifts, boom lifts and specialist platforms. Electric,
hybrid and diesel options are available, with expert
support to help select the right solution for each site.
Temporary Site Services (TSS)
Focusing on every aspect of your specific
requirements, Speedy Hire work from the outset to
plan and specify equipment, arrange all elements
of the install process, manage maintenance
requirements and de-rig the site on completion.
Lloyds British (TIC)
Lloyds British has been a leading expert in lifting,
inspection, and testing for over 200 years. As a
multi-disciplined lifting and compliance business,
we prioritise customer safety and regulatory
compliance.
Customer Solutions
A tailor-made solution for equipment hire, working
with established world-class brands we help you
find the perfect solution for your needs. These
partnerships complement our primary range of
hire offerings, enabling us to provide specialised
products for hire.
Hydrogen Power, Fuel and HVO
Every site has different demands, but the goal is
always the same: reliable, efficient, and sustainable
power. Fuel management, HVO and temporary
power to keep sites running efficiently.
Training
Speedy Hire training gives customers a simple,
joined up way to keep their people safe, compliant
and competent on site, with training that fits around
real world site demands.
Product and Consumable Sales
Product and Consumable Sales offer a broad
range of tools, consumables, lifting and survey
accessories, PPE, safety equipment and site
supplies to buy, available for delivery to site or
collection from depot.
Speedy Hire Plc Annual Report and Accounts 2026
12
NATIONAL
REGIONAL
TRADE
AND RETAIL
Tools and
Equipment
Powered
Access
Customer
Solutions
Power, Fuel
and HVO
Consumable
sales
Training
Lloyds
British
Temporary
site services
OUR CUSTOMER GROUPS
Speedy Hire services a broad and diverse customer base across the UK and Ireland. Our operating model is designed to
flex to the differing needs of National, Regional and Trade and Retail customers, while ensuring a consistent, high-quality
customer experience across all channels.
National
Our National customers include Tier
1 contractors and large organisations
operating across major infrastructure,
construction, utilities, energy and
industrial programmes. These customers
typically engage with Speedy Hire on
multi-year contracts and demand scale,
consistency, compliance and reliability
across complex, geographically
dispersed projects.
We support National customers through
a coordinated model combining:
h Dedicated account management
and contract governance
h On-site service centres embedded
within major projects
h Centralised trading, logistics and
specialist technical support
h Access to our full range of tools,
equipment, specialist products and
services
Our national network, digital platforms
and growing marketplace capabilities
enable us to mobilise quickly, ensure
high asset availability and deliver
service at scale. Sustainability, safety
and data-led reporting remain critical
differentiators for these customers, and
our proposition continues to evolve
to meet their increasingly complex
requirements.
Regional
Regional customers typically operate
across defined geographic areas
and value flexibility, responsiveness
and strong local relationships. These
customers range from regional
contractors and specialist operators
to support services providers
working on shorter-duration or
programme-based projects.
Speedy Hire supports Regional
customers through:
h Local services centres and
engineering capability
h Regional customer contact
centres
h Responsive depot-led service
and delivery
h Access to specialist support
when required
h Digital and account-based
ordering with local expertise
Our regional model balances
local decision-making with central
operating disciplines, enabling
customers to benefit from Speedy
Hire’s national scale whilst retaining
the agility and familiarity of a local
service partner. As digital adoption
increases, regional customers are
increasingly using online and mobile
channels alongside traditional
service centre interactions.
Trade and Retail
The Trade and Retail market includes
tradespeople, small contractors, sole
traders and DIY customers. This
segment continues to be an important
growth opportunity as customers
increasingly choose hire over
ownership and demand faster, simpler
and more accessible solutions.
We serve Trade and Retail customers
through a highly accessible omni-
channel model, including:
h Service centres and click-and-
collect locations
h Speedy Hire website and
mobile app
h Strategic retail and e-commerce
partnerships
h Digital marketplace extending
reach to web-first customers
This model provides greater choice,
convenience and transparency,
enabling customers to access hire
when and how they need it. Continued
investment in digital journeys, product
range and partner channels is
expanding our reach and supporting
long-term growth in this segment.
13
Speedy Hire Plc Annual Report and Accounts 2026
STRATEGIC REVIEW
MARKETPLACE
OUR CUSTOMERS AND
END MARKETS
We have a broad spectrum of customers, ranging
from the largest national contractors operating
on government and private contracts across the
infrastructure, construction and industrial markets,
through to tradespeople and retail consumers.
Within our national customer segment, our end
markets provide opportunities through a pipeline
of major projects that align with our Velocity
growth strategy where we are focussing our
sales and business development efforts on the
areas of greatest opportunity for growth in rail,
water, clean energy (including nuclear), defence,
highways, aviation and housebuilding. Our
largest customers servicing these major projects
continue to demand commercially sustainable
solutions to complex problems, provided through
our innovative products and specialist expertise.
UK GOVERNMENT SPEND
EXPECTATIONS
Q4 2025 marked a difficult phase for UK
construction, particularly in private new housing,
where output fell sharply through the year. The
UK Construction PMI echoed this trend, staying
below 50 throughout 2025 indicating continuous
contraction.
While early signs of stabilisation have shown
in 2026, new orders remain in decline and
employment figures have shown a sustained
decline. However, business optimism has improved
with confidence that new schemes will reverse
declines throughout the latter half of 2026 and
into 2027.
Analysts are taking a measured but steadily
improving view of the UK economy heading into
2026, with the OBR forecasting GDP growth of
1.4%. While firms such as Goldman Sachs anticipate
a period of modest growth, this is coupled with
encouraging signs of easing inflation and gradual
interest rate cuts beginning to take effect (subject
to wider macroeconomic conditions driven by
the ongoing Iran and Ukraine wars, alongside US
tariffs). Even more cautious perspectives, such as
ICAEW’s estimate of around 1% growth, reinforce
that the direction of travel is positive—there is now
greater clarity on the recovery path, even if the pace
remains gradual.
Within construction, the outlook is particularly
encouraging. While conditions may not yet be
strong enough to trigger a full housing-led boom,
the sector is expected to remain resilient and avoid
any downturn. In fact, both Barbour and Glenigan
forecast construction output to outperform the
wider economy, forecasting growth of around
2.7%. This is underpinned by a substantial pipeline
of activity, with approximately £39bn of projects
expected to commence in 2026—largely driven by
civil engineering and infrastructure, alongside a
notable resurgence in commercial developments
including data centres. Momentum is also expected
to build further into 2027, signalling a strengthening
trajectory for the sector.
The foundations for a broader market resurgence
are increasingly falling into place. While factors
such as interest rates, household income, and
the execution of public investment will continue
to shape the pace of recovery, there are clear
signs of improvement across each area. Gradual
enhancements in affordability and consumption,
combined with a renewed focus on delivering
major projects, point toward growing confidence
in the market. With multiple sources aligning on
stronger construction growth from 2027, businesses
like Speedy Hire can look ahead with optimism
– anticipating increased bidding activity through
FY2026 and a meaningful uplift in project starts
from early 2027.
Speedy Hire Location
Speedy Hire Plc Annual Report and Accounts 2026
14
DIVERSE RANGE OF INDUSTRIES
INFRASTRUCTURE 23% OF GROUP REVENUE
The UK Infrastructure Pipeline is the 10-year
forecast investment in major UK capital
infrastructure, published by the National
Infrastructure & Service Transformation
Authority (NISTA). The strategy, first published
July 2025 and updated bi-annually, shows
committed public funding of £718bn for planned
investment over the next 10 years with 16% in
transport, 11% health and social care and 9% in
water and waste.
A partnership between private and public
bodies, Speedy Hire maintains strong
relationships with key stakeholders including
Skanska, Costain and Mace Construct, who
have all commented positively on NISTA and
the National Construction & Infrastructure
Pipeline.
While ambitious, the key questions concern
the ability of UK infrastructure to support these
plans, with some commentators such as the
Institute of Civil Engineers noting the need to
urgently build capacity and capability to deliver
promises in the given window.
Water £104bn market size over five years
Asset Management Period 8 (AMP8) is a
£104bn investment plan to be implemented over
from 2025-2030, including six new reservoirs
and 11 water transfer projects. The plan nearly
quadruples previous expenditure and marks
a significant shift in the scale of investment
in the water sector. With a headline figure of
£104 billion in investment, the message from
Ofwat and the water companies was clear:
this was to be the most ambitious period of
infrastructure transformation in a generation.
Contractors, clients, and trade associations
in the water sector have voiced concerns
about the pace of project delivery so far, with
statements from major firms highlighting wider
worries about the resources needed to deliver
the sector’s ambitious programme.
Water companies are under mounting pressure
to increase outputs despite tighter budgets,
with cost cutting measures like redundancies
potentially creating capability shortfalls.
Uncertainty is compounded by limited clarity
around upcoming project pipelines. Meanwhile,
regulators are proceeding with major capital
heavy initiatives—exemplified by the Grand
Union Canal and Minworth schemes—within
stricter price controls, meaning efficiency
improvements must replace bill increases.
Ofwat’s focus on innovation funding and new
requirements such as mandatory condition
monitoring further signals a shift toward
prioritising asset health and leakage reduction.
Given commitment of the UK Government to
deliver, we continue to anticipate significant
opportunity for our business in this sector, built
on solid engagement with the Water Industry,
including the Institute of Water and British
Water. This will be supported through readiness
in face of growing demand and tender volume
and maintaining our close relationships with
customer active in the space.
Energy £126bn market size
The UK nuclear market continues to see
substantial Government and private sector
backing, with Hinkley Point C progressing,
Sizewell C receiving a £14.2 billion Government
commitment, and Great British Energy - Nuclear
advancing the UK’s first Small Modular Reactor
programme at Wylfa.
The policy environment is also becoming
more supportive, with the Government’s new
Advanced Nuclear Framework designed
to accelerate privately led SMR, AMR and
microreactor projects, and March 2026 reforms
aimed at streamlining nuclear planning and
regulation to reduce cost and speed up delivery.
Fusion has also moved further up the national
agenda, with the UK Fusion Strategy 2026
backing the sector with over £2.5 billion over
five years and placing STEP at West Burton at
the centre of commercial deployment plans.
The Government’s modern Industrial Strategy
and Clean Energy Industries Sector Plan
provide a clearer long-term framework for
investment, with clean energy identified as one
of the UK’s priority growth sectors. Alongside
this, Great British Energy and Great British
Energy - Nuclear are expected to invest more
than £8.3 billion over the current Parliament in
homegrown clean power, while Clean Power
2030 continues to drive deployment targets
across renewables and flexible generation.
Ambition remains significant, including 43-
50GW of offshore wind, 27-29GW of onshore
wind and 45-47GW of solar by 2030, alongside
continued investment in nuclear, hydrogen,
carbon capture and grid infrastructure. These
commitments should continue to support
demand across major infrastructure and energy
construction activity over the medium-term.
In addition, major investment is continuing
across UK energy infrastructure and networks.
Ofgem has approved an initial £28 billion of
investment in gas and electricity networks
for the next price control period, with the
potential for this to rise to around £90 billion
over the five years to 2031, while RIIO-GD3 (gas
distribution plan) now runs from 1 April 2026
to 31 March 2031. At the same time, NESO’s
Strategic Spatial Energy Plan is being developed
to provide a clearer long-term view of where
electricity and hydrogen infrastructure will be
required across Great Britain through to 2050,
Speedy Hire Plc Annual Report and Accounts 2026
15
STRATEGIC REVIEW
supporting network expansion and wider
system planning.
With our extensive range of core hire equipment
and specialist services, supported by owned
assets and rehire partnerships, we believe the
Group is well positioned to capitalise on these
investment themes across nuclear, grid, and
broader energy infrastructure markets.
Rail £45bn (£136bn inc HS2 & TRU) market
size over five years
The £45 billion CP7 plan (2024-2029) will
support Britain’s rail operations, maintenance,
and renewal, aiming for a simpler and greener
railway. Early progress has shown strong cost
efficiencies, but this has been offset by financial
pressures with contractors noting a slower start
than expected. Supplier spend has fallen 5%
year on year and is below CP6 in real terms.
Despite short-term softness, there remains a
strong forward pipeline, suggesting a later than
expected ramp up in capability.
Speedy Hire remains a key contractor on the
HS2 project. Further updates are expected in
the summer, with updated delivery timelines to
be provided. Meanwhile, the £11bn TransPennine
Route Upgrade (which is being delivered by the
TRU West Alliance, including our customers
BAM, Amey and Siemens) is underway with
significant maintenance and electrification of
existing infrastructure as well as laying new track.
Highways £27bn market size
The Department for Transport has published
the draft third Road Investment Strategy (RIS
3) for National Highways, broadly setting out
almost £25bn of spending from 2026-2031.
The Government is focussing on prioritisation
of maintenance and renewals, with the aim of
improving England’s strategic road network.
In addition, £0.4bn has been ringfenced to
support Inward Investment Projects, aimed at
attracting new industries, foreign investment
and innovation.
Our strong relationships, through successful
work with industry bodies, mean we remain
well placed to capitalise on future opportunities
including projects such as the Lower Thames
Crossing (a further £1.7bn additional to RIS3)
and ongoing works on Local Authority A
roads. Over £7bn has been allocated to local
authorities over the next 4 years enabling
proactive and preventative maintenance over
short-term repair.
Aviation £12bn market size
The UK Government has announced major
plans for airport expansion, particularly at
Heathrow, Gatwick and Luton, with higher
passenger capacity to meet post-COVID
demand. Further major investments are planned
across the Manchester Airport Group (including
Luton) totalling £2.5bn as they come to
completion of their 10-year Manchester Airport
Transformation Programme.
In January 2026, Heathrow approved new
investment to begin work on a planning
application for a third runway. Decisions on
key issues related to the necessary regulatory
work and policy frameworks are expected
throughout 2026. Estimates hold the potential
expansion cost at c.£33bn which has not been
included above.
With our Service Centre located on the
boundary of Heathrow Airport, and Regional
Service Centres serving these major UK cities,
we are well positioned to optimise the growth
potential in this sector.
DIVERSE RANGE OF INDUSTRIES
MARKETPLACE CONTINUED
Speedy Hire Plc Annual Report and Accounts 2026
16
CONSTRUCTION 35% OF GROUP REVENUE
The UK construction sector enters 2026 in
a transitional phase, shaped by the legacy
of a difficult 2024–25 period but with clearer
signs of stabilisation and recovery emerging.
Industry data shows output growth returning
(forecast at 2.7% in 2026 by Glenigan), yet this
follows one of the longest downturns since
the financial crisis, particularly impacting
housing and commercial activity. Confidence
is gradually improving as inflation eases and
interest rates begin to stabilise, but overall
activity remains uneven and sensitive to
economic conditions, particularly financing
costs and investor confidence.
A defining trend for 2026 is a “multi-speed”
construction market, where public and
regulated sectors are driving resilience while
private development lags. The infrastructure
programmes continue to benefit from strong
investment pipelines, whereas housing and
commercial real estate face affordability and
viability constraints. This divergence creates
a more selective market, where growth
opportunities are concentrated in sectors
aligned to long-term national priorities such as
energy transition, infrastructure renewal, and
public services.
Cost dynamics remain a critical theme, with
rising tender prices and capacity constraints
expected to shape delivery through 2026.
While subdued demand in parts of the market
has temporarily eased pricing pressure, a
gradual rebound in activity risks tightening
contractor capacity and pushing costs higher,
creating both risk for clients and opportunity
for well-positioned suppliers able to manage
margins and productivity effectively.
With growing emphasis on digitalisation,
innovation and sustainability, while firms
invest in technology to improve efficiency,
reduce emissions, and manage assets more
effectively, new opportunities are being
created. Additionally, emerging growth areas
– such as data centres, industrial facilities, and
infrastructure-led regeneration – are beginning
to offset weaker traditional segments,
reflecting changing economic drivers and
demand patterns across the UK.
Looking ahead, the construction sector’s key
opportunity lies in positioning for acceleration
into 2027, when multiple forecasts expect
stronger growth as macroeconomic conditions
improve and project pipelines convert into
delivery. Speedy Hire’s strong relationships
with key industry suppliers such as Morgan
Sindall, Costain and Balfour Beatty, as well
as numerous key residential builders, means
we remain well placed to navigate short-term
uncertainty while aligning with long-term
trends.
SUPPORT SERVICES AND RMI 42% OF GROUP REVENUE
Support services and RMI include facilities
management, manufacturing and production,
environmental services, engineering services,
defence, power, petrochemicals and steel,
media, DIY and home improvement.
Our customers in support services include
Babcock, where we provide assets and
services in support of defence projects at
HMNB Devonport, HMNB Clyde and Rosyth
Dockyard.
While residential construction is anticipated to
be subdued at the beginning of the year, the
latter half of 2026 is anticipated to see an uplift
in private housing and related RMI activities
while preparing for an uplift in 2027 – aligning
goals with RMI and regulation-driven refurb
should offer resilience where confidence in
new building is weak, with particular attention
on public-estate refurb.
As markets recover, our existing customer
relationships and focus on business
development will enable us to increase our
proportion of revenue and market share in
this space.
Speedy Hire Plc Annual Report and Accounts 2026
17
STRATEGIC REVIEW
MARKETPLACE IN ACTION – PROSERVICE
DELIVERING GROWTH THROUGH VELOCITY
The ProService Commercial Agreement is a clear example of growth delivery under the next phase of our
Velocity strategy. Having built the essential foundations during the Enable phase, including digital systems,
fleet capability, integration readiness and strong operational governance, this agreement demonstrates
how Speedy Hire is now positioned to scale, win and grow through new channels.
A New Digital Route to Market
Speedy Hire now operates as ProService’s primary
equipment supplier through a marketplace model that is
fully digital end-to-end, from order placement to fulfilment
and invoicing. This significantly improves speed, accuracy
and customer experience, offering:
h A simpler, faster customer journey
h Digital request and response fulfilment
h Better pricing and wider supplier choice
h Improved conversion rates thanks to a real-time
allocation
This digital fulfilment capability represents a major
evolution of our service model.
Performance to Date
Strong early momentum
h Mobilisation under the ProService Commercial
Agreement has progressed and is delivering in line
with expectations
Tiered operating model
The agreement is structured under two tiers:
h Tier 1 – Core Hire products where Speedy Hire has the
right of first refusal across a range of c1800 Core Tools
and Powered Access
h Tier 2 – Non-Core or specialist items with open
competition
Fleet investment to support growth
h Significant investment has been approved for
additional assets to increase capacity and improve
acceptance rates for right of first refusal products
h This investment is designed specifically to drive
higher fulfilment volumes through the marketplace
Opportunities for the Year Ahead
Expanding fulfilment and improving acceptance
rates
Increasing asset availability and refining coverage will
allow us to capture a greater share of ProService demand,
preventing competitor leakage and driving incremental
revenue growth.
Introducing Lloyds British on the marketplace
Work is ongoing to explore how TIC services can be
integrated into the digital channel, a first for ProService
and a significant new revenue pathway for Speedy Hire.
Continued digital optimisation
Ongoing tech integration, including further automation
and improved workflows for our dedicated team that
support ProService, while our new Contract Director,
uniquely responsible for managing ProService as both a
customer and supplier, reflecting the dual-sided nature of
the agreement.
CASE STUDY
18
Speedy Hire Plc Annual Report and Accounts 2026
INVESTMENT CASE
A COMPELLING INVESTMENT PROPOSITION
As a resilient and ambitious business, our transformational strategy ‘Velocity’ has set out
transparent KPIs based on increasing revenue and improving operational efficiencies to drive
profitability and deliver sustainable returns for our investor community.
By 2028, we are targeting to:
h Grow revenues to £650m
h Grow EBITDA margin to 28%
h Maintain sustainable leverage at 1.0-2.0x EBITDA
RESILIENT BUSINESS
SERVING KEY END MARKETS
Robust business with the ability to develop
revenue, grow EBITDA, expand margins
and increase shareholder returns, supported
by long-term end-market fundamentals
across infrastructure, construction, industrial,
Support Services and RMI
3
as well as trade,
creating visible, resilient and less cyclical
revenue streams.
Ability to develop revenue
and grow EBITDA
Serving a significant number of
the UK’s top 100 contractors
4
£90m+
annual revenues secured through
recently won multi-year contracts
STRATEGIC CAPITAL
ALLOCATION AND CASH
GENERATIVE
Strong balance sheet and cash generation,
with significant banking facility headroom
with which to grow the business organically
and through value enhancing acquisitions or
major strategic projects, coupled with a clear
capital allocation investment and dividend
policy.
102.3%
cash conversion from EBITDA
0.70 pence
final dividend, bringing full year
dividend to 1.00 pence
(1.71) pence
adjusted EPS
1
3.3x
leverage
2
AMBITIOUS AND OPTIMISED
Bold, purpose-led Velocity strategy.
Fundamental advancements made throughout
the Enable phase have transformed the
business, to be driven by data – optimising our
network, logistics and products – and powered
by our people.
Provides a stable and scalable foundation,
ready for the next phase of the Velocity
strategy: Delivering Growth.
£416.1m
Revenue
Investment in property and
logistics network upgrades
driving sustainable efficiency
AI driven asset
management
and logistics
Award winning
People First
programme
5
INNOVATIVE, ESG LEADING
UK BUSINESS
A recognised sustainability leader in the UK,
bringing sustainable products and service
innovation to the hire sector.
5 7.9%
of revenue
generated from
eco products
£62.3m
of social value
created
45.4%
reduction in our scope 1 and 2
emissions vs a FY2020 baseline
Gold accreditation from Investors
In People for investment in
apprentices
1
See note 11 to the Financial Statements.
2
Leverage: Net debt to EBITDA
1
. This metric excludes the impact of IFRS 16. See notes 11 and 20 to the Financial
Statements. This differs from the methodology used in the Group’s banking covenants, which includes certain
additional EBITDA adjustments, and is therefore not directly comparable to covenant leverage.
3
Repair Maintenance Improvement (housing and construction).
4
Source – Glenigan Limited: Top 100 contractors by value of award for the period from April 2025 to March 2026.
5
Recognised by Inspiring Workplaces as a Top 50 Employer.
Speedy Hire Plc Annual Report and Accounts 2026
19
STRATEGIC REVIEW
CHIEF EXECUTIVE’S STATEMENT
Our focus remains on disciplined execution. We
are concentrating on improving the efficiency
and resilience of the business, embedding the
systems, reporting, data and AI capabilities
needed to support scalable growth, while
maintaining strong operational control. Although
demand remained mixed, the Group made
clear strategic progress and enters FY2027 well
positioned for growth.
Trading performance and market
conditions
Market conditions remained challenging
throughout FY2026, with widely reported delays
to project starts and cautious customer behaviour
continuing to impact overall activity levels,
particularly affecting our Regional customer base.
Against this backdrop, we made good progress in
gaining market share, particularly with National
customers, securing significant long-term
framework agreements, including Thames Water,
which are expected to provide incremental
growth as mobilisations progress.
Our Trade and Retail operations remained
profitable, although demand was constrained
by weaker market conditions. We continue
to evaluate expansion opportunities in this
channel, consistent with our Velocity strategy,
and remain encouraged by the underlying
customer engagement and long-term potential
of the model. We also serve a number of these
customers, through the ProService Commercial
Agreement, again demonstrating the business’
evolution and capability to serve customers
through an alternate technology channel made
possible by our Velocity strategy.
Speedy Hire’s national scale, specialist
capabilities and operational flexibility continued to
be important differentiators. Our ability to support
customers across large, complex projects while
maintaining responsive local service enabled us
to remain closely aligned to customer needs.
During the year, we took the opportunity to
restructure our Lloyds British business, bringing
in new management and disposing of the loss-
making manufacturing part of the business. This
has resulted in sharper focus on the growth of our
higher margin TIC business.
Our joint venture in Kazakhstan experienced a
continuation of the downturn in performance
due to the conclusion of major contracts. These
contracts have however been replaced by new,
long-term contracts secured with our partner,
giving confidence for future growth.
Strategy
FY2026 marked the completion of the Enable
phase of our Velocity strategy delivered on time
and on budget. Over the last three years, we have
invested c.£20m in transforming the business,
focused on strengthening the operating platform,
modernising our systems, improving efficiency
and leveraging data to drive enhanced customer
service visibility, operational control and readiness
for capitalising on growth opportunities.
During the year, we completed the rollout of a
number of major digital and operational initiatives,
including customer relationship management,
customer service workflows, transport and
logistics optimisation and the modernisation of
our telephony and engineering platforms, as well
as the launch of our new trading website. These
changes are improving operational visibility and
efficiency, supporting better decision-making
and delivering a more consistent experience for
customers and colleagues.
Importantly, the work completed during the
Enable phase provides a stable and scalable
foundation from which to drive growth, while
OVERVIEW
The financial year ended 31 March 2026 was an important
year for Speedy Hire as we completed the Enable phase of
our Velocity strategy and strengthened the foundations of
the Group for growth. This progress was delivered against
a challenging economic backdrop, which continued to
influence customer behaviour and market conditions
throughout the year.
20
Speedy Hire Plc Annual Report and Accounts 2026
maintaining the operational discipline required
in uncertain market conditions. We are excited
to move forward into the Deliver phase of the
strategy in FY2027, focussing now on delivering
long-term sustainable growth.
Commercial Agreement with
ProService
We were delighted to announce completion of
the ProService Transaction, under which Speedy
Hire has secured a right of first refusal to supply
ProService with core hire equipment and testing,
inspection and certification services through
our Lloyds British business. The ProService
Transaction also included the transfer of certain
assets, the assignment of new service centres
and an equity investment in ProService plc.
The Commercial Agreement represents a
transformational milestone for Speedy Hire and
is a direct outcome of the enabling investments
made under the Velocity strategy, particularly in
technology, data, AI and operational capability.
The transaction also accelerates the evolution of
our hire fleet, supporting a more efficient capital
profile over the medium-term while enhancing
the service offering available to customers across
both organisations.
Mobilisation has progressed in line with
expectations, with a view to contributing
£50–55m of annualised revenue and significant
earnings accretion in FY2027, the first full financial
year following a period of integration. Speedy
Hire also still anticipates a full payback of the
consideration from operating cash flow in two
to three years, excluding any potential cash
returned from its interest in ProService plc. As
volumes increase and additional services are
introduced, namely the planned inclusion of
Lloyds British TIC services being made available
to ProService customers, revenues under the
Commercial Agreement are expected to become
an increasingly important contributor to Group
performance.
Overall, the Commercial Agreement marks a
step-change in scale through a new customer
channel for Speedy Hire and gives early
momentum to the Deliver phase, offering
clear validation of the Velocity strategy and
demonstrating the strength and adaptability of
our operating model.
Customers, channels and growth focus
Beyond ProService, our priorities remain
unchanged. We continue to focus on sectors
aligned with long-term national investment,
including infrastructure, energy, rail, water and
regulated utilities, where demand is supported by
multi-year programmes and where our scale and
specialist capability are most relevant.
Our operating model continues to evolve in order
to best serve our customer demands. Customers
increasingly expect flexibility in how they access
hire and services, and our combination of service
centres, on-site solutions, digital platforms and
partnerships positions us well to meet their
expectations while maintaining a consistent and
reliable proposition.
People, safety and sustainability
Our people remain central to the delivery
of our strategy. Through our People First
approach, we continue to invest in colleague
engagement, skills development and leadership
capability, supporting a culture rooted in safety,
accountability and performance.
Safety is a core value across the Group and
fundamental to how we operate. Ongoing
investment in training, systems and fleet
technology continues to strengthen our safety
culture, supporting continuous improvement and
reinforcing trust with colleagues, customers and
communities.
Sustainability is also an integral part of our
strategy and customer proposition. Demand
for lower-emission, compliant and efficient
solutions continues to grow, particularly
across infrastructure and energy markets. Our
expanding eco fleet and the development of
our carbon and nature reporting capabilities
support customers in meeting their sustainability
objectives, while reinforcing Speedy Hire’s
position as a responsible and reliable partner,
with commercially sustainable solutions.
I would like to take this opportunity to thank all
colleagues for their continued hard work and
dedication to the business, whilst continuing to
deliver a first-class service to our customers.
Outlook
The new financial year has started well, with
secured contracts mobilising as anticipated and
trading in line with the market expectations. At
this early stage, revenues to the end of May are
c.2% ahead of the comparative period. Previously
announced customer led delays are resolving and
the related projects will contribute meaningfully
during the first half. Adjusted EBITDA
1
for the
same period is c.13% ahead, the direct result of
the effect of operational gearing and disciplined
cost control.
While near-term market conditions remain
uncertain, particularly in light of global
geopolitical events, the strategic progress made
and contracts secured in FY2026 mean the Group
enters FY2027 with a solid foundation for scalable
growth as we move into the next phase of our
Velocity strategy. With a strengthened operating
platform, a disciplined approach to capital
allocation and a clear strategic focus, the Group
is well positioned to deliver sustainable long-term
value for shareholders and wider stakeholders.
Dan Evans
Chief Executive
1
See note 11 to the Financial Statements.
Speedy Hire Plc Annual Report and Accounts 2026
21
STRATEGIC REVIEW
TRANSFORMATION REVIEW
CUSTOMER FOCUS
Our aim is to transform how we do business and
become the easiest business to deal with for
customers, by providing a fast, comprehensive
and efficient service, with a consistent customer
experience across all contact points.
Revolutionising our digital platforms
A major element of our customer-focused
developments is ensuring we provide a consistent
single ‘shop front’ view across all channels, such
as our website, app and catalogue. During the
year, our digital teams have been working with
stakeholders both inside and outside the business
to provide a refreshed user experience, with
updates to key content areas and developments
towards key transactional elements being
launched in FY2027.
Work is underway to deliver our ‘Speedy Trading
Platform’ in FY2027, a new system that links in
with Microsoft D365 to simplify the ordering
experience for colleagues. This has the added
benefit of streamlining the customer quote and
order process by including an order management
capability to automate the allocation of assets.
Launching new Customer
Service system
FY2026 saw the rollout of our D365 Customer
Service system complete across all Direct
and Trading operations. With over 60% of our
business transacting through these channels,
this rollout gives us powerful data and insights
to better understand customer needs, highlight
performance strengths and identify opportunities
to improve how we work – all driving business
growth. In FY2027, we will focus on using
these insights to drive innovation and service
improvements to make a real difference for
customers and colleagues.
INNOVATIVE GROWTH
We recognise that, in a dynamic and competitive
commercial landscape, innovation is a key
enabler for continued long-term profitable growth.
Embedding our new CRM system
Following the new Customer Relationship
Management (‘CRM’) system being launched
in FY2025, the new technology has now been
successfully rolled out to our Commercial and
Sales teams across the country, enabling all
customer information to be managed in one
place. This system, integrated into our digital
platforms, is a vital tool in enabling us to use
internal and external data to better understand
our customers’ buying behaviours and target
our sales and marketing activity more effectively,
aligning the outputs of our AI solutions to have
our products available where our customers need
them, every time.
Investing in specialist innovation
During FY2026, our approach to innovation was
shaped by targeted investment along-side a
greater focus on deployment, application and
customer outcomes, reflecting wider CAPEX
discipline across the year.
In July 2023, we launched our transformation plan,
underpinning our Velocity growth strategy to enable and
deliver our stated financial and non‑financial targets over a
five‑year term.
The Group‑wide programme is designed to improve our
operations and colleague experience, improve the experience
for our customers, enable us to become a digital and data‑led
business and create a step change in efficiency, delivering
the technical and operational changes required to establish
our future business model.
22
Speedy Hire Plc Annual Report and Accounts 2026
The transformation programme is built around six clearly defined workstreams:
TECHNOLOGY
AND DATA
CUSTOMER FOCUS
INNOVATIVE
GROWTH
PEOPLE FIRST
OPERATIONAL
EXCELLENCE
SPEEDING UP ON
SUSTAINABILITY
We continued to invest in and refresh key areas
of our hire fleet through established supply chain
partnerships, particularly within powered access,
lighting and hoisting. This included ongoing
collaboration with partners such as Niftylift,
Dingli and Pramac, supporting the availability
of lower-emission and hybrid solutions, as well
as maintaining specialist and exclusive product
offerings within our fleet.
As a result, innovation during the year extended
beyond new product introduction. We expanded
our range of battery-powered and lower-emission
equipment, including solutions from Instagrid,
Belle and Stihl, alongside introducing specialist
products across safety, communications and
site operations, such as Motorola and Eave
technologies. These developments support
evolving customer requirements, including
compliance-led demand and the need for
more flexible and efficient site operations, while
ensuring these also represent commercially
sustainable choices.
We also strengthened our offering through
targeted product launches and partner-ships,
including solutions within temporary works
and site protection such as Xtreme Mats, Dura
Track Mats and Fortis Barriers, alongside smart
monitoring technologies delivered in partnership
with Eave. These were supported through
demonstrations, trials and customer engagement
activity, including our Ticket to Innovate event,
which brought together suppliers and customers
to showcase solutions in a live environment.
In addition, innovation was delivered through
the continued mobilisation and application
of equipment across major projects and
infrastructure programmes. Solutions such as
gPod site inventory systems and GEDA hoisting
equipment were deployed to support efficient and
reliable operations in complex environments. This
included the expansion of our hoisting capability
and regional footprint, enabling us to respond
more effectively to customer demand.
Overall, our approach reflects a broader definition
of innovation, focused on how equipment,
technology and partnerships are applied to
deliver practical value for customers, rather than
solely on new product investment.
Digital Site Time Records in
Motion Kinetic
Following the successful embedding of Motion
Kinetic into Lloyds British, we have continued to
improve how the system supports our testing,
inspection and certification operations.
Lloyds British has introduced digital Site Time
Records, allowing engineers to complete a record
of the work carried out, time on site and any notes
at the end of each job directly within the system.
These records are automatically uploaded to
the customer portal, giving customers real time
visibility of completed work.
The digital process also enables daily invoicing
without waiting for paper copies, reduces
administration and allows engineers to review
notes from previous site visits. This is improving
accuracy, continuity of service and customer
experience, while supporting our continued
move towards a more efficient, paperless way of
working.
OPERATIONAL
EXCELLENCE
We’re investing in world-class operations and
processes to reduce cost, drive efficiency and
enhance our people’s experience by becoming an
easy business to work for.
Optimising our network
Our developing Service Centre network and
logistics model serves as the core to achieving
operational excellence and great customer
service. From order taking and fulfilment and
delivery, to engineering and the management
of our assets, we have continued to develop
our network by creating newer, larger energy-
efficient centres that operate at scale, enhancing
engineering capabilities to drive increased
asset availability, and improving the working
environment for our people. During the year, we
consolidated several less-efficient locations.
Speedy Hire Plc
Annual Report and Accounts 2026
23
STRATEGIC REVIEW
TRANSFORMATION REVIEW CONTINUED
System‑led logistics with OpenFleet
During the year, we made significant progress
with our new system-led approach to logistical
operations. Using the AI logistics management
system ‘OpenFleet’, we can optimise our route
planning across Service Centres, clusters and
regions. Moving from a manual to a system-
led approach in the majority of our locations is
reducing unplanned mileage, transport costs,
effort and waste as well as our carbon footprint.
Furthermore, it provides greater visibility and
enhanced tracking for our customers. As FY2027
will see the completion of this rollout and delivery
of phase 2, which will enable further benefits and
efficiencies from the system, it will provide greater
visibility and enhance tracking to our customers,
including self-service capabilities.
As the platform develops, it will enable more
dynamic scheduling, improved planning and
increased asset availability across the network.
This will support more proactive customer
communication and provide the foundation
for self-service capabilities, including further
improved visibility of deliveries and collections
through digital channels.
AI and digitised processes
During the year, we have employed technology,
including AI, to optimise our operations in
supporting asset management and utilisation to
enable us to inform future capital spend. We have
also digitised our asset management process,
improving accuracy on stock count procedures,
which are undertaken twice annually, supported
by our leadership team, who physically visit
every Service Centre and engineering facility
across the network to support the process. Our
focus in FY2027 will be the use of internal AI and
modelling capabilities to further improve dynamic
asset management and warehousing forecasting
to optimise stock levels and asset maintenance.
Digitally integrating order
management
FY2026 saw us accelerate our adoption of
AI tools for colleagues. We have rolled out
Microsoft Copilot to all colleagues with training
and engagement sessions available to support
learning. We have also developed and deployed
our own AI tools to help colleagues navigate
internal policies and processes.
In FY2027, we will continue work on integrating
order management into our digital channels. This
will provide our digital channels and hire teams
with live visibility of all our assets’ stock positions
and allow us to automatically allocate orders to
the most efficient fulfilment location based on a
customer’s preference for delivery or collection. It
will provide real-time notifications on the progress
of an order, enhancing the customer experience
and further improving the speed at which we can
meet customer demand.
Digitalising Engineering
During FY2026, we made significant progress
modernising engineering by rolling out iPads to
our engineering colleagues. The tablets replace
paper-heavy processes, enabling real-time
updates on asset status and supporting our focus
on Speed to Availability. Engineers can now
capture data, access D365, and stay connected
without returning to service centres, saving time
and fuel whilst improving customer service.
This investment also supports the transition
to a more cloud-enabled engineering model,
with asset data, service history and compliance
records captured digitally and made accessible
across the business. This enhances visibility of
asset readiness, improves planning and supports
more informed operational decision making. Over
time, it will enable greater customer self-service,
with improved access to equipment status and
service updates, and support a more proactive,
data-led approach to maintenance, improving
availability and customer experience. This sets the
stage for further digital enhancements in FY2027,
such as tailored engineering apps, and ensures
our teams are equipped for smarter, more efficient
mobile servicing.
Industry leading Innovation Centre
Our award winning, net-zero Innovation Centre
located in Milton Keynes which has a rare EPC
rating of A+ enables us to showcase the innovation
we bring to the market in both how we operate,
and through the eco products we provide to
customers. These products range from Battery
Storage Units and Stage V Generators to the
world’s first hydrogen powered access machines
developed by Niftylift in conjunction with Speedy
Hire. As a flagship example of a net-zero operation,
we have attracted over 5,100 customers to tour
the site since opening, enabling them to view
first-hand the breadth of eco products we bring to
market, and be inspired to take back best practice
eco-innovation to their own organisations.
FY2026 saw the launch of Teams Phone and D365
Contact Centre across the business to modernise
how we connect internally and with customers.
These digital platforms give our people the tools
and technology to deliver first-class service and
support business growth, and they enable us
to monitor and drive performance through data
insight.
TECHNOLOGY
AND DATA
Our transformation programme is being driven by
leveraging technology and data to drive simplicity
and efficiency to support sustainable profitable
growth.
Data Driven
We have built up a centralised data capability
over the past year. FY2027 will see the rollout of
AI and data pathways to enable colleagues to get
the most from our digital systems and data. We
are now able to produce performance data across
the Speedy Hire business and utilise that data to
identify and drive improvements which result in
efficiencies for both colleagues and customers.
Power BI continues to inform and drive decisions
across the business, as we further embed use
with different colleagues and management. We
are also using Power BI to help our customers
by providing them with product performance
information as well as a first in industry nature
reporting and Eco product framework, helping
customers to make the right Eco product choices
when it comes to asset selection. This technology
is another differentiator in how we are innovating
to add value to our customer proposition.
Easier transactions
During FY2026, we updated how customers pay at
Speedy Hire with new payment terminals across our
service centre network. These new terminals deliver
a faster, more reliable payment experience and are
an important step towards introducing even more
advanced payment options in the future.
Speedy Hire Plc
Annual Report and Accounts 2026
24
PEOPLE FIRST
Our people are central to our business and
are critical to delivering our growth strategy.
At Speedy Hire, we recognise that a motivated
and engaged workforce drives productivity and
enhances the customer experience.
We are transforming our organisation to
become a class leading partner for customers
and suppliers, and an employer of choice. Our
People First approach guides every stage of
the colleague journey. Our ambition is to be
recognised as a Sunday Times Best Place to
Work, where all colleagues feel valued and
included, and understand the importance of their
contribution.
Performance‑Driven Culture
We continue to foster a culture that encourages
colleagues to reach their full potential whilst
supporting them to deliver exceptional
performance. This culture is grounded in our
six core values: ambitious, innovative, inclusive,
safe, together and trusted. Our People First road
map underpins our Velocity growth strategy by
maintaining colleague engagement, building
new skills, enhancing wellbeing, expanding
development programmes and creating inclusive
workplaces.
Engaging Our Workforce
Over the past year, we achieved key People
First milestones, maintaining an engagement
score two points above the benchmark, despite
a challenging economic environment. We
completed the rollout of Speedy Hire Work–Life
Balance, an industry first flexible working initiative
that has contributed to a record low voluntary
attrition rate.
Creating an inclusive culture where everyone
feels they belong remains a priority. To help drive
this forward, we launched our Diversity, Equity
and Inclusion (‘DEI’) strategy ‘Part of the Family’,
strengthened by the introduction of two new DEI
Community Groups, LGBTQIA+ & Allies and
Ability & Allies. This additional focus led to the
attainment of Disability Confident Level 2 and
external validation from customers, including
being awarded Supplier of the Year at the Cadent
Congratulates as a result of our DEI initiatives.
Speedy Hire won the Diversity & Inclusion
initiative at the 2026 HAE awards in recognition of
its Part of the Family: DEI Colleague Commitment
and the collaborative impact of its colleague-led
DEI community groups, supported by senior
leadership to drive cultural change and create a
workplace where everyone can belong and thrive’
The Board remains actively engaged with
colleagues, including through our Colleague
Consultative Committee (‘CCC’), attended
annually by Non Executive Director Carol
Kavanagh. The CCC facilitates open
communication, reinforces understanding of our
strategy and values, and provides a platform for
colleagues to raise questions and share feedback
with senior leadership.
We also expanded apprenticeship opportunities
for new and existing colleagues and invested
in professional development, earning the
Investors in People Award for our commitment to
apprenticeships and surpassing our commitment
of having 5% of colleagues in earn-and-
learn roles.
Our People First initiatives have contributed to
Speedy Hire being named a Top 50 Inspiring
Workplace in 2024 and 2025, achieving our
lowest-ever attrition rate, and an 82% colleague
score for being “motivated to do their best work”,
four points above the benchmark.
Speedy Hire Plc
Annual Report and Accounts 2026
25
STRATEGIC REVIEW
KEEPING OUR PEOPLE AND COMMUNITIES SAFE
At the core of supporting our Velocity strategy is our commitment to the safety of our colleagues and customers. At Speedy Hire, everyone’s
safety matters and we share a collective responsibility to keep everyone safe, which is why it is a key part of our values.
COLLECTIVE
RESPONSIBILITY
We have made progress with our Collective
Responsibility Safety Programme launched in
the prior year, designed to drive improvements
and enhance monitoring and reporting, covering
our key pillars: People First, Safety Organisation,
Training, Health and Innovation.
PEOPLE FIRST
We continued to strengthen colleague
engagement through our Visible Leadership
programme, delivering safety engagement days
across the business. These sessions are designed
to encourage open discussions on safety, mental
health and wellbeing, whilst giving colleagues the
opportunity to raise questions directly with senior
leaders. Leadership teams attended all sites during
the period, reinforcing visibility and accessibility
across our operations.
This year, we also launched our Safety Culture app,
which provides real-time micro-learning modules
that can be rapidly created and distributed across
the business at the push of a button. This digital
approach enhances the speed, consistency and
reach of our safety communications, supporting
the ongoing development of a strong and proactive
safety culture.
SAFETY
ORGANISATION
Our Health and Safety Management System is
designed to eliminate accidents and injuries in
the workplace and ensure that safety remains
embedded in the mindset of every colleague
across our operations, whether on our own sites
or at customer locations. Since the system’s
introduction in 2021, we have continued to
develop and promote the use of EcoOnline, our
safety management and reporting platform.
EcoOnline is used by all colleagues to report
and manage safety incidents, accidents,
environmental events, and hazardous or
near-miss observations. It also enables the
recording of positive safety behaviours, providing
valuable data to drive continual improvement
through corrective action tracking and root-cause
analysis.
During the reporting period, the business
recorded more than 7,000 events. At the
forefront of our safety culture is our active Safety
Committee, which meets quarterly to review
incidents, monitor emerging trends, and develop
new initiatives and campaigns. A key success
this year has been the significant reduction in
head injuries. Following a detailed review of
incidents, the Committee developed targeted
communications, sought colleague feedback
through a dedicated survey and introduced
enhanced head-protection measures. As a result,
head injuries reduced by 40% compared with the
previous year.
TRAINING
We delivered comprehensive safety training to
all leaders, managers and supervisors during
the year, including Leadership Safety Culture
programmes and IOSH-approved Managing
Safety, Health and Environment training for more
than 130 colleagues. In early 2025, Speedy Hire
brought driver-specific training fully in-house,
establishing a team of dedicated Driver Trainers
who deliver professional, operationally tailored
instruction to strengthen safety standards across
the fleet. Our trainers hold the Royal Society for
the Prevention of Accidents (‘RoSPA’) Advanced
Driving qualification at Gold standard – the
highest civilian level – ensuring exceptional
capability and expertise in driver development.
Working alongside the recently deployed Samsara
technology, our Driver Trainers can provide
tailored coaching and targeted interventions
aligned to the needs of each individual learner.
This integrated approach supports the creation of
safer, more confident and more competent drivers
across the business.
HEALTH
Speedy Hire sponsored and supported the RoSPA
in launching the National Accident Prevention
Strategy (‘NAPS’), attending the House of
Commons launch event and the House of Lords
debate in July 2025. The NAPS publication
highlights significant national concerns, including
the human, economic and healthcare impacts of
preventable accidents.
In partnership with RoSPA, Speedy Hire has taken
a leading role in addressing slips, trips and falls
by co-authoring guidance that sets out the scale
of the problem, the legal framework and, critically,
practical and achievable prevention strategies.
Slips, trips and falls remain the leading cause
of workplace injury, contributing to 604,000
non-fatal injuries and 4.1 million working days
lost in 2023/24. They are the most frequently
reported incidents under RIDDOR, with 61,663
cases recorded. Beyond the workplace, accidental
injury represents a growing public health crisis.
Accidental deaths have increased by 42% over
the past decade, with falls now accounting
for 61% of all accidental deaths, rising by 90%
since 2013.
The economic cost is substantial, with an
estimated £5.9 billion impact on businesses and
£6 billion annually on the NHS.
Through its partnership with RoSPA, Speedy
Hire actively supports the call for a coordinated,
evidence-led National Accident Prevention
Strategy. We take our responsibility seriously
and will continue to champion the prevention of
slips, trips and falls across industry and the wider
community.
Speedy Hire Plc
Annual Report and Accounts 2026
26
INNOVATION IN SAFETY
At Speedy Hire, we have consistently
demonstrated our commitment to advancing
safety and innovation within the vehicle fleet
industry, through close collaboration with vehicle
suppliers including dedicated innovation days.
During FY2025, we introduced an enhanced
reversing safety system featuring a dual voice
notification—audible both inside and outside the
vehicle—issuing a clear “Warning: pedestrian”
alert when reversing.
h Key benefits of the system include enhanced
operator safety: Provides operators with
improved hazard awareness, particularly of
pedestrians within the reversing zone.
h Improved risk mitigation combines clear
audible alerts with increased situational
awareness, helping to reduce risks in all
operating conditions. Durability and reliability:
Designed to perform consistently across
diverse environments, delivering long-term
safety benefits.
The implementation of this solution has
significantly strengthened fleet safety across
Speedy Hire’s operations and established a new
benchmark within the industry. By addressing a
critical safety challenge with a practical, forward-
thinking approach, we have not only improved
operator and pedestrian safety but also reinforced
our position as a leader in fleet innovation.
ENHANCING SAFETY
AND EFFICIENCY
THROUGH ADVANCED
TELEMATICS
In 2026, we further accelerated our commitment
to fleet safety and operational excellence through
a strategic partnership with Samsara, a market-
leading provider of safety camera and telematics
technology. This collaboration represents a
significant step-change in how we proactively
manage driver behaviour, reduce risk, and
optimise fleet performance.
At the core of this initiative is a focus on real-time
behavioural coaching. Samsara’s advanced
camera systems identify unsafe driving practices
and deliver immediate in-cab audio alerts,
enabling drivers to self-correct in the moment.
Where behaviours persist, intelligent escalation
ensures that management can intervene
with targeted support and coaching, driving
continuous improvement.
The system also transforms how we engage
with our drivers. By providing clear, data-driven
insights into behaviours that impact safety, we
empower individuals to take ownership of their
performance. The introduction of a Driver Safety
Score delivers a fair, transparent, and consistent
measure of performance—forming the foundation
for recognition programmes such as Driver of the
Month and on-the-spot rewards.
This partnership is more than a technology
deployment—it is a cultural shift. By
combining cutting-edge telematics, proactive
communication, and meaningful incentives, we
are embedding a safety-first mindset across
our operations. The result is a safer, more
accountable, and higher-performing fleet,
reinforcing Speedy Hire’s position as a leader in
innovation and safety within the industry.
Commercially sustainable vehicle fleet
Having already completely renewed our company
car fleet through the natural lease renewal
process so that it is now 100% electric or hybrid,
we have also continued transforming our
commercial fleet. We now operate hundreds of
electric and hybrid commercial vehicles, which is
having a significant positive impact on reducing
our carbon footprint.
SAFETY STANDARDS
We recorded 0.34 RIDDOR accidents per
100,000 hours worked, which represents a slight
increase on our performance last year. Our Lost
Time Incident Frequency Rate is 0.44 for the
reporting period, which is a slight decrease on the
prior year.
Leading indicators (number of hazards reported,
near misses and positive observations: hazards
3,101, near miss reports 422 and positive
observations 1,587).
Speedy Hire Plc
Annual Report and Accounts 2026
27
STRATEGIC REVIEW
FINANCIAL KPIs
REVENUE £m
£416.1m
ADJUSTED EBITDA
1
£m
£85.4m
OPERATING (LOSS)/
PROFIT £m
£(13.3)m
OPERATING CASH £m
£49.5m
NET DEBT
2
TO EBITDA
1
TIMES
3.3x
FY
26
FY
25
£416.1m
£416.6m
A measure of the work we are
undertaking
FY
26
FY
25
£85.4m
£97.1m
Operating return before
depreciation, profit/loss on
planned disposals of hire
equipment, amortisation and non-
underlying items
FY
26
FY
25
£(13.3)m
£13.4m
(Loss)/profit we generate from
core operations before the impact
of financing and tax
FY
26
FY
25
£49.5m
£48.6m
Cash generated from operating
activities, including changes in
hire fleet
FY
26
FY
25
3.3x
1.9x
A measure of how leveraged the
balance sheet is
UTILISATION
3
%
55.4%
ROCE
4
%
3.1%
ADJUSTED (LOSS)/
EARNINGS PER
SHARE
5
PENCE
(1.71)p
LOSS PER SHARE
PENCE
(5.77)p
DIVIDEND PER SHARE
PENCE
1.00p
FY
26
FY
25
55.4%
53.9%
How many of our itemised assets
are on hire to customers, in net
book value terms
FY
26
FY
25
3.1%
8.9%
How well we are delivering a
return from the capital invested
FY
26
FY
25
(1.71)p
1.41p
The return generated for the holder
of each of our ordinary shares,
adjusted to exclude amortisation
of acquired intangibles and non-
underlying items
FY
26
FY
25
(0.24)p
(5.77)p
The return generated for
the holder of each of our
ordinary shares
FY
26
FY
25
1.00p
2.60p
The total return awarded
to the holder of each of our
ordinary shares
1
Operating profit before depreciation, amortisation, non-underlying items and fair value movements on financial
assets, where depreciation includes the net book value of planned hire equipment disposals, less the proceeds on
those disposals (profit or loss on planned disposals of hire equipment). See note 11 to the Financial Statements.
2
This metric excludes lease liabilities. See note 20 to the Financial Statements.
3
Utilisation of itemised assets.
4
Return on capital employed: Profit before tax, interest, amortisation of acquired intangibles, non-underlying items
and fair value movements on financial assets, divided by the average capital employed (where capital employed
equals total equity and net debt2), for the last 12 months. See note 11 to the Financial Statements.
5
See note 9 to the Financial Statements.
Speedy Hire Plc Annual Report and Accounts 2026
28
CHIEF FINANCIAL OFFICER’S
REVIEW
During the year, the Group undertook depot
closures and management restructuring to
optimise the operating footprint and reduce the
underlying cost base, supporting future efficiency
gains, with annualised cost savings of c.£5.0m
expected.
Gross profit was £230.5m (FY2025: £236.1m), with
gross margin of 55.4% (FY2025: 56.7%), impacted
by a decrease in average hire rates and margin
in our Customer Solutions business following the
high value transaction with ProService.
Adjusted EBITDA
1
for the year was £85.4m
(FY2025: £97.1m), after accounting for non-
cash share based payments of £1.8m (FY2025:
£0.9m), and the Group reported an adjusted loss
before taxation of £9.8m (FY2025: £8.7m profit).
Performance reflects high operational gearing
in a subdued revenue environment alongside
increased financing costs following investment
to support the ProService Transaction and
contracts won.
After non-underlying items, the Group reported a
loss after taxation of £26.6m (FY2025: £1.1m loss).
Early trading in FY2027 has been promising
with revenue and adjusted EBITDA1 to the
end of May, c.2% and c.13% ahead of FY2026
respectively, with adjusted EBITDA significantly
benefitting from high operational gearing as
marginal movements in hire revenue have a
disproportionately large impact on profitability.
Revenue and margin analysis
The Group generates revenue through two categories, Hire and Services.
Revenue and margin by type
Year ended
31 March 2026
£m
Year ended
31 March 2025
£m
Change
%
Hire:
Revenue 255.3 255.0 0.1%
Cost of sales (52.4) (49.7)
Gross profit 202.9 205.3 (1.2)%
Gross margin 79.5% 80.5%
Revenue and margin by type
Year ended
31 March 2026
£m
Year ended
31 March 2025
£m
Change
%
Services:
Revenue 149.9 158.0 (5.1)%
Cost of sales (123.3) (126.7)
Gross profit 26.6 31.3 (15.0)%
Gross margin 17.7% 19.8%
1
See note 11 to the Financial Statements.
GROUP FINANCIAL PERFORMANCE
Total revenue for the year ended 31 March 2026 was £416.1m
(FY2025: £416.6m), reflecting subdued hire volumes with our
Regional customers, offset by resilient performance from
National customers and the Commercial Agreement with
ProService. Trade and Retail revenue increased year on year,
although growth remained below initial expectations given
market conditions. Revenue from planned disposals of hire
equipment were £10.9m (FY2025: £3.6m), primarily associated
with the divestment of specialist compressors.
Speedy Hire Plc Annual Report and Accounts 2026
29
STRATEGIC REVIEW
CHIEF FINANCIAL OFFICER’S
REVIEW CONTINUED
Hire revenues were held back by a challenging market. A strong performance with our National
customers offset some volume decline in our Regional customer base while average rates have declined
due to the significant increase in volume activity with ProService and mix with our National customers.
Services revenues (excluding fuel) increased 4.9% on FY2025, driven by growth in both Customer
Solutions and Lloyds British TIC services. Divestment of the manufacturing division of Lloyds British
represents a revenue loss of £3.6m from FY2025, with negligible profit impact.
During the year, the Group entered into a commercial agreement for third party fuel order fulfilment, on
which the Group recognise only a margin element. As a result, fuel revenues declined by 47.5% (£14.3m
decrease from FY2025), although with a minimal gross profit impact.
The Group continues to monitor pricing, introducing increases to mitigate the effects of cost inflation on
both overheads and new equipment purchases.
Gross margin decreased by 1.3pp to 55.4% (FY2025: 56.7%). Hire margin decreased to 79.5%, the result
of lower average hire rates following the ProService Transaction. Services margin decreased to 17.7%,
due to a higher proportion of lower margin Customer Solutions revenue.
Utilisation of itemised assets was 55.4% (FY2025: 53.9%), an increase of 1.5pp on FY2025 benefitting
from the additional activity through ProService.
Overheads
The overheads (excluding non-underlying items) disclosed in the Income Statement can be further
analysed as follows:
Year ended
31 March 2026
£m
Year ended
31 March 2025
£m
Change
%
Distribution and administrative costs 220.8 210.5 4.9%
Amortisation – acquired intangibles (1.6) (0.6) 166.7%
Underlying Overheads 219.2 209.9 4.4%
Disciplined cost management remains a key priority, balanced against the need to invest in the business
to enable growth as part of our Velocity strategy. Underlying overheads increased by £9.3m (4.4%) year
on year, with over one third of this attributable to the increase in national insurance and national living
wage costs, with the majority of the remainder being the net increase in costs taken on as part of the
ProService Transaction.
We have observed an improvement in bad debts during the year, which has resulted in a reduction in
the impairment of trade receivables to £2.1m (FY2025: £2.6m), although we remain mindful of ongoing
macroeconomic uncertainty.
Closing headcount was 0.8% higher than March 2025, with average headcount 0.5% lower due
to transformation and restructuring initiatives undertaken in the year, offset by the net increase of
colleagues joining the business from TUPE transfers in and out as part of the ProService Transaction.
2026
2025
Change
%
Headcount at year end 3,335 3,307 0.8%
Average headcount during the year 3,318 3,335 (0.5)%
Non‑underlying items
Year ended
31 March 2026
£m
Year ended
31 March 2025
£m
Transformation costs 6.3 6.6
Restructuring 3.6 1.2
Business disposal 2.8 –
Other professional and support costs 4.9 1.8
Total 17.6 9.6
FY2026 represents the third and final year of the Enable phase of our Velocity strategy. Incremental
costs in respect of the investment in implementing this strategy, and executing our transformation
programme, represent a significant cost to the business over the initial phases of the programme. This
resulted in non-underlying costs in the year of £6.3m (FY2025: £6.6m). As communicated in the FY2024
annual report, we signalled that the total expected cost of the Enable phase of Transformation was
anticipated to be between £19m and £22m, of which £13m to £15m was expected to be non-underlying.
The total reported costs relating to the Enable phase are £20.5m, of which £16.1m were treated as non-
underlying. Given the conclusion of the Enable strategic phase, there will be no further transformation
related non-underlying items during FY2027, representing a significant cash saving in future years.
An additional £3.6m relates to restructuring undertaken as part of the Velocity transformation
programme. These actions were accelerated by the conclusion of the Enable phase of transformation
and the completion of the ProService Transaction and concerned the execution of the remaining,
significant, ‘Future State’ activities, resulting in the closure of 13 locations, and a related reduction in
headcount. In addition, changes to key management and support structures have been implemented
to align the organisation to the Group’s long-term operating model, resulting in further headcount
reduction. Collectively, these actions are expected to deliver annualised cost savings of c.£5.0m and
have streamlined the business, creating a more efficient platform to support growth.
In August 2025 the Group disposed of the non-core manufacturing division of Lloyds British, generating
a loss on disposal of £2.6m, presented within non-underlying items due to the infrequent nature of such
transactions. Restructuring of the Lloyds British business followed, resulting in £0.2m of additional costs.
Speedy Hire Plc
Annual Report and Accounts 2026
30
Following the completion of the ProService Transaction on 17 November 2025, third party advisors were
engaged to assist in a valuation exercise to allocate the consideration paid. This resulted in the initial
recognition of the following items, the most significant of which related to the Right of First Refusal
(‘ROFR’) within the Commercial Agreement:
Initial
recognition
£m
Investment in ProService Building Services Marketplace Plc (9.99%) 7.1
Hire fleet assets 16.3
Intangible asset (ROFR) 19.5
Provisions (including deferred tax) (6.0)
Total 36.9
Overall, the above results in a gain on bargain purchase of £0.1m, which is presented within non-
underlying items. Following initial recognition, depreciation and amortisation are charged on the hire
fleet assets and intangible asset respectively and the investment in ProService plc is revalued at each
balance sheet date, with fair value movements going through the profit and loss account. Further
information is included in note 16.
Further to the above, but separate from the consideration paid, significant legal and professional
costs have been incurred relating to the ProService Transaction. These have been presented as non-
underlying items owing to the scale and rarity of a transaction such as this. Such costs were £5.0m in
FY2026.
Further detail on non-underlying items can be found in note 3.
Interest and banking facilities
Year ended
31 March 2026
£m
Year ended
31 March 2025
£m
Interest on borrowings 11.4 9.5
Interest on lease liabilities 7.5 6.4
Other finance income (0.3) –
Total 18.6 15.9
The Group’s finance costs increased to £18.6m (FY2025: £15.9m). Excluding interest on lease liabilities,
the net financial expense was £11.1m (FY2025: £9.5m) reflecting higher average gross borrowings
following the completion of the ProService Transaction and continued investment in our hire fleet to
support growth in our existing and more recently won contracts.
The Group’s facilities of £225.0m comprise a
£150.0m revolving credit facility (‘RCF’) and
a £75.0m private placement term loan. The
refinancing replaced the Group’s prior £180.0m
asset based lending facility. 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. The RCF is priced
based on SONIA plus a variable margin, while
any unutilised commitment is charged at 35% of
the applicable margin. The price on the private
placement term loan is fixed for the duration of
the facility. During the period, the margin payable
on the outstanding debt fluctuated between
2.20% and 2.70%. The effective average margin in
the period was 2.42% (FY2025: 2.14%).
The Group’s financing facilities include quarterly
leverage and fixed charge cover covenant tests.
In preparation for entering into the ProService
Transaction, the Group agreed short-term
amendments to the fixed charge cover covenant
for the quarters ended 30 September 2025
and 31 December 2025, subsequent to which
the covenants reverted to their original levels.
Further, short-term, amendments were agreed
to both covenant tests prior to the year end, in
anticipation of slower deleveraging than originally
anticipated. The covenant tests for quarterly
leverage and fixed charge cover return to their
original levels at September 2026 and December
2026 respectively.
The Group utilises interest rate hedges to manage
risk associated with movements in interest
rates. As a result of the refinancing, the fixed
interest term loan limits the Group’s exposure to
significant fluctuations in rates, therefore reducing
hedging requirements. The fair value of interest
rate hedges was £nil at 31 March 2026 (FY2025:
£0.1m liability).
Interest on lease liabilities of £7.5m (FY2025:
£6.4m) was charged during the period, impacted
by sizeable property lease extensions and new
vehicle leases during the period.
Taxation
The Group seeks to protect its reputation
as a responsible taxpayer and adopts an
appropriate attitude to arranging its tax affairs,
aiming to ensure effective, sustainable and
active management of tax matters in support of
business performance.
The tax credit for the year was £5.7m (FY2025:
£0.4m credit), with an effective tax rate of 17.6%
(FY2025: 26.7%). Adjusting for the impact of
non-underlying items, amortisation of acquired
intangibles and fair value movements on financial
assets, the effective tax rate for FY2026 was 18.4%
(FY2025: 24.1%).
Shares and earnings per share
At 31 March 2026, 516,983,637 Speedy Hire Plc
ordinary shares were outstanding (FY2025:
516,983,637), of which 55,141,657 were held in
Treasury (FY2025: 55,141,657), with 802,874 held
in the Employee Benefit Trust (FY2025: 1,329,911).
Adjusted loss per share
2
was 1.71 pence (FY2025:
1.41 pence (earnings)). Basic loss per share2 was
5.77 pence (FY2025: 0.24 pence).
2
See note 9 to the Financial Statements
Speedy Hire Plc Annual Report and Accounts 2026
31
STRATEGIC REVIEW
Balance sheet
Total capital expenditure during the year,
excluding the investment made as part of the
ProService Transaction, was £56.3m (FY2025:
£63.2m), reflecting a year on year reduction
in response to challenging market conditions
and acknowledging the significant investment
made in our hire fleet over the past few years,
particularly in specialist product categories.
Hire fleet additions in the year were £53.0m
(FY2025: £57.5m). Of our investment in hire fleet,
67% related to carbon efficient eco products
(FY2025: 71%) as we continue to support
customers with their decarbonisation strategies.
Expenditure on non-hire property, plant and
equipment of £3.3m (FY2025: £5.7m) represents
continued investment in our properties and IT
capabilities.
Total proceeds from disposal of hire equipment
were £19.6m (FY2025: £13.2m). This was driven
primarily by the planned divestment of specialist
compressors, as part of the overall project to
bring greater focus to our fleet of owned assets.
The Group’s hire fleet, including those assets
acquired as part of the ProService Transaction,
is well invested and therefore requires a lower
level of investment during FY2027. We anticipate
gross hire fleet capex in the region of £35.0m for
FY2027, a year on year reduction of 34.0%, with
the primary focus being on core equipment and
certain specialist products.
Net property, plant and equipment (excluding
IFRS 16 right of use assets) was £257.4m as at
31 March 2025 (FY2025: £243.3m), of which
equipment for hire represents 93.0% (FY2025:
91.4%).
Intangible assets increased significantly to
£56.0m (FY2025: £38.4m), due to the addition of
the ROFR intangible asset, marginally offset by
amortisation.
Right of use assets of £108.8m (FY2025: £104.2m)
and corresponding lease liabilities of £114.4m
(FY2025: £105.9m) have increased due to
extensions on strategically important property
leases and new vehicle leases to support the
move to a lower carbon fleet, which were
offset in part by planned depot closures and
consolidations.
Gross trade receivables increased to £108.7m
at 31 March 2026 (FY2025: £97.9m), the result
of increased trading in the final quarter with
ProService. Bad debt and credit note provisions
were £4.0m as at 31 March 2026 (FY2025: £2.9m),
equivalent to 3.7% of gross trade receivables
(FY2025: 3.0%). In setting the provisions the
Directors have given specific consideration to the
impact of macro-economic uncertainties. Whilst
the Group has not experienced a significant
worsening of debt collections or debt write-offs
to 31 March 2026, there remain some indications
of continued economic vulnerability and risk of
insolvencies and therefore we continue to monitor
the situation closely.
Debtor days as at 31 March 2026 were 71 days
(FY2025: 66 days, HY2026: 62 days). Trade
payables as at 31 March 2026 were £76.0m
(FY2025: £54.1m). Creditor days were 78 days
(FY2025: 61 days, HY2026: 69 days), the result
of continued collaboration with suppliers to
more closely align our working capital cycle and
the negotiation of favourable terms for some
significant hire fleet capex purchases.
Cash flow and net debt
Underlying operating cash flow
3
for the year was
£87.4m (FY2025: £91.8m), representing 102.3%
(FY2025: 94.5%) conversion from EBITDA. Free
cash flow
4
is a key metric for the Group and in
the year was £3.0m (FY2025: £0.8m), the result of
necessary effective working capital management
and reduced hire fleet investment to offset
continued investment in our transformation
programme and softer trading performance.
Net debt
5
increased by £45.9m from £113.1m
at the beginning of the year to £159.0m at
31 March 2026, due to the investment made as
part of the ProService Transaction. As a result,
leverage
6
increased to 3.3 times (FY2025: 1.9
times), which is temporarily outside of the
Group’s target range communicated as part of the
FY2025 annual results. This follows the continued
investment in the hire fleet, transformation of the
business (including the ProService Transaction)
and returns to shareholders during the year. Total
net debt, including lease liabilities, was £273.4m
(FY2025: £219.0m), resulting in post IFRS 16
leverage of 3.2 times (FY2025: 2.3 times).
The Group maintained compliance with its
banking covenants and retained substantial
headroom within its committed bank facility, with
cash and undrawn facility availability of £36.0m as
at 31 March 2026 (FY2025: £42.0m).
Capital allocation policy
The Board is committed to maintaining an
efficient balance sheet and regularly reviews the
Group’s capital resources and allocation policy to
ensure that it meets our strategic objectives. We
have a clear capital allocation approach to ensure
a balance between investment in the business for
long-term sustainable success and the creation of
returns to shareholders.
Our disciplined approach to capital allocation
through the business cycle reflects the following
objectives:
h Aim to use debt funding to support
investment in capital equipment. The
business is currently well invested with a fleet
age profile at the younger end of our peer
group in the market. This allows flexibility to
manage debt levels through any downturn
in the economic cycle by reducing capital
investment and allowing the fleet age profile
to lengthen, leading to a reduction in debt
without impacting our ability to meet the
service needs of customers. This flexibility
was evidenced during the pandemic in
FY2021.
3
Underlying operating cash flow: Cash generated from operations before changes in hire fleet and non-underlying items.
4
Free cash flow: Net cash flow before movement in borrowings, merger and acquisition activity, corporate activity and returns to shareholders.
5
See note 20 to the Financial Statements. This metric excludes lease liabilities.
6
Leverage: Net debt
5
to EBITDA
1
. This metric excludes the impact of IFRS 16. This differs from the methodology used in the Group’s banking covenants, which include certain additional EBITDA adjustments, and is therefore not directly
comparable to covenant leverage.
CHIEF FINANCIAL OFFICER’S
REVIEW CONTINUED
Speedy Hire Plc Annual Report and Accounts 2026
32
In view of the ability to use this lever, we
aim to manage core debt levels within a
target range of 1.0 to 2.0 times EBITDA
through the cycle. We will permit debt
levels to move outside these parameters
in circumstances where we have specific
short-term investment requirements for new
growth opportunities ahead of earnings
being generated, such as the ProService
Transaction entered into during the year. Our
debt facilities offer the flexibility to support
this approach;
h We aim to provide regular returns to
shareholders through the economic cycle by
way of annual dividends. The Board will look
to maintain the dividend during any downturn
in the cycle given the ability to manage cash
generation and target to grow dividends from
the current base in line with earnings growth;
h In the event of major strategic projects or
opportunities such as acquisitions we will
make a specific assessment of the funding
requirement and structure of financing at
that time;
h In the event of significant excess capital, the
Board will look at the appropriate way to
enhance returns to shareholders.
The Board continues to believe that a strong
balance sheet through the cycle will allow the
Group to take full advantage of opportunities
that arise.
Dividend
The Board has proposed a final dividend for
FY2026 of 0.70 pence per share (FY2025: 1.80
pence per share) to be paid on 2 October 2026 to
shareholders on the register on 21 August 2026.
This follows the planned reduction in dividend
payments for a period up to the end of FY2028, as
announced on 6 October 2025, to part fund the
ProService Transaction. The Board will then look
to return dividends to historical levels in line with
future earnings growth.
The cash cost of this dividend is expected to be
c.£3.2m. This takes the total dividend for FY2026
to 1.00 pence per share (FY2025: 2.60 pence
per share), following an interim dividend of 0.30
pence per share (FY2025: 0.80 pence per share).
A Dividend Reinvestment Plan (“DRIP”) is
provided by Equiniti Financial Services Limited.
The DRIP enables the Company’s shareholders
to elect to have their cash dividend payments
used to purchase the Company’s shares.
More information can be found at
http://www.shareview.co.uk/info/drip
Paul Rayner
Chief Financial Officer
Speedy Hire Plc Annual Report and Accounts 2026
33
STRATEGIC REVIEW
ESG REPORT
SPEEDING UP ON SUSTAINABILITY
I’m pleased to introduce this year’s update on our ESG Strategy, Decade to Deliver. FY2026 has been a year of positive evolution
for Speedy Hire, shaped by organisational growth and increasing customer engagement on sustainability, which reflects the
resilience of our business and clarity of our long‑term ambition. At Speedy Hire, sustainability sits at the heart of our strategy and
governance, guiding how we create value and support our customers to navigate an increasingly complex and evolving environment.
Despite significant change and external challenges this year, we have remained focused on aligning commercial performance with
meaningful environmental and social progress. This report demonstrates our ongoing commitment to responsible growth, disciplined
execution and transparency as we help drive a more sustainable future for our customers.”
This financial year marks a pivotal moment in
Speedy Hire’s sustainability journey as we reflect
on the progress made through our Decade to
Deliver strategy and look ahead to the next
phase of our transformation. Delivering strong
sustainability outcomes remains fundamental
to our ambition to lead the UK hire sector, and
we continue to view the transition to a low
carbon, fair and resilient economy, not only as an
environmental necessity but also as a compelling
commercial opportunity.
Against a backdrop of challenging market
conditions and wider economic pressures,
our commitment to sustainability, anchored
in the evolving needs and expectations of our
customers, has remained steadfast. Whilst we
recognise that the pace of progress has slowed in
some areas, demand for lower carbon solutions
continues to accelerate across the construction
and infrastructure sectors. The rapid uptake of our
eco products reflects this shift, now contributing
57.9% of revenue within our itemised asset
portfolio in FY2026, and supported by climate
risk modelling, which demonstrates how strongly
positioned we are to meet growing customer
expectations.
FY2026 also saw major organisational change
through the ProService Transaction, which
increased our operational scale, asset base and
workforce. This expansion inevitably brought
short-term challenges to our sustainability
performance as activity increased, but it also
unlocked new opportunities. A larger market
presence enables us to support even more
customers on their sustainability journeys,
promote eco solutions at scale and influence
the wider adoption of sustainable construction
methods. Business growth should not hinder
environmental progress, and we remain
committed to ensuring that our expanding
footprint strengthens, not slows, our contribution
to the industry’s decarbonisation.
34
Speedy Hire Plc Annual Report and Accounts 2026
In preparing this year’s Annual Report, and in
anticipation of the UK Government’s upcoming
Sustainability Reporting Standards (‘SRSs’), we
have taken the strategic decision to publish a
streamlined and fully compliant ESG section
focused on double materiality, our scope
carbon footprint, and mandatory Taskforce on
Climate Related Financial Disclosures (‘TCFD’).
Our broader sustainability narrative, including
programme updates, targets and case studies,
is now presented in a dedicated Sustainability
Report, available on our website. As part of this
transition considering new emission sources
brought about by the ProService Transaction,
namely investment emissions
1
, asset and property
acquisition, FY2026 will serve as a new baseline
year for recalculating our Scope 1, 2 and 3
emissions and submitting refreshed science-
based targets. You can read further details on our
sustainability performance in our Sustainability
Report on our website.
Despite the changing landscape, the year saw
substantial progress across our Decade to Deliver
strategy. Notable achievements include:
h achieving EcoVadis Gold, placing Speedy
Hire within the top 5% of companies globally
for sustainability performance.
h securing CDP A- and an A rating for Supply
Chain Engagement.
h launching our new Social Value Strategy.
h continuing to support customers with our
PAS 2080 carbon intelligence offering
including our unique tools such as the
sustainability reporting tool and diesel free
matrix tool.
h advancing our nature roadmap with the
industry’s first nature calculator for hired
equipment.
h becoming the first signatory in equipment
hire sector to the Anti Greenwashing Charter,
having our sustainability claims/statements
externally verified and sharing further
validation and assessment frameworks on our
website; and
h piloting the UK’s first hire focused Net Zero
Supplier Recognition Scheme as we continue
to work towards ISO20400.
With these foundations in place and clear plans
to refresh our long-term targets by the end of
FY2027, Speedy Hire is well positioned to play
a leading role in building the UK’s net-zero
economy. By aligning our commercial success
with environmental and social progress, we are
unlocking opportunities that will deliver long-term
value for our customers, colleagues, investors and
the wider society we serve.
Dan Evans
Chief Executive & Board Sponsor for ESG
1
The relevant percentage of ProService plc’s annual emissions as relates to the Company’s
equity investment in ProService plc.
35
STRATEGIC REVIEW
Speedy Hire Plc Annual Report and Accounts 2026
ESG REPORT CONTINUED
DOUBLE MATERIALITY UPDATE
DOUBLE MATERIALITY UPDATE
Two years ago, Speedy Hire completed its first Double Materiality Assessment (‘DMA’)
to identify sustainability topics most critical to our business and stakeholders. The DMA
considered both financial and impact materiality, informing strategy, risk management,
and capital allocation.
Methodology
Our DMA combined quantitative and
qualitative inputs:
h Stakeholder informed engagement
(customers, employees, suppliers,
investors, communities and regulators)
through surveys, interviews and
workshops.
h Risk and opportunity mapping
across short, medium and long-term
time horizons, including scenario-
based climate analysis referencing
both transition risks (policy, market,
technology) and physical risks (acute
and chronic).
h Impact assessment using harm/benefit
criteria across environmental (GHG
emissions, waste, biodiversity), social
(health & safety, labour rights, DEI)
and governance (ethics, compliance,
cybersecurity) domains.
h Enterprise risk integration with Board
and Audit & Risk Committee oversight,
embedding material ESG topics in our
corporate risk register and aligning to the
Group’s strategy, capital allocation and
performance management.
Governance and Accountability
h The DMA is overseen by the Board
through its Sustainability Committee,
with management accountability at
Executive level.
h An ESG Committee (including
Operations, Fleet, Procurement, HR,
IT, Finance and HSSEQ) coordinates
execution and reports to the
Executive Team.
h We embedded DMA outcomes into:
– Policy updates (Code of Conduct,
Human Rights, Health & Safety,
Sustainability & Energy & Supplier
Code of Conduct).
– Targets and KPIs (net zero pathway,
accident reduction, supplier ESG
onboarding, Modern Slavery metrics
within our statement).
– Performance incentives, training and
reporting.
Top Five Material Risks:
1. Waste and Circular Economy
2. Diversity, Equity & Inclusion
3. Health, Safety and Wellbeing
4. Human Rights and Modern Slavery
5. Responsible Sourcing
Material Risk #1: Waste and Circular Economy
Why it is Material
As an equipment solutions provider, Speedy Hire’s
environmental impacts span asset manufacture,
use, maintenance and end of life. Waste and
resource efficiency, including hazardous waste,
WEEE and packaging, give rise to material
environmental impacts and financial risks
through disposal costs, regulatory compliance
requirements and rising customer expectations.
Circularity is central to Speedy Hire’s hire based
business model, which inherently increases asset
utilisation and reduces underused ownership.
However, ineffective management of waste and
asset end of life could increase costs, result in
regulatory non-compliance and environmental
harm, erode margins and damage reputation.
Failure to demonstrate strong circular economy
practices may also weaken competitive positioning
as customers increasingly prioritise low waste,
resource efficient hire solutions.
Strategy and Actions (last 24 months)
h Circular design: Procurement criteria
favouring durability, reparability and
modular components; increased use of
remanufactured parts.
h Maintenance and life extension: Enhanced
maintenance schedules, predictive analytics
via telemetry; refurb programs for key asset
classes.
h Waste management: Standardised
segregation at service centres (metals,
batteries, oils, filters, WEEE, packaging);
expanded certified recyclers, hazardous
waste chain of custody controls.
h Review of Eco Asset Classification:
A comprehensive review of the Eco Asset
Classification was completed with clearly
defined and jointly agreed list of eco product
definitions, ensuring consistent criteria that
directly supports achieving the target of 70%
eco products by volume by 2027.
Impact and Outcomes
h Lower disposal costs; higher asset ROI via
longer useful lives.
h Reduced environmental impact and
alignment to customer sustainability goals.
h Differentiation in bids where circular solutions
are valued.
Forward Priorities
h Formal product stewardship commitments
with OEMs, including take back and recycled
materials.
Speedy Hire Plc Annual Report and Accounts 2026
36
Material Risk #2: Diversity, Equity & Inclusion (‘DEI’)
Why it is Material
DEI is central to building a resilient workforce
and encouraging innovation, collaboration and
trust. Inclusive cultures support stronger retention,
engagement and performance, while a lack of DEI
can increase risks in these areas, particularly in
a competitive labour market. Creating inclusive
workplaces also helps ensure fair opportunities
and psychological safety for all colleagues.
From an impact perspective, DEI reflects our
responsibility to create a workplace where
everyone, regardless of background, identity or
circumstance, feels valued, respected and able to
thrive. This remains a risk in the refreshed DMA but
is well managed and not a top risk.
Strategy and Actions (last 24 months)
Our DEI strategy is underpinned by five strategic
goals, Revolutionise, Respect, Recruit, Retain,
Represent and delivered through a structured
roadmap aligned to our Velocity business strategy:
Governance and Leadership
h DEI objectives are endorsed by the Executive
Team and embedded in the People Strategy.
h Executive sponsors for DEI Community
Groups with active involvement in the DEI
Taskforce.
h Monthly governance reviews to track
progress and align with ESG priorities.
Education and Capability
h Inclusive leadership and bias awareness
training for managers.
h DEI eLearning for all colleagues, supported
by Lunch & Learn sessions and cultural
awareness campaigns.
h Inclusion Allies training for Community Group
members to build capability and share best
practices.
Talent and Pathways
h Expanded early career routes,
apprenticeships and mentoring to strengthen
progression and succession.
h Partnership with Ascent to enhance
neurodiversity inclusive processes across the
workplace.
Culture and Engagement
h Launch of Community Groups (Race &
Culture, Gender, LGBTQIA+, Ability & Allies)
supported by wellbeing initiatives.
h Regular engagement surveys with a DEI
index and tailored action plans for service
centres and functions.
h Celebration of cultural events through a DEI
calendar to promote allyship and inclusion.
h The Inclusive Award was added to the
annual People First Awards to recognise
contributions to an inclusive culture.
Data and Transparency
h Strengthened workforce representation data
collection with privacy safeguards.
h Targets set to reflect UK&I demographics by
2030, using ONS census data and industry
benchmarks.
Impact
These actions have strengthened our talent
pipeline, improved retention and enhanced
our reputation as an inclusive employer. A
diverse workforce fosters innovation and better
decision making, while aligning with customer
expectations on ethical employment practices.
Forward Priorities
h Continue embedding inclusive design in
working patterns and the variety of working
contracts that we offer, PPE fit, training
access and safety communications.
h Achieve external accreditations such
as Disability Confident Level 2, while
maintaining partnerships with organisations
driving sector wide change.
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Annual Report and Accounts 2026
37
STRATEGIC REVIEW
Material Risk #3: Health, Safety and Wellbeing
Why this is Material
Safety is fundamental to our core values and is
a cornerstone of our Velocity Strategy, which
embeds a culture of Collective Responsibility for
keeping our colleagues, customers, and the public
safe. Maintaining our license to operate depends
on effective safety performance.
Wellbeing is a critical enabler of safe behaviours
and sustainable performance. Colleague
wellbeing forms a key component of our wider
safety strategy and agenda.
Strategy and Actions
We are taking a multi-layered approach to
strengthening our health, safety and well-being
performance, including:
h Enhancing safety, culture awareness, and
understanding of the personal impact of
incidents.
h Reinforcing our Life Saving Rules across the
organisation.
h Increasing training and capability-building for
all colleagues.
h Continuing active senior leadership
engagement and visibility.
h Expanding the use of AI and technology to
support early intervention, hazard detection,
and behavioural safety insights.
h Implementing AI proactive monitoring
solutions for vehicles and properties.
h Strengthening mental health awareness,
support pathways, and wellbeing initiatives.
h Maintaining all relevant certifications,
qualifications, and accreditations.
Impact and Outcomes
These actions collectively aim to deliver:
h Reduced harm and risk—both personal and
business-related.
h Lower downtime and fewer operational
disruptions.
h Improved morale, engagement, and retention.
h Greater customer trust and recognition as an
industry leader in safety.
h Stronger influences shaping positive safety
conversations with customers and peers.
Forward Priorities
Our key priorities for the next phase include:
h Scaling our behavioural safety programmes.
h Deploying digital Permits to Work across
operations.
h Continuing to enhance HSSEQ management
systems.
h Implementing AI-driven vehicle and property
camera technologies.
h Deepening colleague wellbeing initiatives and
support structures.
ESG REPORT CONTINUED
DOUBLE MATERIALITY UPDATE
Material Risk #4 & #5: Human Rights, Modern Slavery &
Responsible Sourcing
Why are these Material
Human rights, modern slavery and responsible
sourcing are critical due to the complexity of global
supply chains and the potential for exploitation,
unsafe working conditions, environmental harm
and unethical recruitment practices. These risks
have significant legal, operational, and reputational
consequences. Beyond compliance, our impact
extends to the lives and dignity of workers and
communities throughout the value chain, aligning
with stakeholder expectations and our core values.
Our Approach
We have strengthened governance, operational
controls, and supplier engagement to prevent,
detect and remediate risks related to human
rights and modern slavery, while embedding
sustainability principles into sourcing decisions.
Our commitments and KPI’s are outlined in our
Modern Slavery Statement and Supplier Code of
Conduct, we aim to achieve full compliance for all
our suppliers.
Key Actions (Last 24 Months)
h Risk-Based Due Diligence: Tiered supplier
assessments based on geography, category,
spending, and brand exposure. Enhanced
onboarding checks include modern slavery
screening for high-risk categories such as PPE.
h Audit and Assurance: Targeted desk
and onsite audits supported by third party
specialists; corrective actions tracked to
closure.
h Recruitment Protocol: Formal controls for
agency compliance, preventing unethical
practices such as hidden fees or coercion.
h Remediation Process: Survivor led approach
ensuring tailored support and recovery
pathways, restoring dignity and independence.
h Training and Awareness: Delivered training
for Procurement and Category Managers on
identifying red flags and escalation pathways;
promoted grievance mechanisms and
confidential reporting channels.
Alignment to Standards
h We have undergone an independent
evaluation by Action Sustainability Ltd
against ISO 20400:2017 (Sustainable
Procurement – Guidance) and continue to
embed the principles of the non-certifiable
guidance standard.
h Speedy Hire was similarly evaluated against
BS 25700:2022 (Organisational Responses
to Modern Slavery – Guidance) and is further
aligning its practices with this non-certifiable
guidance standard.
Impact and Outcomes
Our actions have strengthened supplier
transparency, reduced compliance risk, improved
supplier reliability, and enhanced trust among
customers and stakeholders. Survivor focused
remediation and ethical recruitment practices
drive systemic change, while sustainability
principles lay the foundation for Scope 3
decarbonisation and circularity partnerships.
Forward Priorities
h Extend on site audits in higher risk
geographies and categories.
h Implement digital supplier monitoring
platforms
h Standardise human rights disclosures and
ESG reporting across strategic suppliers.
h Continuing embedding recruitment risk
controls and agency compliance checks
across all hiring processes.
COLLECTIVE
RESPONSIBILITY
Speedy Hire Plc Annual Report and Accounts 2026
38
Refreshed Double Materiality Assessment FY2026
The assessment, inspired by the principles of the European Sustainability Reporting Standards
(‘ESRS’), used a five-step process involving value chain mapping, topic identification, stakeholder
input and structured scoring to determine impact and financial materiality. It identified three material
topics for Speedy Hire, with a further ten topics nearing the materiality threshold.
Why These Topics Are Material
Climate Change
Climate change is material to Speedy Hire from both impact and financial perspectives. While it was
identified as a risk in the previous Double Materiality Assessment, it was not considered a top risk
at that time; its elevation reflects increasing transition and physical risks, alongside growing market
expectations. The construction sector has a significant carbon footprint, which Speedy Hire can
influence through the provision of low emission equipment, sustainable hire solutions and cleaner
fuels such as HVO, supporting customers in reducing Scope 3 emissions through our PAS2080
aligned offering. Financially, demand for low carbon solutions is accelerating as the economy
transitions to net zero, shaping future revenue streams and competitive positioning. Speedy Hire’s
current and prior TCFD disclosures highlight the actions taken to mitigate climate related risks and
to realise associated opportunities, demonstrating how these considerations are embedded into
strategy, risk management and capital allocation.
Circular Economy
Circular economy is considered material to Speedy Hire from an impact materiality perspective.
Speedy Hires core hire-based business model inherently supports circular economy principles
by extending the life of equipment through reuse, repair, refurbishment, and responsible end-of-
life management. Through Speedy Hire’s integrated circular approach reduces resource use and
embodied carbon across its hire fleet, decreasing the need for new equipment manufacturing and
lowering environmental impacts across the wider value chain. Although the model delivers significant
positive impacts on resource efficiency and emissions reduction. While circularity is not considered
financially material under the DMA, increasing demand for circular solutions, enabled by product
design, refurbishment and recycling, presents opportunities for Speedy Hire to grow revenue.
Nature and Biodiversity
Nature and biodiversity is considered material to Speedy Hire from an impact materiality
perspective and has been newly identified through the refreshed Double Materiality Assessment,
reflecting increased scrutiny of upstream environmental impacts. The mining of raw materials such
as lithium, cobalt, and nickel used in batteries for equipment and energy storage units creates
significant upstream ecological impacts within Speedy Hire’s supply chain. These extraction
processes can lead to land degradation, water stress, and biodiversity loss in producing regions,
with environmental damage that is often long-term and difficult to remediate. Although Speedy Hire
has limited leverage over these upstream activities, the potential severity and irremediability of the
impacts contribute to a high impact of materiality assessment.
Next Steps
Speedy Hire will begin implementing recommendations, support business areas in leveraging
opportunities and monitor topics near the materiality threshold to manage risks and respond to
evolving expectations.
Financial materiality
• Circular economy
• Climate change
• Nature and biodiversity
• Health, safety and wellbeing
• Product safety and governance
• Sustainable governance
• Business ethics
• Data privacy and security
• Employee training and development
• Human rights and modern slavery
• Working conditions of workers in the value chain
• Energy management
• Pollution (air)
• Community relations
• Employee working conditions
• Diversity, equity and inclusion
• Responsible marketing practices
• Waste management
• Water management
Impact materiality
Speedy Hire Plc Annual Report and Accounts 2026
39
STRATEGIC REVIEW
ESG REPORT CONTINUED
TASKFORCE FOR CLIMATE FINANCIAL DISCLOSURE (‘TCFD’) REPORTING
INTRODUCTION
This disclosure details Speedy Hire’s response to the Task Force on
Climate‑related Financial Disclosures (‘TCFD’) ‘Recommendations
and Recommended Disclosures’ and ‘TCFD Annex’ in accordance with
Listing Rule LR 6.6.6 (8).
The Board has undertaken an assessment of the Group’s climate-related disclosures against the
Task Force on Climate-related Financial Disclosures (‘TCFD’) Recommendations and Recommended
Disclosures. Speedy Hire confirms that the disclosures set out in this section are consistent with the
TCFD framework across the four pillars of Governance, Strategy, Risk Management, and Metrics and
Targets. Where relevant, cross-references are provided to information contained elsewhere in this
Annual Report and Accounts (‘ARA’). In preparing this statement, Speedy Hire has also had regard to the
TCFD Annex, including its guidance on the application of the Recommendations and Recommended
Disclosures. The Annex has informed both the structure and content of this disclosure, supporting
alignment with regulatory expectations and ensuring that climate-related risks and opportunities are
reported in a clear, balanced and decision-useful manner.
Following on from the DMA looking at group sustainability risks, this section focuses in on how climate-
related developments are considered within Speedy Hire’s corporate governance processes, and their
potential impact on our strategy and financial planning. They also outline how climate-related matters
are addressed within our risk management procedures, as well as our related metrics and targets. We
also refer to climate-related disclosures elsewhere in the ARA, including a detailed breakdown of our
emissions on pages 52 to 53.
FY2026 represents the fourth year that Speedy Hire has reported against the TCFD listing rules. As
part of its continued commitment to transparent and decision-useful climate-related disclosure, Speedy
Hire undertook a review and update of our previously identified climate-related risks and opportunities
to ensure they remain relevant and reflective of the latest climate science, regulatory developments
and market conditions. This process reflects the evolution and maturity of its approach to identifying,
assessing and managing both transition and physical climate-related risks and opportunities,
embedding climate considerations more deeply within it’s strategic and financial risk management
frameworks. Speedy Hire has also furthered the quantitative financial approach of its key risks, including
updating the model for tower lights and generators and added a new model for power tools - the third
highest contributor to emissions within its hire fleet. Speedy Hire also undertook a dedicated modelling
exercise across its property portfolio to assess exposure to flood risk, improving its understanding of
potential physical impacts throughout its operational footprint.
Based on the findings of the FY2026 climate risk and resilience analysis, Speedy Hire has concluded
its business has strong short-term resilience across all climate scenarios. This reflects established
controls, including flexible procurement, asset redeployment, fuel hedging, energy resilience measures
at operating sites such as onsite renewable generation, and robust governance arrangements. These
measures help mitigate risks such as delayed or uneven market demand for low-emission equipment
which could increase operating costs across our fleet and property portfolio.
Over the medium to longer term, resilience becomes more scenario-dependent, with outcomes
diverging based on the pace and coordination of the transition. Notably, the analysis highlights a clear
strategic opportunity for Speedy Hire to capitalise on the transition to net zero, driven by increasing
demand for low-emission equipment across differing scenario time horizons. As physical climate
risks such as flooding and extreme heat intensify, the business anticipates a growing demand for eco
products and services that help customers adapt and recover from such physical climate risks.
The strategic implications of these differing transition pathways are explored further in the Strategy
section of this statement.
GOVERNANCE
Board‑level oversight
Speedy Hire’s Board has ultimate oversight of climate-related risks and opportunities, including
associated metrics and targets. Responsibility for detailed oversight is delegated to the relevant Board
Committees, with management accountable for implementation.
As part of its oversight responsibilities, the Board approves the annual capital allocation framework,
including expenditure associated with managing climate-related risks and opportunities, and reviews
proposed acquisitions and divestments to ensure consistency with the ESG strategy.
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Annual Report and Accounts 2026
40
Board and management‑level committee overview
Committee Responsibilities
Meetings
in FY2026
BOARD LEVEL
Sustainability
Committee
Oversees the identification, assessment and management of climate-
related risks and opportunities, including the Company’s TCFD-aligned
disclosures, as part of its broader oversight of the Company’s ESG
strategy and performance against targets.
3
Audit & Risk
Committee
Reviews the effectiveness of risk management and internal control
processes, including those relating to climate change, and over-sees the
Company’s compliance with its disclosure obligations.
4
Remuneration
Committee
Integrates relevant ESG performance metrics into the Company’s
variable remuneration framework, including Executive Team bonus
payments, which are linked to SBTi net zero targets.
4
Nomination
Committee
Supports the Company’s diversity, equity and inclusion strategy, with
the aim of developing an increasingly diverse and inclusive work-force
across backgrounds, experience, knowledge, skills and gender, thereby
contributing to a sustainable and prosperous business.
2
MANAGEMENT LEVEL
ESG
Committee
Responsible for the execution of the ESG agenda, including climate
strategy and performance.
12
Investment
Committee
Reviews spending proposals against our Eco Product Roadmap to
ensure that they align with expected market demand and our science-
based targets.
8
Management‑level oversight
The Executive Team is responsible for the operational management of climate-related risks and
opportunities. It meets monthly and receives updates from Executive Directors on material climate-
related matters as part of its regular agenda. Where material, climate-related issues are reported or
escalated to the Sustainability Committee via the Chief Executive in line with the governance framework
and policies established by the Board’s Sustainability Committee.
The ESG Committee, a senior management forum, is chaired by the Head of Sustainability and
Governance. The Committee is responsible for overseeing the delivery of Speedy Hire’s ESG agenda,
including climate-related performance and initiatives. It meets monthly to monitor progress against
objectives and includes representatives from HR, Operations, Digital, Supply Chain, Legal, Finance and
Risk, with additional subject-matter experts invited as required.
Figure 1: Speedy Hire’s PLC Board and Executive Team structure
PLC BOARD
Chief Executive
Audit & Risk
Committee
Remuneration
Committee
Nomination
Committee
Sustainability
Committee
EXECUTIVE TEAM
Head of
Sustainability &
Governance
ESG Committee
ESG Data
Governance
Nature Communities ISO2400
Modern
Slavery/
Human Rights
Carbon
and
Climate Change
The Head of Sustainability and Governance attends all sustainability governance meetings, providing
a clear link between management and Board oversight. ESG progress is reported monthly to the
Executive Team and three times a year to the Sustainability Committee. The Chief Executive, Dan Evans,
is Board sponsor for ESG.
Climate responsibilities are embedded across the business through quarterly sustainability reviews,
supporting delivery of actions aligned to the Decade to Deliver strategy.
Twenty business partners support the coordination and monitoring of ESG initiatives across functions,
including those related to climate-related risks and opportunities. Ongoing training and upskilling
initiatives are delivered throughout the financial year to ensure our partners have the knowledge and
capability required to implement these measures effectively.
Speedy Hire Plc
Annual Report and Accounts 2026
41
STRATEGIC REVIEW
ESG REPORT CONTINUED
TASKFORCE FOR CLIMATE FINANCIAL DISCLOSURE (‘TCFD’) REPORTING
STRATEGY
Update of climate‑related risks and opportunities
In FY2026, we reviewed and updated our list of relevant climate-related risks and opportunities to
reflect developments in regulation, market conditions, climate science and changes in Speedy Hire’s
business model.
While the overall risk landscape remains broadly consistent with prior years, certain items were refined,
consolidated or removed where they were no longer considered distinct exposure areas.
The updated assessment focuses on three physical and eight transition risk and opportunity areas. In
addition, the FY2026 review identified:
h New risk (transition): Changes in reporting requirements across the value chain.
h New opportunity (transition): High transitional fuel prices accelerating electrification.
h New opportunity (physical): Increased demand for adaptation and recovery services following
extreme weather events.
This updated risk universe formed the basis of the FY2026 scenario analysis and financial quantification
exercise.
Updated scenario analysis
Since FY2023, Speedy Hire has undertaken a climate scenario analysis to assess the resilience of the
business under a range of climate and societal outcomes and to inform strategic decision-making.
In FY2026 a refreshed scenario analysis was undertaken for the updated list of climate-related risks
and opportunities using the Network for Greening the Financial System (NGFS) scenarios: Net Zero,
Delayed Transition and Current Policies.
Physical risks were assessed using NGFS climate projections, supported by IPCC AR6 insights and UK-
specific datasets, including DEFRA flood projections, to evaluate site-level exposure. Transition risks and
opportunities were also evaluated across NGFS scenarios, with reference to IEA World Energy Outlook
2025 assumptions to inform energy, technology and fleet transition pathways.
Four-time horizons were applied consistently across the assessment which were aligned to Speedy
Hire’s business strategy and key climate change and policy milestones, such as the UK’s 2050 Net Zero
target: short-term (2026–2027), medium-term (2028–2030), long-term (2031–2035) and very long-term
(2036–2050).
Risk scoring and resilience implications
Following completion of the updated analysis, climate-related risks and opportunities were scored
using Speedy Hire’s enterprise risk methodology. The refreshed assessment did not materially change
the short-term risk profile. Greater differentiation emerges over the medium and long-term, particularly
under a Delayed Transition scenario where transition risks intensify, while the Net Zero scenario
presents increased commercial opportunity.
Financial quantification of key risks and opportunities
In FY2026, Speedy Hire refined and extended its financial modelling to assess the potential impacts
of selected material risks and opportunities, building on the initial FY2025 analysis. The modelling
focused on:
h Long-term rising and volatile energy prices affecting fleet and property operating costs, excluding
short-term geopolitical instability of the energy markets.
h Uneven market uptake of low-emission equipment; and
h Increased pluvial and riverine flooding at key operating sites.
These enhancements provide more granular transition pathways to inform capital allocation and risk
mitigation planning.
Asset‑related modelling
Our asset transition model for lighting and power now includes the top 30 customers by revenue and
extending the analysis to power tools, the third largest emissions contributor within its hire fleet. The
modelling quantifies the potential financial impacts of a key risk and opportunity:
h Risk: Delayed and uneven market demand for low-emission equipment (could lead to low utilisation
of eco-assets).
h Opportunity: Continued government commitment for Net Zero will drive customer demand for low-
emissions equipment and services.
To assess this, three demand scenarios were modelled, aligned to climate scenarios and the science-
based targets of Speedy Hire’s top 30 customers. These were compared against three procurement
approaches:
h Replace and grow: Accelerated investment in eco-assets for both replacement and fleet expansion
h Replace only: Replace non-eco assets at their end of life with eco-assets, with conventional assets
supporting growth
h Minimum replacement and grow: Replacement with eco assets only where contractually required.
Tower lights and generators
The results are broadly consistent with FY2025, with enhanced visibility of value at risk and demand
trajectories. The updated modelling confirmed that there is a significant opportunity for additional
revenue from eco assets. The potential incremental revenue of £1.4m to £2.9m per annum depending
on the scenario. Across the climate scenarios, Speedy Hire’s current portfolio trajectory sits within the
central range of expected demand, indicating that its existing investment approach is aligned with
observed market signals. Speedy Hire has invested early in eco assets to ensure it can meet growing
customer and market demand. The current asset composition provides significant flexibility to adjust the
future share of eco assets in its portfolio in line with market demands.
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Annual Report and Accounts 2026
42
Speedy Hire’s scenario analysis highlights differing risk profiles over time. Under a Net Zero scenario,
demand accelerates earlier, increasing the risk of under-supplying eco-assets if investment does not
keep pace. Under a Delayed Transition scenario, demand is more backloaded, creating a risk of short-
term over-provisioning before uptake increases. Under Current Policies, demand remains more gradual,
reducing transition risk but limiting revenue upside. In absolute terms, the value at risk quantified in the
model is larger than last year’s reported risk value. This is because Speedy Hire expanded its modelling
scope and included a larger share of its overall asset portfolio. The analysis demonstrates that Speedy
Hire is not constrained to a fixed transition pathway. Its procurement approach can be adjusted to
accelerate or moderate investment in response to market signals, enabling Speedy Hire to maintain
alignment with demand while preserving upside opportunity.
Power tools
The power tools model indicates a similar outcome. This product category offers even greater flexibility
to adjust the uptake of eco assets in line with market demand, driven by shorter asset lifecycles and a
higher proportion of eco-classified products already within the portfolio.
This enables a faster response to changes in demand, with full electrification achievable before 2030
under a Replace and Grow procurement strategy. Conversely, a slower transition remains compatible
with expected demand through a combination of the replace only and the replace and grow
procurement strategies. This would assist in meeting both the Net Zero 2050 demand trajectory as well
as the Delayed Transition trajectory, reducing the risk of asset stranding.
While over-provisioning remains the primary risk, current deployment remains aligned with market
demand. The analysis also indicates that demand may be influenced by factors beyond decarbonisation
targets, including eco product price point, safety and operational considerations, which are not fully
captured in the model.
Model limitations and uncertainties and next steps
The FY2026 model remains focused on lighting towers, generators and power tools and does not yet cover
the full hire portfolio. Demand assumptions are based on publicly available customer targets and assume
delivery against these commitments. As a result, the model may not fully capture divergence between
stated targets and realised demand, or additional drivers such as safety, performance or cost efficiency.
Future development will focus on expanding coverage to additional asset classes, including powered
access, and refining procurement scenarios to better reflect delayed or non-linear transition pathways.
Energy‑related risks and opportunities
Building on its FY2025 quantification, Speedy Hire updated its internal energy model in FY2026 to
assess the financial impact of energy-related risks on properties and its vehicle fleet. Fuel sold to
customers was excluded, as price risks are managed contractually. Diesel and petrol consumption
account for approximately 87% of Speedy Hire’s Scope 1 and 2 emissions, creating material exposure to
fuel price volatility driven by geopolitical instability, supply chain constraints and commodity markets.
Short hedging periods for road fuels limit its ability to secure long-term price stability, increasing
vulnerability to global fuel shocks. Projections for vehicles and property were developed using historic
consumption data and planned transition pathways to lower-emission energy sources. Projected costs
were derived using market-based energy price forecasts and scenario assumptions, with volatility
assessed against historic price movements between 2018 and 2024.
Under the Net Zero scenario, the transition delivers the most structural shift in energy consumption.
Hydrotreated Vegetable Oil (HVO) usage increases initially as a bridging fuel, deferring immediate
capital expenditure on electric vehicle (EV), before EV rollout accelerates from 2028 onwards. Electricity
progressively becomes the dominant energy source, with EV uptake reaching up to 55% of the diesel
fleet and 80% of the petrol fleet by 2031. As electricity displaces diesel, exposure to price volatility
reduces over time, although transitional reliance on HVO may result in additional medium-term fleet fuel
costs of £1.0m–£1.2m annually.
In the Delayed Transition scenario, progress is slower initially but accelerates significantly post-2030,
driven by regulatory mandates and manufacturer commitments. HVO adoption increases more
substantially, and electricity demand rises sharply as EV and hybrid deployment expand. While this
scenario ultimately diversifies the energy mix, prolonged dependence on liquid fuels may result in
elevated fuel price exposure, with potential cost increases of £1.1m–£1.3m around 2030.
Under the Current Policies scenario, diesel remains the dominant energy source through to 2035, with
more limited EV uptake due to higher upfront capital costs and weaker policy drivers. HVO growth
remains constrained by supply and cost premiums. Continued reliance on fossil fuels increases exposure
to sustained price volatility, with potential medium-term fleet fuel cost increases of up to £1.1m.
Model limitations and uncertainties and next steps
Whilst Speedy Hire continues to proactively mitigate the risks associated with energy-related cost
increases through hedging, we continue to monitor and ensure resilience as far as possible when it
comes to climate change-related energy risks. However, the model strictly considers climate-related
forecasts and projections, and it does not incorporate other macro-economic issues such as geopolitical
events and global conflicts which may result in cost implications for the business. Wider industry
assumptions and data sources are used for long-term modelling, incorporating forward thinking
resilience through the transition of its energy portfolio to reduce exposure to impacts of oil and other
fossil fuel energy spikes.
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Annual Report and Accounts 2026
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STRATEGIC REVIEW
ESG REPORT CONTINUED
TASKFORCE FOR CLIMATE FINANCIAL DISCLOSURE (‘TCFD’) REPORTING
Figure 1: Diesel consumption
       


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Figure 2: Petrol consumption
       

  
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Figure 3: Electricity consumption
       


 

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
Property‑related risks
In FY2026 Speedy Hire undertook a more detailed geospatial screening of its regional service centre
(RSC +) sites to quantify exposure to riverine, coastal and surface water flooding under present-day
conditions and future climate projections. Using Environment Agency datasets and QGIS analysis, site
boundaries were assessed against Flood Zones 2 and 3
1
and surface water risk bands, with climate
change allowances applied to evaluate potential future exposure.
The modelling used recognised climate change scenarios to assess how flood risk may evolve over time.
Surface water flooding was assessed using a climate change allowance for 2050 (2040–2060), while
river and coastal flooding were assessed over a longer-term horizon extending to the late century and
up to 2125.
These time horizons reflect the differing behaviour of flood risk drivers and are intended to support long-
term strategic planning rather than indicate immediate changes in risk.
Current conditions
Under present day conditions, six sites (Beckton, Cardiff, Doncaster, East London - Blackwall, Hull and
Norwich) show high potential exposure to river and coastal flooding, with more than 80% of a defined
50-metre buffer around each site, falling within Flood Zones 2 or 3. Across these sites, this equates to
approximately 127,327 m² falling within Flood Zones 2 and 3.
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Annual Report and Accounts 2026
44
Surface water exposure is less widespread, with four sites (Basildon, Doncaster, Heathrow and Norwich)
exhibiting medium risk, with 20–50% of a defined 50-metre buffer around each site falling within
medium or high-risk flood areas,
2
equating to approximately 22,197 m².
Future projections with climate change
Under future climate change projections, overall exposure to river and coastal flooding increases across
all selected sites, with 173,915 m
2
falling within Flood Zones 2 and 3.
As with current conditions, surface water exposure remains relatively limited in future projections, with
seven sites (Derby, Basildon, Doncaster, Hull, Ipswich, Norwich and West London) classified as having
medium flood risk, equating to approximately 37,821 m².
The Heathrow RSC+ site shows the highest exposure under future conditions, with 53% of the site
(including the 50-metre buffer) classified as medium or high flood risk.
From a financial perspective, increased flood exposure could lead to higher maintenance and
remediation costs, asset damage and upward pressure on insurance premiums. As Speedy Hire adopts
the new UK Sustainability Reporting Standards (SRS), potential annualised CAPEX and OPEX cost
exposures are being assessed as part of climate-related financial analysis.
The outputs inform estate strategy, capital planning and business continuity arrangements, including the
consideration of flood risk in site consolidation, refurbishment and lease extension decisions.
This assessment represents a strategic-level screening based on nationally available datasets and
does not account for site-specific mitigation measures or flood defences. Where material exposure is
identified, further site-level assessment may be undertaken.
RISK MANAGEMENT
Identifying and assessing climate‑related risks
Speedy Hire has outlined its climate risks that exceed a defined materiality threshold consistent with
the groups approach to risk—as detailed on pages 47 to 50. In addition to these key material risks
and opportunities, a comprehensive register of all identified climate-related risks and opportunities is
maintained in our ‘Climate-related Risk Register’ and reviewed annually. Consistent with the governance
framework described above, oversight of climate-related risk management is maintained through regular
reporting to the Executive Team and Sustainability Committee, with significant risks and mitigation
progress reported to the Board. This ensures that climate-related risks are actively managed and aligned
with the Group’s strategic objectives, capital allocation decisions and ESG commitments.
In FY2026 Speedy Hire aligned its climate risk assessment methodology with broader enterprise risk
management frameworks, ensuring consistency in scoring criteria, oversight and governance. Initial
risk and opportunity scores were reassessed and subsequently validated through a cross-functional
workshop involving representatives from key departments. This session enabled discussion, challenge
and alignment on impact and likelihood, resulting in the final agreed risk scores.
Group climate-related risks is identified and managed within the Group Risk Register. More granular,
material climate risks and opportunities are captured within the ESG Risk Register, where mitigation
actions are defined and managed at a divisional level and escalated to the Group Risk Register as
appropriate. On behalf of the Audit & Risk Committee, the Head of Sustainability and Governance
and the Head of Risk and Assurance oversee their review on a quarterly basis. Agreed management
responses and mitigation actions are escalated through ESG Committee meetings, with progress
monitored and reported through regular committee updates.
Through this integration, climate-related risks and opportunities are managed in line with Speedy
Hire’s enterprise risk management processes. Material climate-related risks are therefore subject to the
same monitoring, escalation and governance mechanisms as other enterprise risks, supporting their
consideration within Speedy Hire’s principal risk review.
1
Flood Zone 2 indicates a medium probability of flooding (0.1–1% annual probability from rivers; 0.1–0.5% from the
sea), while Flood Zone 3 indicates a high probability (≥1% from rivers; ≥0.5% from the sea).
2
Surface water flood risk is defined as high where the annual probability exceeds 3.3% (greater than 1 in 30), and
medium where it lies between 1% and 3.3% (1 in 100 to 1 in 30).
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TASKFORCE FOR CLIMATE FINANCIAL DISCLOSURE (‘TCFD’) REPORTING
METRICS AND TARGETS
Speedy Hire relies on a range of metrics and targets to manage and assess climate-related risks and
opportunities. Primary climate-related metrics are its greenhouse gas (‘GHG’) emissions footprint and
progress against its SBTi-validated net zero targets, which provide the foundation for understanding,
monitoring and managing climate transition exposure.
GHG emissions reporting
Speedy Hire calculates its Scope 1, 2 and 3 GHG emissions in accordance with the GHG Protocol and
ISO14064-1:2018. A detailed breakdown by category, comparison against its base year and narrative on
performance against emissions targets are set out in our GHG Statement on pages 51 to 53.
Science‑based targets
Speedy Hire has established SBTi-validated emissions reduction targets which underpin it’s net zero
transition strategy. Full details of the targets, including scope coverage, baseline year and interim
milestones, are provided within our FY2026 Sustainability Report. Following the ProService Transaction,
Speedy Hire has reviewed its emissions baseline and organisational boundary and determined through
its re-baselining policy, that re-baselining and revalidation of its science-based targets is required, which
is also in accordance with SBTi guidance on structural changes.
Speedy Hire’s Net-Zero Roadmap sets out its strategy to meet these targets and is supported by its Eco
Product Roadmap, Nature Positive Roadmap and in FY2027 a Climate Transition Plan.
Additional metrics, targets and monitoring progress
In addition to Science-Based Targets and GHG emissions, Speedy Hire monitors a range of internal
operational and financial metrics that relate to material climate-related risks and opportunities, these are
found in table 1. These metrics support ongoing oversight of risk exposure, operational performance and
progress against decarbonisation objectives.
By tracking progress against these metrics set out in the Climate Solutions pillar of the Decade to Deliver
ESG strategy, Speedy Hire monitors and manages transition risk exposure across all time horizons.
For physical climate-related risks, Speedy Hire monitors operational disruption, including site downtime,
and implement a range of resilience measures across its estate. These include site-level environmental
emergency procedures, Business Continuity Plans for higher-risk locations, strategic estate consolidation
into more resilient premises and flexible asset deployment to maintain service continuity during extreme
weather events.
Climate-related performance metrics, particularly performance against SBTi net zero targets, are factored
into the Board’s remuneration policies.
Table 1: Additional climate related metrics
Energy (risks: fuel price and energy price)
Targets FY25 FY26
30% of natural gas to be replaced with alternative fuels and technologies by 2030 from a FY2020 base year 35% 48%
15% of HGVs transitioned to electric by 2030 1.3% 3%
66% of our LCVs will be electric by 2030 21% 27%
Metrics FY25 FY26
Litres of diesel replaced by running large commercial vehicles on HVO D+ (litres) 1.1 million 672,471
Associated emissions reduction from HVO D+ from commercial vehicles (tCO
2
e) 2,755.44 1,704.87
Number of service centres with Building Management Systems installed 14 14
Hire assets (risks: sets, climate technology, customer demand; opportunities: product and service and supports targets)
Target FY25 FY26
70% of itemised products to be eco by FY2027 53% 57%
Metrics FY25 FY26
Proportion of revenue that is generated from eco products in core hire 56% 57.9 %
Increasing our sales of HVO D+ to support our customers’ demand for sustainable fuels and associated emissions reduction (litres) 14.8 million 12.6 million
Speedy Hire Plc Annual Report and Accounts 2026
46
Risk/opportunity
Risk: Increasing and volatile energy prices will increase direct costs for vehicles and property.
Description
Increased operational costs for Speedy Hire’s vehicles
and property, as well as higher prices for customers
using Speedy Hire’s products.
Impacts
h Reduced revenue
h Increased CAPEX
h Increased OPEX
Scenario
NZ DT CP
Time Horizon
MT MT MT
£ estimate
£1.0m - £1.2m £1.1m - £1.3m Up to £1.1m
Management response
Energy expenditure across fleet and property operations is subject to regular oversight. Fuel
price volatility is managed through hedging and procurement strategies informed by transition
modelling. Electricity exposure is reduced through on-site renewables and Power Purchase
Agreements (PPAs). Ongoing energy-efficiency initiatives such as service centre consolidation,
building management system rollout and on site renewable expansion, further reduce underlying
demand and support delivery of our Decade to Deliver targets.
Risk/opportunity
Risk: Increasing prices for transitional fuels may result in a slower decarbonisation, impacting
the achievement of Speedy Hire’s Science-Based Target (SBT).
Description
Increased fuel costs arising from Speedy Hire’s reliance
on HVO for its own operations, reduced customer
demand for HVO use in hire assets, and potential
impacts on progress toward Speedy Hire’s Science-
Based Target.
Impacts
h Reduced revenue
h Increased CAPEX
h Increased OPEX
Scenario
NZ DT CP
Time Horizon
ST MT ST
£ estimate
N/a N/a N/a
Management response
Speedy Hire is reducing reliance on transitional fuels by progressing towards a majority EV
fleet post 2028, lowering long-term exposure to HVO price volatility and supporting delivery
of our Science-Based Targets. In the interim, short-term HVO price risk is managed through
contractual arrangements. Business unit sustainability heatmaps define fleet decarbonisation
pathways and scenario-based actions to maintain progress despite fuel market variability.
Overview of climate‑related risks and opportunities, their potential average annual financial impact and our management response
Speedy Hire Plc Annual Report and Accounts 2026
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TASKFORCE FOR CLIMATE FINANCIAL DISCLOSURE (‘TCFD’) REPORTING
Risk/opportunity
Risk: Delayed and uneven market demand for low-emission equipment (could lead to low
utilisation of eco-assets).
Description
Under- or over-provisioning of eco assets, leading to
under-utilisation of both eco and non-eco assets and
resulting in foregone revenue.
Impacts
h Foregone revenue
h Low return on investment
h Increased OPEX
Scenario
NZ DT
Time Horizon
MT MT
£ estimate
Up to £1.9m Up to £1.2m
Management response
Our Eco Product Roadmap mitigates the risk of uneven demand for low-emission equipment by
aligning investment with forecast utilisation, supported by modelling to avoid over-provisioning.
Capital allocation reflects disciplined assumptions on asset life, residual value and returns,
recognising higher upfront and battery costs. Flexible procurement and deployment allow
us to adapt investment pace to market conditions, while refurbishment and redeployment
support utilisation and asset longevity. We also help stimulate demand. The Diesel-Free Matrix
enables customers to identify lower-emission alternatives, while PAS 2080 is a growing driver in
construction, embedding whole-life carbon management. Speedy’s PAS 2080-aligned offering
helps customers update their eco asset strategies and supports greater adoption of low-
emission equipment.
Risk/opportunity
Speedy Hire may not stay on track to meet its SBT.
Description
Reputational repercussions with stakeholders, such as
customers, investors and partners.
Impacts
h Loss of revenue if customers
switch to providers on track to
meet their SBT.
Scenario
DT
Time Horizon
LT
£ estimate
N/a
Management response
The risk is mitigated through continued investment in low-carbon technologies, sustainable
fuels and energy-efficient systems, alongside the targeted divestment of more carbon-intensive
products. Our SBT commitments are aligned with the Velocity strategy, ensuring integration of
decarbonisation objectives within core business planning. Carbon performance is monitored
monthly at company level, enabling proactive management of emissions. Speedy Hire will
also resubmit SBT for validation due to material carbon emissions changes brought by the
ProService Transaction. In addition, our alignment to ISO20400 supports transparency and
prioritisation of carbon reduction efforts across high-impact suppliers within our value chain.
Speedy Hire Plc Annual Report and Accounts 2026
48
Risk/opportunity
Changes in reporting requirements throughout the value chain may result in Speedy
Hire not meeting climate-related reporting obligations.
Description
Regulatory fines and loss of business due to failure to
meet regulatory and voluntary expectations from key
stakeholders.
Impacts
h Reduced revenue.
h Increased CAPEX.
h Increased OPEX.
h Increased liability risk.
Scenario
DT
Time Horizon
LT
£ estimate
N/a
Management response
We continue to track emissions and value-chain data to support compliance with evolving
reporting and assurance standards, supported by supplier engagement to improve the
completeness, consistency and auditability of emissions data. Regular legal and regulatory
horizon scanning enables early identification of emerging disclosure requirements, including
preparation for the UK Sustainability Reporting Standards (UK SRS). In parallel, we are
enhancing our data systems and internal controls to support reliable, auditable reporting and to
meet increasingly standardised and contractual disclosure requirements.
Risk/opportunity
Opportunity: Continued government commitment for Net Zero will drive customer demand for
low-emissions equipment and services
Description
This could result in sustained and increasing demand
for low-emission products, supporting delivery of
Speedy Hire’s SBT’s and strengthening accountability
across the value chain.
Impacts
h Additional revenue.
h Increased investment.
h Increased training costs.
Scenario
NZ DT
Time Horizon
MT MT
£ estimate
£2.8m – £3.7m £2.2m – £3.1m
Management response
Continued government commitment to Net Zero, alongside industry initiatives such as the
Construction Leadership Council’s CO₂nstruct Zero programme and its five commitments,
is expected to drive increasing customer demand for low-emission equipment and services.
In response, we continue to invest in eco-assets, diesel-free solutions and low-emission
technologies to capture this growth while managing utilisation risk. Strategic capital allocation,
including within powered access, supports the integration of specialist eco-lifting products and
emerging technologies, along-side deployment of hydrogen solutions to broaden our low-
emission offering. At the same time, the growing expectation for PAS 2080 carbon management
systems across construction are strengthening the focus on whole-life carbon, sup-porting
greater specification of low-emission equipment. Ongoing horizon scanning of technology,
policy developments and customer demand informs the timing and scale of deployment,
ensuring alignment with market readiness and maximising opportunity capture.
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Risk/opportunity
Opportunity: High prices of transitional fuels may accelerate the transition to battery and
electric equipment.
Description
This could lead to a faster shift towards battery and
electric operated equipment, resulting in a faster
transition to net zero for Speedy Hire.
Impacts
h Increased revenue.
Scenario
NZ
Time Horizon
ST
£ estimate
N/a
Management response
Ongoing horizon scanning of technology developments, policy direction and customer demand
informs the timing and scale of eco-asset deployment, ensuring investment remains aligned
with market conditions. In FY2026 Speedy Hire was supported through a new partnership with
Instagrid to supply portable battery energy packs, alongside the introduction of Milwaukee’s
latest high performance battery range, delivering higher power output and improved reliability.
Further progress includes the expansion of the cordless fleet with new Altrad Belle products,
such as battery-powered pressure washers, and the systematic replacement of legacy Hilti
equipment with the more efficient Nuron battery platform.
Risk/opportunity
Opportunity: Investment in low-emission hire assets, vehicles and property will help Speedy
Hire achieve its climate targets and be recognised as market leader
Description
This could result in enhanced reputation in the
construction sector and increased revenue from
climate-conscious customers
Impacts
h Increased customer retention.
h Continued investment.
h Return on investment.
Scenario
NZ
Time Horizon
ST
£ estimate
N/a
Management response
Investment in low-emission hire assets, vehicles and property supports delivery of Speedy Hire’s
climate targets while strengthening our position as a market leader in sustainable solutions.
We are reducing operational and value chain emissions through hybrid and electric vehicles,
EV charging infrastructure and targeted investment in energy-efficient technologies, including
onsite renewable generation. Increased capital expenditure in low-carbon technologies and
sustainable fuels further enhances our low-emission offering. A key differentiator is our PAS
2080-aligned Carbon Intelligence offering, which integrates asset provision with carbon
management expertise. Through our Sustainability Reporting Tool, we provide customers with
transparent emissions data and insights to support informed equipment choices and whole-life
carbon reduction. Together, these investments and capabilities drive decarbonisation across our
operations and customer projects, supporting our climate targets and reinforcing Speedy Hire’s
position as a leader in sustainable hire solutions.
Speedy Hire Plc
Annual Report and Accounts 2026
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ESG REPORT CONTINUED
GREENHOUSE GAS STATEMENT
Greenhouse Gas Statement
This statement has been prepared in accordance
with ISO14064-1:2018 for the purpose of
documenting our greenhouse gas (‘GHG’)
emissions for the Financial Year 2026 (1 April 2025
– 31 March 2026) and transparently discloses
progress against our targets. Ultimately, this
statement and its disclosure is the responsibility
of our Board. In our ambition to deliver absolute
net zero across Scopes 1, 2 and 3 by 2040,
headline Scope 3 figures have been provided,
followed by the methodology used to calculate
our emissions, and finally, a detailed breakdown
of our emissions. Our scoped emissions have
been prepared in accordance with the GHG
Protocol Corporate Standard for the purpose
of documenting our GHGs under Speedy Hire
Plc operational control. For the reference period
1 April 2025 to 31 March 2026, our emissions
were 313,495.94 tCO
2
e for Scope 1, Scope 2 and
Scope 3 (excluding category 8, 10, 12, 14). This is
an increase of 16.43% from the FY2020 baseline
year total footprint of 269,265.64 tCO
2
e and a
10.90% increase from the FY2025 total footprint of
282,688.62 tCO
2
e.
Quantification Methodology Summary
We have reported on all emissions sources
required under the Companies Act 2006
(Strategic and Directors’ Report) Regulations
2013. We have aligned to ISO14064-1:2018
in our management of scoped emissions,
including the use of GHG Protocol Corporate
Accounting and Reporting Standard (revised
edition), Scopes 1, 2 and 3, and emissions factors
from the UK Government’s GHG Conversion
Factors for Company Reporting, the Office
for National (‘ONS’) Statistics Atmospheric
emissions: greenhouse gas emissions intensity
by industry for supply chain factors (last updated
October 2025), and cumulative inflation rates
within the reporting period. The organisational
boundary has been set based on the operational
control approach. A significance threshold
of a cumulative impact, across all scopes, of
omissions being no more than 5%, has been
applied to our emission scope inventory, meaning
emission data sources below this threshold may
be omitted from the footprint due to their lack of
magnitude, level of influence, data availability or
data accuracy.
Quantification Methodology Details
Our Scope 1 and 2 used an activity-based
approach for Scope 1 and a location and
market-based approach to Scope 2. Our Scope
3 category 1 (Purchased goods and services)
and category 2 (Capital goods) have aligned to
the GHG Protocol definitions (The Corporate
Value Chain (Scope 3) Standard). The bulk of the
quantification was done using financial spend-
based data. We have used spend categories,
provided by our inhouse tool, to align carbon
factors against ONS 2023 supply chain factors.
Within categories 1 and 2, we have omitted
spend-related items with no emissions. Due to
the high-level nature of the spend categories,
we understand the limitations in accuracy for
inclusions and/or exclusions assigned by the
current emission factors. We have also used
activity data from suppliers where available.
Our remaining Scope 3 categories 3 (FERA),
4 (upstream transportation and distribution), 5
(waste generated in operations), 6 (business
travel), 7 (employee commuting), 9 (downstream
transportation and distribution), 11 (use of sold
products), 13 (downstream leased assets)
and 15 (investments) have used a hybrid
model of financial-based modelling, including
emissions intensity units, with activity included
where possible. The GHG Protocol Corporate
Accounting and Reporting Standard (revised
edition) has been used to derive scopes
with emissions factors adopted from the UK
Government’s GHG Conversion Factors for
Company Reporting. The methodology for
downstream leased assets has been updated
for Speedy Hire products since the last financial
year, as more accurate assumptions regarding
fuel consumption and hours-of-use-per-hire-day
have been extracted from validated supply chain
data for powered products and telematics is
used where possible. Within FY2026, changes in
the business, notably investment in ProService
plc, results in a 9.99% share of emissions now
included within category 15, and the purchase
of assets within the ProService Transaction
now included within our Category 1. Due to the
absence in FY2026 corporate emissions data from
ProService, Speedy Hire has applied a financial
based metric from investments, this presents
a significant underreporting risk to category 15
reported emissions and overall scope 1,.2 and
3. Mitigation of this risk going forward will be
managed through the ISO14064-1 management
system.
Whilst there have been no procured offsets during
FY2026, we have used REGO-backed certificates
from biomass, across its service centre network,
which, based on the Corporate Standard the
CO
2
portion of the biomass combustion shall be
reported outside the scopes 1,2 &3.
Base year selection
Our baseline reports on the Scope 1,2 and
3 inventories in FY2020 (1 April 2019 –
31 March 2020). This baseline was undertaken by
a third-party consultant, and the financial year
was chosen for the following reason: FY2020 was
prior to the Covid-19 pandemic and the impact it
had on our operations and was deemed a typical
year of activity with low uncertainty in data yield.
There has been no historic change of the baseline
report prior to this statement; however, within
FY2026, our rebaseline threshold has been met
with the inclusion of new emissions sources
investments, asset and property acquisitions,
due to the ProService Transaction. Aligned to
the ISO14064-1 transparency principle, we will
undergo baseline re-evaluation for Science Based
Target validation.
Uncertainty
The aggregated uncertainty level has been
established using the ‘GHG Protocol guidance
on uncertainty assessment in GHG inventories
and calculating statistical parameter uncertainty’.
This is disclosed within the GHG table within this
statement. We aim to reduce the level uncertainty
regarding our Scope 3 emissions by transitioning
to activity-based data where possible.
Verification Assurance Statement
This GHG Statement has been verified by NQA,
an independent third party qualified to undertake
GHG Emissions Reporting Assurance. The
Verification Opinion Statement (‘VOS’) issued by
the Verifier is available on our website. The VOS
is associated with Speedy Hire Plc’s Greenhouse
Gas Statement on Operational Control
Emissions for the Financial Year 1 April 2025 to
31 March 2026 (FY2026).
Speedy Hire Plc
Annual Report and Accounts 2026
51
STRATEGIC REVIEW
Emissions Scope
GHG Protocol
Emissions Scope
ISO14064‑1:2018 Emissions Source
Tonnes of CO
2
e
Current reporting
year FY2026
Reporting year
FY2025
Baseline
(FY2020) Narrative
SCOPE 1
Category 1
Direct GHG emissions or removals
Combustion of Fuel and Operation of Facilities 13,103.93 11,967.39 19,841.43 Emissions increased due to higher fuel use linked to
mobilisation of the ProService Commercial Agreement
and additional contracts. Biofuel market constraints limited
further Scope 1 reductions in FY2026.
Refrigerants 0 0 13.1 7 No emissions recorded, consistent with FY2025, reflecting
effective refrigerant management controls.
SCOPE 2
Category 2
Indirect GHG emissions from energy
Electricity, Heat, Steam and Cooling Purchased for
Own Use (market-based)
135.58 176.09 4,411.68 Emissions reduced following transition to solar and
wind REGOs and expanded confirmation of renewable
electricity at third party depots.
Electricity, Heat, Steam and Cooling Purchased for
Own Use (location-based)
1,515.46 1,878.08 Reduction reflects improved grid carbon intensity.
Total Scope 1 and 2 emissions (market-based) 13,239.51 1 2 ,14 3 .48 24,266.28 Aggregated direct measured cumulative uncertainty
+/-4.2%
Total Scope 1 and 2 Emissions (location-based) 14,619.39 13,845.47
SCOPE 3
Category 4
Indirect from products an organisation uses
Cat 1: Purchased Goods and Services 28,61 7.1 2 7,777.84 16,281.00 Increase driven by methodological refinement (category
1 & 2 tagging), aligning emissions to supply chain spend
using ONS industry factors and inflationary effects, rather
than increased physical consumption.
Cat 2: Capital Goods 5,903.05 33,730.10 58,275.85 Decrease reflects reallocation following the same
methodological update as Category 1, improving accuracy
of spend based emissions.
Cat 3: FERA 4,072.17 4,136.2 1,290.37 Emissions remained broadly consistent with changes in
fuel and energy use during the reporting year.
Category 3
Indirect GHG emissions from transportation
Cat 4: Upstream Transportation and Distribution 3,319.69 1,701.83 6,701.16 Increase driven by higher third-party haulage spend and
inclusion of emissions from fuel transportation to service
centres.
Category 4
Indirect from products an organisation uses
Cat 5: Waste Generated in Operations 14.28 18.91 91.94 Emissions decreased due to lower waste volumes and
increased diversion to recycling compared with energy
from waste treatment.
Category 3
Indirect GHG emissions from transportation
Cat 6: Business Travel (inc. all WTT emissions) 135.83 152.62 392.91 Reduction reflects lower travel activity and continued
optimisation of business travel practices.
ESG REPORT CONTINUED
GREENHOUSE GAS STATEMENT
Speedy Hire Plc Annual Report and Accounts 2026
52
Emissions Scope
GHG Protocol
Emissions Scope
ISO14064‑1:2018 Emissions Source
Tonnes of CO
2
e
Current reporting
year FY2026
Reporting year
FY2025
Baseline
(FY2020) Narrative
SCOPE 3
CONTINUED
Category 3
Indirect GHG emissions from transportation
Cat 7: Employee Commuting 3,080.20 2,982 3,398.94 Slight increase aligned with changes in workforce
headcount, with commuting patterns remaining broadly
unchanged.
Category 4
Indirect from products an organisation uses
Cat 8: Upstream Leased Assets Scoped out Scoped out Scoped out
Category 3
Indirect GHG emissions from transportation
Cat 9: Downstream Transportation and Distribution 4,069.27 955.91 3,698.41 Emissions increased due to expanded capture of third
party haulage activity, including fuel transportation
emissions to customers.
Category 5
Indirect GHG emissions (use of products
from the organisation)
Cat 10: Processing of Sold Products Scoped out Scoped out Scoped out
Cat 11: Use of Sold Products 83,909.00 87,193.82 66,237.66 Decrease reflects reduced fuel volumes sold to customers
despite a marginal increase in non fuel consumables and
auctioned products.
Cat 12: End of Life Treatment of Sold Products Scoped out Scoped out Scoped out
Cat 13: Downstream Leased Assets 165,923.94 127,530.99 87,479.56 Increase driven by improved activity data coverage (+17%
vs FY2025) and inclusion of ProService Plc downstream
emissions.
Cat 14: Franchises Scoped out Scoped out Scoped out
Cat 15: Investments 1,211.88 4,364.92 1,151.56 Reduction primarily reflects lower emissions from the
Kazakhstan JV; equity based reporting for ProService plc
presents a risk of under reporting in FY2026.
Total Scope 3 Emissions 300,256.43 270,545.14 244,999.36 Aggregated indirect measured cumulative uncertainty
+/- 3.7%
Total emissions Scopes 1, 2 and 3 (market-based) 313,495.94 282,688.62 269,265.64 Aggregated uncertainty +/- 3.6%
Biogenic CO
2
associated with Biomass (N
2
O, CH
4
) 1,106.91 11 7.85 n/a Increase reflects an update to DEFRA carbon factors
rather than changes in biomass use.
Category 8 (upstream leased assets), 10 (processing of sold products), 12 (end of life treatment of sold products), 14 (franchises) are scoped out due to Speedy Hire’s business operations consistent with the GHG
Protocol definitions (The Corporate Value Chain (Scope 3) Standard
Speedy Hire Plc
Annual Report and Accounts 2026
53
STRATEGIC REVIEW
Streamlined Energy and Carbon Reporting
This section details the energy consumption from the activities of Speedy Hire for the period 1 April 2025
to 31 March 2026, as required by the Companies Act 2006 (Strategic Report and Directors’ Report)
Regulations 2013 (‘the 2013 Regulations’) and the Companies (Directors’ Report) and Limited Liability
Partnerships (Energy and Carbon Report) Regulations 2018 (‘the SECR Regulations’). FY2020 data has
not been validated through a third-party verification however FY2026 data was verified under ISO14064-
1:2018. Please see GHG statement for further details of carbon emissions.
Methodology
ESOS methodology (as specified in Complying with the Energy Savings Opportunity Scheme version 6)
used in conjunction with Government GHG reporting conversion factors.
h Sites given average square footage.
h Carbon factors used are sourced from Government DEFRA Conversion Factors.
h Intensity ratios calculated using square meterage.
h kgCO
2
e per square metre of total site area.
Speedy Hire is committed to responsible energy management and will practice energy efficiency
throughout the organisation, aligned to the requirements of ISO 50001 and ESOS. Actions taken this
financial year can be found within our Sustainability Report on our website.
FY2026 FY2025 FY2020 (baseline)
Scope 1 emissions (tCO
2
e) 13,103.93 11,967.39 19,854.60
Scope 2 emissions (tCO
2
e) (market-based) 135.58 176.09 4,411.68
Scope 2 emissions (tCO
2
e) (location-based) 1,515.46 1,878.08 4,411.68
Total Scope 1 and 2 emissions (tCO
2
e) *UK & Global
market based
13,239.51 12 ,143.48 24,266.28
Emission intensity Scope 1 and 2 (kgCO
2
e per sqft) *UK &
Global market based under operational control
71.26 62.08 n/a
Total Scope 1 and 2 emissions (tCO
2
e) *Global market
based only under operational control
263.84 232.13 178.65
UK Natural gas usage (kWh) 3,836,074 4,791,246 7,344,025
Global Natural gas usage (kWh) 0 0 21,665
UK Commercial fuel usage (ltr) 5,083,269 4,950,372 6,310,316
Global Commercial fuel usage (ltr) 122,058 136,768 0
Electricity usage (kWh) 9,035,737 8,916,597 11,205,438
Global Electricity usage (kWh) 226,698 154,048 233,034
Total energy consumption (kWh) (Gas and Electric) 13,098,509 13,861,891 18,804,162
ESG REPORT CONTINUED
STREAMLINED ENERGY AND CARBON REPORTING
Note:
h Global refers to all Speedy Hire operations outside of the UK (Ireland & Kazakhstan).
h Emission intensity unit per sq ft of property was not disclosed during our baseline. FY2025 kgCO
2
e
per sqft figure restated following review of the calculation methodology taken in FY2026.
Speedy Hire Plc
Annual Report and Accounts 2026
54
NON-FINANCIAL AND SUSTAINABILITY INFORMATION SHEET
In accordance with sections 414CA and 414CB of the Companies Act 2006, the information below sets out how we comply with each reporting requirement, where further information can be found within the
Annual Report and Accounts and which relevant policies and guidance are adopted:
What we do is described on the Highlights page and our vision, mission and values are described on page 1. We demonstrate how we act as a responsible business when fulfilling our mission and values
throughout our ESG Report on pages 34 to 54. Our principal risks and uncertainties, together with the mitigating controls in place, are summarised within our Principal Risks and Uncertainties disclosures on
pages 60 to 66. A description of all matters relating to climate-related risks and opportunities, are included within our Task Force on Climate-related Financial Disclosures on pages 40 to 50.
Information necessary to understand our development,
performance, position and the impact of our activity Relevant policies and guidance
1
ENVIRONMENTAL MATTERS
Our policies reflect the needs of our environment and
support our roadmap to net zero.
ESG Report – Pages 34 to 54, incorporating the following
key areas:
Waste and Circular Economy – Page 36
Corporate Greenhouse Gas (‘GHG’) Report – Pages
51 to 53
Task Force on Climate-related Financial Disclosures –
Pages 40 to 50
Supplier Trading Agreement
Supplier Code of Conduct
Speedy Sustainability Requirements for
Suppliers
Supply Chain Policy
Sustainability Policy
Sustainable Travel Policy
Environmental Policy
Energy Policy
COLLEAGUES
Our People First strategy is driven by living our values of
ambition, innovation, inclusivity, safety, working together and
trusting each other. Our polices help support this.
Keeping our People and Communities Safe – Pages
26 to 27
People First – Pages 25 to 26
Diversity, Equity and Inclusion – Page 37
S.172 Statement – Pages 56 to 59
Employee Handbook
Recruitment, Selection & Equal
Opportunity Policy
Diversity, Equity and Inclusion Policy
Resolving Issues at Work Policy
Health and Safety Policy
Work Safe Policy
Wellbeing Policy
Flexible Working Policy
Leave Policy
People Development and Career
Mobility Policy
Family Friendly Policy
Information necessary to understand our development,
performance, position and the impact of our activity Relevant policies and guidance
1
SOCIAL MATTERS
Our policies, underpinned by our Code of Conduct, support
all colleagues to do the right thing within our communities
and from a safety and environmental perspective.
Double Materiality Update – Pages 36 to 39
ESG Report – Pages 34 to 54
S.172 Statement – Pages 56 to 59
Code of Conduct
Charity, Community & Volunteering Policy
Time off for Public Duties – Leave Policy
Health and Safety Policy
Environmental Policy
RESPECT FOR HUMAN RIGHTS
Reflecting the needs of our stakeholders we consider human
rights within our own operations, suppliers and customers.
Our published Modern Slavery Statement is available at
www.speedyhire.com/investors
Human Rights, Modern Slavery & Responsible Sourcing –
Page 38
ESG Report – Pages 34 to 54
Human Rights Policy
Anti-Slavery and Human Trafficking Policy
Employee Handbook
Code of Conduct
Speak Up Whistleblowing Policy
Data Protection – GDPR – Policies
ANTI-CORRUPTION AND ANTI-BRIBERY MATTERS
Our policies support compliance with anti-bribery and
anti-corruption requirements. We strive to act in a clear,
transparent and fair way without our operations and expect
our stakeholders to do the same
Audit & Risk Committee Report – Business Ethics and
Whistleblowing – Page 80
Corporate Governance – Pages 71 to 76
Code of Conduct
Anti-Bribery Policy
Speak Up Whistleblowing Policy
Supplier Trading Agreement
Supplier Code of Conduct
Supply Chain Policy
Internal financial control processes
Competition Law Policy
Share Dealing Policy
1
Some of our policies and guidance are only published internally.
Speedy Hire Plc Annual Report and Accounts 2026
55
STRATEGIC REVIEW
SECTION 172 STATEMENT AND ENGAGEMENT WITH STAKEHOLDERS
Section 172 of the Companies Act 2006 requires
the Directors of Speedy Hire Plc to act in a way
that they consider, in good faith, both individually
and together, would most likely promote the
success of the Company for the benefit of its
members as a whole, and in doing so have regard
(amongst other matters) to:
h the likely consequences of any decisions in
the long-term;
h the interests of the Company’s employees;
h the need to foster the Company’s business
relationships with suppliers, customers and
others;
h the impact of the Company’s operations on
the community and environment;
h the desirability of the Company maintaining
a reputation for high standards of business
conduct; and
h the need to act fairly as between members of
the Company.
Each Director and the Board collectively gives
careful consideration to the factors set out
above and have acted in a way they consider
complies in all respects with their Section 172(1)
duty, in the decisions taken during the year
ended 31 March 2026. Details of how the Board
discharged its duties are set out in the Strategic
Report pages 1 to 67 and should be read in
conjunction with information disclosed in the
Governance section, on pages 68 to 117.
To help facilitate this, before each scheduled
Board meeting all Directors receive appropriate
reports addressing key matters concerning
customers, suppliers, investors, colleagues,
regulators and the environment and also
information regarding the Group, comprising
a financial report and briefings from senior
executives.
The Chief Executive and Chief Financial Officer
also brief Directors on results, key issues and
strategy. During Board meetings, the Non-
Executive Directors regularly make further
enquiries of the Executive Directors and seek
additional information which is provided either at
the relevant meeting or subsequently.
This information and any related reports (provided
either before or after meetings) are considered
in the Board’s discussions and in its decision-
making process when having regard to Section
172 of the Companies Act 2006.
Stakeholder engagement
Engagement with relevant stakeholders is a
key consideration of the Board which varies
depending on the subject at hand. Pages 56 to 59
detail Speedy Hire’s key stakeholders and how we
engage with them.
As mentioned above the Board receives reports
from management concerning its customers,
suppliers and others in a business relationship
with the Company which it takes into account
in its discussions and also in the Section 172(1)
decision making process. The Board has also
received training relating to its obligations under
Section 172(1) and the consideration of the
Company’s stakeholders.
Colleague engagement
In addition to the Board receiving reports from
management concerning its colleagues the Board
engages directly with colleagues in a variety of
ways. This includes via its Colleague Consultative
Committee (attended annually by the
designated Non-Executive Director for employee
engagement, Carol Kavanagh), via its People
First Awards, the Speedy Hire Live Expo and/
or related series of live events, Chief Executive’s
and Chief Financial Officer’s ‘Up to Speed’ and
‘The Hub’ communications and monthly ‘Team
Talk’ updates. Further information on colleague
engagement can be found on page 25.
Board decisions and stakeholders
This statement details a number of examples of
how the Directors have had regard to Section
172(1) when discharging their duties and the effect
that this regard had on the decisions being made.
Speedy Hire’s approach to connecting with our
people, customers, communities and suppliers,
is to build a sustainable future, as detailed on
pages 34 to 54 through the Company’s ESG
programme. Our mission is to be the most
efficient and sustainable UK hire business: digital
and data driven, optimised through operational
excellence, and powered by our people. Our
vision is to inspire and innovate the future of hire
and accelerate sustainable growth.
Our key stakeholders
Engagement with our key stakeholders plays
an essential role throughout the business. It is a
multi-layered process with engagement touching
all levels of our business from front line operations
to the Board and its Committees.
Our key stakeholders and examples of how
we engage are detailed in the tables on the
following pages. Relevant information from these
interactions informs judgements and decision
making.
Speedy Hire Plc
Annual Report and Accounts 2026
56
Key stakeholder
CUSTOMERS
Why we engage
Understanding the needs and challenges of our customers allows us to deliver a service of high standards.
We engage with our customers to ensure our services meet their evolving requirements and we seek to
solve their challenges through innovative technology and solutions to support their current and future
needs.
Ways we engage
h Face to face meetings (when required),
videoconferencing and calls
h Tendering and RfP processes
h Monitoring of hires, sales and services
h Speedy Hire Direct, a central call centre in
the North West, with dedicated desks for our
National customers
h Customer Solutions, a centralised service
providing a single hire destination service
through the provision of all our core products
and services, plus an extensive range of
equipment in partnership with the industry’s
leading product suppliers
h Regional Trading Hubs, regional call centres are
located throughout the country, with dedicated
staff servicing our Regional customer base
h Through trading partnerships with some of the
UK’s leading trade and DIY brands, operating
digitally via a drop-ship-vendor model
h Service Centre network, through 128 centres
across the UK and Ireland
h Customer Relationship Centre, through our
central hub in South Wales, dedicated to
servicing our SME customers
h Online, through our website and mobile app
h Social media
h Product videos and peer reviews
h Advertising campaigns
h The Speedy Hire Live Expo and/or related
series of live events that bring together
customers, colleagues, suppliers and industry
experts
h Trade shows and Service Centre open days
throughout the year
h Customer feedback surveys via email and text
Areas discussed
h Availability of products and services (including
use of AI)
h Improved customer service
h Range of products and services
h Value for money
h Access to customer services e.g. Speedy Hire
app and tracking
h Four-hour service commitment to customers
on our top selling products ‘One Speedy Hire’
for first class customer experience
h Sustainability solutions
h Product development
Key stakeholder
COMMUNITIES AND ENVIRONMENT
Why we engage
Engaging with local communities to identify opportunities to minimise the environmental impact of our
business as we work towards our commitment of operating efficiently as an industry-leading sustainable
company. This reinforces our commitment to enabling our customers to meet their sustainability targets,
and our people and local communities, from looking after their wellbeing and boosting diversity, equity and
inclusivity, to supporting charity and community projects wherever we operate.
Ways we engage
h Community engagement via our community
investment programme
h ESG strategy and initiatives to achieve ESG-
related targets, including the aim to achieve net
zero by 2040
h We support communities through joint
initiatives with customers and by backing
colleague-led causes that matter to them. We
provide in-kind contributions, including free of
charge or discounted equipment hire for charity
partners and local events.
h We remain responsive to emerging local
needs, addressing urgent challenges and
advancing innovative programmes. Our
Communities Committee ensures all initiatives
are aligned with our policies and strategic
priorities, maintaining focus, accountability and
sustainable outcomes.
h Awareness campaigns and targeted
sponsorships form part of our approach, guided
by our social impact decision matrix to achieve
meaningful and long-term impact.
h Collaboration and partnerships with charities
including WellChild, Lighthouse Club, Prostrate
Cancer UK, and the British Heart Foundation
h Signatory to Cleansheet, a national Criminal
Justice Charity to offer people with convictions
the hope of a better future by finding
sustainable employment.
h Communities Committee and Community
Ambassadors
h Partnered with The Royal Society for the
Prevention of Accidents in publishing the ‘Safer
Lives, Stronger Nation’ report
Areas discussed
h Climate change
h Sustainability
h Local communities
h Human rights
h Forced labour/modern slavery
h Sustainable procurement
h Charity and partnerships
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57
STRATEGIC REVIEW
SECTION 172 STATEMENT AND ENGAGEMENT WITH STAKEHOLDERS CONTINUED
Key stakeholder
COLLEAGUES
Why we engage
Engaging with colleagues is fundamental in creating a strong culture and fulfilling place to work where colleagues can contribute and help to deliver our, ambition, vision, mission and long-term success.
Ways we engage
h Colleague Consultative Committee meetings (including NED attendance)
h People First Survey and pulse surveys
h Apprenticeship and graduate programmes (commitment to the 5% Club initiative)
h Career Pathway programmes (technical and leadership development)
h Internal and external mentoring programmes
h Online Lunch and Learns covering a variety of topics
h Time to Talk to encourage colleagues to speak to one another about all things wellbeing
h Team building events
h Organised volunteering projects
h Benchmarking of key roles within the business
h ‘The Hub’ colleague communications platform and intranet
h Active Viva Engage communities to promote social engagement
h ‘Up to Speed’ and ‘Wellbeing Wednesday’ e-communications
h Mobile phone and PDA text messaging
h Senior management meetings held at various UK and Ireland locations
h Senior Leadership quarterly ‘Connect Calls’
h Monthly ‘Team Talks’ with local line manager
h Executive Team and Chief Executive video updates and colleague briefings
h Ask the Exec - A platform on the intranet for colleagues to submit questions to the Executive Team, which
are answered and published monthly
h People Fluent training portal for key messages that fall outside of the regular Executive Team video
updates which can be broadcast or targeted to specific groups of colleagues
h Line manager communication and engagement workshops and training modules
h Training Academy schedule of online, classroom and practical training courses
h Personal Development Reviews with associated Personal Development Plans
h Coaching and mentoring opportunities across business functions
h Lunch and Learn sessions to raise awareness and understanding of key issues
h ‘Celebrating Excellence’ reward scheme
h People First Awards nomination process and finalist gala dinner
h Long service recognition scheme at 5, 10, 15, 20, 25, 30, 35, 40 and beyond years’ service
h The Speedy Hire Live Expo and/or series of live events
h Inclusion in cross-functional project teams to inform project development
h Over 50 volunteer Mental Health First Aiders throughout the business
h A Gender Balance DEI Community Group to support our Decade to Deliver strategy
h Established a Human Rights cross-functional working group that meets monthly, facilitated by human
rights experts
h ESG Committee, colleague group and its underlying community groups:
– Gender Balance & Allies
– Race and Culture & Allies
– Ability & Allies (new/launched in 2025)
– LGBTQIA+ & Allies (new/launched in 2025)
h Our DEI community groups are supported by a DEI Colleague Commitment and sponsored by Senior
leaders
h DEI Forum - Ask me Anything intranet platform to encourage inclusivity and openness
Areas discussed
h Career opportunities
h Wellbeing (including mental and physical health)
h Training and development (including safety)
h Pay and conditions
h Colleague engagement
h Our strategy, vision and business updates
h Human rights
h Forced labour/modern slavery
h Sustainable procurement
h Environmental sustainability
h DEI
Speedy Hire Plc Annual Report and Accounts 2026
58
Key stakeholder
SUPPLIERS
Why we engage
To support our business operations and ambition, we require an efficient supply chain. It is critical that we
have good supplier relationships to allow us to deliver a standout customer experience. Engaging with our
suppliers by working collaboratively ensures we can bring innovative solutions to the future of hire.
Ways we engage
h Tendering process
h Visits and meetings (including via
videoconferencing)
h Supplier conferences
h Partnership Programme engages customers,
suppliers and peer groups on key
sustainability issues
h Use of electric vans reducing CO
2
h Industry trade shows
h Product innovation days
h The Speedy Hire Live Expo and/or series of
live events
h Responsible sourcing initiatives (modern
slavery risk assessment and questionnaire on
ESG topics)
h Creation of a risk prioritisation methodology
h Implemented a procurement platform for
onboarding processes
h Speedy Hire’s Nature Positive Roadmap webinar
h Arrangement of supplier workshops to combat
modern slavery
Areas discussed
h Quality management
h Cost efficiency
h Ethical Trading policy
h Long-term relationships
h Sustainability as part of our ESG programme
h Product development
h Human rights
h Forced labour/modern slavery
h Sustainable procurement
h Environmental sustainability
Key stakeholder
INVESTORS
Why we engage
We provide clear and transparent information to the market which allows investors and potential investors
to make informed decisions. Regular communication is important to ensure the Board is aware of investor
expectations.
Ways we engage
h Annual Report and Accounts
h Annual General Meeting
h RNS announcements
h Investor presentations and roadshows
h Capital markets days
h Corporate website
h One-on-one meetings
h Information requests
h Consultation letters
h The Speedy Hire Live Expo and/or series of
live events
Areas discussed
h Financial and operating performance
h Dividends risk information
h Access to management
h Strategy sustainability
h Remuneration policy
Speedy Hire Plc Annual Report and Accounts 2026
59
STRATEGIC REVIEW
SPEEDY HIRE RISK MANAGEMENT
Speedy Hire manages risk through our Risk
Management Framework, which includes an
overview of our internal control environment
and our principal risks and uncertainties.
All principal risks are formally reviewed
biannually by the Executive Team and the
Audit & Risk Committee.
The Board has overall responsibility for the
business strategy and has delegated the
oversight of the risks associated with its delivery,
including setting the risk appetite and tolerance,
to the Audit & Risk Committee. The Audit & Risk
Committee monitors the effectiveness of risk
management and the control environment and
directs and reviews independent assurance.
Our Risk Management Framework
Speedy Hire’s Executive Team has overall
responsibility for day-to-day risk management.
On an ongoing basis, the Corporate Risk
Manager maintains Speedy Hire’s risk register.
The Executive Team, supported by the Senior
Leadership Team, identifies the nature, likelihood
and potential impact of all identified risks and
actions to provide mitigations for each risk.
Each member of the Executive Team reviews
their business unit’s risk registers on a biannual
basis to moderate scoring, ensure any mitigating
actions are being undertaken on a timely
basis, and manage actions to reduce the risk to
Speedy Hire.
We use the three lines model to manage and
provide assurance over the risks that we face:
BOARD AND BOARD COMMITTEES
Accountability to stakeholders for organisational oversight
EXTERNAL ASSURANCE PROVIDERS
Board and Board committees’ roles: Integrity, leadership and transparency
MANAGEMENT
Actions (including managing risk) to achieve
organisational objectives
ASSURANCE
FUNCTION
Independent assurance
First line roles:
Provision of products/
services to clients;
managing risk
Second line roles:
Expertise, support
monitoring and
challenge on risk
related matters
Third line roles:
Independent and
objective assurance
and advice on all
matters related to
the achievement of
objectives
Key
Accountability,
reporting
Delegation, direction,
resources, oversight
Alignment, communication,
coordination, collaboration
Our Internal Control Environment
In FY2026, Speedy Hire has continued to make
progress in the management of its internal control
environment, which aims to protect Speedy Hire’s
assets and check the reliability and integrity of
Speedy Hire’s information. The risk management
framework provides assurance that Speedy Hire
appropriately manages the risks in its business
model and the delivery of its strategy.
Internally published policies set the framework
for Speedy Hire’s internal controls. These policies
cover a range of matters intended to mitigate risk,
such as health and safety, project management,
information security, trade controls, contracting
requirements, financial transactions and financial
reporting.
The FRC published the 2024 UK Corporate
Governance Code and associated guidance
in January 2024, and Speedy Hire took the
opportunity to assess the maturity of risk and
internal control systems in response to the
guidance. This exercise highlighted elements
of Speedy Hire’s risk and control assurance
framework, which required enhancements.
During FY2026, the risk management framework
and risk appetite statements were reviewed and
updated. These will form the basis of ongoing
improvements to our processes going forward.
The most significant change in the update to
the UK Corporate Governance Code Reporting
Requirements was in respect of Provision 29,
which relates to the Board monitoring the risk
management and internal control framework. In
accordance with the revised code, the Board will
make a declaration of the effectiveness of material
controls from FY2027, which will supplement the
existing annual assessment of risk management
and internal control systems. During the year, we
have developed a material controls framework,
documented our material controls, and
established our approach to providing assurance.
AUDIT & RISK
COMMITTEE
EXECUTIVE
TEAM
DEPARTMENTS
h Review results of
internal audit and control
processes
h Review external audits
h Review Group risk
register and mitigating
actions
h Corporate Risk register
reviewed and moderated
h Ownership of
departmental risk
registers and mitigating
controls
h Identify and control
local risks
h Delivery of risks
management processes
and procedures
h Risk mitigation
Speedy Hire Plc
Annual Report and Accounts 2026
60
Risk
Movement
from FY2025
Developing
Controls
Moderately
Controlled
Well
Controlled
Controllable Risks
1
Vehicle or Health and Safety Incident
2
Cyber attack
4
Significant IT event or Disaster Recovery event
5
Funding arrangements
7
Loss of a major Speedy Hire site
8
Loss of key contract
9
Delivery of transformation benefits
10
Climate change
Uncontrollable Risks
3
Market and economic conditions
6
Government decisions and policy changes
Impact
Very high
1
High
5
9
10
6
87
2 4
3
MediumLowVery Low
Very Low Low Medium High Very high
Likelihood
Total Risk Definition
A
Acceptable
L
Low
M
Moderate
H
High
U
Unacceptable
Limited: An event that will have little/
no impact on achieving the business’
objectives.
Moderate: An event with limited impact on
achieving the business’ objectives.
Severe: An event that has significant impact
on achieving the business’ objectives. The
organisation will put targeted actions in place
to reduce the risk.
Very Severe: A future event that, if it occurs will
cause significant cost increases, revenue losses
or operational/reputational damage and will lead
to redefining the strategy and objectives.
Catastrophic: A future event that has the
potential to damage the whole organisation
or threaten its existence.
This framework is closely aligned with our risk management framework, with our material controls focused on managing the principal risks, financial and non-financial reporting risks, and legal and regulatory risks.
Our control testing programme has commenced, and we remain on track to make a declaration over their effectiveness next year.
Our principal risks
Using the Risk Management Framework described above, the Audit & Risk Committee has identified, on pages 62 to 66, the principal risks that it currently believes to be of greatest significance to Speedy Hire.
As part of our risk management process, we have assessed the mitigating controls that are currently in place for each risk to provide an indication of how well the risks are controlled.
Speedy Hire Plc Annual Report and Accounts 2026
61
STRATEGIC REVIEW
SPEEDY HIRE RISK MANAGEMENT CONTINUED
PRINCIPAL RISKS, THEIR IMPACT AND MITIGATION
Controllable risks
1
VEHICLE OR HEALTH AND SAFETY INCIDENT
Total Risk Score:
H
Description and potential impact
An accident relating to Speedy Hire vehicles, equipment, employees, contractors or customers that results in
serious injury and/or legal action.
Mitigation
Health and Safety is fundamental to the Company’s values. Speedy Hire continues to challenge current
ways of thinking to improve risk exposure in its operations and improve safety performance. Our safety
performance has been recognised through the achievement of the RoSPA construction commercial safety
award for safety performance in 2025. During FY2026 we have maintained our accreditations including our
FORS accreditation for fleet operations.
An open reporting culture is fostered with colleagues encouraged to report anything that they consider to
be unsafe. Monthly communications to all colleagues highlight examples of successfully addressed issues or
where there are lessons to be learned.
Speedy Hire has in place robust health and safety policies and procedures and is recognised for its industry
leading health and safety compliance. Training is provided to all colleagues with managers expected to
champion safety awareness within Speedy Hire’s culture. We maintain systems that enable us to hold
appropriate industry recognised accreditations, and this is supported by a specialist software platform for
managing data and reporting in relation to Health and Safety, Security, Environment and Quality.
Technology usage to improve safety has been at the forefront over the past year to help improve safety and
increase awareness.
Key actions undertaken in FY2026
h Halo fork truck system and forklift safety campaigns.
h Samsara driver system implementation.
h Dedicated driver training team to improve safety performance and awareness.
Controllable risks
2
CYBER ATTACK
Total Risk Score:
M
Description and potential impact
A cyberattack that results in a threat actor gaining unauthorised access to data or systems resulting in
significant downtime, loss of Company commercial information or personal data, which could result in
disruption of the business, fines, legal or regulatory action, and reputational damage and/or loss of public
confidence.
Mitigation
Stringent policies surrounding security, user access and change control are in place. Mandatory training for
employees is in place to raise awareness of cybersecurity.
An established Cybersecurity Governance Committee, incorporating Board members, meets quarterly to
monitor our control framework and reports on a routine basis to the Audit & Risk Committee.
Speedy Hire’s IT systems are protected against internal and external unauthorised access. These protections
are tested regularly by an independent provider. Speedy Hire has retained its Cyber Essentials Plus
accreditation, which also provides assurance over its processes and controls. All mobile devices have access
restrictions and, where appropriate, data encryption is applied.
Key actions undertaken in FY2026
h Cyber Essentials Plus accreditation renewal achieved.
h ISO27001 reaccreditation achieved.
h Strengthening password management process and controls via the service desk.
h Annual penetration testing and vulnerability testing has been undertaken by a third party.
h Development tools to protect against vulnerabilities at source are in place and utilised.
The table below includes the principal risks facing Speedy Hire. A description of these risks and their potential impact on Speedy Hire is
included as are examples of our key mitigating controls. The table is split into two sections: controllable and uncontrollable risks. Where it is
deemed that the risk is uncontrollable, any mitigations that have been put in place to reduce any potential impact have been reflected.
Speedy Hire Plc
Annual Report and Accounts 2026
62
Controllable risks
4
SIGNIFICANT IT OUTAGE OR DISASTER RECOVERY EVENT
Total Risk Score:
M
Description and potential impact
A significant IT outage or IT Disaster Recovery event that results in significant downtime of the business,
resulting in reputational damage, lost business and lost employee hours.
Mitigation
Preventative controls, including back-up and recovery procedures, are in place for key IT systems.
Changes to Speedy Hire’s systems are considered as part of wider change management programmes and
implemented in phases wherever possible. Core controls are built into new systems, and they are linked into
the recovery processes when rolled out.
Speedy Hire has critical incident plans in place for all its sites. Insurance cover is reviewed at regular
intervals to ensure appropriate coverage in the event of a business continuity issue.
Speedy Hire has a documented plan to establish a crisis management team when events occur that interrupt
business. This includes detailed plans for all critical trading sites and Head Office support. These plans are
regularly tested by management and any advisory actions raised are implemented on a timely basis.
Key actions undertaken in FY2026
h An annual IT Disaster Recovery test is undertaken to check resilience.
Controllable risks
5
FUNDING ARRANGEMENTS
Total Risk Score:
M
Description and potential impact
Funding agreement requirements are not maintained or met leading to the withdrawal of additional funding
and the potential requirement for early repayment, which could result in the Company not being able to
continue as a going concern and impact reputation and shareholder perception.
Mitigation
The Board has an established Treasury Policy regarding the nature, amount and maturity of committed
funding facilities that should be in place to support Speedy Hire’s activities.
The Group has a defined capital allocation policy. This ensures that Speedy Hire’s capital requirements,
forecast, actual financial performance, and potential sources of finance are reviewed at Board level on a
regular basis in order that its requirements can be managed within appropriate levels of spare capacity.
Forward compliance with financial covenants is reviewed and monitored by the Audit & Risk Committee and
the Board. Covenant compliance is formally reported to the lender group on a quarterly basis according to
the financing arrangements.
Key actions undertaken in FY2026
h Prior to the year end, the Group agreed a temporary amendment to the financial covenants to maintain
sufficient headroom following the strategic Pro-Service Transaction whilst the Group goes through the
process of meaningful deleveraging during FY2027.
Speedy Hire Plc Annual Report and Accounts 2026
63
STRATEGIC REVIEW
SPEEDY HIRE RISK MANAGEMENT CONTINUED
PRINCIPAL RISKS, THEIR IMPACT AND MITIGATION
Controllable risks
8
LOSS OF A KEY CONTRACT
Total Risk Score:
M
Description and potential impact
Loss of a key customer or key supplier relationship due to breach of terms, breakdown of relationship or the
business leaving the market, resulting in loss of future sales, a gap in supply and/or financial losses, which
could affect our financial results and investor confidence.
Mitigation
Speedy Hire mitigates the risk of losing a key customer or supplier through the national sales and
procurement teams, monitoring of compliance with terms, and proactive management of performance and
service issues. It monitors contractual performance at various levels within the organisation, identifying high-
risk contracts for special attention and implementing remediation plans when performance falls short.
Speedy Hire maintains strong relationships with its key suppliers and continuously works with them to agree
mutually beneficial contracts, conduct due diligence in line with its commitment to responsible sourcing, and
ensures a continuous supply of quality goods and materials.
Customer and supplier concentration is monitored, with actions taken to diversify the portfolio where
feasible. Contingency plans, including the identification of alternative suppliers and commercial mitigation
actions, are maintained to reduce disruption to supply, revenue and financial performance.
Key actions undertaken in FY2026
h Contract management processes enhanced.
h Key supplier management in place.
h Identification of alternative suppliers undertaken.
Controllable risks
7
LOSS OF A MAJOR SPEEDY HIRE SITE
Total Risk Score:
M
Description and potential impact
A major site (e.g. RSC+ or NSC) is not operational for a significant period, resulting in loss of revenue,
equipment and/or reputation.
Mitigation
Speedy Hire recognises the importance of robust operational resilience capabilities and has established
Business Continuity Plans (‘BCP’) and processes, which have been tested and are reviewed on an ongoing
basis. For key operational sites, business impact assessments are undertaken and have been completed on
NSCs, our Head Offices and other significant locations.
To assess our resilience, incident scenario testing has been undertaken with third parties to ascertain
readiness and the robust nature of our plans. The findings of these reviews have been used to further
develop our response plans.
A crisis management team is in place with testing of crisis management response reviewed through real life
events usually fire, flooding or road traffic incidents.
Key actions undertaken in FY2026
h Further testing and enhancements made to business impact assessments include other localised
emergency scenarios to ensure location readiness.
h BCP processes have been externally validated and assessed as controlled.
Speedy Hire Plc Annual Report and Accounts 2026
64
Controllable risks
9
TRANSFORMATION BENEFITS DELIVERED ARE NOT SUFFICIENT
TO MEET VELOCITY’S GOALS
Total Risk Score:
M
Description and potential impact
Transformation projects do not deliver the level of cost saving and benefit expected by the business to
achieve the Velocity Strategy, resulting in a fall in share price and loss of expected benefit and outlay by
the business.
Mitigation
A business plan for the transformation programme has been completed and approved by the Board. Each
pillar of the transformation plan has an Executive Team sponsor and ongoing monitoring of activity and
progress. KPI tracking is in place for each initiative.
Financial business cases are done at programme level and individual project level. These are updated
monthly to track cost and benefit realisation. Progress updates and material issues are reported to the
Executive Team monthly.
Fortnightly ‘pulse’ meetings are held with the Chief Executive and Chief Financial Officer to identify areas of
concern and enable action to be taken to address those.
Key actions undertaken in FY2026
h A new corporate website has been designed and introduced.
h OpenFleet, a new logistics management system aimed at optimising transport routes using live data,
has been rolled out.
h A new CRM system has been rolled out.
h A new telephony system has been rolled out.
h Mobile tablets and an app have been rolled out across operations and engineering.
Controllable risks
10
CLIMATE CHANGE
Total Risk Score:
M
Description and potential impact
Climate-related risks may materialise and cause a wide range of adverse impacts to Speedy Hire over the
short, medium and long-term. The severity of any impact would vary depending on the climate scenario and
a range of local and macro factors.
Mitigation
Speedy Hire mitigates climate related risks through strong governance, targeted investment and transparent
reporting. Material climate responsibilities and challenges are regularly assessed, with oversight from the
Board and mitigation actions cascaded through the ESG Business Partners and ESG Committee, supported
by technical expertise from the Head of Sustainability & Governance and the Head of Net Zero.
Compliance is reinforced through ESG policies and procedures, with updates on emerging legislation shared
via the Group’s training system, People Fluent. Scope 1, 2 and 3 emissions are monitored monthly and
reported annually in line with ISO 14064 1, supported by external verification.
Investment decisions emphasise low carbon innovation, fuel efficiency and fleet decarbonisation, working
closely with suppliers to adopt emerging technologies. Looking ahead, Speedy Hire will launch its Climate
Transition Plan in FY2027, setting out a structured pathway that builds on its existing Taskforce for Climate
Related Financial Disclosures (‘TCFD’) reporting and aligns with upcoming Sustainability Reporting
Standards (‘SRS’). Speedy Hire continues to disclose material climate related risks and opportunities
annually through its TCFD statement within the Annual Report, supporting transparency and reinforcing its
commitment to long term climate resilience.
Key actions undertaken in FY2026
h Governance Arrangements for ESG have been established with regular ESG Committee meetings held
during the year.
h Additional processes and controls have been put in place to ensure our Scope 1, 2 and 3 emissions data
is accurately reported including an internal data governance framework.
h Sustainability workshops have been held to further knowledge and understating across Speedy Hire.
h A Climate Transition Plan has been drafted.
h The TCFD model has been expanded to include physical risk modelling and inclusion of tools within the
asset climate model.
Speedy Hire Plc Annual Report and Accounts 2026
65
STRATEGIC REVIEW
SPEEDY HIRE RISK MANAGEMENT CONTINUED
PRINCIPAL RISKS, THEIR IMPACT AND MITIGATION
Uncontrollable risks
3
MARKET AND ECONOMIC CONDITIONS
Total Risk Score:
M
Description and potential impact
Serious downturn in economic and market conditions significantly impacts the volume of sales, ongoing
business and orders resulting in a contraction of the market and lower revenues.
Mitigation
Speedy Hire monitors changes in economic and market conditions through the ongoing analysis of private
and public sector spending, customer demand and market trends; this includes considering the wider
macroeconomic environment and geopolitical conflicts. Insight from this analysis is embedded within
the Group’s commercial and performance governance framework, and informs financial and operational
budgeting, forecasting and investment decisions.
Defined management review forums use scenario and sensitivity analysis to assess the potential impact
of adverse market conditions and to support timely decision making, including pricing discipline, margin
management, cost control and the prioritisation of capital and transformation investment.
The Group’s strategy focuses on maintaining a differentiated proposition across its chosen markets and
managing customer and sector exposure to support resilience. The Board provides oversight of strategic
alignment, resource allocation and risk response, whilst management takes decisive action, where required,
to mitigate the impact of market volatility and ensuring continued investment in strategic priorities.
Uncontrollable risks
6
GOVERNMENT POLICY
Total Risk Score:
M
Description and potential impact
Changes in government policy negatively impact Speedy Hire’s business, personnel and operations,
resulting in lost revenue, increased costs and reduced margins. This includes the future of major government
schemes, e.g. HS2, which could impact the confidence of investors and shareholders and may result in
Speedy Hire not achieving growth targets, aspects of the Velocity strategy not being fulfilled and reductions
in share price.
Mitigation
Speedy Hire monitors and assesses changes in Government policy and public sector spending as part of
its ongoing market and insight analysis. The potential impact of policy changes is evaluated through the
Group’s financial and operational budgeting and forecasting processes, including scenario analysis where
appropriate.
Relevant risks and impacts are reviewed through established commercial and insight governance forums,
with escalation to senior management where required. Mitigating actions, including pricing, cost control,
sector focus and capital allocation decisions, are implemented to manage financial exposure and protect
margins.
Speedy Hire Plc Annual Report and Accounts 2026
66
The Group operates an annual planning process,
which includes a multi-year strategic plan and a
one-year financial budget. These plans, and risks
to their achievement, are reviewed by the Board
as part of its strategy review and budget approval
processes. The Board has evaluated the Group’s
current position and outlook and has considered
the impact of the principal risks to the Group’s
business model, performance, solvency and
liquidity, as set out above.
The Directors have determined that three years
is an appropriate period over which to assess the
Viability Statement. Whilst the strategic plan is
based on detailed action plans developed by the
Group with specific initiatives and accountabilities,
there is inherently less certainty in the projections
beyond year three in the plan. The Group’s
financing facilities of £225m are represented by a
£150m revolving credit facility (‘RCF’) and a £75m
private placement term loan. The RCF is in place
through to April 2028, with uncommitted extension
options for a further two years, and the private
placement term loan is in place through to April
2032. The strategic plan assumes the facilities will
be extended to cover the viability period and to
meet the Group’s investment strategies, taking into
account the Group’s established and constructive
relationships with its lenders, including the
covenant amendments agreed during FY2026.
In making this statement, the Directors have
considered the resilience of the Group, its current
position, the principal risks facing the business
in distressed but reasonable scenarios, and the
effectiveness of any mitigating actions. Scenario
analysis has been performed, which considers
a manifestation of the principal risks that could
directly impact the Group’s trading performance,
including, but not limited to, market and
economic conditions and Velocity not delivering
expected benefits.
The analysis assumes reduced levels of revenue
and a broadly stable cost base, with limited
mitigating actions. Under both the base case and
the downside scenarios, the Group maintains
compliance with its financial covenants and has
sufficient liquidity throughout the assessment
period.
Notwithstanding the results of the severe but
plausible downside scenarios, the Group’s
forecasts remain sensitive to trading performance.
A more significant deterioration in market and
economic conditions than those modelled,
including sustained underperformance of the
business, or the loss or material reduction of a
key customer contract, could adversely impact
the Group’s financial performance and reduce
covenant headroom or result in a breach of
covenant limits.
The severe but plausible downside scenario
indicates more limited headroom against the
Group’s leverage covenant at the June 2026 and
September 2026 test dates. While the Directors
have identified actions available to management
which could support covenant compliance,
the headroom in these periods is sensitive to
changes in trading performance.
The downside modelling incorporates reductions
in revenue and profitability consistent with a
material under-performance of the FY2027
budget and assumes limited mitigating actions,
continuing into future years. In addition, the
Directors have considered a range of mitigating
actions that are within management’s control
and could be implemented should trading
performance deteriorate. These include the
deferral or reduction of capital expenditure,
active management of working capital, and
reductions in discretionary expenditure and
deferment of shareholder distributions.
Having considered the likelihood and potential
impact of these risks, together with the availability
of mitigating actions and funding arrangements,
the Directors note that while covenant
compliance is maintained in the base case and
severe but plausible downside scenarios, there
remains a risk that a more significant deterioration
in trading performance could result in a breach of
the Group’s financial covenants. These conditions
indicate the existence of a material uncertainty
that may cast significant doubt on the Group’s
ability to continue as a going concern, specifically
in relation to the risk of a breach of financial
covenants under the Group’s banking facilities.
Notwithstanding the material uncertainty
described above, the Directors have a reasonable
expectation that the Company will be able to
continue in operation and meet its liabilities as
they fall due over the period to March 2029.
The going concern statement and further
information can be found in note 1 of the Financial
Statements.
The Strategic Report on pages 1 to 67 were
approved by the Board of Directors on
16 June 2026 and signed on its behalf by:
DAN EVANS
Director
VIABILITY STATEMENT
Speedy Hire Plc Annual Report and Accounts 2026
67
STRATEGIC REVIEW
S
N
A
N
S
A
N
R
A
N
R
R
S
Appointment to the Board
Appointed to the Board as Chief Financial Officer
on 1 July 2023.
Experience
On 1 July 2023, Paul was appointed to the Plc
Board as Chief Financial Officer having previously
been the Interim from November 2022. Paul is a
Fellow of The Institute of Chartered Accountants
and Fellow of the Institute of Directors. He has
over 25 years’ experience in senior financial roles,
including interim and permanent roles, respectively,
on the main boards of FTSE-listed companies,
Avon Protection Plc and Chemring Group Plc.
Skills brought to the Board
Financial management; business development;
M&A; and leading high-quality finance teams.
Appointment to the Board and Committee
memberships
Appointed to the Board on 1 June 2019 as
Non-Executive Director. Rhian is Chair of the
Sustainability Committee and a member of the
Audit & Risk and Nomination Committees, and has
previously been a member of the Remuneration
Committee.
Rhian is currently Chief Commercial and
Sustainability Officer at J Sainsbury Plc, having
previously held the position of Director of Fresh
Food. Prior to joining Sainsbury’s, she worked at
Screwfix Direct, a Kingfisher Plc Group company,
as Customer and Digital Director having previously
held the position of Commercial Director.
Skills brought to the Board
Commercial knowledge; digital trading; and
sustainability.
Appointment to the Board and Committee
memberships
Appointed to the Board as Chief Executive on
1 October 2022. Dan is also a member of the
Sustainability Committee.
Experience
Dan joined Speedy Hire in December 2008 and
has developed through the business undertaking
a variety of roles, including Regional Director,
Contracts Director and Managing Director UK and
Ireland, before his appointment as Chief Operating
Officer in November 2019. Dan is also a Board
member of the Supply Chain Sustainability School.
Skills brought to the Board
Operational performance; strategy; leadership
and management; business development; and
sustainability.
Appointment to the Board and Committee
memberships
Appointed to the Board as Non-Executive
Chairman on 1 October 2018. Prior to this
appointment, David was a Non-Executive Director
from 9 September 2016. He is also Chairman of the
Nomination Committee and has previously been a
member of each of the Audit & Risk, Nomination
and Remuneration Committees.
Experience
David is a commercially focused and experienced
Chairman, corporate financier and turnaround
specialist with experience in public and private
companies both in the UK and internationally.
His portfolio career over the last 20 years has
covered a broad range of industries and has
included acting in Executive Chair roles. David was
most recently the Executive Chairman of Esken
Limited until it was placed in administration as
part of the restructuring of that business, and the
founder Chairman of Amber River Group, stepping
down in 2024. He has led a number of successful
turnaround and restructuring projects in both the
public and private arenas in addition to holding
pro bono roles. In his previous career, David was
a senior corporate finance partner and a UK
Executive Board member of Deloitte LLP.
Skills brought to the Board
Experienced Chairman; strategic advisor;
operational management; governance; private
equity; and M&A.
PAUL RAYNER
Chief Financial Officer
RHIAN BARTLETT
Senior Independent
Director
DAN EVANS
Chief Executive
DAVID SHEARER
Non-Executive
Chairman
BOARD OF DIRECTORS
Speedy Hire Plc Annual Report and Accounts 2026
68
S
N
A
N
S
A
N
R
A
N
R
R
S
Appointment to the Board and Committee
memberships
Appointed to the Board in June 2017 as Non-
Executive Director. David is a member of the
Nomination, Remuneration and Audit & Risk
Committees.
Experience
David is a Director of several private companies.
David has a broad range of industrial experience
and was previously Chief Executive of TDG Plc
(now TDG Limited), a European contract logistics
and supply chain management business, an
Executive Director of Associated British Foods
Plc and has held a variety of management roles at
United Biscuits.
He was also the Senior Independent Director at
John Menzies Plc, St Modwen Properties Plc and
Phoenix IT Plc, and a Non-Executive Director at
Kewill Plc, Victoria Plc and Troy Income & Growth
Trust Plc.
Skills brought to the Board
Business advisor; leadership and coaching;
growth strategy development and execution; and
performance improvement.
Appointment to the Board and Committee
memberships
Appointed to the Board on 1 February 2021 as
Non-Executive Director. Shatish is Chairman of
the Audit & Risk Committee and a member of the
Nomination and Remuneration Committees.
Experience
Shatish is currently Senior Independent Director
and Audit Committee Chairman of Renew
Holdings Plc and a Non-Executive Director and
Audit Committee Chairman of SIG plc and Genuit
Group Plc. He is also a Trustee and Chairman of
UNICEF UK, the children’s charity. Shatish has
over 25 years’ experience in senior public company
finance roles across various sectors, including
building materials, general industrial and business
services. He was Chief Financial Officer of Forterra
Plc from 2015 to 2019, during which the company
successfully listed on the Main Market in London.
Prior to this, he was CFO at TT Electronics Plc and
has also been alternate Non-Executive Director of
Camelot Group Plc and Public Member at Network
Rail Plc. Shatish is a Fellow of the Institute of
Chartered Accountants in England and Wales, and
has extensive international experience, including as
regional CFO based in South America.
Skills brought to the Board
Financial management; corporate finance; M&A;
performance improvement; strategy development;
international; and construction sector knowledge.
Appointment to the Board and Committee
memberships
Appointed to the Board on 1 June 2021 as
Non-Executive Director. Carol is Chair of the
Remuneration Committee and a member of
the Sustainability Committee. Carol is also the
designated Non-Executive Director for employee
engagement.
Experience
Carol has over 20 years’ experience working in
senior public company human resource roles
across the construction and retail sectors,
including as Group HR Director for Travis Perkins
Plc from 2007 to 2020. At Travis Perkins, Carol’s
responsibilities extended across all the Group’s ten
businesses at that time, including Travis Perkins
and Toolhire, and the Wickes and Toolstation
brands. She was Executive Chair for the Tile
Giant business unit from 2018. Her Non-Executive
Director experience began in the Financial Services
sector with Leeds Building Society, where she
was a member of the Remuneration Committee.
Other previous Non-Executive Director experience
includes Verona Stone, a tile procurement and
supply business and ScS Group Plc, where Carol
was also Chair of the Remuneration Committee.
She recently joined Stark Group in an organisation
change and transformation role to support the
turnaround of their UK merchant businesses
acquired by CVC from St Gobain in 2023.
Skills brought to the Board
Human resources; remuneration and reward
expertise; talent and succession planning;
organisation change and transformation; and
construction sector knowledge and experience.
DAVID GARMAN
Independent Non-
Executive Director
SHATISH DASANI
Independent Non-
Executive Director
CAROL KAVANAGH
Independent Non-
Executive Director
A
Audit & Risk Committee
N
Nomination Committee
R
Remuneration Committee
S
Sustainability Committee
Chair
Speedy Hire Plc
Annual Report and Accounts 2026
69
GOVERNANCE
CHAIRMAN’S LETTER
TO SHAREHOLDERS
The Board continues to uphold a high standard
of corporate governance and, in the following
pages of the Governance Report, we detail
and I am pleased to confirm the Company’s full
compliance with, the provisions set out in the UK
Corporate Governance Code 2024 (‘Code’) which
the Company is now reporting against. The Audit
& Risk Committee has overseen the Company
making the changes necessary to comply with
Provision 29 of the Code and report against that
next year, further details are on page 79.
Board succession has remained a focus area
during the year amongst both Executive and
Non-Executive Director positions. Paul Rayner
indicated he was considering retiring as Chief
Financial Officer by the end of 2026. The
recruitment process for a successor, led by
the Nomination Committee, concluded more
quickly than anticipated, and I was pleased to
announce Judith Cottrell’s appointment as Chief
Financial Officer and to the Board with effect from
1 July 2026. Paul will step down from the Board
on that date and I would like to thank him for his
significant contribution to the business.
I reported last year, that as Rob Barclay had
come to the end of the usual term of office for
Non-Executive Director he would step down from
the Board at the 2025 Annual General Meeting
(‘AGM’). It had been decided to maintain a smaller
Board, and a replacement was not recruited
for Rob. With David Garman similarly stepping
down from the Board at the 2026 AGM, a
recruitment process to appoint his successor has
commenced and is at an advanced stage. These
changes necessitated a review of staffing of
Board Committees and Non-Executive Directors’
responsibilities during the year, and details of the
changes made are on pages 82 to 83. I would
also like to thank David for his commitment
and contribution across the various Board and
Committee positions he has held over the years.
In view of the above, I am pleased to report
that, with effect from 1 July 2026, the Company
will have met its objective to fully comply with
the Listing Rules in the area of gender diversity,
and maintaining diversity on the Board will
continue to be a consideration of the Nomination
Committee in all recruitment processes.
The Board and Board Committee evaluations
were again undertaken internally and led by
David Garman. I was pleased the overall findings
continue to indicate that the Board and its
Committees remain effective and work well
together. The process followed and outcomes are
reported on pages 74 to 75.
In accordance with the Corporate Governance
Code and the Company’s Articles of Association,
all Directors serving at the time of the Annual
General Meeting will submit themselves for
election or re-election, with the exception of
David Garman as noted above.
The Annual General Meeting will be held at the
offices of Addleshaw Goddard LLP, 41 Lothbury,
London EC2R 7HG on 10 September 2026 at
2:00pm and I would like to invite our shareholders
to attend.
DAVID SHEARER
Chairman
DEAR SHAREHOLDER,
On behalf of the Board, I am pleased to present the
Governance Report for FY2026. This section of the Annual
Report highlights the Company’s corporate governance
processes (alongside the work of the Board and
Board Committees).
70
Speedy Hire Plc Annual Report and Accounts 2026
CORPORATE GOVERNANCE
Governance progress
During the year, the Company continued to
build upon its governance practices, in light of
the UK Corporate Governance Code 2024, and
taking into account relevant actions from the
internal Board evaluation in FY2026, to ensure
they remain in line with developing best practice
and are suitable for a company of its size. Board
succession remained a focus area and with the
changes announced in Board membership and
Director responsibilities in FY2026 the Board
is pleased that with effect from 1 July 2026
its objective to fully comply with the Listing
Rules in respect of gender diversity will be fully
met. Preparations have continued to meet the
enhanced reporting requirements under Provision
29 of the Code, which the Company will report
against for FY2027. The Audit & Risk Committee is
overseeing the development and enhancement of
the Group’s internal control framework to ensure
that the necessary assurance can be reported.
UK Corporate Governance Code
compliance
The Board is committed to maintaining high
standards of corporate governance. The Board
first reported its compliance with the Combined
Code in 2004. Since then, other than as explained
in previous Annual Reports and Accounts, it
has complied in full with the Combined Code
Board and Committee attendance at scheduled meetings
Board (8)
Audit & Risk
Committee (4)
Nomination
Committee (2)
Remuneration
Committee (4)
Sustainability
Committee (3)
Executive Directors
Dan Evans 8/8 0/0 0/0 0/0 3/3
Paul Rayner 8/8 0/0 0/0 0/0 0/0
Non-Executive Directors
David Shearer 8/8 0/0 2/2 0/0 0/0
David Garman 8/8 2/2
1
2/2 4/4 0/0
Rhian Bartlett 8/8 4/4 2/2 0/0 3/3
Shatish Dasani 8/8 4/4 2/2 2/2
2
0/0
Carol Kavanagh 8/8 0/0 0/0 4/4 1/1
3
Former Non-
Executive Director
Rob Barclay
4
4/4 2/2 0/0 2/2 2/2
1
David Garman joined the Audit & Risk Committee on 4 September 2025
2
Shatish Dasani joined the Remuneration Committee on 4 September 2025
3
Carol Kavanagh joined the Sustainability Committee on 4 September 2025
4
Rob Barclay stepped down from the Board on 4 September 2025.
The Board has approved a schedule of matters reserved for decision by it. That schedule is available for
inspection at the Company’s registered office and on the Company’s website. The matters reserved for
decision by the Board can be subdivided into a number of key areas, including, but not limited to:
h financial reporting (including the approval of interim and final Financial Statements, financial
updates and dividends);
h approving the form and content of the Group’s Annual Report and Financial Statements (following
appropriate recommendations from the Audit & Risk Committee) to ensure that it is fair, balanced
and understandable overall and provides the information necessary for shareholders to assess the
Company’s position and performance, business model and strategy;
h the Group’s finance, banking and capital structure arrangements;
h the Group’s strategy and key transactions (including major acquisitions and disposals);
h Stock Exchange/Listing Authority matters (including the issue of shares, the approval of circulars
and communications to the market);
h approval of the policies and framework in relation to remuneration across the Group (following
appropriate recommendations from the Remuneration Committee);
h oversight of the Group’s risk appetite, risk acceptance and programmes for risk mitigation;
h approval of the Group’s risk management and internal control processes (following appropriate
recommendations from the Audit & Risk Committee);
(now the UK Corporate Governance Code 2024
(‘the Code’)) and has continued to develop its
approach to corporate governance and the
effective management of risk in the context of
an evolving business. This year, the Company is
reporting against the Code. A copy of the Code is
available to view on the website of the Financial
Reporting Council at www.frc.org.uk. Throughout
the year ended 31 March 2026, the Company has
been in full compliance with the provisions set out
in the Code.
Directors
The Board
The Board comprises a Non-Executive Chairman,
two Executive Directors and four independent
Non-Executive Directors. In the year ended
31 March 2026, the Board met eight times across
the annual scheduled programme. The Board
also meets as required on an ad hoc basis to deal
with urgent business, including the consideration
and approval of matters that are reserved to
the Board. The table below lists the current and
former Directors’ attendance at the scheduled
Board meetings and Committee meetings during
the year ended 31 March 2026.
Directors who are not a member of a Board
Committee may attend meetings at the invitation
of the relevant Committee Chair.
Speedy Hire Plc
Annual Report and Accounts 2026
71
GOVERNANCE
CORPORATE GOVERNANCE CONTINUED
h approving the Company’s annual Viability
Statement;
h the constitution of the Board itself,
including its various Committees, and
succession planning (following appropriate
recommendations from the Nomination
Committee); and
h approving the Group’s policies in relation
to, inter alia, the Group’s Code of Conduct
and whistleblowing procedure, the Bribery
Act, the environment, health and safety and
corporate responsibility.
Matters requiring Board or Committee approval
are generally the subject of a proposal by
the Executive Directors, which is formally
submitted to the Board, together with supporting
information, as part of the Board or Committee
papers made available prior to the relevant
meeting. Where practicable, papers are generally
made available via an electronic platform at least
five days in advance of such meetings, to allow
proper time for review and ensure the best use of
the Directors’ time. The implementation of matters
approved by the Board, particularly in relation
to matters such as significant acquisitions or
other material projects, sometimes includes the
establishment of a sub-committee, including at
least one Non-Executive Director, where relevant.
Chairman and Chief Executive
The posts of Chairman and Chief Executive are
held by David Shearer and Dan Evans, respectively.
A statement as to the division of the
responsibilities between the Chairman and Chief
Executive is available on the Company’s website.
The Board considered that the Chairman, on his
appointment, met the independence criteria set
out in Provision 10 of the Code. The Board has an
established policy that the Chief Executive should
not go on to become Chairman.
Board balance and independence
The Board currently comprises the Chairman,
two Executive Directors and four independent
Non-Executive Directors: Rhian Bartlett, Shatish
Dasani, David Garman and Carol Kavanagh. The
four Non-Executive Directors bring a strong and
independent non-executive element to the Board.
The Senior Independent Director is Rhian Bartlett.
The number and respective experience of the
independent Non-Executive Directors, details
of which are set out on pages 68 to 69, clearly
indicates that their views carry appropriate weight
in the Board’s decisions. The Board considers
that each of Rhian Bartlett, Shatish Dasani, David
Garman and Carol Kavanagh are independent on
the basis of the criteria specified in Provision 10 of
the Code and are free from any business, or other,
relationship which could materially interfere with
the exercise of their independent judgement.
Board Committees
The Audit & Risk Committee is chaired by Shatish
Dasani. Its other members are Rhian Bartlett and
David Garman. Details of its activities during the
year are detailed in the Audit & Risk Committee
Report on pages 77 to 81.
The Remuneration Committee is chaired by Carol
Kavanagh. The other members are David Garman
and Shatish Dasani. The Committee Chair’s
Statement, Directors’ Remuneration Policy and
Directors’ Remuneration Report are on pages 84
to 104.
The Nomination Committee is chaired by
David Shearer. The other members are Rhian
Bartlett, Shatish Dasani and David Garman. The
Committee, therefore, satisfies the requirement
of Provision 17 of the Code that a majority of its
members are to be independent Non-Executive
Directors. The report on the activities of the
Committee is contained on pages 82 to 83.
The Sustainability Committee is chaired by Rhian
Bartlett. The other members are Carol Kavanagh
and Dan Evans. A report of the Committee’s
activities is contained on page 105.
The Chairman and other Non-Executive Directors
meet at least twice a year without the Executive
Directors present. In addition, the Chairman
regularly briefs the other Non-Executive Directors
on relevant developments regarding the
Company as necessary. The Senior Independent
Director and the other Non-Executive Directors
meet at least twice a year without the Chairman
present and undertake an annual appraisal of
the Chairman’s performance as part of the Board
annual appraisal process.
The minutes of all meetings of the Board and
each Committee are taken by the Company
Secretary or Assistant Company Secretary. In
addition to constituting a record of decisions
taken, the minutes reflect questions raised by the
Directors relating to the Company’s businesses
and, in particular, issues raised from the reports
included in the Board or Committee papers
circulated prior to the relevant meeting. Any
unresolved concerns are recorded in the minutes.
On resignation, written concerns (if any) provided
by an outgoing Non-Executive Director are
circulated by the Chairman to the remaining
members of the Board.
Appropriate Directors’ and Officers’ insurance
cover is arranged and maintained via the
Company’s insurance brokers, Marsh Ltd, and is
reviewed annually.
The Companies Act 2006 allows non-conflicted
directors of public companies to authorise a
situation in which a director has, or could have,
a direct or indirect interest that conflicts, or
possibly may conflict, with the interests of the
company, where the Articles of Association
contain a provision to that effect. The Company’s
Articles of Association give the Board authority
to authorise matters which may otherwise result
in the Directors breaching their duty to avoid a
conflict of interest. Directors who have an interest
in matters under discussion at a Board meeting
must declare that interest and abstain from voting.
Only Directors who have no interest in the matter
being considered are able to approve a conflict of
interest and, in taking that decision, the Directors
must act in a way they consider, in good faith,
would be most likely to promote the success of the
Company. The Directors are able to impose limits
or conditions when giving authorisation if they
feel this is appropriate. Any conflicts considered
by the Board and any authorisations given are
recorded in the Board minutes and in the register
of conflicts, which is reviewed annually by the
Board. The Board considers that its procedures to
approve conflicts of interest and potential conflicts
of interest are operating effectively.
The Board is both balanced and diverse in
respect of its experience and skills. The Board
remains committed to maintaining and building
on matters relating to diversity, equity and
inclusion, and encouraging that within senior
management levels as recruitment opportunities
arise. Any succession planning for the Board
recognises this and matters relating to diversity,
equity and inclusion, in all its aspects, is
considered in the shortlisting of candidates.
Appointments to the Board
The Board has established a Nomination
Committee. The terms of reference of the
Nomination Committee are published on the
Company’s website. The Committee meets
formally as necessary, but at least twice a year.
Its activities are set out in more detail in the
Nomination Committee Report on pages 82 to
83. The principal functions of the Nomination
Speedy Hire Plc
Annual Report and Accounts 2026
72
Committee are to consider and review the
structure and composition of the Board and
membership of Board Committees. It also
considers candidates for Board nomination,
including job description, election and re-election
to the Board for those candidates standing for
election or annual re-election at the Annual
General Meeting and succession planning
generally.
A specification for the role of Chairman, including
anticipated time commitment, is included as
part of the written statement of division of
responsibilities between the Chairman and Chief
Executive. Details of the Chairman’s other material
commitments are set out on page 68 having been
disclosed to the Board in advance and included
in a register of the same maintained by the
Company Secretary.
The terms and conditions of appointment of
all the Non-Executive Directors, and those of
the Chairman, are available for inspection at
the Company’s registered office during normal
business hours. Each letter of appointment
specifies the anticipated level of time commitment
including, where relevant, additional responsibilities
derived from involvement with the Audit & Risk,
Remuneration, Nomination or Sustainability
Committees. Details of other material commitments
are disclosed to the Board and a register of the
same is maintained by the Company Secretary.
No Director is a Non-Executive Director or Chair
of a FTSE 100 company.
Diversity, equity, and inclusion
The value of diversity, equity and inclusion (‘DEI’)
in the way we operate is strongly recognised and
encouraged in the composition and culture of the
Board, Board Committees, senior management
and the wider workforce.
Underpinning the importance of DEI, we are
pleased to report that, as at 31 March 2026, our
seven-member Board includes two women
and a Board member from a minority ethnic
background, the latter complying with the Listing
Rules and Parker Review recommendation.
As reported earlier, Judith Cottrell will replace
Paul Rayner as Chief Financial Officer on
1 July 2026 and David Garman is stepping down
from the Board after the 2026 AGM. These
events will improve the gender diversity of the
Board generally and amongst the senior Board
positions
1
, enabling the Company to fully meet
the Listing Rule requirements in respect of
gender diversity. For further information regarding
Board succession, please see the Nomination
Committee Report on pages 82 to 83.
The challenges to increasing diversity from the
under-representation of women, as well as those
from a minority ethnic background, within the
construction industry, are acknowledged and the
Company will continue to work hard to overcome
these and seek to increase diversity across all
areas of our business, from future recruitment
opportunities when they arise as detailed below.
When recruitment opportunities arise on the
Board and its Committees, the recruitment
process and Recruitment, Selection and Equal
Opportunities Policy will be followed. The
Board will always prioritise appointing the best
candidate, ensuring that the Board and its
Committees have a sufficient range of experience
and expertise, to maximise Board effectiveness,
whilst, at all times, considering the maintenance
of the targets detailed within the Listing Rules
and Disclosure Guidance and Transparency Rules
regarding gender, gender identity and minority
ethnic background representation. The Board
also recognises that diversity can take many
forms, including gender, ethnic and social background, as well as personal, behavioural and cognitive
strengths; accordingly, the Board understands and appreciates that diversity at Board and Committee
level and throughout the Company is a valuable strength.
1
Chair, CEO, Senior Independent Director (‘SID’) or CFO.
Numerical data disclosure obligations as at 31 March 2026:
Gender identity/sex
Number of Board
members
Percentage of the
Board
Number of senior
positions on the
Board (CEO, CFO,
SID and Chair)
Number in
Executive
management
1
Percentage
of Executive
management
1
Men 5 71.4% 3 6 85.7%
Women 2 28.6% 1 1 14.3%
Not specified – – – – –
1
Reference to ‘Executive management’ is to the Company’s Executive Team.
Ethnic background
Number of Board
members
Percentage of the
Board
Number of senior
positions on the
Board (CEO, CFO,
SID and Chair)
Number in
Executive
management
1
Percentage
of Executive
management
1
White British or other
White (including
minority white groups) 6 85.7% 4 7 100.0%
Mixed/Multiple
Ethnic Groups – – – – –
Asian/Asian British 1 14.3% – - -
Black/African/
Caribbean/ Black
British – – – – –
Other ethnic group,
including Arab – – – – –
Not specified/prefer
not to say – – – – –
1
Reference to ‘Executive management’ is to the Company’s Executive Team.
The approach to collecting the data used for the purposes of making the disclosures detailed above
consisted of each Board and Executive Team member anonymously self-reporting their gender/gender
identity and their ethnic diversity as at 31 March 2026. The results are based on a 100% return rate.
Speedy Hire Plc
Annual Report and Accounts 2026
73
GOVERNANCE
CORPORATE GOVERNANCE CONTINUED
As reported above, with effect from the 1 July 2026, gender diversity at Board level will increase as follows:
Gender identity/sex
Number of Board
members
Percentage of the
Board
Number of senior
positions on the
Board (CEO, CFO,
SID and Chair)
Men 4 57.1% 2
Women 3 42.9% 2
Not specified – – –
Speedy Hire’s DEI position
A benchmark review of Speedy Hire’s DEI position was undertaken against a recent diversity survey
completed by the Supply Chain Sustainability School (the Diversity Survey)
2
which included input from
over 275 companies and 466,910 employees within the construction sector.
Female
gender
Diverse
ethnicity Disability LGBTQIA+ Age 16–25 Age 50–65
Speedy Hire
1
21.02% 7.02% 3.27% 6.39% 10.65% 35.63%
Diversity Survey
2
23.4% 13.9% 3.0% 2.0% 7.3% 28.7%
1
Figures taken from Speedy Hire’s internal DEI report as at 31 March 2026. A reduction in the female gender
% compared to FY2025 is attributed to the transfer of the Customer Solutions team to ProService under the
Commercial Agreement in November 2025, where the majority of employees were female.
2
Supply Chain Sustainability School’s survey relating to Equality, Diversity & Inclusion, collected data as of
1 January 2025.
Speedy Hire’s DEI strategy
The overriding objective of Speedy Hire’s DEI Policy is to ensure that the Board, its Committees and
Executive Team comprise outstanding individuals who can lead the business effectively in a manner
aligned to Speedy Hire’s vision, mission and values. Candidates are recruited regardless of age, gender,
ethnicity, sexual orientation, disability or educational, professional and socioeconomic backgrounds;
however, the Board will, at all times, consider, on such appointments, maintaining the targets detailed
within the Listing Rules and Disclosure Guidance and Transparency Rules regarding gender/gender
identity and minority ethnic background representation.
The Board appreciates and is committed to ensuring that it delivers on Speedy Hire’s DEI strategy,
including increasing female and ethnic representation where appropriate. The Board regularly reviews
progress under Speedy Hire’s DEI strategy and the underlying work and achievement to improve its DEI
position and provide the basis for further progress.
Information and professional
development
Before each scheduled Board meeting, all
Directors receive reports from the Chief
Executive and Chief Financial Officer on results,
key issues and strategy. Additionally, these
reports (and, where relevant, additional reports
from Senior Executives) address key matters
concerning the Company’s strategy, customers,
suppliers, investors, employees, regulators and
the environment. During Board meetings, the
Non-Executive Directors regularly make further
enquiries of the Executive Directors and seek
further information, which is provided either
at the relevant meeting or subsequently. This
information and any related reports (provided
either before or after meetings) are considered
in the Board’s discussions and in its decision-
making process when having regard to Section
172 of the Companies Act 2006.
The Board recognises the importance of tailored
induction training on joining the Board and
ongoing training and education, particularly
regarding new laws and regulations that relate to,
or affect, the Group. Such training and education
are obtained by the Directors individually through
the Company, including briefings from external
advisors, through other companies of which they
are Directors, or through associated professional
firms or as members of their professional bodies.
Procedures are in place to enable Directors
to take independent professional advice, if
necessary, at the Company’s expense, in the
furtherance of their duties. The procedure to
enable such advice to be obtained is available for
inspection on the Company’s website.
All Directors have access to the advice and
services of the Company Secretary, whose role
is to ensure that information is received by the
Board in a timely manner, all procedures are
followed and applicable rules and regulations are
complied with. The appointment or removal of
the Company Secretary is a matter specifically
reserved for decision by the Board.
Performance evaluation
Board evaluations are performed annually,
conducted internally and were led by David
Garman, as in previous years when he was the
Senior Independent Director and continued
for consistency ahead of his stepping down
from the Board at the 2026 AGM. Each of the
Directors completed a confidential evaluation
questionnaire and the results were reviewed by
him in a one-to-one meeting with each Director
individually. David presented his findings to the
Board for discussion led by the Chairman. The
one-to-one sessions between David and Directors
were open and constructive with good alignment,
generally, amongst the Directors on views and
matters raised for consideration on the evaluation
questionnaire and during discussion. The findings
overall were that the Board and its Committees
continued to perform effectively, with meetings
continuing to be well managed and providing
good opportunity for discussion and challenge.
Progress had been made in completing the actions
from the last evaluation and where ongoing these
will continue alongside new key actions from
this year’s evaluation, which included regular
Board reviews of: the benefits secured from the
Velocity transformation programme, following
the completion of the enable phase; ‘Big Picture’
business impacts of significant events (e.g. market,
strategy, contracts); formalising the regular review
of strategic risk and capital allocation; reviewing
the retention of the Sustainability Committee, as
that business discipline becomes more embedded;
and reviewing the performance metrics used for
external reporting.
Speedy Hire Plc
Annual Report and Accounts 2026
74
The Chairman had reviewed the performance and
development needs of each of the Executive and
Non-Executive Directors in one-to-one meetings.
The Non-Executive Directors, led by the Senior
Independent Director conducted an evaluation
of the Chairman, and the Senior Independent
Director discussed the results of the evaluation
with the Chairman. No actions were considered
necessary as a result of these evaluations,
and the Board is satisfied with the Chairman’s
commitment and performance.
Re‑election
Pursuant to the Code and under the Company’s
Articles of Association, all Directors must submit
to annual re-election (or, where they are a new
Director, appointed to the Board since the last
Annual General Meeting, they will retire and
seek election) at each Annual General Meeting.
Biographical details of all the Directors, including
respective experience, are included on pages 68
to 69 to enable shareholders to take an informed
decision on any election/re-election resolution.
The letters of appointment of each of the Non-
Executive Directors and the Chairman confirm
that appointments are for specified terms and that
reappointment is not automatic.
Directors’ remuneration
The performance-related elements of the
remuneration of the Executive Directors form
a significant proportion of their potential total
remuneration packages. The performance-related
schemes in which the Executive Directors are
entitled to participate are set out in more detail in
the Remuneration Report on pages 84 to 104. The
Remuneration Committee, with the advice of FIT
Remuneration Consultants LLP (‘FIT’), reviews
the Company’s Remuneration Policy on a regular
basis, including the design of performance-related
remuneration schemes. Such performance-
related elements have been designed with a view
to aligning the interests of the Executive Directors
with those of shareholders and to incentivise
performance at the highest level.
The service contracts for Dan Evans and Paul
Rayner provide for termination by the Company
on 12 months’ and 9 months’ notice, respectively.
It is the Company’s current policy that notice
periods on termination of Directors’ contracts
should not exceed 12 months.
The policy of the Board is that the remuneration
of the Non-Executive Directors should be
consistent with the levels of remuneration paid
by companies of a similar size. The levels of
remuneration also reflect the time commitment
and responsibilities of each role, including the
office of Chair of Board Committees. It is the
policy of the Board that remuneration for Non-
Executive Directors should not include share
options or any other share-based incentives.
The remuneration of the Non-Executive Chairman
is dealt with by the Remuneration Committee
and details are reported in the Directors’
Remuneration Report. The remuneration of
other Non-Executive Directors is dealt with by a
Committee of the Board specifically established
for this purpose, normally comprising the Chief
Executive and the Chief Financial Officer, without
the presence of the Non-Executive Directors.
The remuneration of all Non-Executive Directors
is ordinarily reviewed annually with changes
effective 1 April. The review of the remuneration of
the Non-Executive Directors at the end of FY2026
was deferred to September 2026 in line with the
deferral of the annual review of all salaries within
the business. Further details of the remuneration
of the Non-Executive Directors, including the
outcome of the annual review, are set out on page
97 to 98.
Procedure
The Remuneration Committee met on four
scheduled occasions during the year, although
additional ad hoc meetings took place
during the year. The terms of reference of the
Remuneration Committee are published on the
Company’s website and are fully compatible
with Provision 33 of the Code. The Remuneration
Committee members are Carol Kavanagh
(Chair), David Garman and Shatish Dasani, who
are independent of management and free from
any business or other relationship that could
materially interfere with the exercise of their
independent judgement. The Company Chairman,
Chief Executive, Chief Financial Officer and
Chief People Officer attend by invitation but are
not present for discussions relating to their own
remuneration.
The Remuneration Committee has appointed FIT
to advise it in relation to the design of appropriate
executive remuneration structures. FIT has no
other connection with the Company or any of its
Directors.
The responsibilities of the Remuneration
Committee include setting the Remuneration
Policy, ensuring that remuneration (including
pension rights and compensation payments) and
the terms of service of the Executive Directors are
appropriate and that Executive Directors are fairly
rewarded for the contribution they make to the
Group’s overall performance. The Committee is
also responsible for the allocation of shares under
long-term incentive arrangements approved by
shareholders and in accordance with agreed
criteria. In addition, it monitors current best
practice in remuneration and related issues. The
Board’s policy is that all new long-term incentive
schemes (as defined in the Listing Rules) and
significant changes to existing schemes should
be specifically approved by shareholders, whilst
recognising that the Remuneration Committee
must have appropriate flexibility to alter the
operation of these arrangements to reflect
changing circumstances.
A more detailed summary of the work of the
Remuneration Committee during the year and the
Group’s Remuneration Policy are contained on
pages 84 to 104.
Accountability and audit
Financial reporting
The Directors’ Report and independent auditor’s
report appear on pages 106 to 108 and pages 110
to 117, respectively, and comply with Provisions 27
and 30 of the Code.
Audit & Risk Committee and auditors
The Audit & Risk Committee met on four
scheduled occasions during the year. The terms
of reference of the Audit & Risk Committee are
published on the Company’s website. Such
terms of reference comply with Provision 25 of
the Code. The Committee members are Shatish
Dasani, Rhian Bartlett and David Garman, who
are independent of management and free from
any business or other relationship that could
materially interfere with the exercise of their
independent judgement. The Chief Executive,
Chief Financial Officer, Group Financial Controller,
Head of Risk & Assurance and the external
auditors attend by invitation. The Board is
satisfied that the Chairman of the Audit & Risk
Committee, Shatish Dasani, has appropriate
recent and relevant financial experience and that
the Committee, as a whole, has competence
relevant to the sector in which the Company
operates.
In addition to responsibility for the Group’s
systems of internal control, the Committee is
responsible for reviewing the integrity of the
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75
GOVERNANCE
CORPORATE GOVERNANCE CONTINUED
Company’s accounts, including the half- and full-
year results, and recommending their approval to
the Board.
The Committee meets on a regular basis with
the external auditors and internal audit function
to review and discuss issues arising from internal
and external audits, and to agree the scope and
planning of future work.
The Audit & Risk Committee has primary
responsibility for making a recommendation on
the appointment, reappointment and removal
of the external auditors. The policy of the Audit
& Risk Committee is to ensure that auditor
objectivity and independence is safeguarded at
all times. As further detailed on pages 79 to 80,
the Audit & Risk Committee considers that the
Company’s auditors are independent.
A more detailed description of the work of the
Audit & Risk Committee during the year is
contained in the separate report of the Committee
on pages 77 to 81.
Internal control
The Board is responsible for the Company’s
internal control procedures and processes and for
reviewing the effectiveness of such systems.
The Board, via the Audit & Risk Committee,
conducts a review, at least annually, of the
Group’s systems of internal control. Such a
review considers all material controls, including
financial, operational and compliance controls,
and risk management systems, and accords with
the recommendations contained in the FRC’s
guidance on Risk Management, Internal Control
and Related Financial and Business Reporting
(formerly the Turnbull Guidance). A formal report
is prepared by the Company’s external auditor,
highlighting matters identified in the course of its
statutory audit work, and is reviewed by the Audit
& Risk Committee in the presence of the external
auditor and, by invitation, the Chief Executive,
the Chief Financial Officer, Group Financial
Controller and the Head of Risk and Assurance.
The Committee also considers formal reports
prepared and presented by the internal audit
function. The findings and recommendations of
the Committee are then formally reported to the
Board for detailed consideration.
Relations with shareholders
Dialogue with institutional shareholders
The Chairman, Chief Executive and Chief
Financial Officer give presentations regularly
to analysts and investors, which include the
Company’s half-year and full-year results. The
Chairman, Chief Executive and Chief Financial
Officer, with assistance from the Company’s
brokers, collate feedback from such presentations
and report the findings to the next meeting of the
Board. The Chairman is also available to discuss
matters with major shareholders in relation
to, inter alia, results, strategy and corporate
governance issues. The Senior Independent
Director, Rhian Bartlett, is available to attend
meetings with major shareholders to understand
their issues and concerns should the normal
communication channels with the Chairman,
Chief Executive or Chief Financial Officer be
considered ineffective or inappropriate.
Constructive use of the Annual General
Meeting
The Company’s Annual General Meeting
procedures include, as a matter of course,
specifying the level of proxies lodged on each
resolution and the balance for and against each
resolution and votes withheld. All voting is dealt
with by way of poll. It is also the Company’s policy
to propose a separate resolution at the Annual
General Meeting on each substantive separate
issue, including in relation to the Annual Report
and Accounts and the Directors’ Remuneration
Report.
All Committee Chairs will be available for
shareholders’ questions at the Annual General
Meeting.
The Company’s standard procedure is to ensure
that the Notice of Annual General Meeting and
related papers are sent to shareholders at least 20
working days before the meeting.
Speedy Hire Plc Annual Report and Accounts 2026
76
AUDIT & RISK COMMITTEE REPORT
THE AUDIT & RISK COMMITTEE PRESENTS ITS REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2026
SHATISH DASANI
Chairman of the Audit & Risk Committee
that the Board has completed a robust assessment
of the Company’s emerging and principal risks,
including those that would threaten its business
model, future performance, solvency or liquidity.
The terms of reference of the Audit & Risk
Committee, which include all matters referred
to in the UK Corporate Governance Code,
are reviewed annually by the Committee and
changes proposed to the Board. The current
terms of reference can be found at speedyhire.
com/investors and are also available in hard copy
from the Company Secretary.
Composition of the Audit & Risk
Committee
The Committee comprises three Non-Executive
Directors: Shatish Dasani (Chairman), David
Garman and Rhian Bartlett. All members are
considered by the Board to be independent.
Biographies of each of the members of the
Committee are set out on pages 68 and 69.
Membership of the Committee changed during
the year with Rob Barclay stepping down from the
Committee after the September 2025 meeting.
David Garman was appointed to the Committee
and has attended Committee meetings since his
appointment.
The Audit & Risk Committee is chaired by Shatish
Dasani, a chartered accountant with over 25
years’ experience in senior public company
finance roles across various sectors, including
building materials, general industrial and business
services. His biography is set out on page ••.
The Board is satisfied that Shatish Dasani has
recent and relevant financial experience, and that
the Committee as a whole has an appropriate
balance of skills, experience, qualifications and
sector-related knowledge.
Attendance
The Audit & Risk Committee’s agenda is linked
to events in the Group’s financial calendar,
and the Committee meets on four scheduled
occasions during the year with additional ad hoc
meetings as required. Details of the attendance at
scheduled Committee meetings are set out below.
Audit & Risk Committee members and
meetings attended during the year:
Shatish Dasani (Chairman)
Non-Executive Director 4/4
Rhian Bartlett
Non-Executive Director 4/4
David Garman
Non-Executive Director 2/2
1
Rob Barclay
Non-Executive Director 2/2
2
1
David Garman was appointed to the Audit & Risk
Committee on 4 September 2025.
2
Rob Barclay stepped down from the Audit & Risk
Committee on 4 September 2025.
Operation and responsibilities of the
Audit & Risk Committee
The Company Chairman, Chief Executive and
Chief Financial Officer, together with the external
auditors, the Group Financial Controller and
the Head of Risk and Assurance, are invited to
attend meetings of the Committee, although the
Committee reserves time for discussions without
any invitees being present. The external auditors
and the Head of Risk and Assurance meet
privately with the Committee to advise of any
matters which they consider should be brought
to their attention without the Executive Directors
present. The Chair of the Committee also holds
private meetings both with the Head of Risk and
Assurance and the external auditors on a regular
basis and they in turn may also request a meeting
with the Committee if they consider it necessary.
The Risk and Assurance department carries out
the Group’s internal audit work.
The Company Secretary acts as secretary to
the Audit & Risk Committee. The members
of the Committee can, where they judge it
necessary to discharge their responsibilities,
obtain independent professional advice at the
Company’s expense.
The Committee undertakes its activities in line
with an annual programme of business and its
principal duties are:
Internal controls and risk
h Monitoring the effectiveness and
appropriateness of internal controls;
h evaluating the process for identifying and
managing significant risk in the business;
h considering the effectiveness and resourcing
of the internal audit function;
h determining and directing the scope of the
internal audit programme;
h appointing or replacing the Head of Risk and
Assurance;
h reviewing matters reported through the
Group’s whistleblowing policy; and
h monitoring performance of the Group’s
senior finance personnel and ensuring their
development.
External auditors
h Monitoring the effectiveness of the external
audit process, including recommending
the appointment, re-appointment and
remuneration of the external auditors;
h overseeing the rotation of the lead audit
partner at appropriate junctures;
h considering and, if appropriate, approving
the use of the external auditors for non-audit
work in line with its policy;
Objectives and terms of reference
The Audit & Risk Committee’s key objectives are
to provide oversight and governance over the
effectiveness of the Group’s financial reporting and
internal controls, together with the procedures for
identification, evaluation and management of key
risks. The role of the Committee in monitoring the
integrity of the Group’s financial affairs is important
to shareholders and other stakeholders, both
internal and external. Accordingly, the Committee
works closely with management and external
and internal auditors to ensure a best practice
approach to policies and controls. In addition, a key
objective of the Committee is to ensure all financial
reporting is fair, balanced and understandable.
The Committee is satisfied that the Group’s
internal and external processes are robust and
appropriately aligned to deliver good financial
reporting and governance. The Directors confirm
Speedy Hire Plc
Annual Report and Accounts 2026
77
GOVERNANCE
h considering the independence of the external
auditors, taking into account: (i) non-audit
work undertaken by them; (ii) feedback
from various stakeholders; and (iii) the
Committee’s own assessment; and
h monitoring and considering the provisions
and recommendations of the UK Corporate
Governance Code in respect of external
auditors. This involves a review of the scope
of the audit, the auditor’s assessment of risk,
appropriateness of materiality and the key
findings.
Financial Statements
h Monitoring the integrity of the Group’s
Financial Statements and formal
announcements relating to the Group’s
performance;
h reviewing the Company’s Viability Statement,
challenging assumptions made with
management and, if thought appropriate,
recommending this for approval by the Board
and inclusion in the Annual Report and
Financial Statements;
h considering liquidity risk and the use of the
going concern basis for preparing the Group’s
Financial Statements; and
h evaluating the content of the Annual Report
and Financial Statements, to advise the
Board as to whether it may reasonably
conclude that the Annual Report and
Financial Statements are fair, balanced and
understandable overall and provides the
information necessary to enable shareholders
to assess the performance, business model
and strategy of the Group.
As part of its annual programme of business,
the Audit & Risk Committee regularly receives
updates from the external auditors as to
emerging accounting standards and reporting
requirements, and members are expected to
participate personally in relevant briefing and
training sessions during the year.
Significant areas considered during
FY2026
During the year, the Audit & Risk Committee
considered and discussed with the external
auditors and management the following items:
h carrying value of goodwill, intangible assets
and property, plant and equipment;
h the going concern basis for the preparation of
the Financial Statements;
h non-underlying items;
h accounting for the ProService
Transaction; and
h the findings of the Financial Reporting
Council’s review into the 2025 Annual Report
and Accounts.
The role and response of the Committee to these,
along with any corresponding impact on the
Group’s Financial Statements, are discussed in
more detail in this report.
Carrying value of goodwill, intangible
assets and property, plant and
equipment
The Group tests for impairment at least annually,
considering at each reporting date whether there
are any indicators that impairment may have
occurred. The value-in-use modelling prepared
uses the Group’s future cash flow projections
which applies judgement in arriving at certain
growth and discounting assumptions.
The Committee reviewed the projections
and downside sensitivity analysis prepared
by management and challenged the key
assumptions made. It also discussed with
the external auditors the work carried out by
them and their conclusion. Based on this, the
Committee is satisfied that no impairment is
required.
Going concern basis for the
preparation of the Financial
Statements
The Group has adopted a going concern basis
for the preparation of the Financial Statements.
Judgement over the future cash flows of the
business (for a period of at least 12 months
from signing these accounts) and the available
headroom from the Group’s borrowing facilities
must be applied in concluding whether to
adopt a going concern basis of preparation. The
Committee has challenged forecast cash flows,
the assumptions applied to derive the cash
flows and availability of finance from the Group’s
banking facilities.
The Group’s £225m financing facility comprises
of a £150m revolving credit facility (‘RCF’) and a
£75m private placement term loan. The RCF has a
three-year maturity to April 2028 with options to
extend up to a further two years and the private
placement term loan has a seven-year maturity,
expiring in April 2032.
The facilities include quarterly leverage and fixed
charge cover covenant tests. During the year,
the Group agreed temporary amendments to
these covenant tests to facilitate the ProService
Transaction and subsequently slower than
anticipated deleveraging, following a short period
of contract mobilisation. The covenant tests for
quarterly leverage and fixed charge cover return
to their original levels at September 2026 and
December 2026 respectively.
The Committee reviewed – and discussed with
the external auditors – management’s going
concern assessment, including cash flow
forecasts and severe but plausible downside
scenario over the assessment period to June
2027. The Committee focused on covenant
compliance and the level of headroom under
the Group’s financing arrangements, challenging
the assumptions underpinning forecast trading
performance and the sensitivity of the projections.
While the forecasts indicate that the Group
is expected to maintain adequate liquidity
and comply with its financial covenants, the
Committee noted reduced headroom at certain
covenant testing dates and that the forecasts
remain sensitive to trading performance. A
more significant deterioration in trading or
underperformance could result in a breach of
financial covenants.
The Committee therefore reviewed and agreed
the related disclosures in note 1 of the Financial
Statements.
Non‑underlying items
Throughout the year, the Group has incurred
significant costs in respect of the final year of the
‘Enable’ phase of the transformation plan which,
alongside restructuring activities, do not form
part of the underlying cost base of the business.
Work had been completed throughout the year
to determine appropriate treatment of such
spend and in particular which elements of the
transformation costs have been incremental to
the Group and which of those costs should be
treated as capital or underlying. All such costs
have been reviewed based on the activity that has
taken place, with regular updates provided to the
Audit & Risk Committee.
AUDIT & RISK COMMITTEE REPORT CONTINUED
Speedy Hire Plc Annual Report and Accounts 2026
78
The Group also incurred significant one-off costs
in respect of the transaction with ProService and,
to a lesser extent, in relation to the disposal of a
non-core part of the Lloyds British business.
Based on the work performed, the Committee
is satisfied that costs have been appropriately
classified in line with accounting standards.
Accounting for the ProService
Transaction
The ProService Transaction has been treated as a
business combination in the Financial Statements,
following which the fair value of net assets
acquired has been determined. The transaction
resulted in a negligible gain on bargain purchase
which has been presented within non-underlying
items, alongside the significant costs to procure
and implement an agreement such as this.
Advice was obtained from an external party in
determining this accounting treatment and in
valuing the associated intangible asset acquired,
with regular updates provided to the Committee.
Based on the work performed, the Committee is
satisfied that the treatment is in accordance with
accounting standards.
Findings of the Financial Reporting
Council’s (‘FRC’) review
During the year, a letter was received from the
FRC in relation to the Group’s Annual Report
and Accounts for the year ended 31 March 2025.
Clarifications were requested on goodwill and
parent company investment impairment testing
and offsetting within the financial statements.
The Committee considered the findings of the
FRC’s limited scope review and were involved in
reviewing and approving the Group’s responses,
resulting in the identification of disclosure
enhancements which have been considered
within this Annual Report and Accounts. A
summary of the findings of the review is available
on the FRC’s website.
Internal control and risk management
The Board is responsible for the Group’s system
of internal control and risk management and for
reviewing its effectiveness. The Board is also
responsible for defining the risk appetite of the
Group. The detailed review of internal controls
has been delegated by the Board to the Audit &
Risk Committee.
The Risk and Assurance Department includes
the Group’s internal audit function. The Head of
Risk and Assurance reports to the Board and to
the Audit & Risk Committee. The internal audit
function is involved in the assessment of the
quality of risk management and internal controls.
It helps to promote and develop further effective
risk management in all areas of the business,
including the embedding of risk registers and
risk management procedures within individual
business areas. The Committee receives detailed
reports from the Risk and Assurance Department
at each meeting.
The Committee has considered the enhanced
reporting requirements under Provision 29 of
the UK Corporate Governance Code 2024. Work
has progressed to ensure and this will remain a
reoccurring agenda item for the year to come.
For further information see the risk management
section on pages 60 to 66.
The Committee ensured that questionnaires were
circulated to senior management requesting they
notify the Chief Financial Officer of any significant
irregularities in information provided for inclusion
in the Financial Statements. None have been
reported.
The Audit & Risk Committee has reviewed
the effectiveness of internal controls and
risk management during the year taking into
consideration the framework and risk register
maintained by management, in addition to reports
from both internal and external auditors. The
Committee has concluded that internal controls
have operated effectively during FY2026.
Review of the work, effectiveness and
independence of internal audit
The Audit & Risk Committee reviews the
effectiveness of the Group’s internal audit
function. This review includes the audit plan and
the level of resource devoted to internal audit,
as well as the degree to which the function can
operate free from management restrictions.
The Committee considered the results of the
audits undertaken by the internal audit function
and in particular considered the response of
management to issues raised by internal audit,
including the time taken to resolve matters
reported. Although internal audit has raised
recommendations for improvement in the normal
course of business, the Audit & Risk Committee is
satisfied that none of these constituted significant
control failings during FY2026.
In accordance with Standard 8.4 of the Global
Internal Audit Standards (‘GIIA’), an external
quality assessment of internal audit was
undertaken during FY2022. The review concluded
that the internal audit and risk function is effective
in providing independent assurance to the
organisation and complies with IIA standards
in place at that time. The next review is due
to be undertaken during FY2026. In addition
to this, the Head of Risk and Assurance is
required to undertake an annual self-assessment
of adherence to this framework. This self-
assessment is considered by the Committee
during its review of internal audit. On an annual
basis the Committee circulates a questionnaire
to Directors and senior management inviting
comments on the Risk and Assurance function.
The responses are considered by the Audit & Risk
Committee and are used in conjunction with the
other review processes described to determine
whether internal audit is working effectively.
Following the review, the Committee concluded
that the Group’s internal audit function remains
effective.
The Global Internal Audit Standards require the
Audit & Risk Committee to explicitly discuss
annually the Chairman’s assessment of the
independence and objectivity of the Head of Risk
and Assurance. The Committee is satisfied that
the Head of Risk and Assurance is independent
and will robustly challenge management
appropriately.
The Internal Audit Charter was reviewed by the
Audit & Risk Committee during the financial year,
and it was determined that it remained fit for
purpose.
Review of the work, effectiveness and
independence of the external auditors
The Audit & Risk Committee reviews annually the
relationship between the Group and the external
auditors and has responsibility for monitoring the
external auditors’ independence, effectiveness
and objectivity. This work includes a review of
the scope of their work, an assessment of their
performance, as well as their compliance with
ethical, professional and regulatory requirements.
The Committee also reviews any major issues
which arise during the course of the audit
and their resolution, key accounting and audit
judgements, and any recommendations made
to the Board by the auditors and the Board’s
response. No significant issues have been noted
during the year.
Speedy Hire Plc
Annual Report and Accounts 2026
79
GOVERNANCE
The Committee is responsible for ensuring that an
appropriate relationship is maintained between
the Group and the external auditors.
The policy for the use of the external auditors
for non-audit related purposes was reviewed
by the Committee during the year and it was
determined that this remained appropriate and
no changes were made. The policy is designed
to control the provision of non-audit services by
the external auditors in order to ensure that their
objectivity and independence are safeguarded.
The policy states that preference should be
given to retaining consultants other than from
the external auditors unless strong reasons exist
to the contrary, and that non-audit fees paid to
the auditor should not exceed 100% of the audit
related fees paid in that year, and the three-year
average of non-audit fees paid to the auditor
should not exceed 50% of the annual audit fees.
The policy further requires that the provision of
any non-audit services by the external auditors
is subject to prior approval by the Audit & Risk
Committee. The Committee closely monitors the
amount the Company spends with the external
auditors on non-audit services.
The only non-audit service provided by the
auditors in the year relates to the review of the
Company’s half-year results which the Committee
accepted was work best undertaken by the
external auditors. These fees represented 10.1% of
the annual audit fees and the three-year average
was 9.6%. Details of the fees, split between audit
and non-audit services, payable to the external
auditors are given in note 4 to the Financial
Statements.
The Audit & Risk Committee considered the
external auditor’s performance during the year
and reviewed the level of fees charged, which
are considered appropriate given the size of
the Group.
Audit & Risk Committee performance
evaluation
The Committee carried out a self-evaluation
during the year using questionnaires circulated to
members of the Committee as well as those who
attend regularly including the external auditors,
Head of Risk and Assurance and the Executive
Directors. The responses received indicated that
the Committee was considered to be operating
effectively.
The Committee has set the following key
objectives for its work as a result:
h review of papers presented to the Committee
so as to highlight key issues, be more
concise, and facilitate wider discussion;
h oversight of the work around Provision
29 and the Board declaration on control
effectiveness;
h continued monitoring of risks faced by the
Group, particularly in relation to cyber;
h focus on overdue management actions to
address control weaknesses; and
h support the onboarding of the new external
audit partner.
Appointment of auditors
PricewaterhouseCoopers LLP were appointed
as external auditors following a comprehensive
tender process, commencing with the FY2023
audit.
Having considered the results of the Audit & Risk
Committee’s work, the Board is recommending
the re-appointment of PricewaterhouseCoopers
LLP as auditors of the Group for FY2027. The
lead audit engagement partner changed during
the year with Christopher Hibbs stepping down
in November upon his retirement from the firm
and Rebecca Gissing being appointed following
a selection process. PricewaterhouseCoopers
LLP has expressed its willingness to continue
as external auditors of the Group. Separate
resolutions proposing its reappointment and
the determination of its remuneration will be
proposed at the Annual General Meeting to be
held on 10 September 2026.
Business Ethics and Whistleblowing
The Company remains committed to the highest
standards of business conduct including zero-
tolerance towards bribery and corruption and
expects its Directors, employees, consultants
and other stakeholders to act accordingly.
The Company has a well-established Code
of Conduct, emphasising its commitment to
honesty, trust and transparency. The Code details
the behaviours that are expected, including
encouraging our people to use the Speak Up
Whistleblowing channels if they have any
concerns about wrongdoing. All employees must
read and confirm awareness of the Code as part
of mandatory annual training.
The Company recognises the importance of
having an open and inclusive culture, where
people feel safe to raise issues. The Speak
Up Whistleblowing Policy includes the ability
of anonymously reporting concerns via our
independent whistleblowing partner.
The Board has overall responsibility for ensuring
compliance with business ethics requirements; it
has delegated regular oversight of whistleblowing
to the Audit & Risk Committee. The Committee
receives a report at each of its scheduled
meetings, providing an overview of concerns
raised under the Speak Up Whistleblowing Policy
in the previous period and any investigations
undertaken. An annual summary detailing the
number and nature of reported cases alongside
details of investigations, outcomes and actions is
also reviewed as part of the Committee’s meeting
programme.
Business ethics summary statistics for
FY2026:
h 96% Completion rating for annual business ethics
training (FY2025: 95%)
All personnel are required to annually undertake
mandatory compliance training; raising awareness
of ethical behaviours and reinforcing policies on
business ethics matters including Modern Slavery,
Diversity & Equality, Anti-Bribery & Corruption,
Health & Safety and Information Security.
h 11 Reports via Speak Up Whistleblowing (FY2025: 13)
Total number of reported concerns raised via
Speak Up channels from personnel, suppliers and
other third parties with reports raising concerns
about economic crimes, employment law issues,
and non-compliance. All concerns are assessed;
however not all are substantiated. Appropriate
action is taken on substantiated concerns which
may include adopting additional measures, and/or
disciplinary action.
AUDIT & RISK COMMITTEE REPORT CONTINUED
Speedy Hire Plc Annual Report and Accounts 2026
80
Communicating with shareholders
The Company places considerable importance on
communication with its shareholders, including
both institutions and private shareholders. The
Group’s Chief Executive and Chief Financial
Officer manage the investor relations programme
and meet with major shareholders on a regular
basis. The Group’s Chairman also meets with
investors. The views of the Company’s major
shareholders are reported to the Board and are
regularly discussed at meetings of the Board and
at the various committees of the Board, including,
where appropriate, the Audit & Risk Committee.
The Committee Chairman will be available at
the 2026 AGM in September to address any
questions raised by shareholders.
Approval of Annual Report and
Financial Statements
Having reviewed the Annual Report and Financial
Statements and made inquiries of management
and the external auditors, the Audit & Risk
Committee advised the Board that in its opinion
the Annual Report and Financial Statements was
fair, balanced and understandable overall and
provides all the information necessary to enable
shareholders to assess the performance, business
model and strategy of the Group.
This report was approved by the Board on
16 June 2026.
SHATISH DASANI
Chairman of the Audit & Risk Committee
81
Speedy Hire Plc Annual Report and Accounts 2026
GOVERNANCE
NOMINATION COMMITTEE REPORT
THE NOMINATION COMMITTEE PRESENTS ITS REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2026
DAVID SHEARER
Chairman of the Nomination Committee
The terms of reference of the Nomination
Committee are reviewed annually by the
Committee and changes are proposed to the
Board. The current terms are published on the
Company’s website at speedyhire.com/investors
and are also available in hard copy form on
application to the Company Secretary.
Attendance
The Nomination Committee met on two
scheduled occasions during the year. Additional
ad hoc meetings took place dealing with Board
changes occurring during the year. Details of the
attendance at scheduled Nomination Committee
meetings are set out in the table below. At the
invitation of the Chairman, the Chief Executive
may attend meetings. The Group’s Chief People
Officer may also be invited to attend, particularly
where discussions are taking place around
succession planning within the Group.
Nomination Committee members and
scheduled meetings attended during the year:
David Shearer (Chairman)
Non-Executive Chairman 2/2
Rhian Bartlett
Non-Executive Director 2/2
David Garman
Non-Executive Director 2/2
Shatish Dasani
Non-Executive Director 2/2
Operation of the Nomination
Committee
The Company Secretary acts as secretary to the
Nomination Committee. The members of the
Nomination Committee can, where they judge
it necessary to discharge their responsibilities,
obtain independent professional advice at the
Company’s expense.
The Nomination Committee’s duties include,
inter alia:
h ensuring that there is a formal and
transparent procedure for the appointment of
new Executive and Non-Executive Directors
to the Board and making recommendations
to the Board on such appointments;
h reviewing the size and composition of the
Board along with membership of Board
Committees;
h evaluating the balance of skills, knowledge
and experience on the Board;
h ensuring that succession planning is in place
for the Board and senior management;
h ensuring that Non-Executive Directors are
able to devote sufficient time to discharge
their duties;
h making recommendations to the Board in
respect of Directors standing for election or
re-election at the AGM; and
h overseeing the development of a diverse
pipeline for succession to the Board and
senior management roles.
The Nomination Committee leads the process
for all Board appointments, carefully evaluating
the skills available on the Board and how
these may be best balanced and enhanced by
agreeing the person’s specification, selecting
external recruitment consultants, considering
all candidates and making recommendations
to the Board for appointment. In selecting
candidates, the Nomination Committee gives due
consideration to the benefits of diversity, equity
and inclusion and the objective of maintaining a
diverse Board in its wider sense. The Company’s
values and objectives in this area are disclosed on
pages 73, 74 and 83. All recommendations made
are on merit against objective criteria. These
processes were followed for the appointments
made in year.
During the year, the Nomination Committee
undertook all the duties set out above and
reviewed the leadership needs of the organisation
and succession planning for key individuals,
including Directors and senior management,
which followed the completion of an annual
review led by the Chief People Officer for the
latter. The review included the identification of
talented individuals for key management roles
and development across the Group and took
account of the Company’s objectives to increase
diversity, equity and inclusion across all levels.
In support of succession planning and senior
management development, Non-Executive
Directors participate in the Group’s mentoring
scheme.
During the year the Committee considered
the size and composition of the Board and its
Committees and the balance of skills, knowledge
and experience across the Directors. Taking
account of the changes in hand, the Committee
concluded that no further changes were required
to the overall size, structure and composition
of the Board at this stage. The composition of
Board Committees would be further considered
following the appointment of the new Non-
Executive Director.
Board
Board succession was a significant focus area
during the year amongst both Executive and Non-
Executive Directors.
Paul Rayner indicated he was considering
retiring as Chief Financial Officer by the end
of 2026. The Nomination Committee led the
process for the appointment of a successor and
external search consultants were retained. The
recruitment process concluded more quickly than
Objectives
The key functions of the Nomination Committee
are to review the structure and composition of
the Board, to identify and propose to the Board
suitable candidates to fill Board vacancies, and
to undertake succession planning for Board and
senior management positions.
Composition of the Nomination
Committee
The Nomination Committee comprises the
Chairman, David Shearer, and three independent
Non-Executive Directors, Rhian Bartlett, David
Garman and Shatish Dasani. Appointments and
attendance at meetings during the year are set
out below. Biographies of the members of the
Nomination Committee are set out on pages
68 to 69.
Speedy Hire Plc
Annual Report and Accounts 2026
82
anticipated following Judith Cottrell’s selection
and availability, with Judith appointed as Chief
Financial Officer and to the Board with effect from
1 July 2026. Paul Rayner will step down from the
Board on that date.
As reported last year the Committee’s
consideration of Board succession during FY2025
considered the position of Directors coming
towards the end of their normally accepted
tenures through to the 2026 AGM. These included
Rob Barclay, who stepped down from the Board
at the 2025 AGM on 4 September 2025, having
served nine years, and David Garman, who will
have served nine years by the 2026 AGM on
10 September 2026, and will step down at that
time. The Committee recommended continuing
with a smaller Board at this stage with the
recruitment of only one new Non-Executive
Director, prior to the 2026 AGM. The Nomination
Committee is leading the process for the
appointment of a new Non-Executive Director,
external search consultants have been retained
and the recruitment process is advanced. The
Committee recommended the appointment of
Rhian Bartlett as Senior Independent Director
with effect from the end of the 2025 AGM to
facilitate a smooth transition of the responsibility
from David Garman ahead of his stepping down
from the Board.
Rob Barclay stepping down from the Board
necessitated a review of staffing of Board
Committees and Non-Executive Directors’
responsibilities. The Committee recommended
David Garman join the Audit & Risk Committee,
Shatish Dasani join the Remuneration Committee,
Carol Kavanagh join the Sustainability
Committee, with Rhian Bartlett appointed as chair
of that Committee, and Carol Kavanagh take over
the role of Employee Designated Non-Executive
Director. These changes were all made with effect
from the close of the 2025 AGM.
The Committee’s consideration of Board
succession included the Chairman, who will
have served eight years as Chairman by the end
of September 2026. In view of the continued
benefit of his leading and overseeing the above
detailed Board changes and to provide continuity
across current key initiatives, including delivery
of the Velocity growth strategy, the Committee
recommended to the Board that the Chairman
should remain in position.
Following the above appointment of Judith
Cottrell, the Committee was pleased to note that
with effect from 1 July, the Company will have
met its objective to fully comply with the Listing
Rules in the area of gender diversity. Board
diversity in its broadest sense will continue to be
a consideration of the Nomination Committee in
all recruitment processes.
Diversity, equity and inclusion
Continuing to develop an increasingly diverse
and inclusive workforce is an important factor
in supporting the Company’s strategy, which
additionally helps create a sustainable and
prosperous business. The Board recognises the
value of diversity within the Boardroom, including
across backgrounds, experience, knowledge,
skills and gender. The Committee considers the
Company’s Diversity, Equity and Inclusion Policy
and objectives, generally, to achieve gender
diversity on the Board, its Executive Team and
amongst senior management and to meet the
gender targets specified in the Listing Rules, in all
appointments to the Board and its Committees
and any changes in the roles of Directors. More
generally, the Group’s approach to diversity,
equity and inclusion can be seen on pages 73
to 74 along with details of the gender balance of
those personnel in senior management.
The Nomination Committee has recommended
the election or re-election of all Directors
standing at the forthcoming Annual General
Meeting. David Garman is stepping down from
the Board after the AGM.
This report was approved by the Board on
16 June 2026.
DAVID SHEARER
Chairman of the Nomination Committee
Speedy Hire Plc
Annual Report and Accounts 2026
83
GOVERNANCE
REMUNERATION REPORT
THE REMUNERATION COMMITTEE PRESENTS ITS REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2026
CAROL KAVANAGH
Chair of the Remuneration Committee
ANNUAL STATEMENT
I am pleased to present, on behalf of the Board,
the Directors’ Remuneration Report for the year
ended 31 March 2026. The report has been
divided into the following three sections:
h This Annual Chair’s Statement,
summarising major decisions and a proposed
change to our approach to long-term
share awards
h The Remuneration Policy Report, which
sets out the Group’s proposed Directors’
Remuneration Policy following the
Remuneration Committee’s intended switch
from Performance Share Awards (’PSAs’) to a
hybrid structure (as explained further below)
h The Annual Report on Remuneration,
outlining how the Directors’ Remuneration
Policy (‘Policy’) was implemented in FY2026
and how, subject to shareholder approval, it
will be implemented in FY2027
Performance and reward for FY2026
The Group continued to experience subdued
market conditions and wider economic
uncertainty in the year. This, coupled with a
number of customer led work mobilisation delays
had a negative impact on the Group’s financial
performance in the year.
Therefore, despite good operational and strategic
progress during the final year of the ‘Enable’
phase of our Velocity strategy, no annual bonus
was awarded for the year ended 31 March 2026
as the threshold PBT target was not met. In
addition, the Performance Share Plan (‘PSP’)
awards granted on 21 July 2023 are expected
to lapse in full in July 2026 as a result of below-
threshold performance against the EPS and
relative Total Shareholder Return targets.
Use of Discretion and Malus and
Clawback Provisions
The Committee retains the right to exercise
discretion to override formulaic outcomes and
ensure that the level of bonus and/or share
award payable is appropriate. No such discretion
in relation to Executive Directors was used in
respect of the year ended 31 March 2026. In
addition, there was no exercise of malus/clawback
under the Policy during the year under review.
Policy Review
Following a review of the current Speedy
Hire Policy in the second half of FY2026, the
Committee’s main conclusions were that:
h Speedy Hire’s approach to fixed pay (i.e.
salary, benefits and a workforce aligned
pension) remains appropriate;
h the current approach to annual bonus
provision, whereby awards are capped at
100% of salary (notwithstanding that the
annual bonus limit in the Policy is set at
125% of salary) and based on the delivery
of profit, strategic and ESG-based targets
is considered to work well. Outstanding
performance will continue to be required for
the maximum bonus to become payable with
half of any bonus award above 75% of salary
deferred into shares for two years; and
h shareholder protections (i.e. post-vesting
holding periods, malus and clawback
provisions and in-employment/post-
cessation shareholding guidelines) remain
aligned to best practice.
However, the Committee wishes to make one
change to the existing Policy in respect of Speedy
Hire’s approach to long-term incentive provision
which is currently delivered via PSAs under
our Performance Share Plan (‘PSP’). Our Policy
permits awards with a face value of up to 150%
of salary albeit in 2024, we sought shareholder
approval for a ‘one off’ grant of a 300% of salary
PSA to Executive Directors (i.e. a double award)
to incentivise the delivery of the Velocity strategy.
As a result of this ‘one off’ award no PSAs were
granted in 2025 with the normal annual PSA
grant cycle due to resume in 2026 (vesting in
2029). However, rather than reverting to granting
the normal annual PSAs from 2026 onwards,
the Committee wishes to convert the CEO
and incoming CFO’s 2026 PSAs into a hybrid
structure - i.e. based on a combination of PSAs
and Restricted Share Awards (‘RSA’).
The Committee is proposing to convert the
current policy limit of 150% of salary equally on a
fair value basis between PSAs (75% of salary) and
RSAs (37.5% of salary) by adopting the generally
accepted exchange principle of two PSAs for
one RSA. The Committee believes that this
mix provides an appropriate balance between:
(i) incentivisation to deliver on stretching
financial targets and shareholder returns; (ii)
the stewardship of the share price and; (iii)
people retention; all of which align directly with
shareholder interests.
Speedy Hire Plc
Annual Report and Accounts 2026
84
The Committee considers this the optimum
approach for Speedy Hire at this time for the
following reasons:
h Recruitment competitiveness - As
evidenced during recent senior executive
recruitment processes (including in respect
of our new CFO), a package comprising
both PSAs and RSAs was considered to be
significantly more attractive by candidates
than one based purely on PSAs. This issue is
particularly acute for Speedy Hire given the
lack of PSP vestings in recent years.
h Retention through and post Velocity -
Speedy Hire’s Velocity strategy remains
firmly on track as we move from the enable
phase to focus on growth delivery. In this
regard, the double PSA in 2024 is considered
to have worked well in respect of aligning
the Executive Directors (and the senior
management population) to the delivery
of the Velocity strategy and in this regard,
some level of vesting is currently anticipated
in 2028. However, the Committee is keen
to ensure that the management team is
appropriately retained after: (i) the delivery of
the Velocity strategy; and (ii) the vesting of
the 2024 PSAs in 2028.
h Cyclical nature of the sector - While the
recent contract wins and the transformational
Commercial Agreement with ProService
provide the Board with confidence in the
ability of Speedy Hire to deliver sustainable
profitable growth notwithstanding market
conditions, a hybrid structure will result in
a more balanced approach to retaining and
incentivising the management throughout
the cycle going forwards whilst maintaining
alignment with shareholders.
h Alignment below Board - There is a strong
team focus at Speedy Hire across both
the management team and throughout
the workforce. As such, and consistent
with the approach adopted for the 2024
PSAs, whereby awards were granted to 15
individuals below Board on the same terms
as those granted to the Chief Executive and
Chief Financial Officer, the adoption of a
hybrid structure for the Executive Directors
will be similarly followed below Board,
with senior management also receiving a
combination of PSAs and RSAs from 2026
onwards.
Policy implementation for FY2027
The proposed implementation of the Policy in
respect of the year ending 31 March 2027 is as
follows:
h Salary: In line with the approach to the wider
workforce, the Chief Executive did not receive
a salary increase with effect from 1 April 2026.
This will be reviewed later in the year subject
to Company performance. As such, his
salary remains at £504,900. The salary for
the incoming Chief Financial Officer will be
£386,500.
h Pension: Executive Directors will continue
to receive a workforce-aligned pension
allowance, currently set at 3% of salary.
h Annual bonus: Maximum annual bonus
opportunity will continue to be limited to
100% of salary in line with past practice,
and performance metrics will continue to be
based on financial, strategic and ESG targets
to reflect Speedy Hire’s priorities for the year
ahead. Half of any bonus award above 75%
of salary for the year ending 31 March 2027
will be deferred into shares for two years. The
targets are currently considered by the Board
to be commercially sensitive, although full
retrospective disclosure of the performance
metrics, targets and outturns will be provided
in the Directors’ Remuneration Report for the
year ending 31 March 2027.
Speedy Hire Plc
Annual Report and Accounts 2026
85
GOVERNANCE
REMUNERATION REPORT CONTINUED
Pay and practices in the wider Group
When considering the Remuneration Policy
for the Executive Directors, the Remuneration
Committee takes into account pay and
employment conditions across the Company.
In this regard, the Committee was pleased to
note that: (i) investment continues to be made
to ensure that employees are paid at, or above,
the Real Living Wage; and (ii) our apprentices
continue to be paid well above the relevant
apprentice minimum wage during their first
year and then at least the relevant national
minimum or living wage until they transfer off the
apprenticeship scheme, at which point they are
paid at least the Real Living Wage.
Shareholder engagement
The Committee takes an active interest in any
shareholder views on the Company’s Executive
remuneration and is mindful of the concerns
of shareholders and other stakeholders. In
this regard, the Committee actively consulted
main shareholders and representative bodies
regarding the proposed changes to the Directors’
Remuneration Policy and we are pleased that
the majority confirmed that they were supportive
of the proposed change given the Committee’s
rationale provided (as set out above). Whilst
the Committee’s preference was to receive
support from all shareholders consulted, we
were encouraged that the few who felt unable
to support the change understood the rationale
notwithstanding that the approach was not
consistent with their stated governance positions.
Conclusion
The Committee has carefully considered
the proposed transition to a hybrid long-
term incentive along with our approach to
implementing the other elements of the
Policy for FY2027 and is satisfied that the
proposed changes are appropriate and in the
interests of shareholders. I hope you find this
report helpful in understanding the proposed
change to the Remuneration Policy and our
approach more generally, and I look forward to
receiving continued shareholder support for the
remuneration-related shareholder resolutions at
our 2026 AGM.
This report was prepared by the Remuneration
Committee and approved by the Board on
16 June 2026.
CAROL KAVANAGH
Chair of the Remuneration Committee
h 2026 PSP and RSA Awards: As detailed
above, rather than grant a 150% of salary
PSA in 2026 (following the double award in
2024 and no award in 2025), the Committee
will grant a reduced 75% of salary PSA and,
subject to shareholder approval, a 37.5%
of salary RSA to the Chief Executive and
incoming Chief Financial Officer in 2026.
The use of the 2:1 exchange rate ensures
that the approach is neutral in respect of the
“economic fair value” of the awards and the
Remuneration Committee is satisfied that
the approach remains appropriately skewed
towards PSAs.
PSAs will continue to be based on relative
Total Shareholder Return, versus the FTSE
SmallCap (excluding investment trusts) and
three-year, Earnings Per Share and Free
Cash Flow targets. In addition, regardless of
the performance conditions set, the number
of shares which may vest under an award
may be adjusted (including downwards to
zero) where the Remuneration Committee
determines that exceptional circumstances
exist which mean that the formulaic
vesting would be inappropriate taking
into account such factors as it considers
relevant (including, but not limited to, the
overall performance of the Company, any
Group member or the relevant Executive
Director, windfall gains, and the stakeholder
experience more generally). The performance
targets will be set just prior to the grant date
and full disclosure of the target ranges will
be set out in the RNS which will be issued
immediately following grant and next year’s
Directors’ Remuneration Report. The delay to
the PSA target setting reflects the change in
CFO in early July 2026.
RSAs will be subject to a performance
underpin which will ensure that the
Committee is satisfied that the Company’s
underlying performance and delivery against
its strategy and plans are sufficient to
justify the level of vesting. In assessing this
underpin, the Committee will have regard to
such factors as it considers to be appropriate
(including both financial and share price
performance, windfall gains, and the
stakeholder experience more generally).
The Committee’s intention is to grant the
reduced PSAs to Executive Directors in
the normal grant window following the
announcement of the FY2026 results (at the
same time as the below Board PSAs and
RSAs) with the RSAs to Executive Directors
granted following the 2026 AGM subject to
shareholders approving the Policy change
detailed above.
Speedy Hire Plc
Annual Report and Accounts 2026
86
REMUNERATION REPORT CONTINUED
DIRECTORS’ REMUNERATION POLICY REPORT
This part of the Directors’ Remuneration Report
sets out the proposed Directors’ Remuneration
Policy (‘Policy) for the Group. This Policy will be put
to the shareholders for approval in a binding vote
at the 2026 AGM and if approved will be effective
form that date. The Remuneration Committee’s
current intention is that the revised policy will
operate for the three year period to the 2029 AGM.
Policy overview
The primary objective of the Remuneration
Policy is to promote the long-term success of the
Group. In working towards the fulfilment of this
objective, the Remuneration Committee takes
into account a number of factors when setting the
Remuneration Policy for the Executive Directors,
including the following:
h The need to attract, retain and motivate
high-calibre Executive Directors and senior
management
h Internal pay and benefits levels, and practice
and employment conditions within the Group
as a whole
h The recommendations set out in the UK
Corporate Governance Code and the views of
shareholders and their representative bodies
h Periodic external comparisons to examine
current market trends and practices and
equivalent roles in similar companies taking
into account their size, business complexity,
international scope and relative performance
Our remuneration structure is intended to be
simple and transparent, and to contribute to the
building of a sustainable performance culture.
The main elements of the remuneration package
for Executive Directors are a base salary, benefits
and pension provision and, an annual bonus
plan and shares awards subject to continued
service and, where relevant, stretching long-term
performance targets.
Proposed Policy Changes
One change to the Directors’ Remuneration Policy
is being proposed in respect of a switch from
purely performance-based Performance Share
Awards (’PSAs’) to a hybrid structure - i.e. part
PSA and part Restricted Share Awards (‘RSAs’),
with the weighting of awards skewed to PSAs
and a 2 for 1 exchange rate used such that the
change is neutral from a fair value perspective.
Based on the proposed change, the
Remuneration Committee considers that
the remuneration of Executive Directors will
provide an appropriate balance between fixed
and performance-related pay elements. The
Remuneration Committee will continue to review
the Remuneration Policy to ensure it takes due
account of remuneration best practice and that it
remains aligned with shareholders’ interests.
Directors’ Remuneration Policy table
The table below summarises each element of the
updated Remuneration Policy for the Directors,
explaining how each element operates and the
links to the corporate strategy.
This Policy was prepared in accordance with
the provisions of the Companies Act 2006
(‘the Act’) and the Large and Medium-sized
Companies and Groups (Accounts and
Reports) (Amendment) Regulations 2013
(‘the Regulations’) as amended, the
UK Corporate Governance Code, the
Financial Conduct Authority’s Listing
Rules and the Disclosure and
Transparency Rules. It also takes
into account the accompanying
Directors’ Remuneration
Reporting Guidance, prevailing
shareholder and proxy
guidelines, and wider best
practice.
The overall approach to remuneration remains
consistent, with modest adjustments to
ensure the Policy continues to underpin the
performance of the business and deliver a
balanced remuneration package to Executives,
which is focused on total remuneration with a
significant proportion of the package based
on performance-related variable pay. The
Remuneration Committee will continue to
review the Remuneration Policy to ensure
it takes due account of remuneration best
practice and that it remains aligned
with shareholders’ interests.
87
GOVERNANCE
Speedy Hire Plc Annual Report and Accounts 2026
Purpose and link to
strategy Operation Maximum Performance targets
SALARY
Recognises the
knowledge, skills and
experience, as well as
the size and scope of
the role
Provides an appropriate
level of basic fixed
income avoiding
excessive risk arising
from overreliance on
variable income
Normally reviewed annually with changes typically effective 1 April.
Paid in cash on a monthly basis.
Pensionable.
Comparison against companies with similar characteristics and sector peers are taken
into account in review.
Internal reference points, the responsibilities of the individual role, progression within
the role and individual performance are also taken into account.
There is no prescribed maximum annual basic
salary or salary increase.
Salary increases are awarded at the discretion
of the Committee. Salary increases (in
percentage of salary terms) will ordinarily be
considered in relation to those applied to the
broader employee population.
The Committee retains discretion to award a
lower or a higher increase to recognise, for
example, the performance and contribution of
an individual; an increase in the scale, scope
or responsibility of the role, and/or to take
account of relevant market movements.
Where an Executive Director’s salary is set
below market levels at appointment, a series
of increases may be given (in addition to the
factors listed above) to achieve the desired
salary positioning, subject to satisfactory
individual performance.
None, although the overall
performance of the individual is
considered as part of the review
process alongside the factors
described in how we operate the
salary policy.
BENEFITS
To provide a competitive
benefits package
To promote recruitment
and retention
Benefits may include a car or car allowance, health benefits, including permanent
incapacity, and life insurance.
Other benefits including relocation allowances may be offered if considered appropriate
and reasonable by the Committee. Executive Directors may be eligible for other
benefits, which are introduced for the wider workforce on broadly similar terms.
Any reasonable business-related expenses can be reimbursed (including the tax
thereon if determined to be a taxable benefit).
Executive Directors are also eligible to participate in any all-employee share plans
operated by the Company, in line with prevailing HMRC guidelines (where relevant), on
the same basis as for other eligible employees.
There is no maximum limit, but the Committee
reviews the cost of the benefits provision
on a regular basis to ensure that it remains
appropriate. The value of benefits is based on
the cost to the Company and varies according
to individual circumstances.
The maximum level of participation in respect
of any all-employee share plan is subject to
the limits imposed by HMRC from time to
time (or a lower cap set by the Company).
n/a
REMUNERATION REPORT CONTINUED
DIRECTORS’ REMUNERATION POLICY REPORT
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88
Purpose and link to
strategy Operation Maximum Performance targets
PENSION
To provide market
competitive retirement
benefits, to reward
sustained contribution
Defined contribution and/or pension allowance. Workforce aligned. n/a
BONUS
To incentivise delivery
of specific strategic
objectives, including
financial performance
and personal annual
goals
Maximum bonus only
payable for achieving
demanding targets
Annual awards are based on targets set by the Committee normally at the beginning of
each financial year.
The extent to which the performance measures have been achieved is determined by
the Committee after the end of the performance period. The level of bonus for each
measure is determined by reference to the actual performance relative to that measure’s
performance targets, on a pro rata basis.
All bonus payments are at the ultimate discretion of the Committee, and the Committee
retains an overriding ability to ensure that overall bonus payments reflect its view of
corporate performance during the year when determining the final bonus amount to be
awarded.
Annual bonus awards up to 75% of salary are normally payable in cash (although the
Committee reserves the right to deliver some or all such bonus in shares, which may be
deferred).
50% of any bonus paid in excess of 75% of salary will normally be compulsorily deferred
into shares for two years with vesting normally subject to continued employment.
Note, should bonus quantum be operated at 125% of salary during the Policy period,
it is the intention of the Committee that a minimum of 20% of the entire bonus would
be deferred into shares for two years with vesting normally subject to continued
employment.
Malus and clawback provisions apply to allow recoupment of bonus (including as
to any deferred portion) for three years from the bonus payment date in the event of
material misstatement of performance, a significant failure of risk management, serious
misconduct, corporate failure or reputational damage.
Participants may also be entitled to receive dividend equivalents on vested shares.
Any dividend equivalents would normally be delivered in shares.
The annual bonus policy maximum is 125% of
salary in any financial year.
Performance metrics will be set for
each financial year by the Committee
aligned to the Company’s key
strategic objectives.
Group financial measures (e.g. profit
before tax) will apply.
Personal and/or strategic and/or
ESG-based KPIs may apply for a
minority of the bonus.
The performance metrics and targets
are reviewed annually to ensure they
remain appropriate.
The Committee retains the discretion
to set alternative metrics as
appropriate.
Performance measured over one
financial year.
No more than 25% of the maximum
opportunity will be payable for
threshold performance and no
more than 50% of the maximum
opportunity will be payable for on-
target performance.
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Annual Report and Accounts 2026
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GOVERNANCE
Purpose and link to
strategy Operation Maximum Performance targets
LONG-TERM
INCENTIVES
To recruit and retain
Executive Directors.
Aligned to main strategic
objectives of delivering
long-term value creation.
Align Executive
Directors’ interests with
those of shareholders.
Discretionary conditional awards or nil or nominal cost options may be granted
annually as a combination of Performance ShareAwards (PSAs) and Restricted Share
Awards (RSAs).
The Committee reviews the quantum of awards annually and monitors the continuing
suitability of the performance measures.
Awards normally vest over 3 years or more from grant, subject to performance
conditions normally measured over three financial years or more (PSAs) and continued
service (PSAs and RSAs).
A two-year post vesting holding period requirement, which continues to apply post-
employment for shares that vest, net of sales to settle tax or other withholding due on
the vesting or exercise of awards.
Malus and clawback provisions apply to allow recoupment for a period of three years
following the vesting of an award, in the event that the value of a vested award is
subsequently found to have been overstated as a result of a material misstatement of
performance, a significant failure of risk management, serious misconduct, corporate
failure, reputational damage, or any other matter which the Committee deems relevant.
Participants may also be entitled to receive dividend equivalents on shares which vest.
Any dividend equivalents accrued will normally be delivered in shares.
All awards are subject to the discretions contained in the relevant plan rules.
PSA: 150% of salary
In respect of awards to be granted in 2026,
2027 and 2028 (i.e. the three-year Policy
period), the Committee intends to grant a
hybrid approach to Executive Directors as
follows:
PSA: 75% of salary
RSA: 37.5% of salary
PSA performance normally measured
over at least three years targets based
on financial targets, share price-
based targets (e.g. Total Shareholder
Return targets) and/or strategic/
ESG-based targets as set by the
Committee to reflect the prevailing
strategic priorities.
A maximum of 25% vests at threshold
increasing to 100% vesting at
maximum on a straight-line basis.
The Committee retains discretion
to override formulaic outcomes in
deciding the level of vesting to reflect
wider Company performance. Any
exercise of discretion will be fully
disclosed to shareholders.
RSAs will vest subject to achievement
of one or more an underpin which
mayinclude key financial and/ or
strategic measures and/ or reference
to underlying financial performance,
usually over a three-year period.
REMUNERATION REPORT CONTINUED
DIRECTORS’ REMUNERATION POLICY REPORT
Speedy Hire Plc Annual Report and Accounts 2026
90
Purpose and link to
strategy Operation Maximum Performance targets
SHAREHOLDING
REQUIREMENTS
To strengthen the
alignment between
the interests of the
Executive Directors and
those of shareholders
In accordance with best practice, share ownership requirements apply during and after
employment.
In-employment shareholding requirement
Executive Directors will normally be required to retain at least 50% of the shares
acquired on the vesting of share awards, net of tax, until the required level of
shareholding is achieved.
Deferred bonus shares, vested PSP shares, shares subject to a holding period and
open-market purchase shares, including shares held by a spouse or children under 18,
count towards this limit, on a net-of-tax basis.
Newly appointed Executive Directors would normally be expected to achieve the
required shareholding within five years of the date of appointment.
Existing Executive Directors would normally be expected to achieve the increased
requirement within a reasonable timeframe of the adoption of the Policy.
Post-employment shareholding requirement
Executive Directors will normally be required to retain a shareholding until the second
anniversary of the date they ceased to be an Executive Director.
The post-cessation shareholding requirement will apply to shares acquired (net of tax)
under awards granted under this Policy. Shares acquired under all-employee share
plans or purchased from the Executive Directors’ own funds would not be included.
Executive Directors are required to build up
and maintain an in-employment shareholding
worth at least 200% of base salary.
Executive Directors will normally be required
to retain a shareholding at the level of the
in-employment shareholding requirement, or
the actual shareholding on cessation if lower,
for a period of 12 months post-employment,
reducing to 50% of the year one holding for
the subsequent 12 months.
n/a
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91
GOVERNANCE
Purpose and link to
strategy Operation Maximum Performance targets
NON-EXECUTIVE
DIRECTORS
To attract and retain
high-calibre Non-
Executive Directors
The Non-Executive Directors’ fees are set by the Board on the recommendation of
the Executive Directors. No Director takes part in discussions relating to their own
remuneration.
The fees are set taking into account the time commitment and responsibilities of the
role. Additional fees may be payable in relation to extra responsibilities undertaken
such as chairing a Board Committee and/or a Senior Independent Director or other
designated role or being a member of a committee.
If there is a temporary, yet material, increase in the time commitments for Non-
Executive Directors, the Board may pay extra fees on a pro rata basis to recognise the
additional workload.
Fees are normally paid monthly in cash and are normally reviewed annually.
There is an expectation that individuals build and maintain a shareholding equal to
100% of fees.
Non-Executive Directors can be reimbursed for any reasonable business-related
expenses (including the tax thereon, if determined to be a taxable benefit).
Non-Executive Directors do not participate in incentive or pension plans and are not
eligible to receive benefits.
There is no prescribed maximum fee or fee
increase. Total fees for the Non-Executive
Directors are subject to the overall limit set
out in the Company’s Articles of Association.
Any increase will be guided by changes
in market rates, time commitments and
responsibility levels.
n/a
REMUNERATION REPORT CONTINUED
DIRECTORS’ REMUNERATION POLICY REPORT
Speedy Hire Plc Annual Report and Accounts 2026
92
Remuneration scenarios for Executive Directors
The remuneration package comprises core fixed pay (base salary, pension and benefits), an annual
bonus, PSAs and RSAs.
The chart below illustrates the composition of the Executive Directors’ remuneration packages under the
proposed policy for threshold, on-target and stretch performance.
h Base salaries effective from 1 April 2026 (or date of joining if later);
h An approximated annual value of benefits;
h A workforce aligned annualised pension contribution;
h Minimum performance comprises salary, benefits and pension only, with no bonus awarded and no
PSAs or RSAs vesting;
h On-target performance comprises annual bonus awarded at 50% of the maximum level (taken to
be 125% of salary notwithstanding that bonuses have been capped at 100% of salary in practice), a
75% of salary PSA (vesting at 50%) and a 37.5% of salary RSA (vesting at 100%);
h Maximum performance comprises annual bonus awarded at the maximum level of 125% of salary, a
75% of salary PSA (vesting at 100%) and a 37.5% of salary RSA (vesting at 100%); and
h Maximum performance with share price growth assumes a 50% share price appreciation in respect
of the PSA and RSAs.
Malus and clawback provisions
In respect of the malus and clawback provisions
set out in the Policy table above, the Remuneration
Committee has selected the malus/clawback
periods on the basis that: (i) it believes these to be
aligned with shareholder expectations as well as
FTSE All Share practice; and (ii) any circumstances
that would give rise to a potential malus/clawback
scenario would be likely to be identified during the
three-year time periods specified.
How employees’ pay is taken into
account
The designated employee Non-Executive Director
attends an annual Colleague Consultative
Committee (formerly the employee forum) meeting
(the last meeting was held on 3 March 2026)
where Directors’ remuneration was discussed,
along with: (i) how it aligned with the wider pay
policy; and (ii) the rationale behind the current
Remuneration Policy.
Pay and conditions across the Group are
considered when designing the Policy for
Executive Directors, and continue to be
considered in relation to the implementation
of the Policy. The Remuneration Committee
regularly interacts with the HR function and
senior operational executives, and monitors pay
trends across the workforce. Salary increases
will ordinarily be (in percentage of salary
terms) in line with those of the wider workforce.
The requirement to consider wider pay and
employment conditions elsewhere in the Group
is considered by the Remuneration Committee
to be a key objective and is embedded in the
Remuneration Committee’s terms of reference.
Speedy Hire discloses the pay ratio for the Chief
Executive, compared to that of UK employees
at the median, lower and upper quartile, and the
year-on-year trends will be considered in the
wider context of employee pay at Speedy Hire.
How the Executive Directors’
Remuneration Policy relates to the
wider Group
The Remuneration Policy described above
provides an overview of the structure that
operates for the most Senior Executives in the
Group. Employees below Executive level have
a lower proportion of their total remuneration
made up of incentive-based remuneration, with
remuneration driven by market comparators
and the impact of the role in question. Long-
term incentives are reserved for those judged
as having the greatest potential to influence the
Group’s strategic direction, earnings growth and
share price performance.
Consistent with the Group’s approach of
recognising the contribution of its employees
at all levels in the business, the Group operates
bonus incentives throughout the Group, a
long-term service award scheme, under which
employees receive a range of additional benefits,
including additional days of annual holiday
entitlement, dependent on service starting at
ten years. These benefits are popular amongst
employees, and the Group believes that they fulfil
a business need by encouraging and rewarding
the loyalty and motivation of long-serving
employees and by rewarding those employees
with higher levels of experience.
How shareholders’ views are taken
into account
The Remuneration Committee considers
shareholder feedback received in relation to
the AGM each year and shareholder views
on our executive remuneration policy more
generally. Outside of this, the Remuneration
Chief Executive
Minimum
Remuneration (£’000)
Annual Bonus
£2,500
£2,000
£1,500
£1,000
£500
£0
On-target Maximum Maximum
with share
price growth
100%
£527
42%
£1,221
26%
16%
16%
30%
£1,726
37% 31%
11% 9%
22% 19%
15%
£2,010
26%
Share price growth
Fixed pay
PSP RSP
Chief Financial Officer
Remuneration (£’000)
RSP
Minimum
Annual Bonus
£2,500
£2,000
£1,500
£1,000
£500
£0
On-target Maximum Maximum
with share
price growth
100%
£405
43%
£937
26%
15%
16%
30%
£1,323
37% 31%
11% 9%
22%
19%
15%
£1,540
26%
Share price growth
Fixed pay
PSP RSP
Speedy Hire Plc Annual Report and Accounts 2026
93
GOVERNANCE
REMUNERATION REPORT CONTINUED
DIRECTORS’ REMUNERATION POLICY REPORT
Committee seeks to engage with its major
shareholders when any significant changes
to the Remuneration Policy are proposed.
The Remuneration Committee will consider
shareholder feedback received in relation to the
Directors’ Remuneration Report each year. The
Remuneration Committee also has regard to
additional feedback received from time-to-time
and closely monitors developments in institutional
investors’ best practice expectations.
Approach to recruitment and promotions
The remuneration package for a new Executive
Director would be set in accordance with the terms
of the approved Remuneration Policy prevailing at
the time of appointment and take into account the
skills and experience of the individual, the market
rate for a candidate of that experience and the
importance of securing the relevant individual.
The overarching principles applied by the
Remuneration Committee in developing
the remuneration package will be to set an
appropriate base salary together with benefits
and short- and long-term variable pay that takes
into account the complexity of the role. Salary
would be provided at such a level as required to
attract the most appropriate candidate and may
be set initially at a below-market level on the
basis that it may progress towards a competitive
market level once expertise and performance
have been proven and sustained. Salary
will be considered in the context of the total
remuneration package.
The maximum level of variable pay, which may be
awarded to new Executive Directors, excluding
the value of any buy-out arrangements, will be
in line with the policy set above. In addition, the
Remuneration Committee may offer additional
cash and/or share-based elements to replace
deferred or incentive pay forfeited by an Executive
leaving a previous employer when it considers
these to be in the best interests of the Company
and its shareholders. It will, where possible, ensure
that these awards are consistent with awards
forfeited in terms of the form of award, vesting
periods and expected value. Such elements may
be made under Section 9.4.2 of the Listing Rules
where necessary. Shareholders will be informed of
any such arrangements at the time of appointment.
The Remuneration Committee may apply different
performance measures, performance periods
and/or vesting periods for initial awards made
following appointment under the annual bonus
and/or long-term incentive arrangements,
subject to the rules of the plan, if it determines
that the circumstances of the recruitment merit
such alteration. A PSP award can be made
shortly following an appointment (assuming the
Company is not in a closed period).
For an internal Executive Director appointment,
any variable pay element awarded in respect of the
prior role may be allowed to pay out according to
its original terms, adjusted, if appropriate, to take
account of the new appointment. For external
and internal appointments, the Remuneration
Committee may agree that the Company will meet
certain relocation and/or incidental expenses as
appropriate.
The fee structure and quantum for Non-Executive
Director appointments will be based on the
prevailing Non-Executive Director fee policy
taking into account the experience and calibre of
the individual.
The Board evaluation and succession planning
processes in place are designed to ensure there
is the correct balance of skills, experience and
knowledge on the Board. The activities of the
Nomination Committee overseeing these matters
are disclosed in the Nomination Committee Report.
Service contracts and approach to
leavers
The Company’s policy is for Executive Directors
to have service contracts that may be terminated
with no more than 12 months’ notice from either
party. The Executive Directors’ service contracts
are available for inspection by shareholders at the
Company’s registered office.
The relevant dates of service contracts and notice
periods for the current Executive Directors are set
out as follows:
Executive Director
Date of
contract Notice period
Dan Evans 29 July 2022 12 months
Paul Rayner 1 July 2023 9 months
Service contracts for Executive Directors all
contain non-compete provisions appropriate to
their role. No Executive Director has the benefit
of provisions in his or her service contract for
the payment of pre-determined compensation in
the event of termination of employment. It is the
Remuneration Committee’s policy that the service
contracts of Executive Directors will provide for
termination of employment by giving notice or
by making a payment of an amount equal to
the monthly basic salary, benefits and pension
contributions in lieu of notice.
The Policy also provides that no Executive
Director should be entitled to a notice period
or payment on termination of employment in
excess of the levels set out in his or her service
contract and in determining amounts payable on
termination. The Remuneration Committee will
take into consideration the Executive Director’s
duty to mitigate his or her loss when determining
the amount of compensation.
Annual bonus may be payable for a good leaver
with respect to the period of the financial year
worked, although it will be performance linked,
pro-rated for time and paid at the normal pay-
out date. Different performance targets may be
set for the remainder of this bonus period to
reflect the individual’s specific responsibilities.
Any share-based entitlements granted to an
Executive Director under the Company’s share
plans will be determined based on the relevant
plan rules. In certain prescribed circumstances,
such as retirement, death, ill health, disability
or other circumstances at the discretion of the
Remuneration Committee, ‘good leaver’ status
may be applied. For good leavers, awards will
normally vest at the normal vesting date subject
to the satisfaction of the relevant performance
conditions/underpins at that time and time pro-
rating. However, the Remuneration Committee
retains discretion to determine that awards vest at
cessation of employment and/or to disapply the
time pro-rating in full, or in part, if it considers it
appropriate to do so. Where ‘good leaver’ status
is not applied, awards will lapse at the date of
termination.
In relation to a termination of employment, the
Remuneration Committee may make payments in
relation to any statutory entitlements or payments
to settle or compromise claims as necessary.
The Remuneration Committee also retains
the discretion to reimburse reasonable legal
expenses incurred in relation to a termination
of employment and to meet any transitional
or outplacement costs if deemed necessary.
Payment may also be made in respect of accrued
benefits, including untaken holiday entitlement.
There is no provision for additional compensation
on a change of control. In the event of a change
of control, the PSP awards will normally vest on
(or shortly before) the change of control subject
Speedy Hire Plc
Annual Report and Accounts 2026
94
to the satisfaction of the relevant performance conditions at that time and, unless the Remuneration
Committee determines otherwise, reduced pro rata to reflect the proportion of the vesting period served.
Outstanding awards under any all-employee share plans will vest in accordance with the relevant scheme
plan. Bonuses may become payable, subject to performance and, unless the Remuneration Committee
determines otherwise, subject to a pro rata reduction to reflect the curtailed performance period.
External appointments
The Board allows Executive Directors to accept appropriate outside commercial Non-Executive
Director appointments provided the aggregate commitment is compatible with their duties as Executive
Directors. The Executive Directors concerned may retain fees paid for these services, which will be
subject to approval by the Board.
Non‑Executive Directors
The Chairman and Non-Executive Directors do not have contracts of service but serve under letters
of appointment. Appointments are subject to annual re-election by shareholders at the AGM and may
be terminated by three months’ notice on either side. Therefore, all Directors will submit themselves
for re-election at the forthcoming AGM in September 2026, with the exception of David Garman, who
is stepping down from the Board after the AGM. The letters of appointment of the Non-Executive
Directors are available for inspection at the Company’s registered office during normal business hours.
The anticipated time commitment of Non-Executive Directors required by the Company is 50 days per
annum in relation to David Shearer and 20 days in relation to David Garman, Rhian Bartlett, Shatish
Dasani and Carol Kavanagh. Appointment dates for the Non-Executive Directors are detailed below:
Non‑Executive Director Role Appointment date
David Shearer
1
Non-Executive Chairman 1 October 2018
Rhian Bartlett Senior Independent Director 1 June 2019
David Garman Non-Executive Director 1 June 2017
Shatish Dasani Non-Executive Director 1 February 2021
Carol Kavanagh Non-Executive Director 1 June 2021
1
Details relate to appointment as Non-Executive Chairman, original appointment as Non-Executive Director was
9 September 2016.
95
Speedy Hire Plc Annual Report and Accounts 2026
GOVERNANCE
REMUNERATION REPORT CONTINUED
ANNUAL REPORT ON REMUNERATION
The sections of the Annual Remuneration Report
that have been audited by PwC are indicated in
the corresponding titles of those sections.
Remuneration Committee role and
membership
The Remuneration Committee comprises three
members: Carol Kavanagh (Chair), David Garman
and Shatish Dasani. All members are considered
by the Board to be independent Non-Executive
Directors. Biographies of the members of the
Remuneration Committee are set out on page
69. Details of the attendance at Remuneration
Committee meetings are set out below.
Remuneration Committee members and
scheduled meetings attended:
Carol Kavanagh (Chair)
Non-Executive Director 4/4
David Garman
Non-Executive Director 4/4
Shatish Dasani
Non-Executive Director 2/2
1
Rob Barclay
Non-Executive Director 2/2
2
1
Shatish Dasani was appointed to the Remuneration
Committee on 4 September 2025
2
Rob Barclay stepped down from the Remuneration
Committee on 4 September 2025
At the invitation of the Remuneration Committee
Chair, other members of the Board and senior
management may attend meetings of the
Remuneration Committee, except when their
own remuneration is under consideration. No
Directors are involved in determining their own
remuneration. The Company Secretary acts as the
secretary to the Remuneration Committee. The
members of the Remuneration Committee can,
where they judge it necessary to discharge their
responsibilities, obtain independent professional
advice at the Group’s expense.
The Remuneration Committee’s duties include:
h making recommendations to the Board
on the Group’s framework and policy for
the remuneration of the Company Chair,
Executive Directors, Company Secretary and
Senior Executives;
h reviewing and determining, on behalf of the
Board, Executive remuneration and incentive
packages to ensure such packages are fair
and reasonable;
h reviewing Directors’ expenses;
h reviewing Executive and Non-Executive
Directors against the shareholding guidelines;
h determining the basis on which the
employment of Executives is terminated;
h designing the Group’s share incentive
schemes and other performance-related pay
schemes, and to operate and administer such
schemes;
h determining whether awards made under
performance-related and share incentive
schemes should be made, the overall amount
of the awards, the individual awards to
Executives and the performance targets to
be used;
h ensuring that no Director is involved
in any decisions as to his/her own
remuneration; and
h reviewing regularly the ongoing
appropriateness and effectiveness of all
remuneration policies.
During FY2026, the Remuneration Committee
reviewed the following matters at its meetings:
h Determination of FY2025 bonuses for the
Executive Directors and senior managers
h Feedback on Directors’ Remuneration Report
and the final outcome of the 2025 AGM
voting for the report
h Consideration of the revised Directors’
Remuneration Policy to apply from 2026
AGM and significant shareholder consultation
exercise
h Determination of vesting of PSP awards due
to vest in FY2026
h Determination of the FY2026
Sharesave Scheme
h Determination of the Executive remuneration
structure and application of the Policy
for FY2027
h Proposed FY2026 bonus scheme for
Executive Directors and Executive Team
members and bonus arrangements for
employees generally
h Interim and final progress of employee share
plan performance measures against targets
and consequent approval of any vesting
of awards
h Progress of bonus achievement for FY2026
executive bonuses
h Approval of long-service share awards for
eligible employees and consideration of other
awards based on long service
h Terms of reference for, and the effectiveness
of, the Remuneration Committee
h Ongoing appropriateness and effectiveness
of remuneration and benefits policies for
Executive Directors and employees generally
and alignment to Company culture
h Performance of external remuneration
advisors
h Use of equity for employee share plans in
relation to dilution headroom limits
h Review of the Non-Executive Chairman’s fee
h Determining remuneration arrangements for
senior management joiners and leavers
The Remuneration Committee’s terms of
reference are published on the Company’s
website at speedyhire.com/investors and are
also available in hard copy on application to the
Company Secretary.
Advisors
During the year, the Remuneration Committee
received independent advice from FIT
Remuneration Consultants LLP (‘FIT’), in
connection with remuneration matters, including
the provision of general guidance on market and
best practice and the production of this report.
FIT was appointed by the Committee in 2020
following a competitive tender and has no other
connection or relationship with the Group or
individual Directors and provided no other services
to the Group during FY2026. FIT is a member of
the Remuneration Consultants Group and is a
signatory to its Code of Conduct. Fees paid to FIT
for FY2026 totalled £37,500 (excluding VAT) in
respect of advice provided to the Remuneration
Committee and for related matters based on a
standing retainer (with additional time based on
time and materials). Following the Committee’s
annual review of its advisor and the advice
received, the Committee concluded that FIT’s
advice continues to be objective and independent.
Speedy Hire Plc
Annual Report and Accounts 2026
96
Implementation of the Remuneration Policy for FY2027
Details of how the Remuneration Committee intends to operate the Remuneration Policy for Executive Directors in respect of the year ending 31 March 2027 are set out in the Annual Chair’s Statement.
Non‑Executive Directors
Current annual fee levels for Non-Executive Directors are as follows:
Non‑Executive Director Role Committee Chair role 1 April 2026
1
1 April 2025
David Shearer Non-Executive Chairman Nomination £156,060 £156,060
David Garman Non-Executive Director – £49,420 £56,420
Rhian Bartlett Senior Independent Director Sustainability £63,420 £54,420
Shatish Dasani Non-Executive Director Audit & Risk £56,420 £56,420
Carol Kavanagh Non-Executive Director Remuneration £61,420 £56,420
1
The policy reflects a base Board fee of £49,420 (FY2026: £49,420); additional fees per annum for the Chairman of the Audit & Risk, Remuneration and Sustainability Committees of £7,000 (FY2026: £7,000), an additional fee per annum for
the Senior Independent Director (Rhian Bartlett) of £7,000 (FY2026: £7,000) and for the designated employee Non-Executive Director (Carol Kavanagh) £5,000 (FY2026: £5,000). Rhian Bartlett replaced David Garman as Senior Independent
Director and Carol Kavanagh replaced Rhian Barlett as Designated Employee Director and Rhian Barlett became Chair of the Sustainability Committee in each case on 4 September 2025.
Speedy Hire Plc Annual Report and Accounts 2026
97
GOVERNANCE
REMUNERATION REPORT CONTINUED
ANNUAL REPORT ON REMUNERATION
Directors’ remuneration for FY2026 (Audited)
The emoluments of the Directors of the Company for the year under review were as follows:
Financial year
Fees/basic salary
£’000 Benefits £’000
2
Pension £’000
3
Total fixed
remuneration
£’000
Annual bonus
£’000
4
Value of long‑term
incentives £’000
5
Total variable
remuneration
£’000
Total
remuneration
£’000
Executive Directors
Dan Evans 2026 505 7 15 527 0 0 0 527
2025 495 7 15 517 0 0 0 517
Paul Rayner 2026 357 20 11 388 0 0 0 388
2025 350 18 8 376 0 0 0 376
Non-Executive Directors
David Shearer 2026 156 – – 156 – – – 156
2025 153 – – 153 – – – 153
David Garman 2026 52 – – 52 – – – 52
2025 55 – – 55 – – – 55
Rhian Bartlett 2026 60 – – 60 – – – 60
2025 53 – – 53 – – – 53
Shatish Dasani 2026 56 – – 56 – – – 56
2025 55 – – 55 – – – 55
Carol Kavanagh 2026 59 – – 59 – – – 59
2025 55 – – 55 – – – 55
Former Non-Executive Director
Rob Barclay
1
2026 24 24 24
2025 55 55 55
Totals 2026 1,269 27 26 1,322 0 0 0 1,322
2025 1,271 25 23 1,319 0 0 0 1,319
1
Rob Barclay resigned from the Board on 4 September 2025
2
Taxable benefits comprise a car or cash alternative, health insurance and life insurance.
3
Dan Evans and Paul Rayner received £15,000 and £11,000, respectively, in lieu of pension contributions, which are included in the Pension column above together with any actual pension contributions made.
4
For FY2026, the maximum bonus opportunity for the Executive Directors was 100% of salary, based on Group adjusted profit before tax (55%), Free Cash Flow (20%), strategic targets (20%) and ESG targets (5%). Details of actual
performance against targets is set out below.
5
For FY2026, this reflects that the 2023 PSP awards are expected to fail to hit both the threshold EPS and TSR performance targets, resulting in nil vesting. In respect of FY2025, this reflects the 2022 PSP awards (granted to Dan Evans)
awards lapsed in full as both the threshold EPS and TSR performance targets were not met.
Speedy Hire Plc Annual Report and Accounts 2026
98
Annual bonus assessment in respect of FY2026 performance (Audited)
Dan Evans and Paul Rayner were eligible to receive annual bonuses in respect of financial and operational performance in FY2026. Details of the performance targets and resulting bonus outcome are set out in the
table below:
Measure
Weighting (% of
salary) Threshold Max Actual
Result (% of
salary)
Adjusted PBT
1
55% £18m £21.9m £(9.8)m 0%
Free Cash Flow
2
20% £11.4m £14.9m £3.0m 0%
Strategic (customers, safety) 20% 20% – – n/a
3
ESG (carbon emissions) 5% 5% – – n/a
3
Total 100% – – – 0%
1
Group adjusted profit before tax (‘adjusted PBT’).
2
Free Cash Flow: Net cash flow before movement in borrowings, merger and acquisition activity and returns to shareholders.
3
Despite the Committee noting the progress made against strategy delivery and ESG targets, on the basis that the threshold PBT target was not met, a detailed assessment was not made against the strategic targets (focussed on proactively
managing and leading change to minimise safety incidents and increasing trade with national customers) or ESG targets (delivering a year-on-year reduction in scope 1 and 2 carbon emissions).
PSP awards vesting in 2026 (Audited)
PSP awards, which were granted in July 2023 with vesting based on earnings per share (‘EPS’) and relative total shareholder return (TSR) performance targets measured over the three years ending on the dates
below are expected to lapse in full as follows:
Performance Measure Weighting
Performance
period end
Threshold (25%
vesting)
Maximum (100%
vesting) Actual
% vesting for this
part of the award
EPS 50% 31 March 2026 6.25p 8.00p Below Threshold 0%
TSR* 50% 20 July 2026 Median Upper Quartile Expected to be Below Median 0%
4
Versus constituents of the FTSE 250 (excluding investment trusts).
Long‑term incentive plan awards granted to Executive Directors in the year (Audited)
No long-term incentives were granted in the year ended 31 March 2026.
Speedy Hire Plc
Annual Report and Accounts 2026
99
GOVERNANCE
Directors’ interests in share‑based awards (Audited)
Details of the Executive Directors’ interests in share-based awards1 are as follows:
Executive Director
Interest at
1 April 2025
Options/
awards granted
during the year
Options/
awards exercised
during the year
Options/
awards lapsed
during the year
Interest at
31 March 2026
Exercise price
(pence)
Normal date from
which exercisable/
vested to expiry date (if
appropriate)
Dan Evans
PSP 2017
2,3
23,883 – – – 23,883 nil Jun 2020 – Jun 2027
PSP 2018
2,3
60,148 – – – 60,148 nil May 2021 – May 2028
PSP 2022
2,4
604,528 – – (604,528) – nil Jun 2025 – Jun 2032
PSP 2023
5
1,212,284 – – – 1,212,284 nil Jul 2026 – Jul 2033
PSP 2024
6
5,386,289 – – – 5,386,289 nil Jun 2028 – Sept 2034
Total 7,2 87,13 2 – – (604,528) 6,682,604
Paul Rayner
PSP 2023
5
943,426 – – – 943,426 nil Jul 2026 – Jul 2033
PSP 2024
6
3,810,664 – – – 3,810,664 nil Jun 2028 – Sept 2034
Total 4,754,090 – – – 4,754,090
1
All PSP awards above were granted as nil-cost options. No consideration was paid for the grant of these options.
2
Granted to Dan Evans prior to his appointment to the Board on 1 October 2022.
3
Vested awards.
4
The performance conditions for the 2022 PSP awards are set out in the ‘Long-term incentive plan awards granted to Executive Directors on page 101 of the Annual Report and Accounts 2025.
5
The performance conditions for the 2023 PSP awards are set out under ‘PSP awards vesting in 2026 (Audited)’ above.
6
The performance conditions for the 2024 PSP awards are set out in the ‘Long-term incentive plan awards granted to Executive Directors on page 100 of the Annual Report and Accounts 2025.
The mid-market closing price of Speedy Hire Plc ordinary shares at 31 March 2026 was 22.65 pence and the range during the year was 18.12 pence to 32.25 pence per share.
Dilution
The Performance Share Plan and SAYE share option schemes provide that overall dilution through the issuance of new shares for employee share schemes should not exceed an amount equivalent to 10% of
the Company’s issued share capital over a rolling ten-year period. The Committee monitors the position prior to making awards under these schemes to ensure that the Company remains within the limit. As at
12 June 2026, the latest practicable date before the publication of this Annual Report and Accounts, 8.33% of the 10% limit has been used.
REMUNERATION REPORT CONTINUED
ANNUAL REPORT ON REMUNERATION
Speedy Hire Plc Annual Report and Accounts 2026
100
Shareholder voting at AGM
The most recent resolutions in respect of the Directors’ Remuneration Policy (2024 AGM) and Directors’ Remuneration Report (2025 AGM) received the following votes from shareholders:
2024 AGM – Remuneration Policy 2025 AGM – Remuneration Report
Total number of
votes % of votes cast
Total number of
votes % of votes cast
For 252,125,891 80.26 309,364,669 99.59
Against 62,015,362 19.74 1,288,633 0.41
Total votes cast (for and against) 314,141,253 100 310,653,302 100
Votes withheld
1
9,579,557 n/a 98,739 n/a
Total votes cast (including withheld votes) 323,720,810 310,752,041
1
A vote withheld is not a vote in law and is not counted in the calculation of the proportion of votes cast ‘For’ and ‘Against’ a resolution.
Directors’ interests in the share capital of the Company (Audited)
The interests of the Directors, including their connected persons, (all of which were beneficial), who held office during FY2026, are set out in the table below:
Legally owned
PSP Awards (Performanced, nil cost
options)
Sharesave (Non‑
Performanced,
share options) Total
Shareholding
requirement
% of salary/fee of
requirement met
Total purchase price
of all shares
1
Director 31 March 2025 31 March 2026 Unvested Vested Unvested 31 March 2026 % % (£)
Dan Evans – – 6,598,573 84,031 – 84,031 200 1 –
Paul Rayner 650,000 740,000 4,754,090 – – 740,000 200 25 260,429
David Shearer 1,356,111 1,606,111 – – – 1,606,111 100 >100 676,890
David Garman 500,000 700,000 – – – 700,000 100 >100 292,160
Rhian Bartlett 74,744 250,744 – – – 250,744 100 95 87,48 9
Shatish Dasani 301,500 361,500 – – – 361,500 100 >100 133,789
Carol Kavanagh 65,075 65,075 – – – 65,075 100 26 29,817
Former Director
Rob Barclay
2
48,000 n/a – – – – n/a n/a n/a
1
Total purchase price of all share purchases made up to 31 March 2026.
2
Rob Barclay stepped down from the Board on 4 September 2025. At that date, he legally owned 48,000 shares.
Note that only legally owned shares and vested but unexercised PSP awards (on a net of tax basis) count towards the shareholding requirement. Shareholdings are valued on the basis of the average daily closing
share price (of the three months prior to the 31 March 2026 (being 24.14p) and tested against the Directors’ base salary/fee at 31 March 2026).
Between 1 April 2026 and the date of this report, no transactions in the share capital of the Company were made by current Directors (including their connected persons)
Payment to past Directors or for loss of office (Audited)
There have been no payments made to past Directors and no payments made for loss of office in the year.
Speedy Hire Plc
Annual Report and Accounts 2026
101
GOVERNANCE
Comparison of overall performance and pay
The chart below presents the total shareholder return for Speedy Hire Plc compared to that of the FTSE 250 and FTSE SmallCap (both excluding investment trusts). The values indicated in the graph show the
share price growth plus reinvested dividends over a ten-year period from a £100 hypothetical holding of ordinary shares in Speedy Hire Plc and in the index.
Total shareholder return
REMUNERATION REPORT CONTINUED
ANNUAL REPORT ON REMUNERATION
This graph shows the value, by 31 March 2026, of £100 investment in Speedy Hire on 31 March 2016, compared with the value of £100 invested in the FTSE 250 (excl. Investment Trusts) and FTSE SmallCap (excl.
Investment Trusts) indices on the same day. The other points plotted are the values at intervening financial year ends. The FTSE 250 and SmallCap indexes have been chosen as appropriate comparators given that
the former was used for the PSP TSR comparator group for the majority of the last ten years and Speedy Hire is currently a constituent of the latter.
The total remuneration figures for the Chief Executive during each of the last ten financial years are shown in the table below. The total remuneration figure includes the annual bonus based on that year’s
performance (FY2017 to FY2026) and PSP awards based on three-year performance periods ending just after the relevant year end. The annual bonus pay-out and PSP vesting level, as a percentage of the
maximum opportunity, are also shown for each of these years.
Russell Down Dan Evans
FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2023 FY2024 FY2025 FY2026
Single Total Figure of remuneration (£’000s) 757 667
2
1,278
2
683 790 735 257 236 492 517 527
Annual bonus (% of max) 97% 55% 55% – 71%
4
67% 0% 0% 0% 0% 0%
PSP vesting (% of max) – 33% 96%
3
50% 49% 0% 0% 0% 0% 0% 0%
1
Russell Down stepped down and Dan Evans was appointed as Chief Executive during FY2023.
2
Total remuneration for 2018 includes the EPS element of the 2015 PSP grant (of which 15% of the maximum vested). Total remuneration for 2019 includes the TSR element of 2015 PSP grant (of which 18.51% of the maximum vested) and both
the EPS and TSR element of the 2016 PSP grant (of which 96.41% vested).
3
The vesting percentage for 2018 shows the vesting of the 2015 PSP grant (EPS and TSR elements). The vesting percentage for 2019 shows the vesting of the 2016 PSP grant only.
4
The annual bonus potential was limited to 50% of salary over the second half of FY2021.
5
The vesting percentage for 2026 reflects that the 2023 PSP awards are expected to lapse in full due to the failure to hit the threshold EPS target and the expected below median TSR.
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
  
Speedy Hire Plc Annual Report and Accounts 2026
102
Percentage change in each Director’s total remuneration
The table below shows the percentage change in each Director’s total remuneration (excluding the value of any long-term incentives and pension benefits receivable in the year) between FY2021 and FY2022, FY2022
and FY2023, FY2023 and FY2024, FY2024 and FY2025, and FY2025 and FY2026 compared to that of the average for all UK- and Ireland-based employees of the Group (there are no employees of the Company).
% change from FY2021 to FY2022 % change from FY2022 to FY2023 % change from FY2023 to FY2024 % change from FY2024 to FY2025 % change from FY2025 to FY2026
Salary/
Fee Benefits Bonus
Salary/
Fee Benefits Bonus
Salary/
Fee Benefits Bonus
Salary/
Fee Benefits Bonus
Salary/
Fee Benefits Bonus
Dan Evans
1
n/a n/a n/a n/a n/a n/a 30% (24%) n/a 5% 28% n/a 2% 0% n/a
Paul Rayner
2
n/a n/a n/a n/a n/a n/a 3% n/a n/a 0% 28% n/a 2% 10% n/a
David Shearer 6% n/a n/a 5% n/a n/a 7% n/a n/a 2% n/a n/a 2% n/a n/a
David Garman 8% n/a n/a 8% n/a n/a 5% n/a n/a 2% n/a n/a (5%) n/a n/a
Rob Barclay
3
5% n/a n/a 4% n/a n/a 5% n/a n/a 2% n/a n/a 2% n/a n/a
Rhian Bartlett
4
4% n/a n/a 5% n/a n/a 17% n/a n/a 2% n/a n/a 12% n/a n/a
Shatish Dasani
5
3% n/a n/a 4% n/a n/a 5% n/a n/a 2% n/a n/a 2% n/a n/a
Carol Kavanagh
6
n/a n/a n/a 39% n/a n/a 2% n/a n/a 2% n/a n/a 7% n/a n/a
Average employees 12% 0% 11% 6% 0% 75% 5% 0% (96%) 5% 0% 22% 5% n/a n/a
1
Dan Evans was appointed to the Board on 1 October 2022.
2
Paul Rayner was appointed to the Board on 1 July 2023.
3
Rob Barclay stepped down from the Board on 4 September 2025. His 2026 numbers are pro-rated up, to enable a full year-on-year comparison.
4
Rhian Bartlett was appointed to the Board on 1 June 2019. Her 2020 numbers have been pro-rated up, to enable a full year-on-year comparison.
5
Shatish Dasani was appointed to the Board on 1 February 2021. As such, there was no prior year remuneration for 2020. His 2021 numbers have been pro-rated up, to enable a full year-on-year comparison.
6
Carol Kavanagh was appointed to the Board on 1 June 2021. As such, there was no prior year remuneration for 2021. Her 2022 numbers have been pro-rated up, to enable a full year-on-year comparison.
Pay ratio of the Chief Executive to average employee
The table below compares the ratio of Chief Executive’s pay to the pay of employees at the 25th, median and 75th percentile as at 31 March 2026 (and for the prior six years).
Year
Method of
calculation
adopted
25th percentile
pay ratio (Chief
Executive: UK
employees)
Median pay ratio
(Chief Executive:
UK employees)
75th percentile
pay ratio (Chief
Executive: UK
employees)
2026 Option A 18:1 16:1 13:1
2025 Option A 18:1 16:1 13:1
2024 Option A 18:1 16:1 13:1
2023* Option A 20:1 17:1 13:1
2022 Option A 31:1 26:1 21:1
2021 Option A 37:1 32:1 25:1
2020 Option B 30:1 29:1 22:1
* Given the change in Chief Executive during the FY2023, the Chief Executive’s pay for FY2023 was based on £491,766, being the total remuneration for both Russell Down and Dan Evans in respect of their qualifying services as Chief
Executive from the single figure table above.
Speedy Hire Plc Annual Report and Accounts 2026
103
GOVERNANCE
REMUNERATION REPORT CONTINUED
ANNUAL REPORT ON REMUNERATION
The median, 25th percentile and 75th percentile figures used to determine the above ratios were calculated by reference to option ‘A’ methodology prescribed under the UK Companies (Miscellaneous Reporting)
Regulations 2018 albeit the total remuneration figures for employees are based on a cash, rather than accrual basis, in respect of the various annual bonus schemes operated. The Committee selected this approach
as it was felt to produce the most statistically accurate result based on the available data and to be comparable from year to year.
The median ratio for 2026 is broadly consistent with that for 2025 given the CEO’s remuneration continued to comprise only of fixed remuneration and the median total pay and benefits number is broadly
comparable with the prior year.
The Committee considers that the median pay ratio disclosed above is consistent with the pay, reward and progression policies for the Company’s UK employees taken as a whole.
Pay details for the individuals whose 2025/2026 remuneration is at the median, 25th percentile and 75th percentile amongst UK-based employees (and for the prior year) are as follows:
Chief Executive UK Employees
Year 25th percentile Median 75th percentile
Salary £504,900 £28,993 £32,000 £40,290
2026 (Total pay and benefits) (£526,928) (£29,924) (£32,960) (£41,499)
Relative importance of spend on pay
The following table shows the Company’s actual spend on pay (for all employees) relative to distributions to shareholders by way of dividends and share buybacks.
Year 2025 2026 % change
Staff costs (£’m) 136.2 140.7 3%
Dividends (£’m) 11.8 9.7 (18%)
£0.9m of the staff costs figures relates to pay for the Executive Directors. This is different from the aggregate of the single figures for the year under review due to the way in which the share-based awards are
accounted for. The dividend figures relate to amounts paid in the relevant financial year.
This report was approved by the Board on 16 June 2026.
CAROL KAVANAGH
Chair of the Remuneration Committee
Speedy Hire Plc
Annual Report and Accounts 2026
104
SUSTAINABILITY COMMITTEE REPORT
THE SUSTAINABILITY COMMITTEE PRESENTS ITS REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2026
RHIAN BARTLETT
Chair of the Sustainability Committee
The terms of reference of the Sustainability
Committee are reviewed annually by the
Committee and changes proposed to the
Board. The current terms are published on the
Company’s website at speedyhire.com/investors
and are also available in hard copy form on
application to the Company Secretary.
Attendance
The Sustainability Committee met on three
scheduled occasions during the year. Details of
the attendance are set out in the table below.
At the invitation of the Chair, Speedy Hire’s Head
of Sustainability & Governance is invited to attend
Committee meetings.
Sustainability Committee meetings and
member attendance during the year:
Rhian Bartlett (Chair) Non-Executive Director 3/3
Carol Kavanagh Non-Executive Director 1/1
1
Dan Evans Chief Executive 3/3
Rob Barclay Non-Executive Director 2/2
2
1
Carol Kavanagh was appointed to the Sustainability
Committee on 4 September 2025.
2
Rob Barclay stepped down from the Sustainability
Committee on 4 September 2025.
Operation of the Sustainability
Committee
The Company Secretary or Assistant Company
Secretary acts as secretary to the Sustainability
Committee. The members of the Sustainability
Committee can, where they judge it necessary
to discharge their responsibilities, obtain
independent professional advice at the
Company’s expense.
The Sustainability Committee’s duties include
inter alia:
h reviewing Speedy Hire’s ESG strategy and
execution for the Board;
h engaging with and supporting the
other Board Committees (Audit & Risk,
Remuneration and Nomination Committees)
in respect of ESG matters;
h reviewing and recommending the approval
of the annual Modern Slavery Statement to
the Board;
h overseeing Speedy Hire’s sustainability
disclosures on behalf of the Board, including
approval of the ESG Report, Task Force on
Climate-Related Financial Disclosures and
greenhouse gas emissions;
h monitoring the sustainable development of
the organisation; and
h monitoring developments and emerging best
practice in approaches to ESG matters.
During the year, the Committee fulfilled all
responsibilities within its remit, overseeing the
continued delivery of Speedy Hire’s Decade to
Deliver strategy. The Committee assessed the
sustainability impacts and opportunities arising
from the ProService Transaction and monitored
progress in supporting customers’ increasing
demand for lower carbon solutions.
In line with the structural changes to the business,
the Committee endorsed the establishment of
FY2026 as the new baseline year for recalculating
Scope 1, 2 and 3 emissions and refreshing Speedy
Hire’s science-based targets, with detailed
metrics to be reported from FY2027.
The Committee was pleased to note strong
performance during the year, including achieving
EcoVadis Gold, retaining a CDP A– rating and an
A for Supply Chain Engagement; launching a new
Social Value Strategy, advancing PAS 2080 aligned
carbon reduction services and developing the
industry’s first nature calculator for hire equipment;
becoming the first hire sector signatory to the
Anti-Greenwashing Charter and piloting the UK’s
first Net Zero Supplier Recognition Scheme.
These achievements strengthen Speedy Hire’s
sustainability foundations and support the
planned refresh of targets in FY2027.
This report was approved by the Board on
16 June 2026.
RHIAN BARTLETT
Chair of the Sustainability Committee
Objectives
The key function of the Sustainability Committee
is to assist the Board in its oversight of Speedy
Hire’s Environmental, Social and Governance
(‘ESG’) strategy and to provide input to the Board
and other Board Committees on ESG-related
matters as required.
Composition of the Sustainability
Committee
The Sustainability Committee comprises Rhian
Bartlett (Chair), Carol Kavanagh and Dan Evans.
Appointments and attendance at meetings during
the year are set out below. Biographies of the
members of the Sustainability Committee are set
out on pages pages 68 to 69.
Speedy Hire Plc
Annual Report and Accounts 2026
105
GOVERNANCE
DIRECTORS’ REPORT
This section contains additional information which
the Directors are required by law and regulation
to include within the audited consolidated Annual
Report and Accounts. This section, along with
the Chairman’s statement on pages 2 to 3, the
Strategic Report on pages 1 to 67, the Corporate
Governance review on pages 71 to 76 and
the reports of the Audit & Risk, Nomination,
Remuneration and Sustainability Committees
on pages 77 to 105, which are incorporated by
reference into this report and are deemed to form
part of this report, constitutes the Directors’ Report
in accordance with the Companies Act 2006.
Results and dividends
The consolidated loss after taxation for the
year was £26.6m (2025: £1.1m loss). This loss
is stated after a taxation credit of £5.7m (2025:
£0.4m credit) representing an effective rate of
17.6% (2025: 26.7%). An interim dividend of 0.30
pence per share was paid during the year. The
Directors propose that a final dividend of 0.70
pence per share be paid, which, if approved at
the forthcoming Annual General Meeting, would
make a total dividend distribution in respect of the
year of 1.00 pence per share (2025: 2.60 pence).
The final dividend, if approved, will be paid on
2 October 2026 to all shareholders on the register
at 21 August 2026.
Post‑balance sheet events
There are no post-balance sheet events to
disclose.
Related party transactions
Except for Directors’ service contracts, the
Company did not have any material transactions
or transactions of an unusual nature with, and
did not make loans to, related parties in the
period in which any Director is, or was, materially
interested.
Buy‑back of shares
At the Annual General Meeting held on
4 September 2025, a special resolution was passed
to authorise the Company to make purchases on
the London Stock Exchange of up to 10% of its
ordinary shares. As at 16 June 2026, no shares had
been purchased under this authority.
Shareholders will be requested to renew this
authority at the forthcoming Annual General
Meeting on 10 September 2026.
Financial instruments
The Group holds and uses financial instruments
to finance its operations and manage its interest
rate and liquidity risks. Full details of the Group’s
arrangements are contained in note 19 to the
Financial Statements.
Going concern
The Directors have assessed the Group’s and the
Company’s ability to continue as a going concern
based on forecasts covering the period to June
2027, including a severe but plausible downside
scenario.
The forecasts indicate that the Group is expected
to maintain sufficient liquidity and comply with its
financial covenants. However, they show reduced
headroom at certain covenant testing dates and
are sensitive to changes in trading performance.
A more significant deterioration in trading,
including sustained underperformance or
disruption to key customer contracts, could
reduce covenant headroom and result in a breach
of financial covenants.
These conditions indicate the existence of a
material uncertainty that may cast significant
doubt on the Group’s and the Company’s ability
to continue as a going concern,specifically
in relation to covenant compliance under the
Group’s financing arrangements.
Notwithstanding this material uncertainty, the
Directors have a reasonable expectation that
the Group and the Company have adequate
resources to continue in operational existence for
at least 12 months from the date of approval of
the financial statements. Accordingly, as detailed
in note 1 to the Financial Statements (Accounting
policies), the Directors continue to adopt the
going concern basis in preparing the Annual
Report and Accounts.
Substantial shareholders
The Company had received notifications from the
following holders of shares with 3% or more of
the total voting rights in the issued share capital
of the Company (excluding treasury shares),
which confirmed the following holdings as at
31 March 2026:
Shareholder name
Percentage of
voting rights
Aberforth Partners LLP 11.63
FIL Limited 9.95
Jupiter Fund Management Plc 8.94
Schroders Plc 8.00
Between 1 April 2026 and 16 June 2026, the
Company had not received notifications of any
changes in substantial shareholdings or voting
rights, as required under the Disclosure Guidance
and Transparency Rules.
Directors
The Directors who served during the year and
up to the date of signing, and the interests of
Directors in the share capital of the Company, are
set out on page 101.
In accordance with the Company’s Articles of
Association and in compliance with the UK
Corporate Governance Code, all new Directors
submit for election at the first Annual General
Meeting following their appointment and all other
Directors submit for re-election at each Annual
General Meeting.
No Director had any interest, either during or at
the end of the year, in any disclosable contracts
or arrangements, other than a contract of service,
with the Company or any subsidiary company.
No Director had any interest in the shares of any
subsidiary company during the year.
Equal opportunities
The Group employed 3,335 people in the UK and
Ireland as at 31 March 2026.
The Group has a clear policy that employees are
recruited and promoted solely based on aptitude
and ability. The Group does not discriminate in
any way in respect of race, sex, marital status,
age, religion, disability or any other characteristic
of a similar nature. In the case of disability,
bearing in mind the aptitude of the applicant
concerned, all reasonable adjustments are
considered and training is provided to enable
employment or continued employment, as
well as to ensure that any disabled employees
receive equal treatment in matters such as career
development, promotion and training. Managers
at all levels are trained and developed to adhere
to and promote this goal, including receiving
training specifically on diversity, equity and
inclusion matters.
Speedy Hire Plc
Annual Report and Accounts 2026
106
Employee involvement
The Group actively promotes employee
involvement to achieve a shared commitment
from all employees to the success of the
businesses in which they are employed. To
support this, updates on the Group’s performance
(including factors affecting performance) are
provided to employees through the Chief
Executive’s ‘Up to Speed’ and ‘The Hub’
communications, which are available on
all Company devices. The Group has also
established a Colleague Consultative Committee
in which representatives from different business
areas meet on a six-monthly basis with the Chief
Executive and the Chief People Officer. Carol
Kavanagh, in her capacity as the designated Non-
Executive Director for employee engagement,
annually attends this meeting. Her attendance
helps ensure the employee voice is heard in the
Boardroom. This enables a greater understanding
of workforce concerns and their consideration in
Board decisions.
The Board believes in the effectiveness of
financial incentives. It is the Group’s policy
that employees should generally be eligible to
participate either in Company incentive schemes
or local tactical campaigns as soon as practicable
after joining the Group, following the conclusion
of any relevant probationary period. Details of
annual incentive arrangements for Executive
Directors are summarised in the Remuneration
Committee’s Report on pages 84 to 104.
The Group has a people strategy in place aimed
at being an employer of choice, as can be seen on
page 25 of the Strategic Report. The Group makes
a number of commitments to its employees,
including pay, engagement and development.
The Board sees employee engagement as a key
part of its success. Further details of how the
Board engages with employees and how it has
regard for their interests and views can be seen
on page 58 of the Strategic Report.
Exercise of Board powers
In performing its duty to promote the success of
the Company and the wider Group, the Board
is committed to effective engagement and
the fostering of relationships with all relevant
stakeholders, which is illustrated on pages 56 to
59. To help facilitate this, monthly management
reporting to the Board addresses key matters
concerning relevant customers, suppliers,
investors, employees, regulators and the
environment. These reports are considered in the
Board’s discussions and influence its decision-
making process allowing regard to the matters
within Section 172 of the Companies Act 2006.
Further information and a statement on how the
Directors have had regard to the matters set out
in Section 172 when discharging their duties, is
provided on page 56 of the Strategic Report.
Disclosure of information to auditors
The Directors who held office at the date of
approval of this Directors’ Report confirm that, so
far as they are each aware, there is no relevant
audit information of which the Company’s
auditors are unaware and each Director has taken
all the steps that he or she ought to have taken
as a Director to make himself or herself aware of
any relevant audit information and to establish
that the Company’s auditors are aware of that
information. This confirmation is given and should
be interpreted in accordance with the provisions
of Section 418 of the Companies Act 2006.
Independent Auditors
PricewaterhouseCoopers LLP (‘PwC’) was
reappointed at the Annual General Meeting
of the Company held on 4 September 2025
and its appointment expires at the conclusion
of this year’s Annual General Meeting. PwC
has expressed their willingness to continue
as external auditors of the Group. Separate
resolutions proposing the re-appointment of
PwC and to authorise the Directors to determine
the auditors’ remuneration will be put to the
forthcoming Annual General Meeting on
10 September 2026.
Capital structure
As at 31 March 2026, the Company’s share capital
comprised a single class of ordinary shares of
5 pence each. As at 31 March 2026, the issued
share capital was 516,983,637 comprising ordinary
shares of 5 pence each, of which 55,141,657 were
held in treasury. There are no special rights or
obligations attaching to the ordinary shares.
Restrictions on share transfers
The Company’s Articles of Association provide
that the Company may refuse to transfer shares in
the following customary circumstances:
h where the share is not a fully paid share;
h where the share transfer has not been
duly stamped with the correct amount of
stamp duty;
h where the transfer is in favour of more than
four joint transferees;
h where the share is a certificated share and
is not accompanied by the relevant share
certificate(s) and such other evidence as the
Board may reasonably require to prove the
title of the transferor; or
h in certain circumstances where the
shareholder in question has been issued with
a notice under Section 793 of the Companies
Act 2006.
These restrictions are in addition to any which are
applicable to all UK listed companies imposed by
law or regulation.
Shares with special rights
There are no shares in the Company with special
rights with regard to control of the Company.
Restrictions on voting rights
The Notice of Annual General Meeting specifies
deadlines for exercising voting rights and
appointing a proxy or proxies to vote in relation
to resolutions to be passed at the Annual
General Meeting. All proxy votes are counted
and the numbers for, against or withheld in
relation to each resolution are announced at the
Annual General Meeting and published on the
Company’s website after the meeting.
Agreements that may result in
restrictions on share transfers
The Company is not aware of any agreements
between shareholders that may result in
restrictions on the transfer of securities and/or on
voting rights.
Appointment and replacement of
Directors
The Company’s Articles of Association provide
that all Directors must stand for election at the
first Annual General Meeting after having been
appointed by the Board. Thereafter, a Director will
retire from office at each Annual General Meeting
and submit to re-election.
Speedy Hire Plc
Annual Report and Accounts 2026
107
GOVERNANCE
Articles of Association
The Company’s Articles of Association may be
amended by special resolution of the Company’s
shareholders.
Directors’ powers
At the Annual General Meeting to be held on
10 September 2026, shareholders will be asked
to renew the Directors’ power to allot shares and
buy back shares in the Company and to renew
the disapplication of pre-emption rights, in each
case capped in line with the requirements of
current best practice.
Change of control – significant
agreements
There are no significant agreements to which
the Company is a party that may take effect,
alter or terminate upon a change of control
following a takeover bid, other than in relation to:
(i) employee share schemes; (ii) the Company’s
borrowings, which would become repayable on
a takeover being completed; and (iii) some joint
venture and customer contracts, which include
provisions exercisable by a counterparty on a
change of control, including the right of a counter
party to terminate an agreement.
Employee Benefit Trust ‑ shareholdings
Shares in the Company are held in the Speedy
Hire Employee Benefits Trust (‘Trust’) for the
purpose of satisfying awards made under the
Company’s Performance Share Plan. Unless
otherwise directed by the Company, the Trustees
of the Trust abstain from voting on any shares
held in the Trust in respect of which the beneficial
interest has not vested in any beneficiary. In
relation to shares held in the Trust where the
beneficial interest has vested in a beneficiary,
the beneficiary can direct the Trustees on how to
vote. As at 16 June 2026, the Trust held 737,893
shares in the Company (0.14% of the issued share
capital).
Compensation for loss of office
There are no agreements between the Company
and its Directors or employees providing for
compensation for loss of office or employment
(whether through resignation, purported
redundancy or otherwise) that occurs in the event
of a bid for the Company or takeover save that the
provisions of the Company’s share schemes and
plans may cause options and awards granted to
employees under such schemes and plans to vest
on a takeover.
Directors’ indemnities
Throughout the financial year and at the date
of approval of the Financial Statements, the
Company has purchased and maintained
Directors’ and Officers’ liability insurance in
respect of itself and its Directors.
As permitted by the Companies Act 2006 and
the Company’s Articles of Association, it is the
Company’s policy to indemnify its Directors.
Qualifying deeds of third-party indemnity are put
in place for all Directors on appointment.
Political contributions
No political donations were made during the year
(2025: nil).
Research and Development
The Company continued to undertake research
and development activities to develop its
information technology, including its enterprise
resource planning (‘ERP’) system and digital
platforms.
Carbon and Energy Reporting
All disclosures concerning the Group’s carbon
and energy consumption (as required under
The Companies (Directors’ Report) and Limited
Liability Partnerships (Energy and Carbon Report)
Regulations 2018) are included in the ESG section
of the Strategic Report on pages 34 to 54.
Annual General Meeting
The Company’s Annual General Meeting will be
held at Addleshaw Goddard LLP, 41 Lothbury,
London EC2R 7HG on 10 September 2026
at 2:00pm. A formal Notice of Meeting, an
explanatory circular and a form of proxy will be
sent separately to shareholders.
This report was approved by the Board on
16 June 2026 and signed on its behalf by:
DAN EVANS
Chief Executive
DIRECTORS’ REPORT CONTINUED
Speedy Hire Plc Annual Report and Accounts 2026
108
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
IN RESPECT OF THE ANNUAL REPORT AND ACCOUNTS
The Directors are responsible for preparing the Annual Report and Accounts in accordance with applicable law and regulations.
Company law requires the Directors to prepare
Financial Statements for each financial year.
Under that law, the Directors have prepared
the Group and the Parent Company Financial
Statements in accordance with UK-adopted
international accounting standards.
Under company law, Directors must not
approve the Financial Statements unless they
are satisfied that they give a true and fair view
of the state of affairs of the Group and Parent
Company and of the profit or loss of the Group
and Parent Company for that period. In preparing
the Financial Statements, the Directors are
required to:
h select suitable accounting policies and then
apply them consistently;
h state whether applicable UK-adopted
international accounting standards have been
followed, subject to any material departures
disclosed and explained in the Financial
Statements;
h make judgements and accounting estimates
that are reasonable and prudent; and
h prepare the Financial Statements on the
going concern basis unless it is inappropriate
to presume that the Group and Parent
Company will continue in business.
The Directors are responsible for safeguarding
the assets of the Group and Parent Company
and hence for taking reasonable steps for the
prevention and detection of fraud and other
irregularities.
The Directors are also responsible for keeping
adequate accounting records that are sufficient
to show and explain the Group’s and Parent
Company’s transactions and disclose, with
reasonable accuracy, at any time, the financial
position of the Group and Parent Company
and enable them to ensure that the Financial
Statements and the Directors’ Remuneration
Report comply with the Companies Act 2006.
The Directors are responsible for the maintenance
and integrity of the Parent Company’s website.
Legislation in the United Kingdom governing
the preparation and dissemination of Financial
Statements may differ from legislation in other
jurisdictions.
Directors’ confirmations
The Directors consider that the Annual Report
and Accounts, taken as a whole, is fair, balanced
and understandable and provides the information
necessary for shareholders to assess the Group’s
and Parent Company’s position and performance,
business model and strategy.
Each of the Directors, whose names and
functions are listed in Board of Directors, confirm
that, to the best of their knowledge:
h the Group and Parent Company Financial
Statements, which have been prepared in
accordance with UK-adopted international
accounting standards, give a true and fair
view of the assets, liabilities and financial
position of the Group and Parent Company,
and of the profit of the Group; and
h the Strategic Report includes a fair review
of the development and performance of the
business and the position of the Group and
Parent Company, together with a description
of the principal risks and uncertainties that
it faces.
In the case of each Director in office at the date
the Directors’ Report is approved:
h so far as the Director is aware, there is no
relevant audit information of which the
Group’s and Parent Company’s auditors are
unaware; and
h they have taken all the steps that they
ought to have taken as a Director to make
themselves aware of any relevant audit
information and to establish that the Group’s
and Parent Company’s auditors are aware of
that information.
Approved by the Board on 16 June 2026 and
signed on its behalf by:
DAVID SHEARER
Chairman
DAN EVANS
Chief Executive
Speedy Hire Plc
Annual Report and Accounts 2026
109
GOVERNANCE
REPORT ON THE AUDIT OF THE
FINANCIAL STATEMENTS
Opinion
In our opinion, Speedy Hire Plc’s group financial
statements and company financial statements
(the “financial statements”):
h give a true and fair view of the state of the
group’s and of the company’s affairs as at
31March2026 and of the group’s loss and
the group’s and company’s cash flows for the
year then ended;
h have been properly prepared in accordance
with UK-adopted international accounting
standards as applied in accordance with the
provisions of the Companies Act 2006; and
h have been prepared in accordance with the
requirements of the Companies Act 2006.
We have audited the financial statements,
included within the Annual Report and Accounts
2026 (the “Annual Report”), which comprise:
h the Consolidated Balance Sheet as at
31March2026;
h the Company Balance Sheet as at
31March2026;
h the Consolidated Income Statement for the
year then ended;
h the Consolidated Statement of
Comprehensive Income for the year
then ended;
h the Consolidated Statement of Changes in
Equity for the year then ended;
h the Company Statement of Changes in Equity
for the year then ended;
h the Consolidated Cash Flow Statement for
the year then ended;
h the Company Cash Flow Statement for the
year then ended; and
h the notes to the financial statements,
comprising material accounting policy
information and other explanatory
information.
Our opinion is consistent with our reporting to the
Audit & Risk Committee.
Basis for opinion
We conducted our audit in accordance with
International Standards on Auditing (UK) (“ISAs
(UK)”) and applicable law. Our responsibilities
under ISAs (UK) are further described in the
Auditors’ responsibilities for the audit of the
financial statements section of our report. We
believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for
our opinion.
Independence
We remained independent of the group in
accordance with the ethical requirements
that are relevant to our audit of the financial
statements in the UK, which includes the FRC’s
Ethical Standard, as applicable to listed public
interest entities, and we have fulfilled our other
ethical responsibilities in accordance with these
requirements.
To the best of our knowledge and belief, we
declare that non-audit services prohibited by the
FRC’s Ethical Standard were not provided.
Other than those disclosed in note 4 of the
Consolidated financial statements, we have
provided no non-audit services to the company
or its controlled undertakings in the period
under audit.
Material uncertainty related to
going concern
In forming our opinion on the financial
statements, which is not modified, we have
considered the adequacy of the disclosure made
in note 1 to the financial statements concerning
the group’s and the company’s ability to continue
as a going concern. Although the directors have
currently modelled compliance with the Group’s
leverage covenant over the going concern
assessment period under both a base case and
a severe but plausible scenario with mitigations,
there is a risk that a more significant deterioration
in market and economic conditions than those
modelled, including sustained underperformance
of the business, or the loss or material
reduction or delay of a key customer contract,
could adversely impact the Group’s financial
performance and result in a breach of covenant
limits in the near term. These conditions, along
with the other matters explained in note 1 to the
financial statements, indicate the existence of a
material uncertainty which may cast significant
doubt about the group’s and the company's ability
to continue as a going concern. The financial
statements do not include the adjustments that
would result if the group and the company were
unable to continue as a going concern.
In auditing the financial statements, we have
concluded that the directors’ use of the going
concern basis of accounting in the preparation of
the financial statements is appropriate.
Our evaluation of the directors’ assessment of
the group's and the company’s ability to continue
to adopt the going concern basis of accounting
included:
h We obtained the directors’ base case
going concern scenario and challenged
the directors’ key assumptions, including
assumptions relating to revenue growth and
EBITDA over the assessment period to the
end of June 2027.
h We evaluated and challenged the
appropriateness of the assumptions
underpinning the severe but plausible
downside scenario which reflected reduced
levels of revenue and EBITDA compared to
the base case.
h We compared the current and historical
actual trading results with forecasts and
evaluated the accuracy of the forecasts
prepared by management.
h We understood and confirmed the terms
of the group’s revolving credit facility and
the private placement term loan, and the
covenants in place in relation to these
facilities.
h We validated the accuracy of management’s
modelling and the calculations of the
covenant outcomes across the going concern
period, including confirming the headroom
in both the base and severe but plausible
downside scenarios.
h We reviewed the disclosures made in respect
of going concern included in the financial
statements.
In relation to the directors’ reporting on how
they have applied the UK Corporate Governance
Code, other than the material uncertainty
identified in note 1 to the financial statements, we
have nothing material to add or draw attention
to in relation to the directors’ statement in the
financial statements about whether the directors
considered it appropriate to adopt the going
INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF SPEEDY HIRE PLC
Speedy Hire Plc Annual Report and Accounts 2026
110
concern basis of accounting, or in respect of the
directors’ identification in the financial statements
of any other material uncertainties to the group's
and the company’s ability to continue to do so
over a period of at least twelve months from the
date of approval of the financial statements.
Our responsibilities and the responsibilities of
the directors with respect to going concern are
described in the relevant sections of this report.
Our audit approach
Overview
Audit scope
h The group is organised into seven operating
legal entities within the UK and Ireland.
The group has a further 12 dormant
entities. The group financial statements
are a consolidation of these entities and
the consolidation journals, including the
accounting for the two joint ventures in the
UK and Kazakhstan.
h Of the seven operating legal entities, we
identified two which, in our view, required an
audit of their complete financial information,
either due to their size or risk characteristics.
We also audited material consolidation
journals.
h We also engaged a component team in
Kazakhstan to perform a full scope audit of
Speedy Zholdas LLP, one of the joint ventures
disclosed within the financial statements as at
31 December 2025 (the entity's year end).
h On the remaining five legal entities which
were not subject to an audit of their complete
financial information, we performed audit
procedures on specific balances over four of
these legal entities to respond to potential
risks of material misstatement to the group
financial statements. The remaining legal
entity is considered to be an inconsequential
component.
h This covered 98 percent of the group’s
revenue and 92 percent of the group’s loss
before taxation. These coverages are based
on absolute values.
Key audit matters
h Material uncertainty related to going concern
(group and parent)
h Carrying value of goodwill in the Hire cash
generating unit (group)
h Valuation of the right of first refusal intangible
asset; (group)
h Valuation of investments in subsidiaries
and recoverability of amounts owed by
subsidiaries (parent)
Materiality
h Overall group materiality: £4.2m (FY25:
£4.2m) based on 1% of revenue.
h Overall company materiality: £3.7m (FY25:
£3.9m) based on approximately 1% of total
assets but capped at 90% of group overall
materiality.
h Performance materiality: £3.1m (FY25: £3.1m)
(group) and £2.8m (FY25: £2.9m) (company).
The scope of our audit
As part of designing our audit, we determined
materiality and assessed the risks of material
misstatement in the financial statements.
Key audit matters
Key audit matters are those matters that, in
the auditors’ professional judgement, were of
most significance in the audit of the financial
statements of the current period and include
the most significant assessed risks of material
misstatement (whether or not due to fraud)
identified by the auditors, including those which
had the greatest effect on: the overall audit
strategy; the allocation of resources in the audit;
and directing the efforts of the engagement
team. These matters, and any comments we
make on the results of our procedures thereon,
were addressed in the context of our audit of the
financial statements as a whole, and in forming
our opinion thereon, and we do not provide a
separate opinion on these matters.
In addition to going concern, described in the
Material uncertainty related to going concern
section above, we determined the matters
described below to be the key audit matters to
be communicated in our report. This is not a
complete list of all risks identified by our audit.
Valuation of the right of first refusal intangible
asset (group) is a new key audit matter this year.
Completeness and valuation of dilapidation
provision (group) and presentation and disclosure
of non-underlying items (group), which were key
audit matters last year, are no longer included
because of the reduced relative complexity
and level of management judgement required.
Otherwise, the key audit matters below are
consistent with last year.
Speedy Hire Plc
Annual Report and Accounts 2026
111
GOVERNANCE
Key audit matter How our audit addressed the key audit matter
Carrying value of goodwill in the Hire cash generating unit (group)
Refer to the Consolidated financial statements, Note 1 - Summary of material
accounting policy information and Consolidated financial statements Note
12 - Intangible assets.
Goodwill of £27.4 million (2025: £27.4m) is split across two cash-generating
units (CGUs) that are considered annually for impairment. Of the £27.4m,
£26.4m relates to the Hire CGU.
Management have performed their annual impairment assessment using a
value-in-use model in which no impairment has been identified. The model
for the Hire CGU incorporates a number of estimates, including trading
performance (representing a combination of projected changes in revenue
and overheads, and discount rate) which we consider to be most relevant to
the risk of impairment. Management have sensitised the value-in-use model
to assess the financial impact of key assumptions that they believe have a
reasonable likelihood of occurrence. This is deemed to be a key audit matter
as the balance is material and the valuation requires estimation.
In assessing the appropriateness of the carrying value of goodwill, we performed the following procedures:
h We evaluated and challenged the Group’s future cash flow forecasts and tested the underlying value-in-use calculations, and
we validated the mathematical accuracy of the model;
h We compared the Group’s forecasts to the latest Board-approved budget and found them to be consistent;
h We understood and challenged the revenue assumptions relating to significant long-term framework and commercial agreements;
h We compared the growth assumptions to external market research in order to identify any inconsistencies;
h We assessed management’s assumptions for margins by comparing to historical data;
h We compared actual results with previous forecasts to assess the historical accuracy of management’s forecasting;
h We utilised specialists to assess management’s key assumptions for long-term growth rates and discount rates;
h We considered the possibility of management bias throughout the assumptions used and considered any contradictory
evidence; and
h We have reviewed and challenged the disclosures made regarding the assumptions and sensitivities applied by management.
As a result of these procedures, we were satisfied with the Directors’ conclusion that no impairment was required for the current year.
Valuation of the right of first refusal intangible asset (group)
Refer to the Consolidated financial statements, Note 12 - Intangible assets
and Note 30 - Business Combinations.
Following the completion of a commercial agreement with ProService for the
Group to take on a right of first refusal (RoFR) to supply ProService with core
hire equipment, management have recognised an intangible asset in relation
to this RoFR.
The intangible asset of £18.4m has been measured at fair value using an
income-based approach, focussing on the specific earnings generated by
the intangible itself, after accounting for the contribution of other supporting
assets of the Group. Given the valuation of the RoFR is material and sensitive
to changes in key assumptions, we have considered the valuation of the
RoFR as a key audit matter.
In assessing the appropriateness of valuation of the RoFR intangible asset, we have performed the following procedures:
h We utilised specialists to assess management’s valuation methodology including key assumptions for discount rates;
h We evaluated the competency, independence and objectivity of the experts engaged by management;
h We confirmed the projections utilised were consistent with the Board-approved forecasts for the commercial agreement;
h We compared the actual revenue and profitability of the commercial agreement to date with the cash flow forecasts used in
the valuation to assess the reasonableness of management’s assumptions;
h We compared the fixed assets contributory charges to historical capital requirements of the Group and other market participants;
h We evaluated and challenged the probability of exercising the extension option included in the RoFR;
h We validated the mathematical accuracy of the valuation model; and
h We reviewed and challenged the disclosures made regarding the assumptions and sensitivities applied by management.
As a result of these procedures, we were satisfied with the Directors’ conclusion that the valuation of the RoFR is reasonable.
INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF SPEEDY HIRE PLC CONTINUED
Speedy Hire Plc Annual Report and Accounts 2026
112
Key audit matter How our audit addressed the key audit matter
Valuation of investments in subsidiaries and recoverability of amounts
owed by subsidiaries (parent)
Refer to the Company financial statements, Note 32 - Investments and Note
33 -Trade and other receivables.
Investments in related undertakings of £93.5m (2025: £93.5m) are material to
the Company financial statements. Due to the decline in performance versus
budget, impairment indicators exist in respect of the investment in related
undertakings in the current year and management have assessed these
balances for impairment.
Given the magnitude of this balance, and the determination that impairment
triggers exist, we have considered the risk of impairment of these assets as a
key audit matter.
The amounts owed by Group undertakings of £341.7m (2025: £290.7m) are
stated after an expected credit loss impairment of £44.0m (2025: £44.0m).
Given the magnitude of this balance and the judgement involved in
determining the amount of expected credit losses, we have considered the
risk of impairment of these assets as a key audit matter.
Valuation of investments in subsidiaries
In assessing the appropriateness of the valuation of the investments in subsidiaries, we have performed the following procedures:
h We evaluated and assessed the Company's investments in subsidiaries with reference to the Group’s future cash flow
forecasts;
h We assessed the allocation of the cash flows by legal entity and the process by which they were drawn up and validated the
mathematical accuracy of the model;
h We confirmed the cash flow and discount rate assumptions were consistent with the Group’s goodwill impairment modelling;
h We evaluated the appropriateness of the adjustments for items excluded from the goodwill impairment modelling but which
were relevant to the valuation of the investments in subsidiaries; and
h We reviewed the disclosures included in the financial statements.
As a result of these procedures, we were satisfied with the Directors’ conclusion that no impairment was required against the
carrying value of the investments in subsidiaries.
Recoverability of amounts owed by subsidiaries
In assessing the appropriateness of the recoverability of amounts owed by subsidiaries, we have performed the following
procedures:
h We obtained management's intercompany recoverability model and assessed whether the expected credit loss ‘general
approach’ methods applied were consistent with IFRS 9;
h We validated the calculations within the model and agreed the figures included to the relevant financial information included in
the Group consolidation schedules;
h We obtained evidence that supports the extent to which the counterparty could repay amounts in full, if demanded; and
h We assessed the adequacy of the disclosure provided in the Company financial statements in relation to the relevant
accounting standards.
As a result of these procedures, we were satisfied with the Directors’ conclusion that the recoverability of amounts owed by
subsidiaries was reasonable.
Speedy Hire Plc
Annual Report and Accounts 2026
113
GOVERNANCE
How we tailored the audit scope
We tailored the scope of our audit to ensure that
we performed enough work to be able to give an
opinion on the financial statements as a whole,
taking into account the structure of the group
and the company, the accounting processes and
controls, and the industry in which they operate.
The group is organised into seven operating
legal entities within the UK and Ireland. The
group has a further 12 dormant entities included
within the consolidation. The group financial
statements are a consolidation of these entities
and the consolidation journals, including the
accounting for the two joint ventures in the UK
and Kazakhstan. The legal entities vary in size
and we identified two legal entities that required
an audit of their complete financial information
due to their individual size or risk characteristics.
The work over these two entities was completed
by the group audit team. Of these components,
we have identified one component which we
considered to be significant based on size. We
also audited material consolidation journals. The
parent company is the other legal entity which
was subject to a full scope audit by the group
engagement team.
We also engaged a component team in
Kazakhstan to perform a full scope audit of
Speedy Zholdas LLP, one of the joint ventures
disclosed within the financial statements as at
31 December 2025 (the entity’s year end). The
group audit team supervised the direction and
execution of the audit procedures performed by
the component team. Our involvement in their
audit process, including attending the component
clearance meeting, review of the supporting
working papers, together with the additional
procedures performed at group level, gave us the
evidence required for our opinion on the financial
statements as a whole.
On the remaining five operating legal entities
which were not subject to an audit of their
complete financial information, we performed
audit procedures on specific balances over four
of these legal entities to respond to potential risks
of material misstatement to the group financial
statements.
In the four legal entities where audits of specific
balances were performed, this included audit
procedures over expenses; non-underlying items;
property, plant and equipment and prepayments
in order to obtain the evidence required for our
opinion on the financial statements as a whole.
The work performed accounted for 98 percent of
the group’s revenue and 92 percent of the group’s
loss before taxation.
The remaining legal entity is considered to be an
inconsequential component.
The impact of climate risk on our audit
As part of our audit we made enquiries of
management to understand the process
management adopted to assess the extent of the
potential impact of climate risk on the group’s
financial statements and support the disclosures
made within the financial statements.
We challenged the completeness of
management’s climate risk assessment by:
reading external reporting made by management;
challenging the consistency of management’s
climate impact assessment with internal climate
plans and board minutes; and reading the
entity’s website / communications for details of
climate related impacts. Management has made
commitments to become net zero by 2040.
INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF SPEEDY HIRE PLC CONTINUED
Management has determined that this
commitment does not directly impact financial
reporting, as management has not yet developed
a detailed pathway on how exactly they will
deliver this commitment and will only be able to
model the impact further into the journey to net
zero. Management's budget and strategy include
costs associated with the overall sustainability
strategy. Management considers the impact
of climate risk does not give rise to a potential
material financial statement impact.
We considered the consistency of the disclosures
in relation to climate change (including the
disclosures in the Task Force on Climate-related
Financial Disclosures (TCFD) section) within the
Annual Report with the financial statements and
our knowledge obtained from our audit.
Our procedures did not identify any material
impact in the context of our audit of the financial
statements as a whole, or our key audit matters
for the period ended 31 March 2026.
Materiality
The scope of our audit was influenced by
our application of materiality. We set certain
quantitative thresholds for materiality. These,
together with qualitative considerations, helped
us to determine the scope of our audit and the
nature, timing and extent of our audit procedures
on the individual financial statement line items
and disclosures and in evaluating the effect of
misstatements, both individually and in aggregate
on the financial statements as a whole.
Based on our professional judgement, we
determined materiality for the financial
statements as a whole as follows:
Financial statements ‑ group Financial statements ‑ company
Overall materiality £4.2m (FY25: £4.2m). £3.7m (FY25: £3.9m).
How we
determined it
1% of revenue approximately 1% of total assets but capped
at 90% of group overall materiality
Rationale for
benchmark applied
We considered materiality in a number of
different ways, and used our professional
judgement having applied 'rule of thumb'
percentages to a number of potential
benchmarks. On the basis of this, we
concluded that 1% of revenue is an
appropriate level of materiality considering
the overall scale of the business.
We believe that calculating statutory
materiality based on 1% of total assets is
a typical primary measure for users of the
financial statements of holding companies,
and is a generally accepted auditing
benchmark.
Speedy Hire Plc Annual Report and Accounts 2026
114
For each component in the scope of our group
audit, we allocated a materiality that is less
than our overall group materiality. The range of
materiality allocated across components was
£0.1m - £3.7m. Certain components were audited
to a local statutory audit materiality that was also
less than our overall group materiality.
We use performance materiality to reduce to
an appropriately low level the probability that
the aggregate of uncorrected and undetected
misstatements exceeds overall materiality.
Specifically, we use performance materiality
in determining the scope of our audit and the
nature and extent of our testing of account
balances, classes of transactions and disclosures,
for example in determining sample sizes. Our
performance materiality was 75% (FY25: 75%)
of overall materiality, amounting to £3.1m (FY25:
£3.1m) for the group financial statements and
£2.8m (FY25: £2.9m) for the company financial
statements.
In determining the performance materiality, we
considered a number of factors - the history of
misstatements, risk assessment and aggregation
risk and the effectiveness of controls - and
concluded that an amount at the upper end of our
normal range was appropriate.
We agreed with the Audit & Risk Committee that
we would report to them misstatements identified
during our audit above £0.2m (group audit)
(FY25: £0.2m) and £0.2m (company audit) (FY25:
£0.2m) as well as misstatements below those
amounts that, in our view, warranted reporting for
qualitative reasons.
Reporting on other information
The other information comprises all of the
information in the Annual Report other than the
financial statements and our auditors’ report
thereon. The directors are responsible for the
other information. Our opinion on the financial
statements does not cover the other information
and, accordingly, we do not express an audit
opinion or, except to the extent otherwise
explicitly stated in this report, any form of
assurance thereon.
In connection with our audit of the financial
statements, our responsibility is to read the other
information and, in doing so, consider whether
the other information is materially inconsistent
with the financial statements or our knowledge
obtained in the audit, or otherwise appears to be
materially misstated. If we identify an apparent
material inconsistency or material misstatement,
we are required to perform procedures
to conclude whether there is a material
misstatement of the financial statements or a
material misstatement of the other information.
If, based on the work we have performed, we
conclude that there is a material misstatement of
this other information, we are required to report
that fact. We have nothing to report based on
these responsibilities.
With respect to the Strategic report and Directors'
Report, we also considered whether the
disclosures required by the UK Companies Act
2006 have been included.
Based on our work undertaken in the course of
the audit, the Companies Act 2006 requires us
also to report certain opinions and matters as
described below.
Strategic report and Directors' Report
In our opinion, based on the work undertaken in
the course of the audit, the information given in
the Strategic report and Directors' Report for the
year ended 31March2026 is consistent with the
financial statements and has been prepared in
accordance with applicable legal requirements.
In light of the knowledge and understanding of
the group and company and their environment
obtained in the course of the audit, we did
not identify any material misstatements in the
Strategic report and Directors' Report.
Directors' Remuneration
In our opinion, the part of the Annual Report on
Remuneration to be audited has been properly
prepared in accordance with the Companies
Act 2006.
Corporate governance statement
The Listing Rules require us to review the
directors’ statements in relation to going
concern, longer-term viability and that part of the
corporate governance statement relating to the
company’s compliance with the provisions of the
UK Corporate Governance Code specified for
our review. Our additional responsibilities with
respect to the corporate governance statement as
other information are described in the Reporting
on other information section of this report.
Based on the work undertaken as part of our
audit, we have concluded that each of the
following elements of the corporate governance
statement, included within the Corporate
Governance section of the Annual Report is
materially consistent with the financial statements
and our knowledge obtained during the audit,
and, except for the matters reported in the section
headed ‘Material uncertainty related to going
concern’, we have nothing material to add or draw
attention to in relation to:
h The directors’ confirmation that they have
carried out a robust assessment of the
emerging and principal risks;
h The disclosures in the Annual Report
that describe those principal risks, what
procedures are in place to identify emerging
risks and an explanation of how these are
being managed or mitigated;
h The directors’ statement in the financial
statements about whether they considered it
appropriate to adopt the going concern basis
of accounting in preparing them, and their
identification of any material uncertainties to
the group’s and company’s ability to continue
to do so over a period of at least twelve
months from the date of approval of the
financial statements;
h The directors’ explanation as to their
assessment of the group's and company’s
prospects, the period this assessment covers
and why the period is appropriate; and
h The directors’ statement as to whether they
have a reasonable expectation that the
company will be able to continue in operation
and meet its liabilities as they fall due over
the period of its assessment, including any
related disclosures drawing attention to any
necessary qualifications or assumptions.
Our review of the directors’ statement regarding
the longer-term viability of the group and
company was substantially less in scope than an
audit and only consisted of making inquiries and
considering the directors’ process supporting
Speedy Hire Plc
Annual Report and Accounts 2026
115
GOVERNANCE
their statement; checking that the statement is in
alignment with the relevant provisions of the UK
Corporate Governance Code; and considering
whether the statement is consistent with the
financial statements and our knowledge and
understanding of the group and company and
their environment obtained in the course of
the audit.
In addition, based on the work undertaken as part
of our audit, we have concluded that each of the
following elements of the corporate governance
statement is materially consistent with the
financial statements and our knowledge obtained
during the audit:
h The directors’ statement that they consider
the Annual Report, taken as a whole, is fair,
balanced and understandable, and provides
the information necessary for the members to
assess the group’s and company's position,
performance, business model and strategy;
h The section of the Annual Report that
describes the review of effectiveness of
risk management and internal control
systems; and
h The section of the Annual Report describing
the work of the Audit & Risk Committee.
We have nothing to report in respect of our
responsibility to report when the directors’
statement relating to the company’s compliance
with the Code does not properly disclose a
departure from a relevant provision of the Code
specified under the Listing Rules for review by the
auditors.
Responsibilities for the financial
statements and the audit
Responsibilities of the directors for the
financial statements
As explained more fully in the Statement of
Directors' Responsibilities in respect of the
Annual Report and Accounts, the directors are
responsible for the preparation of the financial
statements in accordance with the applicable
framework and for being satisfied that they
give a true and fair view. The directors are also
responsible for such internal control as they
determine is necessary to enable the preparation
of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the
directors are responsible for assessing the group’s
and the company’s ability to continue as a going
concern, disclosing, as applicable, matters related
to going concern and using the going concern
basis of accounting unless the directors either
intend to liquidate the group or the company or to
cease operations, or have no realistic alternative
but to do so.
Auditors’ responsibilities for the audit
of the financial statements
Our objectives are to obtain reasonable
assurance about whether the financial
statements as a whole are free from material
misstatement, whether due to fraud or error, and
to issue an auditors’ report that includes our
opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit
conducted in accordance with ISAs (UK) will
always detect a material misstatement when it
exists. Misstatements can arise from fraud or error
and are considered material if, individually or in
the aggregate, they could reasonably be expected
to influence the economic decisions of users
taken on the basis of these financial statements.
Irregularities, including fraud, are instances of
non-compliance with laws and regulations. We
design procedures in line with our responsibilities,
outlined above, to detect material misstatements
in respect of irregularities, including fraud. The
extent to which our procedures are capable
of detecting irregularities, including fraud, is
detailed below.
Based on our understanding of the group and
industry, we identified that the principal risks of
non-compliance with laws and regulations related
to UK tax legislation and Companies Act 2006,
and we considered the extent to which non-
compliance might have a material effect on the
financial statements. We evaluated management’s
incentives and opportunities for fraudulent
manipulation of the financial statements
(including the risk of override of controls), and
determined that the principal risks were related to
posting inappropriate journal entries to improve
financial performance and management bias in
accounting estimates and judgements. The group
engagement team shared this risk assessment
with the component auditors so that they could
include appropriate audit procedures in response
to such risks in their work. Audit procedures
performed by the group engagement team and/or
component auditors included:
h discussions with the audit committee,
management, internal audit and the in-house
legal team including consideration of known
or suspected instances of non-compliance
with laws and regulation or fraud;
h reviewing minutes of meetings of those
charged with governance;
h identifying and testing journal entries, in
particular any journal entries posted with
unusual account combinations;
h challenging assumptions and judgements
made by management in their critical
accounting estimates; and
h reviewing financial statement disclosures
and testing to supporting documentation,
where appropriate, to assess compliance with
applicable laws and regulations.
There are inherent limitations in the audit
procedures described above. We are less likely to
become aware of instances of non-compliance
with laws and regulations that are not closely
related to events and transactions reflected
in the financial statements. Also, the risk of
not detecting a material misstatement due to
fraud is higher than the risk of not detecting
one resulting from error, as fraud may involve
deliberate concealment by, for example, forgery
or intentional misrepresentations, or through
collusion.
Our audit testing might include testing complete
populations of certain transactions and balances,
possibly using data auditing techniques. However,
it typically involves selecting a limited number
of items for testing, rather than testing complete
populations. We will often seek to target particular
items for testing based on their size or risk
characteristics. In other cases, we will use audit
sampling to enable us to draw a conclusion about
the population from which the sample is selected.
A further description of our responsibilities for
the audit of the financial statements is located
on the FRC’s website at: www.frc.org.uk/
auditorsresponsibilities. This description forms
part of our auditors’ report.
INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF SPEEDY HIRE PLC CONTINUED
Speedy Hire Plc Annual Report and Accounts 2026
116
Use of this report
This report, including the opinions, has been
prepared for and only for the company’s members
as a body in accordance with Chapter 3 of Part
16 of the Companies Act 2006 and for no other
purpose. We do not, in giving these opinions,
accept or assume responsibility for any other
purpose or to any other person to whom this
report is shown or into whose hands it may come
save where expressly agreed by our prior consent
in writing.
OTHER REQUIRED REPORTING
Companies Act 2006 exception
reporting
Under the Companies Act 2006 we are required
to report to you if, in our opinion:
h we have not obtained all the information and
explanations we require for our audit; or
h adequate accounting records have not been
kept by the company, or returns adequate
for our audit have not been received from
branches not visited by us; or
h certain disclosures of directors’ remuneration
specified by law are not made; or
h the company financial statements and the
part of the Annual Report on Remuneration
to be audited are not in agreement with the
accounting records and returns.
We have no exceptions to report arising from this
responsibility.
Appointment
We were first appointed by the company
for the financial year ended 31March2023.
Our uninterrupted engagement covers four
financial years.
OTHER MATTER
The company is required by the Financial
Conduct Authority Disclosure Guidance and
Transparency Rules to include these financial
statements in an annual financial report prepared
under the structured digital format required by
DTR 4.1.15R - 4.1.18R and filed on the National
Storage Mechanism of the Financial Conduct
Authority. This auditors’ report provides no
assurance over whether the structured digital
format annual financial report has been prepared
in accordance with those requirements.
REBECCA GISSING
(Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Manchester
16June2026
Speedy Hire Plc
Annual Report and Accounts 2026
117
GOVERNANCE
Year ended 31 March 2026
Year ended 31 March 2025
Underlying Non‑underlying Underlying Non‑underlying
performance
items
1
Total performance
Items
1
Total
Note
£m£m£m£m£m
£m
Revenue
2
4 1 6 .1
–
4 1 6 .1
416.6
–
416.6
Cost of sales
(185.6)
–
(185.6)
(180 .5)
–
(180.5)
Gross profit
23 0.5
–
2 30.5
2 3 6 .1
–
2 3 6 .1
Distribution and administrative costs
(220.8)
( 1 7. 6)
(238.4)
(210.5)
(9. 6)
(22 0 . 1)
Impairment losses on trade receivables
17
(2.1)
–
(2. 1)
(2.6)
–
(2 .6)
Movements on financial assets at fair value through profit and loss
30
(3.3)
–
(3.3)
–
–
–
Operating profit/(loss)
4
4.3
( 1 7. 6)
(13.3)
23 .0
(9.6)
13.4
Share of results of joint venture
13
(0. 4)
–
(0 .4)
1.0
–
1.0
Profit/(loss) from operations
3.9
( 1 7. 6)
(13.7)
24 .0
(9.6)
14.4
Finance costs
7
(18.6)
–
(18.6)
(15.9)
–
(15.9)
(Loss)/profit before taxation
(1 4.7)
( 1 7. 6)
(3 2 .3)
8 .1
(9.6)
(1.5)
Taxation
8
3 .1
2.6
5.7
(2 .0)
2 .4
0. 4
(Loss)/profit for the financial year
(11.6)
(15.0)
(26.6)
6 .1
( 7. 2 )
(1 . 1)
Loss per share
– Basic (pence)
9
(5 .7 7)
(0. 2 4)
– Diluted (pence)
9
(5 .7 6)
(0. 24)
Non-GAAP performance measures
Adjusted EBITDA
11
85.4
9 7.1
Adjusted operating profit
11
11.9
26.8
Adjusted (loss)/profit before tax
11
(9. 8)
8.7
Adjusted (loss)/earnings per share (pence)
9
(1.71)
1.41
1
Detail on non-underlying items is provided in note 3.
All activities in each year presented relate to continuing operations.
The accompanying notes form part of the Financial Statements.
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2026
Speedy Hire Plc Annual Report and Accounts 2026
118
Year ended Year ended
31 March 31 March
2026 2025
£m£m
Loss for the financial year
(26.6)
(1. 1)
Other comprehensive income/(expense) that may be reclassified subsequently to the Income Statement:
– Effective portion of change in fair value of cash flow hedges
0.5
(0.6)
– Exchange difference on translation of foreign operations
–
(0. 7)
– Tax on items
(0 .1)
0 .1
Other comprehensive income/(expense)
0.4
(1.2)
Total comprehensive expense for the financial year
(26.2)
(2.3)
The accompanying notes form part of the Financial Statements.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
Speedy Hire Plc Annual Report and Accounts 2026
119
FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2026
31 March 31 March
2026 2025
ASSETS
Note
£m
£m
Non-current assets
Intangible assets
12
56.0
3 8.4
Investment in joint ventures
13
5.0
5.7
Property, plant and equipment
Land and buildings
14
12 .7
15.0
Hire equipment
14
2 39.4
222.4
Other
14
5.3
5.9
Right of use assets
15
108.8
104. 2
Other financial assets
30
3.8
–
4 31.0
391. 6
Current assets
Inventories
16
10.2
11. 2
Trade and other receivables
17
118.0
1 05.2
Cash and cash equivalents
20
14.4
2 .1
Current tax asset
0.9
2 .9
Derivative financial assets
19
0.5
–
14 4.0
121.4
Total assets
57 5.0
513.0
LIABILITIES
Current liabilities
Borrowings
20
–
(2 .3)
Lease liabilities
21
( 2 7. 9)
(25.0)
Trade and other payables
18
( 1 3 7. 6)
(106.9)
Derivative financial liabilities
19
-
(0 .1)
Provisions
22
(4 . 0)
(6. 1)
(169.5)
(14 0.4)
31 March 31 March
2026 2025
Note
£m
£m
Non-current liabilities
Borrowings
20
(1 7 3. 4)
(112 . 9)
Lease liabilities
21
(86 .5)
(8 0. 9)
Provisions
22
(9. 3)
(8.0)
Deferred tax liability
23
(8 .3)
(8.6)
( 2 7 7. 5)
(2 1 0.4)
Total liabilities
(4 4 7. 0)
(3 50. 8)
Net assets
128.0
162 . 2
EQUITY
Share capital
24
25.8
25 .8
Share premium
26
1.9
1.9
Capital redemption reserve
26
0.7
0. 7
Merger reserve
26
1.0
1.0
Hedging reserve
26
0 .1
(0.4)
Translation reserve
26
(2 . 2)
(2 .2)
Retained earnings
26
100.7
135.4
Total equity
128.0
162 . 2
The Consolidated Financial Statements on pages 118 to 151 were approved by the Board of Directors on
16 June 2026 and were signed on its behalf by:
DAN EVANS
Director
Company registered number: 00927680
Speedy Hire Plc
Annual Report and Accounts 2026
120
Capital
Share Share redemption Merger Hedging Translation Retained Total
capital premium reserve reserve reserve reserve earnings equity
Note£m£m£m£m£m£m£m£m
At 1 April 2024
25.8
1.9
0. 7
1 .0
0. 2
(1.5)
1 4 7. 6
1 75.7
Loss for the year
–
–
–
–
–
–
(1. 1)
(1. 1)
Other comprehensive (expense)/income
–
–
–
–
(0. 6)
(0. 7)
0 .1
(1.2)
Total comprehensive expense
–
–
–
–
(0. 6)
(0.7)
(1.0)
(2 .3)
Dividends
–
–
–
–
–
–
(11.8)
(11.8)
Equity-settled share-based payments
25
–
–
–
–
–
–
0. 6
0. 6
At 31 March 2025
25.8
1.9
0. 7
1 .0
(0. 4)
(2. 2)
135.4
162 . 2
Loss for the year
–
–
–
–
–
–
(26.6)
(26.6)
Other comprehensive income/(expense)
–
–
–
–
0.5
–
(0 .1)
0.4
Total comprehensive income/(expense)
–
–
–
–
0.5
–
(26.7)
(26.2)
Dividends
–
–
–
–
–
–
(9.7)
(9 .7)
Equity-settled share-based payments
25
–
–
–
–
–
–
1.7
1.7
At 31 March 2026
25.8
1.9
0.7
1.0
0 .1
(2 .2)
10 0.7
128.0
The accompanying notes form part of the Financial Statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
Speedy Hire Plc Annual Report and Accounts 2026
121
FINANCIAL STATEMENTS
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2026
Year ended Year ended
31 March 2026 31 March 2025
Note£m£m
Cash generated from operating activities
Loss before tax
(32 . 3)
(1.5)
Net finance costs
7
18.6
15.9
Amortisation
12
4.3
3.8
Depreciation
14, 15
72. 2
6 7. 6
Non-underlying items
3
1 7. 6
9.6
Movements in fair value of financial assets
30
3.3
–
Share of loss/(profit) from joint venture
13
0.4
(1.0)
Termination of lease contracts
(0 .1)
–
Loss on planned disposals of hire equipment
4
1. 3
2.7
Profit on other disposals of hire equipment
4
(3 .8)
(1.2)
Loss on disposal of non-hire equipment
4
0.7
0. 6
Decrease in inventories
1.0
0. 7
Increase in trade and other receivables
(13.3)
(2 .5)
Increase/(decrease) in trade and other payables
18. 2
(1.2)
Decrease in provisions
22
(2 . 4)
(2.3)
Equity-settled share-based payments
1.7
0. 6
Cash generated from operations before changes in
hire fleet and non-underlying items
8 7. 4
9 1.8
Cash flow relating to changes in hire fleet:
Purchase of hire equipment
(4 5 . 2)
(5 0.0)
Proceeds from planned sale of hire equipment
10.9
3.6
Proceeds from customer loss/damage of hire equipment
8.7
9.6
Cash outflow from changes in hire fleet
(25 .6)
(36 .8)
Cash flow relating to non-underlying items:
Non-underlying items
(1 7. 6)
(9. 6)
Increase in non-underlying payables
7. 0
3. 2
Acquisition fees paid
1
(1.7)
–
Cash outflow from non-underlying items
(12. 3)
(6.4)
Cash generated from operations
49 .5
4 8.6
Interest paid
(16.8)
(15.8)
Interest received
0.5
–
Tax received
3.6
0.6
Net cash flow from operating activities
36.8
33 .4
Year ended Year ended
31 March 2026 31 March 2025
Note£m£m
Cash flow used in investing activities
Purchase of non-hire property, plant and equipment
(3 .2)
(5. 7)
Capital expenditure on IT development
(2 . 4)
(2.5)
Purchase of other financial assets
1
30
( 7. 1)
–
Acquisition of business
1
30
(29.7)
–
Investment in joint venture (Speedy Hydrogen Solutions)
–
(0.6)
Dividends from joint venture
2
13
–
4. 2
Net cash flow used in investing activities
(4 2 . 4)
(4.6)
Net cash flow before financing activities
(5 .6)
2 8.8
Cash flow from financing activities
Payments for the principal element of leases
(29. 9)
(28.6)
Drawdown of loans
395.3
534.7
Repayment of loans
(3 34 . 2)
(526. 1)
Proceeds received under a payables finance
arrangement
–
7. 2
Repayments to a financial institution under a payables
finance arrangement
(2 . 3)
(4 .9)
Refinancing fees paid
(1 .3)
–
Dividends paid
10
(9.7)
(11.8)
Net cash flow generated from/(used in) financing
activities
1 7. 9
(29 .5)
Increase/(decrease) in cash and cash equivalents
12. 3
(0.7)
Net cash at the start of the financial year
20
2 .1
2 .8
Net cash at the end of the financial year
20
14.4
2 .1
Analysis of cash and cash equivalents
Cash
20
14.4
2 .1
Bank overdraft
20
–
–
14.4
2 .1
1
Relates to the ProService Transaction. See note 30.
2
Relates wholly to the joint venture in Kazakhstan.
Speedy Hire Plc Annual Report and Accounts 2026
122
NOTES TO THE FINANCIAL STATEMENTS
1 Summary of material accounting policy information
Speedy Hire Plc is a public limited company listed on the London Stock Exchange, incorporated and
domiciled in the United Kingdom (England). The Consolidated Financial Statements of the Company for the
year ended 31 March 2026 comprise the Company and its subsidiaries (together referred to as the ‘Group’).
The Group and Parent Company Financial Statements were approved by the Board of Directors on
16 June 2026.
The material accounting policies set out below have, unless otherwise stated, been applied consistently
to all periods presented in these Consolidated Financial Statements.
Statement of compliance
Both the Group and Parent Company Financial Statements have been prepared and approved by the
Board of Directors in accordance with UK-adopted international accounting standards (‘UK-adopted
IFRS’) and with the requirements of the Companies Act 2006 as applicable to companies reporting
under those standards.
Basis of preparation
These Financial Statements have been prepared under the historical cost convention, with the exception of
derivative financial instruments used for hedging purposes which are measured at fair value through other
comprehensive income and other financial assets measured at fair value through profit and loss.
At 31 March 2026, the Company had net current liabilities of £34.4m (2025: £46.6m), with net assets of
£150.6m (2025: £156.2m).
The Directors consider the going concern basis of preparation for the Group and Company to be
appropriate for the following reasons.
At 31 March 2026, the Group had access to a £150.0m revolving credit facility (‘RCF’) maturing in April
2028, with uncommitted extension options for a further two years, and a £75.0m private placement term
loan due to expire in April 2032. These facilities replaced the Group’s previous £180.0m asset-based
finance facility, which was due to terminate in July 2026. The Group also retains access to an
uncommitted £50.0m accordion available through to April 2028. There are no scheduled repayments
under these facilities before maturity. Cash and facility headroom at 31 March 2026 was £36.0m,
reflecting the availability under the new RCF and the Group’s cash position at the year end.
The Group meets its day-to-day working capital requirements through operating cash flows,
supplemented as necessary by borrowings. The Directors have prepared a going concern assessment
covering a period to June 2027 (‘the going concern assessment period’) of at least 12 months from the
date of approval of these Financial Statements. This assessment indicates that, under the base case
forecast, the Group is capable of operating within its existing facilities and meeting the associated
financial covenant requirements. The key assumptions underpinning the projections include expected
improved trading performance in current market conditions and the level of capital investment required
to support those revenue levels.
The Group’s financing facilities include quarterly leverage and fixed charge cover covenant tests. In
preparation for entering into the ProService Transaction, the Group agreed short-term amendments to
the fixed charge cover covenant for the quarters ended 30 September 2025 and 31 December 2025,
after which the covenant reverted to their original level. In addition, further short-term amendments to
both the leverage and fixed charge cover covenants were agreed prior to the year end, in anticipation of
slower deleveraging than originally expected. The covenant tests for quarterly leverage and fixed charge
cover return to their original levels at September 2026 and December 2026 respectively.
In preparing forecasted financial modelling, the Board has also considered a severe but plausible
downside scenario, which reflects reduced levels of revenue compared to the base case budget and
a broadly stable cost base, representing reduced revenue growth compared to prior year. Mitigating
actions available to management in these scenarios include reductions in planned capital expenditure
and restrictions on discretionary overhead growth. Under both the base case and the downside
scenarios, the Group maintains forecast compliance with its financial covenants and has sufficient
liquidity throughout the assessment period.
Notwithstanding the results of the severe but plausible downside scenarios, the Group’s forecasts
remain sensitive to trading performance. A more significant deterioration in market and economic
conditions than those modelled, including sustained underperformance of the business, or the loss or
material reduction or delay of a key customer contract, could adversely impact the Group’s financial
performance and reduce covenant headroom or result in a breach of covenant limits in the near term.
The severe but plausible downside scenario indicates more limited headroom against the Group’s
leverage covenant at the June 2026 and September 2026 test dates. While the Directors have identified
actions available to management which could support covenant compliance, the headroom in these
periods is sensitive to changes in trading performance.
The downside modelling incorporates reductions in revenue and profitability consistent with a material
under-performance of the FY2027 budget and assumes limited mitigating actions. In addition, the
Directors have considered a range of mitigating actions that are within management’s control and could
be implemented should trading performance deteriorate. These include the deferral or reduction of
capital expenditure, active management of working capital, and reductions in discretionary expenditure
and deferment of shareholder distributions.
The Directors have also taken into account the Group’s established and constructive relationships with
its lenders, including the covenant amendments agreed during FY2026.
Having considered the likelihood and potential impact of these risks, together with the availability of
mitigating actions and funding arrangements, the Directors note that while covenant compliance is
maintained in the base case and severe but plausible downside scenarios, there remains a risk that
a more significant deterioration in market and economic conditions than those modelled, including
sustained underperformance of the business, or the loss or material reduction or delay of a key customer
contract, could adversely impact the Group’s financial performance and result in a breach of the
Group’s financial covenant limits in the near term. These conditions indicate the existence of a material
uncertainty that may cast significant doubt on the Group’s and the Company’s ability to continue as a
Speedy Hire Plc
Annual Report and Accounts 2026
123
FINANCIAL STATEMENTS
going concern, specifically in relation to the risk of a breach of financial covenants under the Group’s
banking facilities. The Financial Statements do not include the adjustments that would result if the
Group and the Company were unable to continue as a going concern.
Notwithstanding the material uncertainty described above, the Directors have a reasonable expectation
that the Company and the Group have adequate resources to continue in operational existence for a
period of at least 12 months from the date of approval of these Financial Statements. Accordingly, the
Directors continue to adopt the going concern basis of accounting in preparing the Financial Statements.
Basis of consolidation
(a) Subsidiaries
Subsidiaries are entities controlled by the Company and are detailed in note 32. The Group controls an
entity when it is exposed to variable returns and has the ability to use its power to alter its returns from
its involvement with the entity. The Financial Statements of subsidiaries are included in the Consolidated
Financial Statements from the date that control commences until the date that control ceases.
Intra-group balances, and any unrealised gains and losses or income and expenses arising from intra-
group transactions, are eliminated in preparing the Consolidated Financial Statements.
(b) Joint ventures
A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to
the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities.
Interests in joint ventures are accounted for using the equity method. They are initially recognised at
cost. Subsequent to initial recognition, the Consolidated Financial Statements include the Group’s share
of the profit or loss and other comprehensive income of equity-accounted investees, until the date on
which significant influence or joint control ceases.
New accounting standards and accounting standards not yet effective
The following new standards, amendments to standards and interpretations were issued by the
International Accounting Standards Board (‘IASB’) and became effective during the year:
Effective date
(periods beginning
International Accounting Standards (‘IAS’)/IFRS on or after)
Amendments to IAS 21
Lack of Exchangeability
1 January 2025
There is no material impact to the Group from this standard.
The following UK-adopted IFRSs have been issued at 31 March 2026 with an effective date of
implementation after the date of these Financial Statements but have not been applied by the Group in
these Consolidated Financial Statements.
The Group has not yet performed an assessment of their impact on the Financial Statements.
Effective date
(periods beginning
International Accounting Standards (‘IAS’)/IFRS on or after)
Amendments to IFRS 9 and IFRS 7
Amendments to the Classification
1 January 2026
and Measurement of Financial
Instruments
Annual Improvements to IFRS Accounting
Volume 11
1 January 2026
Standards
Amendments to IFRS 9 and IFRS 7
Contracts Referencing Nature-
1 January 2026
dependent Electricity
IFRS 18
Presentation and Disclosure in
1 January 2027
Financial Statements
IFRS 19
Subsidiaries without Public
1 January 2027
Accountability: Disclosures
Revenue
Revenue is accounted for under IFRS 15 and is measured based on the consideration specified in a
contract with a customer or a price list, net of returns, trade discounts and volume rebates. Accumulated
experience is used to estimate and provide for the rebates, using the expected value method, and
revenue is only recognised to the extent that it is highly probable that a significant reversal will not
occur. No other variable consideration is present.
i. Hire and related activities
The Group recognises revenue for hire services, adjusted for rebates, on a straight-line basis as the
equipment is available evenly over the period of hire. Revenue is recognised for transport services
provided at the point at which delivery or collection is completed. Revenue for repairs to equipment
damaged whilst on hire is recognised from the point the damage is identified.
ii. Services revenue
The Group recognises revenue for rehire services as principal on a straight-line basis over the
period of hire, adjusted for rebates. The Group controls the service to be provided to the customer
and has responsibility for fulfilling the associated performance obligations.
The Group recognises revenue for training services at a point in time upon completion of the relevant
training as this is when the performance obligation is fulfilled. Revenue for testing is recognised
at a point in time once certification is provided, evidencing fulfilment of the Group’s performance
obligation. The Group recognises revenue on the sale of consumables and equipment at a point in
time, upon delivery or collection of the goods when control is transferred to the customer.
Dependent on the agreement in place, fuel revenue is recognised on either an agent or principal
basis at the point control is transferred to the customer. The Group acts as principal when fuel
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
1 Summary of material accounting policy information continued
Basis of preparation continued
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is provided to customers directly from Speedy Hire depots and as agent when fuel provided to
customers is not directly controlled by the Group before being provided to the customer.
iii. Disposals revenue
The Group generates income/proceeds from the disposal of hire equipment either through the planned
sale of these assets at the end of their useful economic life or where a customer has lost or damaged the
asset beyond repair during the hire contract. These transactions are accounted for differently.
Income earned when a customer has lost or damaged assets beyond repair is presented on a
net basis within cost of sales at the point in time the loss or damage is identified. No revenue is
recognised on these transactions as they do not meet the requirements of IAS 16 (para 68).
Income from planned disposals meets the definition in IAS 16 and therefore revenue is recognised
gross at a point in time when control of the asset being disposed is transferred to the customer. The
key difference between the two types of income is that for planned disposals, the assets are held for
sale and are in saleable condition.
Cash flows from these two types of transaction are presented separately in the Consolidated Cash
Flow Statement.
Customer invoicing is performed multiple times a month. Consideration is payable following invoicing, in
line with agreed payment terms.
Customer rebates
Revenue is recognised net of customer rebates, which are held as a separate liability within trade and
other payables (see note 18). The Group reviews its estimate of likely settlements at each reporting date
and any revisions to the liability are updated accordingly.
Non‑underlying items
Non-underlying items are recognised for items or events of a significant nature or value, where it is
determined that separate disclosure aids understanding of the underlying performance of the business.
Further detail on such items is provided in note 3.
Research and development expenditure
Development costs in relation to the Group’s ERP system are capitalised as intangible assets. No
significant research and development expenditure is recognised in the Income Statement.
Start‑up expenses
Legal and start-up expenses incurred in respect of new depots are written off as incurred.
Employee benefits
h Pension schemes
The Group automatically enrols UK employees in a defined contribution pension plan and, except for
those who opt out, makes contributions to personal pension schemes for these UK employees and
certain other non-UK employees. Obligations for contributions to these defined contribution pension
plans are recognised as an expense in the Income Statement as incurred.
h Share-based payment transactions
The Group operates a number of schemes that allow certain employees to acquire shares in the Company,
including the Performance Share Plan and the all-employee Sharesave Schemes. The fair value of options
granted is recognised as an employee expense with a corresponding increase in equity. The fair value is
measured at grant date and spread over the period during which the employees become unconditionally
entitled to the options. The fair value of the options granted is measured, using an appropriate option-
pricing model, taking into account the terms and conditions upon which the options were granted.
The amount recognised as an expense is adjusted to reflect the actual number of share options that vest,
except where it is related to market-based performance conditions. For share-based payment awards with
non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such
conditions and there is no adjustment for differences between expected and actual outcomes.
Transactions of the Company-sponsored Employee Benefits Trust are treated as being those of the
Company and are therefore reflected in the Company and Group Financial Statements. In particular, the
Trust’s purchases of shares in the Company are charged directly to equity.
Finance costs
Finance costs comprise interest payable on borrowings and lease liabilities, and gains and losses on
financial instruments that are recognised in the Income Statement.
Interest payable on borrowings includes a charge in respect of attributable transaction costs and non-
utilisation fees, which are recognised in the Income Statement over the period of the borrowings on an
effective interest basis.
Taxation
Income tax is recognised in the Income Statement except to the extent that it relates to items recognised
directly in equity, in which case it is recognised in equity. Income tax comprises current and deferred tax.
Current tax is the expected tax payable on the taxable income for the year, using tax rates substantively
enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.
Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset
and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Deferred tax is recognised using the balance sheet liability method, providing for temporary differences
between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts
used for taxation purposes. The following temporary differences are not provided for: goodwill not
deductible for tax purposes, the initial recognition of assets or liabilities not acquired in a business
combination affecting neither accounting nor taxable profit and which at the time of the transaction do not
give rise to equal taxable and deductible temporary differences, and differences relating to investments
in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of
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FINANCIAL STATEMENTS
deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount
of assets and liabilities, using tax rates enacted, or substantively enacted, at the balance sheet date.
IAS 12 ‘Income Taxes’, does not require all temporary differences to be provided for. In particular, the
Group does not provide for deferred tax on undistributed earnings of subsidiaries where the Group is
able to control the timing of the distribution, and the temporary difference created is not expected to
reverse in the foreseeable future.
Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax
assets and liabilities and where the deferred tax balances relate to the same taxation authority.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be
available against which the asset can be utilised. Deferred tax assets are reviewed at each reporting
date and are reduced to the extent that it is no longer probable that the related tax benefit will be
realised.
Intangible assets
h Goodwill
All business combinations are accounted for by applying acquisition accounting. The Group measures
goodwill at the acquisition date as:
– the fair value of the consideration transferred; plus
– the recognised amount of any non-controlling interests in the acquiree; plus
– the fair value of the existing equity interest in the acquiree; less
– the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities
assumed.
When the excess is negative, a bargain purchase gain is recognised immediately in the Income Statement.
Costs related to the acquisition, other than those associated with the issue of debt or equity securities,
are expensed as incurred.
Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent
consideration is classified as equity it is not remeasured, and settlement is accounted for within equity.
Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in the
Income Statement.
Goodwill is stated after any accumulated impairment losses and is included as an intangible asset. It is
allocated to cash-generating units and is tested annually for impairment and at each reporting date to
the extent that there are any indicators of impairment.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
1 Summary of material accounting policy information continued
Taxation continued
Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the
entity sold.
h Customer lists, brands and right of first refusal
For a number of its acquisitions, the Group has identified intangible assets in respect of customer lists,
brands and the right of first refusal over certain customer contracts. The values of these intangibles are
recognised as part of the identifiable assets, liabilities and contingent liabilities acquired.
Intangible assets, other than goodwill, that are acquired by the Group are initially measured at fair value
at the acquisition date. Subsequent to initial recognition, these intangible assets are stated at cost less
accumulated amortisation and impairment losses (note 12).
Expenditure on internally generated goodwill and brands is recognised in the Income Statement as an
expense as incurred.
h IT development
The Group’s accounting policy in relation to the configuration and customisation costs incurred in
implementing Software-as-a-Service (‘SaaS’) is as follows:
– Amounts paid to cloud vendors for configuration and customisation that are not distinct from access
to the cloud software are expensed over the SaaS contract term.
– Configuration and customisation costs incurred in implementing SaaS arrangements, which give
rise to an identifiable intangible asset, are capitalised and amortised over the life of the asset.
– Other implementation costs are expensed as incurred.
h Amortisation
Amortisation is charged to the Income Statement on a straight-line basis over the estimated useful
economic lives of identified intangible assets. Intangible assets, excluding goodwill, are amortised from the
date that they are available for use. The useful lives of identified intangible assets are estimated as follows:
Customer lists – over the period of the expected benefit, up to ten years
Brands – over the period of use in the business, up to ten years
Right of First Refusal – over the expected life of the contract, being 6.5 years
IT development – over the period of use in the business, up to ten years
Amortisation of intangible assets is included within distribution and administrative costs.
Property, plant and equipment
Items of property, plant and equipment are stated at cost less accumulated depreciation and impairment
losses. Cost includes expenditure that is directly attributable to the acquisition or the refurbishment of
the asset where the refurbishment extends the asset’s useful economic life.
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Depreciation of property, plant and equipment is charged to the Income Statement so as to write off the
cost of the assets over their estimated useful economic lives after taking account of estimated residual
values. Residual values and estimated useful economic lives are reassessed at least annually. Land is
not depreciated. Hire equipment assets are depreciated so as to write down to their residual value over
their normal useful lives, which range from one to fifteen years depending on the category of the asset.
The principal rates and methods of depreciation used are as follows:
h Hire equipment
Tools and general equipment – between one and twelve years straight-line
Access equipment – between five and ten years straight-line
Surveying equipment – between one and ten years straight-line
Power equipment – between three and twelve years straight-line
Lifting equipment – between one and eleven years straight-line
Powered access – between seven and eleven years straight-line
h Non-hire assets
Freehold buildings and long leasehold improvements – over the shorter of the lease period and 50
years straight-line
Short leasehold property improvements – over the period of the lease
Fixtures and fittings and office equipment (excluding IT) – 25% per annum straight-line
IT equipment – between three and fifteen years straight-line
Motor vehicles – 25% per annum straight-line
Planned disposals of hire equipment are transferred, at net book value, to inventory when they cease to
be available for hire and become held for sale, with the sale included in revenue. Profit or loss on other
disposals is taken to operating profit as shown in note 4, presented net within cost of sales.
Leases
The Group holds leases for a number of properties and vehicles. Rental contracts are typically entered
into for fixed periods of one to ten years but may have break options or extension options as set out
below. Such leases can contain a wide range of different terms and conditions.
Leases are recognised as a right of use asset and a corresponding liability at the date at which the
leased asset is available for use by the Group. Each lease payment is allocated between the liability and
finance cost. The finance cost is charged to the Income Statement over the lease period. The right of use
asset is depreciated over the lease term on a straight-line basis.
Lease liabilities are initially measured on a present value basis. Lease liabilities include the net present
value of fixed payments (including in-substance fixed payments) and variable lease payments which are
based on a specified index or rate. The lease payments are discounted using the Group’s incremental
borrowing rate (if the interest rate implicit in the lease is not readily determinable). This rate is the
interest rate the Group would have to pay to borrow the funds necessary to obtain an asset of similar
value, over a similar term and with similar security to the right of use asset, in a similar economic
environment.
Right of use assets are measured at cost comprising the amount of the initial measurement of the
lease liability, any initial direct costs, any restoration costs and any lease payments made at, or before,
the commencement date. Payments associated with short-term leases and leases of low value assets
are recognised on a straight-line basis as an expense in the Income Statement. Short-term leases are
certain leases with a lease term of 12 months or less. Low-value assets comprise certain small items of
IT equipment and office furniture where the cash value when new is considered immaterial.
Extension and termination options are included in a number of leases across the Group. These terms are
used to maximise operational flexibility in terms of managing contracts. In determining the lease term
applicable for accounting purposes, consideration is given to all facts and circumstances that create
economic incentive to exercise an extension option, or not to exercise a termination option. Extension
options are only included in the lease term if the lease is reasonably certain to be extended (or not
terminated). The assessment is reviewed if a significant event or significant change in circumstances
occurs which affects this assessment and is within the control of the Group. Lease remeasurements
comprise extensions and rent reviews not known at lease inception.
Inventories
Inventories are measured at the lower of cost and net realisable value. Assets transferred from the hire
fleet are measured at the lower of cost less accumulated depreciation and impairment at the date of
transfer, or net realisable value. The cost of inventories is based on the first-in, first-out principle. In the
case of work in progress, cost includes an appropriate share of production overheads based on normal
operating capacity. Net realisable value is the estimated selling price in the ordinary course of business,
less the estimated costs of completion and selling expenses.
Trade and other receivables
Trade and other receivables are recognised initially at fair value. Subsequent to initial recognition, they
are measured at amortised cost using the effective interest method, less any impairment losses.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and overnight deposits. Overdraft facilities are
presented as current liabilities on the Balance Sheet.
When settling a liability, the Group derecognises the cash and associated liability on the day the
payments are made by the Group, as opposed to when the bank itself processes the funds.
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FINANCIAL STATEMENTS
Financial instruments
The Group classifies all financial instruments at either amortised cost, fair value through other
comprehensive income (‘FVTOCI’) or fair value through profit and loss (‘FVTPL’).
Equity instruments not held for long-term strategic purposes are classified at FVTPL, as they do not
form part of the Group’s business model, their cash flows are not solely payments of principal and
interest and they have not been designated at FVTOCI. Financial assets measured at FVTPL are carried
at fair value on the balance sheet, with net changes in fair value recognised in the income statement.
Offset of financial instruments
Financial assets and financial liabilities are offset, and the net amount reported in the Balance Sheet,
when there is a legally enforceable right to offset and there is either the intention to settle on a net basis,
or to realise the asset and settle the liability simultaneously.
The legally enforceable right must not be contingent on future events and must be enforceable in the
normal course of business.
In respect of cash pooling arrangements, the requirement of intent to settle net is only met if the entire
period end balance is settled on a net basis, prior to any further movement in the balance.
Impairments
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are
separately identifiable cash inflows, which are largely independent of the cash inflows from other assets
or groups of assets (cash-generating units). If any indication of impairment exists, then the asset’s
recoverable amount is estimated, being the higher of fair value less costs to sell and value in use, and
if there is an impairment loss then this loss is recognised such that the carrying amount is reduced
accordingly.
The carrying amounts of the Group’s non-financial assets, other than deferred tax, are reviewed at each
reporting date to determine whether there is any impairment. Non-financial assets other than goodwill
that suffered an impairment are reviewed for possible reversal of the impairment at the end of each
reporting period.
h Expected credit losses
The Group recognises loss allowances for expected credit losses (‘ECLs’) on financial assets measured
at amortised cost. Loss allowances for trade receivables are always measured at an amount equal to
lifetime expected credit losses (IFRS 9 simplified approach).
When determining whether the credit risk of a financial asset has increased significantly since initial
recognition and when estimating ECLs, the Group considers reasonable and supportable information
that is relevant and available without undue cost or effort. This includes both quantitative and qualitative
information and analysis, based on the Group’s historical experience and informed credit assessment
and includes forward-looking information.
Lifetime ECLs are ECLs that result from all possible default events over the expected life of a financial
instrument. The maximum period considered when estimating ECLs is the maximum contractual period
over which the Group is exposed to credit risk.
ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present
value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance
with the contract and the cash flows that the Group expects to receive).
Derivative financial instruments
The Group uses derivative financial instruments to hedge its exposure to interest rate risks arising
from financing activities and to variability in cash payments for fuel arising from operating activities. In
accordance with its treasury policy, the Group does not hold or issue derivative financial instruments for
trading purposes; however, derivatives that do not qualify for hedge accounting are accounted for as
trading instruments and the movement in fair value is recognised in the Income Statement.
Derivatives are recognised initially at fair value; attributable transaction costs are recognised in the
Income Statement when incurred. Subsequent to initial recognition, changes in the fair value of the
derivative hedging instrument designated as a cash flow hedge are recognised directly in equity to the
extent that the hedge is effective. To the extent that the hedge is ineffective, changes in fair value are
recognised in the Income Statement.
If the hedging instrument expires, no longer meets the criteria for hedge accounting, is sold, is
terminated or is exercised, then hedge accounting is discontinued prospectively. The cumulative gain
or loss previously recognised in equity remains there until the forecast transaction occurs. When the
hedged item is a non-financial asset, the amount recognised in equity is transferred to the carrying
amount of the asset when it is recognised. In other cases, the amount recognised in equity is transferred
to the Income Statement in the same period that the hedged item affects the Income Statement.
Regular way purchases and sales of financial assets are recognised at the trade date, being the date on
which the Group commits to purchase or sell the asset.
Trade and other payables
Trade and other payables are recognised initially at fair value. Subsequent to initial recognition, they are
measured at amortised cost using the effective interest method.
Intra‑group financial instruments
Where the Company enters into financial guarantee contracts to guarantee the indebtedness of other
companies within the Group, the Company accounts for these under IAS 32, IFRS 7 and IFRS 9.
Financial guarantee contracts are initially measured at fair value and subsequently measured at the
higher of fair value and the expected credit loss.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
1 Summary of material accounting policy information continued
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Interest‑bearing borrowings
Interest-bearing borrowings are recognised initially at fair value less directly attributable transaction
costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with
any difference between cost and redemption value being recognised in the Income Statement over the
period of the borrowings on an effective interest basis.
Provisions and contingent liabilities
A provision is recognised on the Balance Sheet when the Group has a present legal or constructive
obligation as a result of a past event, the obligation can be measured reliably, and it is probable that an
outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions
are determined by discounting the expected future cash flows at a pre-tax rate that reflects current
market assessments of the time value of money and, where appropriate, the risks specific to the liability.
Dilapidations provisions are recognised by the Group, representing the cost to restore leased premises
to their original condition upon the Group’s exit of a lease. Dilapidations may not be settled for some
months following the Group’s exit of the lease and are calculated based on the estimated expenditure
required to settle the landlord’s claim at current market rates. The total liability is discounted to current
values. Amounts relating to restoration are capitalised as part of the cost of the right of use asset and
are amortised over the shorter of the lease term and the useful life of the asset.
Contingent liabilities are disclosed for possible obligations whose existence will be confirmed by
uncertain future events, or where settlement values cannot be measured reliably.
Translation of foreign currencies
Transactions in foreign currencies are initially recorded at the rate of exchange prevailing at the
transaction date. Monetary assets and liabilities denominated in foreign currencies are retranslated at
the rates of exchange ruling at the balance sheet date. Exchange gains and losses arising on settlement
or retranslation of monetary assets and liabilities are included in the Income Statement.
Assets and liabilities of overseas subsidiaries are translated at the rate of exchange ruling at the balance
sheet date. The results of overseas subsidiary undertakings are translated into sterling at the average
rates of exchange during the period. Exchange differences resulting from the translation of the results
and balances of overseas subsidiaries are charged or credited directly to the foreign currency translation
reserve.
Gains and losses on intercompany foreign currency loans that are long-term in nature, and which the
Company does not intend to settle in the foreseeable future, are also recorded in the foreign currency
translation reserve.
The Consolidated – and Company only – Financial Statements are presented in pound sterling, which is
the presentational currency of the Group.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
shares are shown in equity as a deduction from the proceeds. Where the Group purchases its own
equity share capital, the consideration paid is deducted from equity attributable to the Group’s
shareholders. Where such shares are subsequently cancelled, the nominal value of the shares
repurchased is deducted from share capital and transferred to a capital redemption reserve. Where the
Group purchases its own equity share capital to hold in treasury, the consideration paid for the shares is
shown as a reduction in retained earnings.
Dividend distribution
Dividend distributions to the Company’s shareholders are recognised as a liability in the Group’s
Financial Statements in the period in which the dividends are approved and declared.
Consideration of climate change
Following on from the TCFD disclosures on pages 40 to 50, the impact of climate change on the wider
Financial Statements has been considered. No material impact on financial reporting judgements and
estimates has been identified. In particular, the impact of climate change has been considered in respect
of cash flow forecasts used in the impairment assessments undertaken and the carrying value and
useful economic lives of property, plant and equipment (see the Significant Judgements and Estimates
section for more detail). The Directors are aware of the ever-changing risks resulting from climate
change and will regularly assess these risks against judgements and estimates made in the preparation
of the Group’s financial statements.
Segment reporting
The Group determines and presents operating segments based on the information that is provided
internally to the Board, which is the Group’s ‘chief operating decision-maker’.
An operating segment is a component of the Group that engages in business activities from which it
may earn revenues and incur expenses, including revenues and expenses that relate to transactions with
any other member of the Group and for which discrete financial information is available. An operating
segment’s operating results are reviewed regularly by the Board to make decisions about resources to
be allocated to the segment and to assess its performance.
Segment results that are reported to the Board include items directly attributable to a segment as well
as those that can be allocated on a reasonable basis. Unallocated items comprise mainly corporate
assets and head office expenses.
Segment capital expenditure is the total cost incurred during the period to acquire property, plant
and equipment, and intangible assets other than goodwill, inclusive of assets acquired in business
combinations.
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FINANCIAL STATEMENTS
Significant judgements and estimates
The preparation of Financial Statements requires management to make judgements, estimates and
assumptions in applying the accounting policies that affect the reported amounts of assets and
liabilities, income and expense. The estimates and associated assumptions are based on historical
experience and other factors that are believed to be reasonable under the circumstances, the results of
which form the basis of making the judgements about carrying values of assets and liabilities that are
not readily apparent from other sources. Actual results may differ from these estimates.
The judgements, estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the revision affects only that
period, or in the period of the revision and future periods if the revision affects both current and future
periods. The following accounting policies are limited to those items that would be most likely to produce
materially different results were the underlying judgements, estimates and assumptions changed.
The following are significant judgements or sources of estimation uncertainty that management has
made in the process of applying the accounting policies and that have a significant risk of resulting in a
material adjustment within the next financial year.
Key accounting judgements
Non‑underlying items
In determining the non-underlying transformation costs recognised in both FY2025 and FY2026,
judgement has been applied in respect of certain costs which do not form part of the underlying
business. The costs relating to transformation were appraised to determine which were entirely
incremental to the programme and would no longer remain in the Group following the conclusion of the
overall project, and which were expected to remain within the Group. The costs that were judged to be
entirely incremental, and therefore non-underlying, were primarily additional headcount into the Group,
to work exclusively on the transformation programme.
More information on the nature and quantum of these costs is provided in note 3.
Dilapidations provision
Dilapidations are assessed at the earliest point, being the start of the lease or due to an obligating
event. Uncertainty is present in respect of the timing and amounts of future cash flows related to lease
dilapidations. The exercise of judgement as to existing facts and circumstances, which may be subject to
change, is required in estimating the provision.
The provision recognised is the estimated expenditure required to settle the landlord’s claim at current
market rates, discounted to net present value. Given the cash outflow in respect of dilapidations can
take place many years in the future, the carrying amount of the provision is reviewed regularly and is
adjusted as needed to take account of changing facts and circumstances.
During the year ended 31 March 2024, the Group engaged an external surveyor to undertake a full
review of the property portfolio, to assess the condition of each site and the potential dilapidations
costs due on exit. This was the first review of its kind undertaken by the Group, with the aim of aiding
management’s determination of the adequacy of the dilapidation provision held by the Group.
The surveyor’s review outlined all potential costs payable on the exit of each property, according to the
respective lease agreement. The Group then exercised judgement in determining the appropriateness of
these potential costs and the expected amounts payable, based on knowledge of the property portfolio,
historic settlements and the Group’s proactive approach to resolving dilapidations with landlords. The
judgement applied resulted in the removal of certain of these costs from the required provision, primarily
relating to contractor and other related fees; on the basis that the Group typically does not incur these costs.
At 31 March 2026, as in the prior year, these judgements have been reassessed to ensure they remain
appropriate and to take account of subsequent settlements. The provision recognised is based on
management’s best estimate of likely settlement and sits within a range of potential outcomes. The
calculated provision equates to an expected settlement of £6.10 per square foot (2025: £6.47). If this were
to change by £1 per square foot, a £2.2m movement in the provision would result.
Management will continue to monitor and assess the adequacy of the provision recognised and the
appropriateness of the judgements made.
Payables financing arrangement
The Group was party to a payables finance arrangement whereby credit from a bank was used to settle
supplier invoices, with the Group then settling its balance with the bank at a later date.
Under the arrangement, the Group obtained extended payment terms without affecting payments
to suppliers and was able to direct the payments the bank made on the Group’s behalf. Given the
substantially different terms the Group had with the bank under this arrangement, the supplier trade
payable was derecognised once the liability was discharged upon payment, with a new financing
liability instead recognised – representing the amount the Group owed to the bank – presented as a
separate line item within current borrowings.
More information on payables financing is provided in note 20.
Key accounting estimates
Impairment of goodwill
In assessing any impairment of goodwill, the future cash flows expected to result from the use of the
asset, and its eventual disposal, are estimated. Actual outcomes could vary from such estimates of
discounted future cash flows. The calculations involved require assumptions to be made in relation to
discount rate, long-term growth rate, the rate of inflation and also short-term performance and cash
flows, for which reference is made to external information and historical performance. Note 12 provides
details of the impairment reviews undertaken, assumptions and sensitivities in relation to goodwill.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
1 Summary of material accounting policy information continued
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Hire equipment
In relation to the Group’s hire equipment (note 14), useful economic lives and residual values of assets
have been established using historical experience of the internal asset team and external market
information, taking into consideration the nature of the assets involved.
At 31 March 2026, the carrying value of hire equipment was £239.4m (2025: £222.4m), representing 93.0%
(2025: 91.4%) of the total property, plant and equipment. The hire equipment depreciation charge for the year
ended 31 March 2026 was £35.3m (2025: £30.9m), which represents 8.4% (2025: 7.7%) of the average original
cost of hire equipment. Both useful economic lives and residual values are reviewed on a regular basis.
Given the varied portfolio and range of assumptions relating to both the useful economic lives and
residual values of the Group’s hire equipment, it is not practical to disclose sensitivity analysis.
The Group has considered increased interest rates, inflation, and implications of climate change in
assessing the carrying value of both eco and non-eco assets and identified no indicators of impairment.
The relatively new age of the current hire fleet within the Group mitigates any potential obsolescence
and new capital spend is weighted towards eco assets. No indicators of impairment have been noted in
relation to hire equipment.
Valuation of trade receivables
The expected credit loss provision is calculated using the simplified approach under IFRS 9, based upon
historical default experience over the lifetime of the debt. This is adjusted for the Directors’ assessment
of current and forward-looking macroeconomic factors affecting the Group’s operating environment,
such as inflation and interest rates.
At 31 March 2026, the expected credit loss provision was £2.2m (2025: £2.0m) against a total debtor
book of £108.7m (2025: £97.9m). Further detail is provided in note 17, including an ageing analysis of
debt. The Group’s estimated expected credit losses are 2.0% (2025: 2.0%) of gross trade receivables. A
change of 1% in this assumption would result in an increase to the provision of £1.1m (2025: £1.0m).
Whilst this area does not meet the definition under IAS 1 of a critical accounting estimate or significant
accounting judgement, the recognition and measurement are based on assumptions and/or subject to
longer-term uncertainties. No consideration is made regarding expected credit losses across time bands
as this would not provide a materially different result given the simplified method is used, whereby
assessment of lifetime expected credit losses is made.
Valuation of right of first refusal intangible asset
The ProService Transaction undertaken during the year resulted in the identification of a right of first
refusal intangible (see note 30). The specific earnings potential of the asset, and contribution of other
supporting assets of the Group, form the basis of the valuation of the intangible, taken from Board
approved forecasts. This, alongside key assumptions around the length of the contract and the discount
rate applied, require significant judgement to be exercised. Actual outcomes could therefore vary from
such estimates. Note 30 provides detail on the valuation methodology used, the assumptions applied
and related sensitivities in respect of the valuation of the right of first refusal intangible.
2 Segmental analysis
The segmental disclosure presented in the Financial Statements has been determined based on the way
in which performance is assessed, assets are monitored and resources allocated, and hence reflects the
format of reports reviewed by the ‘chief operating decision-maker’. The Group’s reportable segments are
Hire and Services, which form the UK and Ireland business.
The Hire segment relates to hire of the Group’s core fleet of owned products, covering a range of
product lines in categories such as small tools, access, power and battery storage, lifting, survey,
powered access, welding and plant machinery.
The Services segment predominantly relates to the rehire of an extensive range of specialist equipment
through partnerships with the industry’s leading suppliers, referred to as Customer Solutions. This
segment also includes fuel and energy sales and management, training, product sales, and test,
inspection and certification services.
An element of the Group’s costs is incurred at a corporate level and consequently cannot be analysed by
segment. These costs, together with net corporate borrowings and taxation, are not directly attributable to the
activities of the operating segments and consequently are presented under Corporate items. The remaining
unallocated net assets comprise principally working capital balances held by the support services function.
Speedy Hire Plc
Annual Report and Accounts 2026
131
FINANCIAL STATEMENTS
For the year ended 31 March 2026 / As at 31 March 2026
Hire excluding UK and Corporate
disposals Services Ireland¹ items Total
£m £m £m £m £m
Revenue
255.3
149.9
416.1
–
416.1
Cost of sales
(52.4)
(123.3)
(185.6)
–
(185.6)
Gross Profit
202.9
26.6
230.5
–
230.5
Segment result:
Adjusted EBITDA²
88.1
(2.7)
85.4
Depreciation³
(72.1)
(0.1)
(72.2)
Loss on planned disposals of hire equipment
(1.3)
–
(1.3)
Operating profit/(loss) before amortisation,
non-underlying items and fair value
movements on financial assets
14.7
(2.8)
11.9
Amortisation³
(1.6)
(2.7)
(4.3)
Non-underlying items
(17.6)
–
(17.6)
Fair value movements on financial assets
–
(3.3)
(3.3)
Operating loss
(4.5)
(8.8)
(13.3)
Share of results of joint venture
–
(0.4)
(0.4)
Loss from operations
(4.5)
(9.2)
(13.7)
Finance costs
(18.6)
Loss before tax
(32.3)
Taxation
5.7
Loss for the financial year
(26.6)
Intangible assets³
46.5
9.5
56.0
Investment in joint ventures
0.6
4.4
5.0
Other financial assets
–
3.8
3.8
Land and buildings
12.7
–
12.7
Hire equipment
239.4
–
239.4
Non-hire equipment
5.3
–
5.3
Right of use assets
108.8
–
108.8
Taxation assets
–
0.9
0.9
Current assets
123.3
5.4
128.7
Cash
–
14.4
14.4
Total assets
536.6
38.4
575.0
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2 Segmental analysis continued
Hire excluding UK and Corporate
disposals Services Ireland¹ items Total
£m £m £m £m £m
Lease liabilities
(114.4)
–
(114.4)
Other liabilities
(138.3)
(12.6)
(150.9)
Borrowings
–
(173.4)
(173.4)
Taxation liabilities
–
(8.3)
(8.3)
Total liabilities
(252.7)
(194.3)
(4 4 7.0)
1
UK and Ireland also includes revenue and costs relating to the disposal of hire assets.
2
See note 11.
3
Intangible assets in Corporate items relate to the Group’s ERP system, amortisation is charged to the UK and Ireland
segment as this is fundamental to the trading operations of the Group. Depreciation in Corporate items relates to
computers and is recharged from the UK and Ireland based on proportional usage.
For the year ended 31 March 2025 / As at 31 March 2025
Hire excluding
disposals Services UK and Ireland¹ Corporate items Total
£m £m £m £m £m
Revenue
255.0
158.0
416.6
–
416.6
Cost of sales
(49.7)
(126.7)
(180.5)
–
(180.5)
Gross Profit
205.3
31.3
236.1
–
236.1
Segment result:
Adjusted EBITDA²
101.0
(3.9)
97.1
Depreciation³
(67.3)
(0.3)
(67.6)
Loss on planned disposals of
hire equipment
(2.7)
–
(2.7)
Operating profit/(loss)
before amortisation and non-
underlying items
31.0
(4.2)
26.8
Amortisation³
(0.6)
(3.2)
(3.8)
Non-underlying items
(8.0)
(1.6)
(9.6)
Operating profit/(loss)
22.4
(9.0)
13.4
Share of results of joint venture
–
1.0
1.0
Profit/(loss) from operations
22.4
(8.0)
14.4
Finance costs
(15.9)
Loss before tax
(1.5)
Taxation
0.4
Loss for the financial year
(1.1)
Speedy Hire Plc Annual Report and Accounts 2026
132
Hire excluding
disposals Services UK and Ireland¹ Corporate items Total
£m £m £m £m £m
Intangible assets³
28.7
9.7
38.4
Investment in joint ventures
0.6
5.1
5.7
Land and buildings
15.0
–
15.0
Hire equipment
222.4
–
222.4
Non-hire equipment
5.9
–
5.9
Right of use assets
104.2
–
104.2
Taxation assets
–
2.9
2.9
Current assets
111.5
4.9
116.4
Cash
–
2 .1
2 .1
Total assets
488.3
24.7
513.0
Lease liabilities
(105.9)
–
(105.9)
Other liabilities
(117.3)
(3.8)
(121.1)
Borrowings
–
(115.2)
(115.2)
Taxation liabilities
–
(8.6)
(8.6)
Total liabilities
(223.2)
(127.6)
(350.8)
1
UK and Ireland also includes revenue and costs relating to the disposal of hire assets.
2
See note 11.
3
Intangible assets in Corporate items relate to the Group’s ERP system, amortisation is charged to the UK and Ireland
segment as this is fundamental to the trading operations of the Group. Depreciation in Corporate items relates to
computers and is recharged from the UK and Ireland based on proportional usage.
Geographical information
In presenting geographical information, revenue is based on the geographical location of customers.
Assets are based on the geographical location of the assets.
Year ended / As at 31 March 2026
Year ended / As at 31 March 2025
Non‑current Non‑current
Revenue assets¹ Revenue assets¹
£m £m £m £m
UK
409.6
416.1
410.3
384.0
Ireland
6.5
11.1
6.3
7.6
416.1
42 7. 2
416.6
391.6
1
Non-current assets excluding financial instruments and deferred tax assets.
Revenue by type
Revenue is attributed to the following activities:
Year ended Year ended
31 March 2026 31 March 2025
£m £m
Hire and related activities
255.3
255.0
Services
149.9
158.0
Disposals
10.9
3.6
416.1
416.6
Major customers
No one customer represents more than 10% of revenue, reported profit or combined assets of the Group.
3 Non‑underlying items
Year ended Year ended
31 March 2026 31 March 2025
£m £m
Transformation costs
6.3
6.6
Restructuring costs
3.6
1.2
Business disposal
2.8
–
Other professional and support costs
4.9
1.8
17.6
9.6
Transformation costs
Our Velocity strategy is split into two distinct phases through to 31 March 2028, being ‘Enabling Growth’
(years one to three) and ‘Delivering Growth’ (years four to five). Throughout the ‘Enabling’ phase to
March 2026, the investment in implementing our Velocity strategy and executing our transformation
programme has represented a significant cost to the business.
The total cost (including those incurred in FY2024 and FY2025) of this phase is £20.5m, of which £16.1m
relates to non-underlying items. The remainder of the costs either represent underlying costs to the
business or are capital in nature.
The £6.3m non-underlying cost to the business in the year relates primarily to incremental people
costs. FY2026 is the final year of the ‘Enabling Growth’ phase, following which transformation costs
will become part of the underlying business, as the Velocity strategy moves into its second phase:
‘Delivering Growth’.
Speedy Hire Plc
Annual Report and Accounts 2026
133
FINANCIAL STATEMENTS
Restructuring costs
An additional £3.6m relates to restructuring, as transformation projects have driven an accelerated move
towards the target operating model, mandating certain depot closures and redundancies to align to the
strategic direction of the business.
Business disposal
In August 2025 the Group disposed of the manufacturing division of Lloyds British, generating a loss
on disposal of £2.6m, presented within non-underlying items due to the infrequent nature of such
transactions. Subsequent restructuring of the Lloyds British business followed, resulting in £0.2m of
additional costs.
Other professional and support costs
On 6 October 2025, the Group announced the ProService Transaction (see note 30). Significant legal,
professional and integration costs have been incurred in relation to the transaction, which have been
presented as non-underlying items owing to the scale and rarity of a transaction such as this.
The net cash outflow from activities associated with non-underlying items during the year is £12.3m.
The following non-underlying items occurred in FY2025:
Transformation costs
Of the £6.6m non-underlying cost to the business in FY2025, £5.1m related primarily to incremental
people costs.
The roll out of Velocity process improvements and applications, and the increasing leverage of systems
and data, resulted in the redundancy of some employees in FY2025. Related costs of £1.5m were
therefore presented within non-underlying transformation costs.
Other professional and support costs
In FY2025, the Group engaged with external advisors regarding the refinancing of the Group. Whilst
the Group entered into the new arrangements post year end, replacing the asset based lending (‘ABL’)
facility, related advisory services were provided, and work undertaken, in FY2025.
Legal and professional fees incurred as part of the refinancing could not be attributed directly to the
new facilities, as they – in part – related to the settlement of the old facility. Hence these costs were
recorded through the Income Statement rather than being capitalised against the new facility.
The remaining fees capitalised in relation to the ABL facility were also written off at 31 March 2025, given
the refinancing was substantially complete as at 31 March 2025, with an expectation of completion soon
after the year end.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Restructuring costs
In FY2025, following the autumn budget, a decision was taken to accelerate ‘Future State’ restructuring
plans that formed part of the operational model changes in the Velocity strategy. The acceleration of the
plan was, in part, to offset the announced increases in both the national minimum wage and employer
national insurance contributions. Such restructuring entailed the closure of eight depots, with a resulting
reduction in headcount. Restructuring of this scale is not part of the ordinary course of business and
hence was presented within non-underlying items.
The net cash outflow from activities associated with non-underlying items during FY2025 was £6.4m.
4 Operating profit/(loss)
Operating profit/(loss) is stated after charging/(crediting):
Year ended Year ended
31 March 31 March
2026 2025
£m £m
Amortisation of intangible assets
– acquired
1.6
0.6
– internally generated
2.7
3.2
Depreciation of owned property, plant and equipment
40.8
37.6
Depreciation of right of use assets
31.4
30.0
Loss on planned disposals of hire equipment
1.3
2.7
Profit on other disposals of hire equipment
(3.8)
(1.2)
Loss on disposal of non-hire equipment
0.7
0.6
Auditors’ remuneration
– audit of these Financial Statements
0.7
0.8
– audit of Financial Statements of subsidiaries
0.1
0.1
Total audit fees
0.8
0.9
Non-audit fees: audit-related services − interim review fee of £86,943
(2025: £85,500)
0.1
0.1
Total fees
0.9
1.0
Within distribution and administrative costs, £34.3m relates to distribution (2025: £33.5m).
3 Non‑underlying items continued
Speedy Hire Plc
Annual Report and Accounts 2026
134
5 Employees
The monthly average number of people employed by the Group (including Directors) during the year
was as follows:
Year ended Year ended
31 March 31 March
2026 2025
UK and Ireland
2,989
2,993
Central
329
342
3,318
3,335
The aggregate payroll costs of these employees (including bonuses) were as follows:
Year ended Year ended
31 March 31 March
2026 2025
£m £m
Wages and salaries
120.4
120.1
Social security costs
14.9
11.7
Other pension costs
3.6
3.5
Share-based payments
1.8
0.9
140.7
136.2
6 Directors’ remuneration
Year ended Year ended
31 March 31 March
2026 2025
£’000s £’000s
Directors’ emoluments
Basic remuneration, including benefits
1,296
1,296
Company contributions to money purchase pension schemes
26
23
1,322
1,319
Emolument of the highest paid Director
Basic remuneration, including benefits
512
502
Company pension contributions
15
15
527
517
The number of Directors in respect of whose qualifying services shares were received or receivable
under long-term incentive schemes, and who exercised share options during the year, is disclosed on
page 100 of the Directors’ Remuneration Report.
Further analysis of Directors’ remuneration can be found in the Remuneration Report. All the Directors’
remuneration is paid by Speedy Support Services Limited, a wholly owned subsidiary of Speedy
Hire Plc.
7 Finance costs
Year ended Year ended
31 March 31 March
2026 2025
£m £m
Interest on bank loans and overdrafts
11.1
9.1
Amortisation of issue costs
0.3
0.4
Total interest on borrowings
11.4
9.5
Interest on lease liabilities
7.5
6.4
Other finance income
(0.3)
–
Finance costs
18.6
15.9
8 Taxation
Year ended Year ended
31 March 31 March
2026 2025
£m
£m
Tax credited in the Income Statement from continuing operations
Current tax
UK corporation tax on loss at 25% (2025: 25%)
–
(0.4)
Adjustment in respect of prior years
(1.0)
0.1
Total current tax
(1.0)
(0.3)
Deferred tax
UK deferred tax at 25% (2025: 25%)
(5.5)
0.3
Adjustment in respect of prior years
0.8
(0.4)
Total deferred tax
(4.7)
(0.1)
Total tax credit from continuing operations
(5.7)
(0.4)
Tax charged/(credited) in other comprehensive income
Deferred tax on effective portion of changes in fair value of cash
flow hedges
0.1
(0.1)
Speedy Hire Plc Annual Report and Accounts 2026
135
FINANCIAL STATEMENTS
The tax credit in the Income Statement for the year of 17.6% (2025: 26.7%) is lower (2025: higher) than
the standard rate of corporation tax in the UK and is explained as follows:
Year ended Year ended
31 March 31 March
2026 2025
£m £m
Loss before tax
(32.3)
(1.5)
Accounting loss multiplied by the standard rate of corporation tax at 25%
(2025: 25%)
(8.1)
(0.4)
Expenses not deductible for tax purposes
2.1
0.4
Share-based payments
0.4
0.1
Share of joint venture income already taxed
0.1
(0.2)
Adjustment in respect of prior years
(0.2)
(0.3)
Tax credit for the year reported in the Income Statement
(5.7)
(0.4)
The adjusted effective tax rate of 18.4% (2025: 24.1%) is lower (2025: lower) than the standard rate of UK
corporation tax of 25% (2025: 25%).
9 (Loss)/earnings per share
The calculation of basic loss per share is based on the loss for the financial year of £26.6m (2025: £1.1m
loss) and the weighted average number of ordinary shares in issue, and is calculated as follows:
Year ended Year ended
31 March 31 March
2026 2025
Weighted average number of shares in issue (m)
Number of shares at the beginning of the year
460.5
457. 7
Movement in shares owned by the Employee Benefit Trust
0.2
2.4
Vested shares not yet exercised
0.6
0.2
Weighted average for the year – basic number of shares
461.3
460.3
Share options
0.3
0.2
Employee share scheme
–
0.5
Weighted average for the year – diluted number of shares
461.6
461.0
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Year ended Year ended
31 March 31 March
2026 2025
(Loss)/profit (£m)
Loss for the year after tax – basic loss
(26.6)
(1.1)
Intangible amortisation charge – acquired intangibles (after tax)
1.2
0.4
Non-underlying items (after tax)
15.0
7. 2
Fair value movements on financial assets (after tax)
2.5
–
Adjusted (loss)/profit (after tax)
( 7. 9)
6.5
(Loss)/earnings per share (pence)
Basic loss per share
(5.77)
(0.24)
Dilutive shares and options
0.01
–
Diluted loss per share
(5.76)
(0.24)
Adjusted (loss)/earnings per share
(1.71)
1.41
Dilutive shares and options
–
–
Adjusted diluted (loss)/earnings per share
(1.71)
1.41
More detail on adjusted (loss)/earnings is provided in note 11.
Total number of shares outstanding at 31 March 2026 amounted to 516,983,637 (2025: 516,983,637),
including 55,141,657 (2025: 55,141,657) shares held in treasury and 802,874 (2025: 1,329,911) shares held in
the Employee Benefit Trust, which are excluded in calculating basic earnings per share.
10 Dividends
The aggregate amount of dividend paid in the year comprises:
Year ended Year ended
31 March 31 March
2026 2025
£m £m
2024 final dividend (1.80 pence on 454.7m ordinary shares)
–
8.2
2025 interim dividend (0.80 pence on 455.6m ordinary shares)
–
3.6
2025 final dividend (1.80 pence on 458.8m ordinary shares)
8.3
–
2026 interim dividend (0.30 pence on 456.3m ordinary shares)
1.4
–
9.7
11.8
Subsequent to the end of the year, and not included in the results for the year, the Directors
recommended a final dividend of 0.70 pence (2025: 1.80 pence) per share, bringing the total amount
payable in respect of the year ended 31 March 2026 to 1.00 pence (2025: 2.60 pence), to be paid on
2 October 2026 to shareholders on the register on 21 August 2026.
8 Taxation continued
Speedy Hire Plc
Annual Report and Accounts 2026
136
12 Intangible assets
Internally
Acquired generated
Right Total Total
Customer of First acquired IT intangible
Goodwill lists Brands Refusal intangibles development assets
£m £m £m £m £m £m £m
Cost
At 1 April 2024
2 7.4
3.9
1.3
–
32.6
18.0
50.6
Additions
–
–
–
–
–
2.5
2.5
At 31 March 2025
2 7.4
3.9
1.3
–
32.6
20.5
53.1
Additions
–
–
–
–
–
2.4
2.4
Acquisitions
1
–
–
–
19.5
19.5
–
19.5
Disposals
–
–
–
–
–
(3.6)
(3.6)
At 31 March 2026
27. 4
3.9
1.3
19.5
52 .1
19.3
71.4
Accumulated
amortisation
At 1 April 2024
–
2.1
1.1
–
3.2
7. 7
10.9
Charged in year
–
0.4
0.2
–
0.6
3.2
3.8
At 31 March 2025
–
2.5
1.3
–
3.8
10.9
14.7
Charged in year
–
0.5
–
1.1
1.6
2.7
4.3
Disposals
–
–
–
–
–
(3.6)
(3.6)
At 31 March 2026
–
3.0
1.3
1.1
5.4
10.0
15.4
Net book value
At 31 March 2026
27. 4
0.9
–
18.4
46.7
9.3
56.0
At 31 March 2025
2 7.4
1.4
–
–
28.8
9.6
38.4
At 31 March 2024
2 7.4
1.8
0.2
–
29.4
10.3
39.7
1
See note 30.
The remaining amortisation period of each category of intangible fixed asset is the following: Customer
lists one to eight years (2025: two to nine years), Brands one year (2025: two years), Right of first refusal
six years (2025: nil) and IT development two to three years (2025: three to four years).
The Employee Benefit Trust, established to hold shares for the Performance Share Plan and other
employee benefits, waived its right to the interim dividend. At 31 March 2026, the Trust held 802,874
ordinary shares (2025: 1,329,911).
11 Non‑GAAP performance measures
The Group believes that the measures below provide valuable additional information for users of the
Financial Statements in assessing the Group’s performance by adjusting for the effect of non-underlying
items and significant non-cash items including depreciation, amortisation and fair value movements on
financial assets. The Group uses these measures for planning, budgeting and reporting purposes and
for its internal assessment of the operating performance of the individual divisions within the Group. The
measures on a continuing basis are as follows:
Year ended Year ended
31 March 31 March
2026 2025
£m £m
Operating (loss)/profit
(13.3)
13.4
Add back: amortisation
4.3
3.8
Add back: non-underlying items
1 7.6
9.6
Add back: fair value movements on financial assets
3.3
–
Adjusted operating (loss)/profit (EBITA)
11.9
26.8
Add back: depreciation
72.2
67. 6
Add back: loss on planned disposals of hire equipment
1.3
2.7
Adjusted EBITDA
85.4
97.1
Loss before tax
(32.3)
(1.5)
Add back: amortisation of acquired intangibles
1.6
0.6
Add back: non-underlying items
1 7.6
9.6
Add back: fair value movements on financial assets
3.3
–
Adjusted (loss)/profit before tax
(9.8)
8.7
Return on capital employed (ROCE)
Adjusted (loss)/profit before tax
(9.8)
8.7
Finance costs
18.6
15.9
Profit before tax, interest, amortisation of acquired intangibles, non-
underlying items and fair value movements on financial assets
1
8.8
24.6
Average gross capital employed
2
281.2
276.2
ROCE
3.1%
8.9%
1
Profit before tax, finance costs, amortisation of acquired intangibles, non-underlying items and fair value movements
on financial assets for the last 12 months.
2
Average gross capital employed (where capital employed equals total equity and net debt) based on a two-point
average for the last 12 months.
Speedy Hire Plc Annual Report and Accounts 2026
137
FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Analysis of goodwill, customer lists, brands and IT development by cash-generating unit:
Customer Right of First IT
Goodwill lists Brands Refusal development Total
£m £m £m £m £m £m
Allocated to
Hire
26.4
0.9
–
18.4
8.2
53.9
Services
1.0
–
–
–
1.1
2.1
At 31 March 2026
27. 4
0.9
–
18.4
9.3
56.0
Allocated to
Hire
26.4
1.1
–
–
8.4
35.9
Services
1.0
0.3
–
–
1.2
2.5
At 31 March 2025
2 7.4
1.4
–
–
9.6
38.4
All goodwill has arisen from business combinations and has been allocated to the cash-generating unit
(‘CGU’) expected to benefit from those business combinations. All intangible assets are held in the UK.
The Group tests goodwill for impairment annually, or more frequently if there are indications that
goodwill might be impaired, and considers at each reporting date whether there are indicators that
impairment may have occurred. Other assets are assessed at each reporting date for any indicators of
impairment and tested if an indicator is identified. The Group’s reportable CGUs comprise the UK&I Hire
business (‘Hire’) and UK&I Services business (‘Services’), representing the lowest level within the Group
at which the associated assets are monitored for management purposes.
The recoverable amounts of the assets allocated to the CGUs are determined by a value-in-use
calculation. The value-in-use calculation uses cash flow projections based on five-year financial
forecasts.
To prepare the value-in-use calculation, the Group uses cash flow projections from the Board-approved
FY2027 budget, and a subsequent four-year period representing revenue growth in line with the
expected market growth, with inflationary cost increases. This represents no significant uplift from
strategic initiatives and is a continuation of the steady state of the Group, forming the best estimate of
forecast performance at the time of impairment testing. A terminal value into perpetuity using long-term
growth rates is then applied to these cash flows.
The key assumptions for these forecasts are those regarding trading performance – representing a
combination of projected changes in revenue and overheads – and discount rate.
The Group’s five-year financial forecasts assume average annual revenue growth of 6.1% and an
average overhead increase of 3.3%. This results in average operating margin of 7.7%. Revenue growth
is in line with the Group’s current view of average market growth, adjusted for the annualised impact of
12 Intangible assets continued
significant contracts secured by the Group during FY2026, which are yet to fully mobilise. The forecasts
therefore assume an expectation of growth in relative market share. The Directors believe that the
assumptions adopted in the cash flow forecasts are the most appropriate.
The resulting forecast cash flows are discounted back to present value, using an estimate of the Group’s
pre-tax weighted average cost of capital, adjusted for risk factors associated with the CGUs and market-
specific risks.
The impairment model is prepared in nominal terms. The future cash flows are based on current price
terms inflated into future values, using general inflation and any known cost or sales initiatives. The
discount rate is calculated in nominal terms, using market and published rates.
The pre-tax discount rates and terminal growth rates applied are as follows:
31 March 2026
31 March 2025
Pre‑tax Terminal value Pre‑tax Terminal value
discount rate growth rate discount rate growth rate
UK and Ireland Hire and Services
12.3%
2.0%
12.6%
2.0%
A single discount rate is applied to both CGUs as they operate in the same market, with access to the
same shared Group financing facility, with no additional specific risks applicable to either CGU.
At 31 March 2026, the headroom between value in use and carrying value of related assets for the UK
and Ireland was £153.6m (2025: £261.8m) – £130.4m for Hire (2025: £165.7m) and £23.2m for Services
(2025: £96.1m).
Impairment calculations are sensitive to changes in key assumptions around trading performance and
discount rate. An impairment may be identified if there is a significant change to these key assumptions,
resulting from declining economic or market conditions and sustained underperformance of the Group.
The sensitivity applied in relation to trading performance is aligned to the assumptions applied in
relation to going concern, representing a severe but plausible downside scenario, resulting in reduced
revenue growth and lower profitability. Changes to key assumptions from the base model are as follows:
Reduced trading performance
Five‑year forecast
period
Average annual revenue growth
5.3%
Average annual overheads growth
3.8%
Operating profit margin
4.9%
Speedy Hire Plc Annual Report and Accounts 2026
138
Revenue growth in this scenario is still ahead of general market trend initially, as a result of the Group’s
secured contract wins which are yet to fully mobilise. Revenue growth thereafter however drops below
expected market growth, representing a severe downside sensitivity. This scenario still results in a
significant decline in operating profit margin from the base model, with limited mitigating actions. No
impairment was identified as a result of the application of these sensitivities.
Whilst revenue growth represents a key assumption in the value-in-use calculation, it should not be
considered in isolation as there are cost saving measures available to the Group to mitigate the impact
of reduced revenue growth. For information, an unmitigated 1% reduction in revenue from the base
model, in each year including the terminal period, would result in a £36.7m reduction in headroom –
£34.4m for Hire and £2.3m for Services. This would not result in an impairment in either CGU.
Not considering relevant mitigations, revenue over the forecast period would need to decrease by 3.8%
for Hire and 10.0% for Services from the base model, for the recoverable amount of each CGU to equal
its respective carrying amount.
In the event of sustained or severe revenue underperformance, the Group is able to respond by making
additional efficiencies not already included in the trading performance sensitivity. These include, but are
not limited to, further reduced capital expenditure and cost saving initiatives.
The table below shows the reduction in headroom created by a change in assumptions:
Impact on headroom at 31 March 2026
(£m)
Pre‑tax discount
Reduced trading rate – 0.5%
performance increase
Hire
(114.0)
(20.2)
Services
(13.7)
(1.9)
There are no reasonable variations in these assumptions that would be sufficient to result in an
impairment of either the Hire or Services CGU at 31 March 2026.
It is noted that the market capitalisation of the Group at 31 March 2026 was below the consolidated net
asset position – one indicator that an impairment may exist. Based on the impairment test performed,
the Directors believe that no impairment is required in this regard.
13 Investment in joint ventures
Turner & Hickman Limited
Speedy Hire Plc has a 50% interest in the share capital of Turner and Hickman Limited, a joint venture
company that controls the operations of Speedy Zholdas LLP via a 90% shareholding, with the other
50% interest being held by J. & J. Denholm Group. The proportion of ownership interest is the same as
the proportion of voting rights held. Speedy Zholdas LLP provides asset management and equipment
rental services to the oil and gas sector in Kazakhstan. Total cash consideration for the purchase of
shares in Turner and Hickman Limited was US$4.3m in November 2013.
At 31 March 2026, the joint venture is considered material to the Group. The country of incorporation
or registration is also their principal place of business, with the presentation currency and functional
currency being tenge.
The joint venture has a non-coterminous year end with Speedy Hire, reporting to 31 December each
year, to be consistent with the other joint venture partner J. & J. Denholm Group. Speedy Hire reports
the share of joint venture one month in arrears. As such estimate reporting is used, taking ten month
reported actuals, a further two months of the joint venture’s results for the following year, plus any
significant transactions in the following month, to report twelve months to 31 March.
Speedy Hydrogen Solutions Limited
Speedy Hire Plc has a 50% interest in Speedy Hydrogen Solutions Limited (‘SHS’), a 50:50 joint venture
company with H-Power Plc, based in the United Kingdom. The proportion of ownership interest is the
same as the proportion of voting rights held. SHS is a dedicated hydrogen-powered generator plant hire
business promoting sustainable, zero emission, temporary power solutions designed specifically for the
off-grid generation market. An initial equity injection into SHS (as a subscription for shares) of £1.25m
was made upon formation of SHS (£0.625m from each joint venture partner).
The first trade arose in SHS in the year ended 31 March 2026 (2025: none), however the joint venture is
not material to the Group. The joint venture has a non-coterminous year end with Speedy Hire, reporting
to 31 October each year, to be consistent with the other joint venture partner H-Power Plc.
Speedy Hire Plc
Annual Report and Accounts 2026
139
FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Speedy Hire’s share of joint ventures is as follows:
Speedy Hydrogen Turner & Hickman
Solutions Limited Limited
Equity Equity
investment investment
£m £m
At 1 April 2024
0.6
8.2
Share of results for the year after tax
–
1.0
Share of other comprehensive income
–
(0.5)
Dividends received
–
(3.6)
At 31 March 2025
0.6
5.1
Share of results for the year after tax
–
(0.4)
Share of other comprehensive income
–
(0.3)
Dividends received
–
–
At 31 March 2026
0.6
4.4
Summarised financial information of Speedy Zholdas LLP is presented below. Whilst the figures are
presented in tenge in the accounts of the joint venture, they have been translated into pound sterling
below using the rate prevailing at the 31 December 2025 of 0.001470 (31 December 2024: 0.001510)
for presentation purposes. The information disclosed reflects the amounts presented in the Financial
Statements of the joint venture and not Speedy Hire Plc’s share of those amounts.
Year ended Year ended
31 December 31 December
2025 2024
£m £m
Revenue
2.4
11.1
Cost of sales
(2.0)
(4.6)
Gross profit
0.4
6.5
General and administrative expenses
(1.9)
(2.4)
Operating (loss)/profit
(1.5)
4.1
Other income
0.6
0.3
(Loss)/profit before tax
(0.9)
4.4
Income tax credit/(expense)
0.1
(1.1)
(Loss)/profit for the year
(0.8)
3.3
13 Investment in joint ventures continued
31 December 31 December
2025 2024
£m £m
ASSETS
Non-current assets
1.5
2.3
Current assets
Inventories
0.4
0.5
Trade accounts receivable
0.4
2.6
Cash and cash equivalents
0.4
0.2
Other current assets
0.4
0.6
Total current assets
1.6
3.9
Total assets
3.1
6.2
LIABILITIES
Current liabilities
Trade accounts payable
(0.2)
(0.4)
Other current liabilities
(0.2)
(0.9)
Total current liabilities
(0.4)
(1.3)
Net assets
2.7
4.9
Speedy Hire Plc Annual Report and Accounts 2026
140
14 Property, plant and equipment
Land and Hire
buildings equipment Other Total
£m £m £m £m
Cost
At 1 April 2024
58.2
386.0
28.2
472.4
Foreign exchange
–
(0.5)
–
(0.5)
Additions
4.9
57.5
0.8
63.2
Disposals
(2.1)
(19.9)
(1.3)
(23.3)
Transfers to inventory
–
(21.6)
–
(21.6)
At 31 March 2025
61.0
401.5
2 7.7
490.2
Foreign exchange
–
0.2
–
0.2
Additions
2.0
53.0
1.3
56.3
Acquisitions
1
–
16.8
–
16.8
Disposals
(2.3)
(15.3)
(0.4)
(18.0)
Transfers to inventory
–
(33.7)
–
(33.7)
At 31 March 2026
60.7
422.5
28.6
511.8
Accumulated depreciation
At 1 April 2024
43.7
175.4
20.2
239.3
Foreign exchange
–
(0.4)
–
(0.4)
Charged in year
4.1
30.9
2.6
37.6
Disposals
(1.8)
(11.5)
(1.0)
(14.3)
Transfers to inventory
–
(15.3)
–
(15.3)
At 31 March 2025
46.0
179.1
21.8
246.9
Foreign exchange
–
0.2
–
0.2
Charged in year
3.7
35.3
1.8
40.8
Disposals
(1.7)
(8.0)
(0.3)
(10.0)
Transfers to inventory
–
(23.5)
–
(23.5)
At 31 March 2026
48.0
183.1
23.3
254.4
Net book value
At 31 March 2026
12.7
239.4
5.3
25 7.4
At 31 March 2025
15.0
222.4
5.9
243.3
At 31 March 2024
14.5
210.6
8.0
233.1
1
See note 30.
The net book value of land and buildings is made up of improvements to short leasehold properties.
Of the £239.4m (2025: £222.4m) net book value of hire equipment, £31.6m (2025: £25.7m) relates to non-
itemised assets.
The net book value of other – non-hire equipment – comprises, fixtures, fittings, office equipment and IT
equipment.
At 31 March 2026, no indicators of impairment were identified in relation to property, plant and
equipment (2025: none).
15 Right of use assets
Land and
buildings Other Total
£m £m £m
Cost
At 1 April 2024
165.5
66.9
232.4
Additions
2.1
19.3
21.4
Remeasurements
13.1
3.2
16.3
Disposals
(5.4)
(10.1)
(15.5)
At 31 March 2025
175.3
79.3
254.6
Additions
8.7
8.3
17.0
Remeasurements
21.7
0.3
22.0
Disposals
(9.0)
(15.3)
(24.3)
At 31 March 2026
196.7
72.6
269.3
Accumulated depreciation
At 1 April 2024
106.3
28.8
135.1
Charged in year
14.2
15.8
30.0
Disposals
(4.9)
(9.8)
(14.7)
At 31 March 2025
115.6
34.8
150.4
Charged in year
14.6
16.8
31.4
Disposals
(6.2)
(15.1)
(21.3)
At 31 March 2026
124.0
36.5
160.5
Net book value
At 31 March 2026
72.7
36.1
108.8
At 31 March 2025
59.7
44.5
104.2
At 31 March 2024
59.2
38.1
97.3
Land and buildings leases comprise depots and associated ancillary leases such as car parks and yards.
Other leases consist of cars, lorries, vans and forklifts.
Included within disposals for the year ended 31 March 2026 is £0.7m (2025: £0.4m) relating to
impairment of property leases presented within non-underlying items.
Speedy Hire Plc
Annual Report and Accounts 2026
141
FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
16 Inventories
31 March 31 March
2026 2025
£m £m
Work in progress
0.8
1.6
Finished goods and goods for resale
9.4
9.6
10.2
11.2
The amount of inventory expensed in the year amounted to £41.9m (2025: £59.7m) and is included within
cost of sales. A provision of £0.4m (2025: £0.9m) is recorded in respect of inventory held at the year end.
17 Trade and other receivables
31 March 31 March
2026 2025
£m £m
Trade receivables
104.7
95.0
Other receivables
2.5
2.0
Prepayments
8.2
6.6
Accrued income
2.6
1.6
118.0
105.2
The Group’s credit risk is primarily attributable to trade receivables. The amounts presented in the
Consolidated Balance Sheet are net of any loss provision. The ageing of trade receivables (net of
impairment provision) at the year end was as follows:
31 March 31 March
2026 2025
£m £m
Not past due
75.6
69.1
Past due 0–30 days
15.1
18.0
Past due 31–120 days
9.5
4.8
More than 120 days past due
4.5
3.1
104.7
95.0
The valuation of trade receivables and calculation of expected credit losses (‘ECLs’) is explained in the
Significant judgements and estimates section within note 1 Summary of material accounting policy
information. The related loss allowance can be analysed as follows:
2026 2025
£m £m
At 1 April
2.0
2.5
Impairment provision charged to the Income Statement
2.1
2.6
Utilised in the year
(1.9)
(3.1)
At 31 March
2.2
2.0
18 Trade and other payables
31 March 31 March
2026 2025
£m £m
Trade payables
76.0
54.1
Other payables
13.5
11.1
Accruals
35.9
30.5
Customer rebates
12.2
11.2
13 7.6
106.9
19 Financial instruments
The Group holds and uses financial instruments to finance its operations and to manage its interest rate
and liquidity risks. The Group primarily finances its operations using share capital, retained profits and
borrowings. The main risks arising from the Group’s financial instruments are credit, interest rate, foreign
currency and liquidity risk. The Board reviews and agrees the policies for managing each of these risks
on an annual basis. A full description of the Group’s approach to managing these risks is set out below.
The Group does not engage in trading or speculative activities using derivative financial instruments. A
Group offset arrangement exists in order to minimise the interest costs on outstanding debt. Furthermore,
there are a number of hedges relating to fuel prices in order to mitigate fuel price increases.
Speedy Hire Plc
Annual Report and Accounts 2026
142
Fair value hierarchy
The Group’s financial assets and liabilities are principally short-term in nature, with interest payable
on borrowings close to market rates, and therefore their fair value is not materially different from their
carrying value. The valuation method for the Group’s financial assets and liabilities can be defined as
follows in accordance with IFRS 13:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: Techniques that use inputs that have a significant effect on the recorded fair value that are not
based on observable market data.
Basis for determining fair values
The following summarises the principal methods and assumptions used in estimating the fair value of
financial instruments:
(a) Derivatives – Broker quotes are used for all interest rate swaps and fuel hedges.
(b) Interest-bearing loans and borrowings – Fair value is calculated based on discounted expected
future principal and interest cash flows at a market rate of interest.
(c) Trade and other receivables and payables – For receivables and payables with a remaining life of less
than one year, the notional amount is deemed to reflect the fair value. All other receivables and payables
are discounted to determine the fair value.
(d) Lease liabilities – These are not within the scope of IFRS 13 and are accounted for in accordance
with IFRS 16.
(e) Other financial assets – Equity instruments are valued using quoted share prices.
Carrying amount of financial assets and liabilities
The carrying value of the Group’s financial assets and financial liabilities are set out below:
31 March 2026
31 March 2025
Fair value
Fair value
through other
Fair value
through other
Amortised comprehensive
through profit
Amortised
comprehensive
cost income
or loss
Total
cost
income Total
£m £m
£m
£m
£m
£m £m
Financial assets
Other financial assets
–
–
3.8
3.8
–
–
–
Trade and other receivables¹
109.8
–
–
109.8
98.6
–
98.6
Cash and cash equivalents
14.4
–
–
14.4
2 .1
–
2.1
Derivative financial assets
–
0.5
–
0.5
–
–
–
124.2
0.5
3.8
128.5
100.7
–
100.7
1
Trade and other receivables excluding prepayments.
Speedy Hire Plc Annual Report and Accounts 2026
143
FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
31 March 2026
31 March 2025
Fair value Fair value
through other through other
Amortised comprehensive Amortised comprehensive
cost income Total cost income Total
£m £m £m £m £m £m
Financial liabilities
Borrowings – Current
–
–
–
2.3
–
2.3
Borrowings – Non-current
173.4
–
173.4
112.9
–
112.9
Lease liabilities – Current
27.9
–
2 7.9
25.0
–
25.0
Lease liabilities – Non-current
86.5
–
86.5
80.9
–
80.9
Trade and other payables²
89.5
–
89.5
65.2
–
65.2
Accruals
35.9
–
35.9
30.5
–
30.5
Customer rebates
12.2
–
12.2
11.2
–
11.2
Derivative financial liabilities
–
–
–
–
0.1
0.1
425.4
–
425.4
328.0
0.1
328.1
2
Trade and other payables excluding non-financial liabilities.
Offsetting arrangements
Financial assets and financial liabilities are offset, and the net amount reported in the Balance Sheet, when there is a legally enforceable right to offset and there is either the intention to settle on a net basis, or to
realise the asset and settle the liability simultaneously.
Under the Group’s prior asset based finance facility a cash pooling arrangement existed, such that the entire period end balance was settled on a net basis prior to any further movement in the balance. The impact
of this is detailed below:
31 March 2026
31 March 2025
Gross amounts Net amounts Gross amounts Net amounts
offset in the presented in the offset in the presented in the
Gross amounts Balance Sheet Balance Sheet Gross amounts Balance Sheet Balance Sheet
£m £m £m £m £m £m
Financial assets
Cash and cash equivalents
14.4
–
14.4
12 .1
(10.0)
2 .1
Financial liabilities
Bank overdraft
–
–
–
3.6
(3.6)
–
Borrowings
173.4
–
173.4
119.3
(6.4)
112.9
Following the refinancing of the Group’s borrowings in April 2025, no such cash pooling arrangement exists.
19 Financial instruments continued
Speedy Hire Plc
Annual Report and Accounts 2026
144
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial
instrument fails to meet its contractual obligations and arises principally from the Group’s receivables
from customers. The exposure to credit risk is monitored on an ongoing basis. Credit evaluations are
performed on all customers requiring credit over a certain amount.
At the balance sheet date, there were no significant concentrations of credit risk. The maximum
exposure to credit risk is represented by the carrying amount of each financial asset, including derivative
financial instruments, in the Balance Sheet. No individual customer accounts for more than 10% of the
Group’s sales transactions and the Group’s exposure to outstanding indebtedness follows this profile.
No collateral is held as security in respect of amounts outstanding; however, in a number of instances,
deposits are held against the value of hire equipment provided. The extent of deposit taken is assessed
on a case-by-case basis and is not considered significant in comparison to the overall amounts
receivable from customers.
Transactions involving derivative financial instruments are undertaken with counterparties within the
syndicate of banks that provide the Group’s asset based finance facility. Given their high credit ratings,
management does not expect any counterparty to fail to meet its obligations.
The Group establishes an allowance for impairment that is based on historical experience of dealing
with customers with the same risk profile along with a consideration of the future expected credit losses.
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due.
The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have
sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without
incurring unacceptable losses or risking damage to the Group’s reputation.
The Group uses both short and long-term cash forecasts to assist in monitoring cash flow requirements.
Typically, the Group uses short-term forecasting to ensure that it has sufficient cash on demand to
meet operational expenses and to service financing obligations for a period of 12 weeks. Longer-term
forecasts are performed on a regular basis to assess compliance with bank covenants on existing
facilities, ensuring that activities can be managed within reason to ensure covenant breaches are
avoided.
At 31 March 2026, the Group had a revolving credit facility (‘RCF’) of £150.0m and a private placement
loan of £75.0m (2025: £180.0m asset based lending facility), as detailed in note 20. The cash and
undrawn availability on the RCF as at 31 March 2026 was £36.0m, excluding any ancillary or accordion
facilities (2025: £42.0m under the Group’s previous £180.0m asset based finance facility).
The Group monitors available facilities against forward requirements on a regular basis and, where
necessary, obtains additional sources of financing to provide the Group with the appropriate level
of headroom against the required borrowing. The Group maintains close contact with its syndicate
of banks.
A payables finance arrangement was entered into during FY2025, providing the Group additional
financing of up to £5.0m as detailed in note 20. The unutilised amount on this facility as at 31 March 2026
was £5.0m (2025: £2.7m), with the level of utilisation dependent on the upcoming due dates of supplier
invoices. The facility is provided by one of the Group’s banking syndicate members, however remains
entirely separate to the existing banking facilities of the Group.
Derivative financial instruments are also used in the form of interest rate swaps and fuel hedges to help
manage cash flows.
The following analysis is based on the undiscounted contractual maturities on the Group’s financial
liabilities, including estimated interest that will accrue, over the following financial years ended 31 March.
Undiscounted cash flows – 31 March 2026
2030 and
2027 2028 2029 later Total
£m £m £m £m £m
Bank borrowings – Revolving credit
facility
–
–
98.4
–
98.4
Bank borrowings – Loan notes
–
–
–
75.0
75.0
Lease liability (principal and interest)
35.1
28.5
21.2
54.8
139.6
Bank interest payments
13.1
10.6
5.8
11.6
41.1
Trade and other payables
89.5
–
–
–
89.5
Accruals
35.9
–
–
–
35.9
Customer rebates
12.2
–
–
–
12.2
Derivative financial liabilities
–
0.5
–
–
0.5
185.8
39.6
125.4
141.4
492.2
Undiscounted cash flows – 31 March 2025
2029 and
2026 2027 2028 later Total
£m £m £m £m £m
Bank borrowings – Asset based finance
facility
–
112.9
–
–
112.9
Borrowings – Payables financing
2.3
–
–
–
2.3
Lease liability (principal and interest)
33.7
27.1
22.8
43.8
1 27.4
Bank interest payments
9.5
3.0
–
–
12.5
Trade payables
65.2
–
–
–
65.2
Accruals
30.5
–
–
–
30.5
Customer rebates
11.2
–
–
–
11.2
Derivative financial liabilities
0.1
–
–
–
0.1
152.5
143.0
22.8
43.8
362.1
Speedy Hire Plc Annual Report and Accounts 2026
145
FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
19 Financial instruments continued
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates,
will affect the Group’s income or the value of its holdings of financial instruments. Generally, the Group
seeks to apply hedge accounting in order to manage volatility in profit.
Foreign exchange risk
With 1.6% (2025: 1.5%) of the Group’s revenue generated in currencies other than sterling, the Group’s
Balance Sheet and Income Statement are affected by movements in exchange rates. The revenue and
costs of overseas operations normally arise in the same currency and consequently the exposure to
exchange differences is not normally significant and consequently not hedged. Overseas operations
maintain local currency bank facilities, which provide partial mitigation against balance sheet risk.
At 31 March 2026, if sterling had weakened or strengthened by 10% against the euro and USD with all
other variables held constant, post-tax loss for the year would have been £0.1m (2025: £0.2m) higher or
lower respectively.
Interest rate risk
The Group is exposed to interest rate risk on its variable rate borrowings. The Group’s risk management
objective is to maintain an appropriate balance between fixed and variable rate debt, to reduce exposure
to significant fluctuations in interest rates.
The Group regularly reviews the terms of its borrowing facilities, to assess and manage the long-term
borrowing commitment accordingly, utilising interest rate hedges where appropriate.
The principal derivative financial instruments used by the Group are interest rate swaps. The notional
contract amount and the related fair value of the Group’s derivative financial instruments can be
analysed as follows:
31 March 2026
31 March 2025
Fair value Notional amount Fair value Notional amount
£m £m £m £m
Designated as cash flow hedges
Fixed interest rate swaps
–
–
–
40.0
Future cash flows associated with the above instruments are dependent upon movements in the
Sterling Overnight Index Average Rate (‘SONIA’) over the contractual period. Interest is paid or received
under the instruments on a quarterly basis, depending on the individual instrument, referenced to the
relevant prevailing SONIA rates.
No fixed interest rate swaps were in place at 31 March 2026. The weighted average interest rate on the
fixed interest rate swaps at 31 March 2025 was 4.5% and the instruments for a weighted average period
of 2 months. The maximum contractual period was 36 months.
The Group enters into interest rate swaps that have similar critical terms as the hedged item, such as
reference rate, reset dates, payment dates, maturities and notional amount. As all critical terms matched
during the year, there is an economic relationship. No hedge ineffectiveness was identified for the year
ended 31 March 2026 (2025: none). The balance on this hedging reserve relates to continuing hedges.
Sensitivity analysis
In managing interest rate and currency risk, the Group aims to reduce the impact of short-term
fluctuation on the Group’s earnings. Over the longer term, however, permanent changes in foreign
exchange and interest rates would have an impact on consolidated earnings.
At 31 March 2026 it is estimated that an increase of 1% in interest rates would increase the Group’s loss
before tax by approximately £0.3m (2025: £0.3m). Interest rate swaps have been included in this calculation.
Capital management
The Group requires capital for purchasing hire equipment to replace the existing asset base when it
has reached the end of its useful life, and for growth, by establishing new depot locations, completing
acquisitions and refinancing existing debts in the longer term. The Group defines gross capital as net
debt (cash less borrowings), as disclosed in note 20, plus total equity as disclosed in the Consolidated
Statement of Changes in Equity, and seeks to ensure an acceptable return on gross capital. The Board
seeks to maintain a balance between debt and equity funding such that it maintains an efficient capital
position relevant for the prevailing economic environment.
31 March 31 March 31 March
2026 2025 2024
£m £m £m
Net debt
159.0
113.1
101.3
Total equity
128.0
162.2
175.7
At 31 March
287.0
275.3
27 7.0
The Board’s policy is to maintain a strong capital base so as to maintain investor, creditor and market
confidence and to sustain future development of the business. The Board of Directors seeks to ensure
the most attractive mix of capital growth and income return for investors.
The Group encourages ownership of Speedy Hire Plc shares by employees at all levels within the Group,
and has developed this objective through the introduction of long-term incentive plans and SAYE schemes.
There were no changes in the Group’s approach to capital management during the year.
Speedy Hire Plc
Annual Report and Accounts 2026
146
20 Borrowings
31 March 31 March
2026 2025
£m £m
Current borrowings
Borrowings – Payables financing
–
2.3
Lease liabilities
27.9
25.0
27.9
27.3
Non-current borrowings
Bank borrowings – Asset based finance facility
–
112.9
Bank borrowings – Revolving credit facility
98.4
–
Bank borrowings – Loan notes
75.0
–
Lease liabilities
86.5
80.9
Total non-current borrowings
259.9
193.8
Total borrowings
287.8
221.1
Less: cash
(14.4)
(2.1)
Exclude lease liabilities
(114.4)
(105.9)
Net debt
1
159.0
113.1
1
Key performance indicator – excluding lease liabilities.
Reconciliation of financing liabilities and net debt
1 April Non‑cash 31 March
2025 movement Cash flow 2026
£m £m £m £m
Bank borrowings
(112.9)
0.6
(61.1)
(173.4)
Payables financing
(2.3)
–
2.3
–
Lease liabilities
(105.9)
29.0
(37.5)
(114.4)
Liabilities arising from financing
activities
(221.1)
29.6
(96.3)
(287.8)
Cash and cash equivalents
2.1
–
12.3
14.4
Net debt
(219.0)
29.6
(84.0)
(273.4)
Bank borrowings
In April 2025, the Group refinanced its borrowings, replacing the £180.0m asset based finance (‘ABL’) facility
which was due to expire in July 2026. The ABL balance of £112.9m at 31 March 2025 was repaid in full on
24 April 2025 and the new facilities simultaneously entered into. Details on these new facilities are as follows.
The Group has a £150.0m revolving credit facility (‘RCF’), reduced to the extent that any ancillary
facilities are provided, which is sub-divided into:
a. A secured overdraft facility, which secures by cross guarantees and debentures the bank deposits
and overdrafts of the Company and certain subsidiary companies, up to a maximum of £5.0m.
b. A supplier financing facility of £5.0m.
c. A stand-by letter of credit facility of £5.0m.
d. An RCF of up to £135.0m. Headroom on this facility as at 31 March 2026 was £36.0m (2025: £42.0m
under the Group’s previous £180.0m ABL facility).
An additional uncommitted accordion of £50.0m is also in place.
The RCF, expiring in April 2028, is priced based on SONIA plus a variable margin, whilst any unutilised
commitment is charged at 35% of the applicable margin. During the period, the effective margin was
2.42% (2025: 2.14% under the ABL facility).
Additionally, the Group has a private placement loan of £75.0m, repayable in April 2032. Interest on the
private placement term loan is fixed for the duration of the facility, payable quarterly.
The facilities are secured by fixed and floating charges over all of the Group’s property and undertakings
and include quarterly leverage and fixed charge cover covenant tests as follows:
Leverage* shall not exceed 2.75:1.00.
Fixed charge cover shall not be less than 2.00:1.00.
* The calculation of bank leverage includes certain additional EBITDA adjustments and is therefore not directly
comparable with the Group’s adjusted leverage measure.
During the year ended 31 March 2026, covenant amendments were agreed as follows:
Leverage shall not exceed 3.10:1.00 for the relevant periods ending on 31 March 2026
and 30 June 2026, returning to the level above for any relevant period ending on or after
30 September 2026.
Fixed charge cover shall not be less than 1.75:1.00 for the relevant period ending on 31 March 2026,
30 June 2026 and 30 September 2026, returning to the level above for any relevant period ending on
or after 31 December 2026.
Payables financing
The Group is also party to a payables finance arrangement whereby credit from a bank is used to settle
supplier invoices, with the Group then settling its balance with the bank at a later date. Supplier invoices
settled using the payables financing facility are settled on the same terms as comparable trade payables
settled outside of the arrangement. The financing liability created with the bank as a result of this
arrangement is then settled 28 days following the monthly statement date.
Speedy Hire Plc
Annual Report and Accounts 2026
147
FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Under the arrangement, the Group obtains extended payment terms without affecting payments to
suppliers and is able to direct the payments the bank make on the Group’s behalf. Joint and several
liability is also in place under the facility. Given the substantially different terms the Group has with the
bank under this arrangement, the supplier trade payable is derecognised once the liability is discharged
upon payment, with a new financing liability instead recognised – representing the amount the Group
owes to the bank – presented as a separate line item within current liabilities.
For the purpose of the cash flow statement, management considers that the bank settles the invoices
as a payment agent on behalf of the Group. Any payment made by the bank is therefore presented as
an operating cash outflow and a financing cash inflow. When the Group subsequently pays the amount
outstanding to the bank, this is presented as a financing cash outflow. As a result, the amount of the
payables financing facility utilised but not yet settled is included in the net debt reconciliation.
No significant non-cash changes arose as a result of this arrangement.
21 Lease liabilities
Land and
buildings Other Total
£m £m £m
At 1 April 2024
55.9
41.7
97. 6
Additions
2.1
19.3
21.4
Remeasurements
13.1
3.2
16.3
Repayments
(16.8)
(18.2)
(35.0)
Unwinding of discount rate
3.2
3.2
6.4
Terminations
(0.8)
–
(0.8)
At 31 March 2025
56.7
49.2
105.9
Additions
8.7
8.3
17.0
Remeasurements
21.7
0.3
22.0
Repayments
(15.1)
(22.4)
(37.5)
Unwinding of discount rate
4.1
3.4
7. 5
Terminations
(0.3)
(0.2)
(0.5)
At 31 March 2026
75.8
38.6
114.4
Included within terminations for the year ended 31 March 2026 is £0.7m (2025: £0.4m) relating to
exceptional terminations of property leases.
Amounts payable for lease liabilities (discounted at the incremental borrowing rate of each lease) fall
due as follows:
31 March 31 March
2026 2025
£m £m
Payable within one year
27.9
25.0
Payable in more than one year
86.5
80.9
At 31 March
114.4
105.9
22 Provisions
Dilapidations
£m
At 1 April 2024
16.4
Additional provision recognised
0.5
Provision utilised in the year
(2.8)
At 31 March 2025
14.1
New provision created
1.6
Provision utilised in the year
(2.4)
At 31 March 2026
13.3
Of the £13.3m provision at 31 March 2026 (2025: £14.1m), £4.0m (2025: £6.1m) is due within one year and
£9.3m (2025: £8.0m) is due after one year.
The dilapidations provision relates to amounts payable to restore leased premises to their original
condition upon the Group’s exit of the lease for the site and other committed costs. Dilapidations may
not be settled for some months following the Group’s exit of the lease and are calculated based on
estimated expenditure required to settle the landlord’s claim at current market rates. The total liability is
discounted to current values. The additional provision recognised in the year relates to newly acquired
sites as part of the ProService Transaction (see note 30).
23 Deferred tax
Property, plant Intangible Share‑based
and equipment assets payments Other items Total
£m £m £m £m £m
At 1 April 2024
8.5
1.0
–
(0.8)
8.7
Recognised in the year
1.6
(0.8)
–
(0.9)
(0.1)
At 31 March 2025
10.1
0.2
–
(1.7)
8.6
Recognised in the year
1.5
(0.6)
–
(5.6)
(4.7)
Acquisitions
1
(0.1)
4.9
–
(0.4)
4.4
At 31 March 2026
11.5
4.5
–
( 7.7 )
8.3
1
See note 30.
20 Borrowings continued
Payables financing continued
Speedy Hire Plc
Annual Report and Accounts 2026
148
Approximately £2.6m (2025: £0.2m) of the deferred tax liability relating to property, plant and equipment
and £0.7m (2025: £0.7m) of the deferred tax liability relating to intangible fixed asset timing differences
is expected to reverse within 12 months as the depreciation and amortisation charged on the underlying
assets exceeds tax allowances claimed in the period.
Approximately £3.4m (2025: £0.3m) of the deferred tax asset relating to other items is expected to
reverse within 12 months as taxable profits arise against which these losses can be utilised.
The Group has gross trading losses carried forward at 31 March 2026 amounting to approximately
£26.3m (2025: £5.5m). A deferred tax asset of £5.4m (2025: £0.3m) has been recognised in respect
of these losses. The Group has an unrecognised deferred tax asset relating to losses of £0.6m (2025:
£0.5m). The Group also has gross capital losses carried forward at 31 March 2026 amounting to
approximately £1.4m (2025: £1.4m). No deferred tax asset has been recognised in respect of these losses.
24 Share capital
31 March 2026
31 March 2025
Number Amount Number Amount
m £m m £m
Authorised, allotted, called-up and
fully paid
Ordinary shares of 5 pence each
51 7.0
25.8
51 7.0
25.8
Exercise of Sharesave Scheme options
–
–
–
–
Total
51 7.0
25.8
51 7.0
25.8
During the year, no ordinary shares of 5 pence were transferred from treasury on exercise of options
under the Speedy Hire Sharesave Scheme (2025: 4,624).
An Employee Benefits Trust was established in 2004 (‘the Trust’). The Trust holds shares issued by
the Company in connection with the Performance Share Plan. No shares were acquired by the Trust
during the year (2025: nil) and 527,037 (2025: 2,731,148) shares were transferred during the year, the vast
majority being the exercise of options by former employees. At 31 March 2026, the Trust held 802,874
shares (2025: 1,329,911).
25 Share incentives
The Group operates a number of share-based payment schemes, details of which are provided in the
Directors’ Remuneration Report.
The total share based payment expense recognised in the year was £1.8m (2025: £0.9m).
At 31 March 2026, options and awards over 36,407,800 shares (2025: 41,475,028) were outstanding under
employee share schemes. The Group operates two share incentive schemes. No ordinary shares of 5
pence were transferred from treasury on exercise of options under the Speedy Hire Sharesave Schemes
during the year (2025: 4,624).
As at 31 March 2026, options to acquire 11,213,379 (2025: 12,634,919) Speedy Hire Plc shares were
outstanding under the Speedy Hire Sharesave Schemes. These options are exercisable by employees
of the Group at prices between 23 and 32 pence (2025: 23 and 56 pence) at dates between April 2026
and July 2029 (2025: April 2025 and July 2028), subject to vesting. At 31 March 2026, options to acquire
25,194,421 shares (2025: 28,840,109) under the Performance Share Plans were outstanding. These
options are exercisable at nil cost between April 2026 and December 2035 (2025: April 2025 and June
2034). No PSP awards were granted during the year. The weighted average fair value of the PSP awards
granted in 2025 was 32 pence.
The number and weighted average exercise price (‘WAEP’) of share options and awards under all the
share incentive schemes are as follows:
31 March 2026
31 March 2025
WAEP WAEP
pence Number
pence
Number
Outstanding at 1 April
9
41,475,028
18
23,613,896
Granted
23
2,583,481
4
27, 9 53 , 8 57
Exercised
–
(368,712)
–
(2,499,813)
Lapsed
18
(7,281,997)
24
(7,592,912)
Outstanding at 31 March
8
36,407,800
9
41,475,028
Exercisable at 31 March
24
2,381,670
44
1,15 7,68 1
Options and awards outstanding at 31 March 2026 have weighted average remaining contractual lives
as follows:
2026 2025
Years Years
Exercisable at nil pence
1.7
2.6
Exercisable at 23 pence
4.7
2.8
Exercisable at 27 pence
0.8
1.8
Exercisable at 32 pence
–
0.8
The fair value of services received in return for share options granted and shares awarded is measured
by reference to the fair value of those instruments. The pricing models used for the schemes are Black–
Scholes for awards not subject to market-based performance conditions (Sharesave and Performance
Share Plan: EPS and FCF conditions) and Stochastic for awards subject to market-based conditions
in order to incorporate a discount factor into the fair value for the probability of achieving the relevant
targets (Performance Share Plan: TSR condition). Where a holding period applies to awards, the Chaffe
model is used to value the discount due to the lack of marketability of the awards.
Speedy Hire Plc
Annual Report and Accounts 2026
149
FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
For awards subject to a market condition, volatility is calculated over the period of time commensurate
with the remainder of the performance period immediately prior to the date of grant. Where an award is
not subject to market conditions, volatility is usually calculated over the period of time commensurate
with the expected award term immediately prior to the date of grant.
The inputs used for the outstanding options (on a weighted average basis where appropriate) are as
follows:
Speedy Hire Sharesave Schemes
December 2025
December 2024
December 2023
December 2022
Exercise price
23p
23p
27p
32p
Share price volatility
44.9%
37.0%
34.7%
33.5%
Option life
3.25 years
3.25 years
3.25 years
3.25 years
Expected dividend yield
8.4%
9.3%
8.1%
5.6%
Risk-free interest rate
3.7%
4.4%
3.6%
3.3%
Performance Share Plan
July 2024
July 2023
June 2022
Exercise price
Nil
Nil
Nil
Share price volatility
35.9%
33.7%
32.4%
Option life
3.5 years
3 years
3 years
Expected dividend yield
Nil
Nil
Nil
Risk-free interest rate
3.9%
4.7%
2.5%
26 Reserves
Share premium
Relates to any premiums received on the issue of share capital.
Merger reserve
Used to record the amount arising on the difference between the nominal value of shares issued on
acquisition of a subsidiary company and the Company value of the interest in the subsidiary. The merger
reserve arises where more than 90% of the shares in a subsidiary are acquired and the consideration
includes the issue of new shares by the Company, and therefore the Company adopts merger relief
under the Companies Act 2006.
Hedging reserve
Used to recognise the effective portion of gains or losses on derivatives that are designated and qualify
as cash flow hedges, including interest rate swaps and fuel price hedges.
Capital redemption reserve
Represents the nominal value of shares repurchased and subsequently cancelled, transferred from share
capital to the capital redemption reserve.
Translation reserve
Comprises foreign currency translation differences arising from the translation of Financial Statements of
the Group’s foreign entities into pounds sterling.
Retained earnings
Includes all current and prior period retained profits.
27 Contingent liabilities
There are no contingent liabilities as at the 31 March 2026 (2025: none).
28 Commitments
The Group had contracted capital commitments amounting to £8.4m (2025: £34.8m) at the end of the
financial year for which no provision has been made, which includes the contractual commitments
covered below. These related to hire fleet equipment on order (2025: hire fleet equipment on order).
The Group is also party to a contractual supply agreement covering a remaining two month period, for a
minimum order of hire fleet equipment at an approximate total cost of £0.7m (2025: two years; £6.4m per
annum). No provision has been made for the remaining contracted units.
29 Related party disclosures
Key management remuneration
The Group’s key management personnel are the Executive and Non-Executive Directors as identified in
the Directors’ Remuneration Report, the remuneration of whom is disclosed in note 6.
In addition to salaries and pension payments, the Group also provides non-cash benefits to Executive
Directors. Executive Directors also participate in the Group’s share option schemes.
Non-Executive Directors receive a fee for their services to Speedy Hire Plc.
Full details of Executive and Non-Executive Director compensation and interests in the share capital of
the Company as at 31 March 2026 are given in the Directors’ Remuneration Report.
25 Share incentives continued
Speedy Hire Plc
Annual Report and Accounts 2026
150
30 Business combination
On 6 October 2025, Speedy Hire announced that its subsidiary Speedy Asset Services Limited (‘SASL)
entered into a comprehensive commercial hire and services supply agreement with HSS ProService
Limited (‘ProService’), a subsidiary of ProService Building Services Marketplace plc (‘ProService plc’)
(‘Commercial Agreement’) and ProService plc’s subsidiary at that time, HSS Service Group Limited,
agreed to sell certain assets to SASL and ProService plc agreed to issue to the Company 79,368,711 of
its shares (together the ‘ProService Transaction’).
The Commercial Agreement sees the Group take on a right of first refusal to supply ProService with
the core hire equipment it needs to fulfil its customer orders, as well as right of first refusal to supply
ProService with TIC services, through Speedy Hire’s Lloyds British business. The agreement is for an
initial five-year period, with a unilateral option for Speedy Hire to extend for a further three years.
On 17 November 2025, the Group announced that the conditions of the ProService Transaction had
been fully satisfied and accordingly had completed.
The ProService Transaction meets the definition of a business combination under IFRS 3, given the
Group acquired an integrated set of activities and assets capable of revenue generating outputs, being
the provision of core hire and TIC services to customers.
The fair value of the consideration paid and net assets acquired was as follows:
£m
Cash consideration
36.8
Shares in ProService plc
1
( 7.1)
Consideration relating to the business combination
29.7
Fair value of identifiable net assets acquired:
Property, plant and equipment (hire fleet)
16.8
Asset condition provision
(0.5)
Right of use assets (properties and vehicles)
9.4
Lease liabilities (properties and vehicles)
(9.4)
Dilapidations provision
(1.6)
Intangible asset (right of first refusal)
19.5
Deferred tax liability
2
(4.4)
Gain on bargain purchase
3
(0.1)
1
9.99% shareholding in ProService Building Services Marketplace plc (registered number 09378067); separate to the
business combination. Registered office: Building 2, Think Park, Mosley Road, Manchester, England, M17 1FQ.
2
Principally arising on the right of first refusal intangible asset.
3
Recognised within non-underlying items on the face of the Income Statement, along with £5.0m of acquisition
related costs. See note 3 for details.
The ProService Transaction resulted in a gain on bargain purchase due to the net assets acquired
exceeding the consideration. Through the Commercial Agreement the Group can access significant
additional core hire and TIC orders, which it can fulfil primarily because of the existing Speedy Hire asset
base, in addition to the property, plant and equipment acquired. It is therefore not practicable to disclose
separable information on the performance of the acquired business post transaction as it is inherently
linked to the wider Speedy Hire business.
The fair value exercise identified an intangible asset in relation to the right of first refusal contained
within the Commercial Agreement.
The right of first refusal intangible has been valued using an income-based approach, focussing on
the specific earnings generated by the intangible itself, after accounting for the contribution of other
supporting assets of the Group. The valuation is based on information available, and conditions existing,
at the valuation date of 17 November 2025, with a market participant discount rate having been applied.
The useful economic life of the right of first refusal intangible has been determined as 6.5 years,
assuming a 50% probability of the three year extension, owing to the inherent uncertainty in forecasting
the contract’s future performance.
The valuation is sensitive to changes in key assumptions around the length of the contract, i.e. the
probability that the extension option will be executed, and the discount rate applied. Were the contract
life instead determined to be 5 years or 8 years, a c.£3m movement would arise in the value of the right
of first refusal intangible respectively, after accounting for the related deferred tax impact. A change
of 0.5% in the discount rate would result in a c.£1m change in the value of the right of first refusal
intangible.
Whilst separate to the business combination, the shares in ProService plc were acquired at the same
time, classified as an other financial asset. This other financial asset is measured at FVTPL, as not to be
held for long-term strategic purposes (see note 1). The movement in fair value on this asset between the
acquisition date and balance sheet date is as follows:
Shares in ProService plc
£m
At acquisition date
7.1
Fair value movement
(3.3)
At 31 March 2026
3.8
Speedy Hire Plc Annual Report and Accounts 2026
151
FINANCIAL STATEMENTS
COMPANY BALANCE SHEET
AS AT 31 MARCH 2026
Note
31 March
2026
£m
31 March
2025
£m
ASSETS
Non-current assets
Investments 32 93.5 93.5
Trade and other receivables 33 260.3 230.5
Other financial assets 30 3.8 –
Deferred tax asset 37 0.8 –
358.4 324.0
Current assets
Trade and other receivables 33 82.3 62.9
Current tax receivable – 2.6
Cash and cash equivalents 36 9.8 3.1
92.1 68.6
Total assets 450.5 392.6
LIABILITIES
Current liabilities
Trade and other payables 34 (125.1) (115.1)
Derivative financial liabilities 35 – (0.1)
Current tax creditor (1.4) –
(126.5) (115.2)
Non-current liabilities
Borrowings 36 (173.4) (121.2)
(173.4) (121.2)
Total liabilities (299.9) (236.4)
Net assets 150.6 156.2
EQUITY
Share capital 38 25.8 25.8
Share premium 1.9 1.9
Capital redemption reserve 0.7 0.7
Merger reserve 2.3 2.3
Hedging reserve (0.4) (0.4)
Retained earnings 120.3 125.9
Total equity 150.6 156.2
The Company profit for the year was £2.4m (2025: £3.2m). The Company has taken advantage of the
exemption under Section 408 of the Companies Act 2006 from presenting its own profit and loss
account.
The accompanying notes form part of the Financial Statements.
The Company Financial Statements on pages 152 to 161 were approved by the Board of Directors on
16 June 2026 and were signed on its behalf by:
DAN EVANS
Director
Company registered number: 00927680
Speedy Hire Plc
Annual Report and Accounts 2026
152
Share
capital
Share
premium
Capital
redemption
reserve
Merger
reserve
Hedging
reserve
Retained
earnings
Total
equity
£m £m £m £m £m £m £m
At 1 April 2024 25.8 1.9 0.7 2.3 0.1 133.8 164.6
Profit for the financial year – – – – – 3.2 3.2
Other comprehensive (expense)/income – – – – (0.5) 0.1 (0.4)
Total comprehensive (expense)/income – – – – (0.5) 3.3 2.8
Dividends – – – – – (11.8) (11.8)
Equity-settled share-based payments – – – – – 0.6 0.6
At 31 March 2025 25.8 1.9 0.7 2.3 (0.4) 125.9 156.2
Profit for the financial year and total comprehensive income – – – – – 2.4 2.4
Dividends – – – – – (9.7) (9.7)
Equity-settled share-based payments – – – – – 1.7 1.7
At 31 March 2026 25.8 1.9 0.7 2.3 (0.4) 120.3 150.6
The accompanying notes form part of the Financial Statements.
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
Speedy Hire Plc Annual Report and Accounts 2026
153
FINANCIAL STATEMENTS
Note
Year ended
31 March
2026
£m
Year ended
31 March
2025
£m
Cash used in operating activities
Profit before tax 3.2 3.8
Net financial income ( 7. 7 ) (6.1)
Non-underlying items 0.2 1.6
Movements in fair value on financial assets 3.3 –
Increase in trade and other receivables (49.1) (15.0)
Increase/(decrease) in trade and other payables 6.6 (0.9)
Equity-settled share-based payments 1.7 0.6
Cash used in operations before non-underlying items (41.8) (16.0)
Cash flow relating to non-underlying items:
Non-underlying items (0.2) (1.6)
Increase in non-underlying payables 0.2 1.6
Cash flow from non-underlying items – –
Cash (used in)/generated from operations (41.8) (16.0)
Interest paid
1
(8.9) (8.6)
Interest received
1
19.2 15.0
Tax received/(paid) 2.2 (0.4)
Net cash flow used in operating activities (29.3) (10.0)
Cash flow used in investing activities
Purchase of other financial assets
2
( 7.1) –
Net cash flow used in investing activities ( 7.1) –
Net cash flow before financing activities (36.4) (10.0)
Cash flow from financing activities
Drawdown of loans 395.3 534.7
Repayment of loans (342.5) (519.2)
Proceeds from the issue of Sharesave Scheme shares – –
Dividends paid 10 (9.7) (11.8)
Net cash flow generated from financing activities 43.1 3.7
Increase/(decrease) in cash and cash equivalents 6.7 (6.3)
Cash at the start of the financial year 3.1 9.4
Cash at the end of the financial year 9.8 3.1
1
Restated to separately show cash flows resulting from interest paid and received.
2
See note 30.
The accompanying notes form part of the financial statements.
COMPANY CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2026
Speedy Hire Plc Annual Report and Accounts 2026
154
31 Summary of material accounting policy information
The Company complies with the accounting policies defined in note 1 of the Group Consolidated
Financial Statements, except as noted below.
Statement of compliance
The Company is taking advantage of the exemption in Section 408 of the Companies Act 2006 not to
present its individual Income Statement or Statement of Comprehensive Income and related notes that
form part of the approved Financial Statements. The amount of the profit for the financial year dealt
with in the Financial Statements of the Company is disclosed in the Company Balance Sheet and the
Company Statement of Changes in Equity.
Dividends
Dividends received and receivable are credited to the Company’s Income Statement to the extent that
they represent a realised profit for the Company.
Finance income
Finance income comprises interest receivable from subsidiary undertakings and is recognised in the
Company’s Income Statement using the effective interest method.
Employees
The Company does not have any employees. Directors are paid by other Group companies, the details
of which are disclosed in the Directors’ Remuneration Report.
Investments in subsidiaries
Investments in subsidiary undertakings are stated at cost less any accumulated impairment.
Intercompany receivables
The Company monitors the risk profile of intercompany receivables regularly and provides for amounts
that may not be recoverable on the basis of expected portfolio losses.
Significant judgements and estimates
The following are significant sources of estimation uncertainty that management has made in the
process of applying the accounting policies and that have a significant risk of resulting in a material
adjustment within the next financial year.
Valuation of intercompany receivables
Intercompany expected credit losses are assessed under IFRS 9, based on the applicable repayment
profile and the ability of the borrower to repay the loan. Where the borrower has insufficient liquid assets
to repay the loan, and no contractual obligation exists to provide support for the loan, an impairment
loss is recognised. No consideration is made regarding expected credit losses across time bands as this
would not provide a materially different result.
At 31 March 2026, the expected credit loss provision was £44.0m (2025: £44.0m) against a receivables
balance of £341.7m deemed to be at risk of impairment. Further detail is provided in note 33.
Recoverability of intercompany receivables is assessed using a discounted cash flow model. This
modelling is sensitive to changes in key assumptions around operating performance and the probability
weighting of scenarios arising. At 31 March 2026, all outstanding intercompany receivables are assessed
as recoverable. Under a sensitised cash flow model, an expected credit loss of £0.1m would result across
these receivables. No recognition of this amount has been made in the Financial Statements due to the
low probability of occurrence and the inherent judgement involved.
32 Investments
Investments in
related
undertakings
£m
Cost
At 1 April 2024 and 31 March 2025 and 31 March 2026 113.3
Provisions
At 1 April 2024 and 31 March 2025 and 31 March 2026 (19.8)
Net book value
At 1 April 2024 and 31 March 2025 and 31 March 2026 93.5
An impairment test has been performed on the Company’s carrying value of investments in related
undertakings and no impairment identified (2025: nil). The recoverable amount of the investments has
been determined based on a value-in-use calculation, the assumptions of which are disclosed in note 12.
Adjustment is then made for items excluded from the value-in-use assessment of a cash-generating unit
(‘CGU’) but relevant to the Company’s investment in subsidiaries. Due to the investments benefitting
from both Hire and Services segment net present value, and the carrying amount of the Company’s
investments being significantly lower than the carrying value of the Group’s CGUs, no reasonable
possible change in the underlying assumptions would result in an impairment.
NOTES TO THE COMPANY FINANCIAL STATEMENTS
Speedy Hire Plc Annual Report and Accounts 2026
155
FINANCIAL STATEMENTS
The Company’s related undertakings are as follows:
Registered number
Incorporation
and operation
Principal
activity
Ordinary
share capital
held
Allen Contracts Limited
1
01617643 UK Dormant 100%
Allen Investments Limited
1
01354530 UK Dormant 100%
Bucks Access Rentals Limited
1,2
05249533 UK Dormant 100%
Chestview (North East) Limited
1
02935264 UK Dormant 100%
Crewe Plant Hire Limited
1,2
08590447 UK Dormant 100%
Drain Technology (1985) Limited
3
SC036329 UK Dormant 100%
Drain Technology Limited
3
SC090054 UK Dormant 100%
Green Power Hire Limited
1,2
13588088 UK Hire services 100%
Hire-A-Tool Limited
1
01354100 UK Dormant 100%
Lifterz Holdings Limited
1,2
10215607 UK Dormant 100%
Lifterz Limited
1,2
05995339 UK Dormant 100%
Lifterz (Scot) Limited
1,2
10981353 UK Dormant 100%
OHP Limited
1,2
09392490 UK Dormant 100%
Platform Sales & Hire Limited
1,2
03845635 UK Dormant 100%
Prolift Access Limited
1,2
07067785 UK Dormant 100%
Rail Hire (UK) Limited
1,2
06758009 UK Dormant 100%
SHH 501 Limited
1,2
08666700 UK Dormant 100%
Speedy Asset Leasing Limited
1
04621481 UK Dormant 100%
Speedy Asset Services Limited
1
06847930 UK Hire services 100%
Speedy Engineering Services Limited
1
06440025 UK Dormant 100%
Speedy Hire (Ireland) Limited
4,10
NI048108 UK Hire services 100%
Speedy Hire (Ireland) Limited
2,5
409718 Ireland Hire services 100%
Speedy Hire (UK) Limited
1
00245380 UK Dormant 100%
Speedy Hire Centres (Midlands) Limited
1
01048492 UK Dormant 100%
Speedy Hire Centres Limited
1
06207105 UK Dormant 100%
Speedy Hire Direct Limited
1,2
00974324 UK Dormant 100%
Speedy Hydrogen Solutions Limited
1,2
15264396 UK Hire services 50%
Speedy Industrial Services Limited
1
01105942 UK Dormant 100%
Speedy International Asset Services (Holdings) Limited
1,10
07174616 UK Holding company 100%
Speedy International Asset Services LLC (Egypt)
2,6
Egypt Dormant 100%
Speedy International Leasing Limited
1,2
07174944 UK Dormant 100%
NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED
32 Investments continued
Speedy Hire Plc
Annual Report and Accounts 2026
156
Registered number
Incorporation
and operation
Principal
activity
Ordinary
share capital
held
Speedy LCH Generators Limited
3
SC068997 UK Dormant 100%
Speedy LGH Limited
1
05436955 UK Dormant 100%
Speedy Lifting Limited
1
04529136 UK Dormant 100%
Speedy Plant Hire Limited
1
02036670 UK Dormant 100%
Speedy Power Limited
1
03923249 UK Dormant 100%
Speedy Pumps Limited
1
04663170 UK Dormant 100%
Speedy Rail Services Limited
1
04016794 UK Dormant 100%
Speedy Safemaker Limited
1,2
05628930 UK Dormant 100%
Speedy Services Limited
1
04529126 UK Dormant 100%
Speedy Space Limited
1
01157713 UK Dormant 100%
Speedy Support Services Limited
1,10
02479218 UK Provision of Group services 100%
Speedy Survey Limited
1
03845497 UK Dormant 100%
Speedy Transport Limited
1,10
04408263 UK Provision of Group services 100%
Speedy Zholdas LLP
7
Kazakhstan Hire services 45%
Speedyloo Limited
1
03244814 UK Dormant 100%
Stockton Investments (North East) Limited
1
05064013 UK Dormant 100%
Tidy Group Limited
1
01227264 UK Dormant 100%
Turner & Hickman Limited
2 ,7,8
SC318140 UK Holding company 50%
Waterford Hire Services Limited
1,9
079898 Ireland Dormant 100%
1
Registered office: Chase House, 16 The Parks, Newton-le-Willows, Merseyside, WA12 0JQ.
2
Indirect holding via a 100% subsidiary undertaking.
3
Registered office: 13 Queen’s Road, Aberdeen, United Kingdom, AB15 4YL.
4
Registered office: Unit 2 Duncrue Pass, Duncrue Road, Belfast, Antrim, Northern Ireland, BT3 9DL.
5
Registered office: Unit 2, Glen Industrial Estate, Broombridge Road, Glasnevin, Dublin 11, Republic of Ireland.
6
Registered office: City Light Tower A3, Third Floor, Office No. 303, 1 Makram Ebeid Street, Nasr City, Cairo, Egypt.
7
The Group has a 50% investment in Turner & Hickman Limited, which has a 90% investment in Speedy Zholdas LLP. The registered office of Speedy Zholdas LLP is Building 276, Traffic Atyrau – Dossor, Atyrau City, Kazakhstan.
8
Registered office: 19 Woodside Crescent, Glasgow, G3 7UL.
9
Registered office: Kingsmeadow Retail Park, Ring Road, Waterford, Republic of Ireland.
10
For the year ending 31 March 2026, the Company was entitled to exemption from audit under s479A of the Companies Act 2006 relating to subsidiary companies.
All dormant related undertakings noted above take the s480 exemption under the Companies Act 2006 from the requirement to have their accounts for the financial year ended 31 March 2026 audited.
The Company holds voting rights in each related undertaking in the same proportion to its holdings in the ordinary share capital of the respective undertakings.
Speedy Hire Plc
Annual Report and Accounts 2026
157
FINANCIAL STATEMENTS
33 Trade and other receivables
31 March
2026
£m
31 March
2025
£m
Current
Amounts owed by Group undertakings 81.4 60.2
Other receivables 0.9 2.7
82.3 62.9
Non-current
Amounts owed by Group undertakings 260.3 230.5
260.3 230.5
Of the amounts owed by Group undertakings, £244.5m bears interest on the same basis as external
bank borrowings (2025: £194.7m); the remainder is interest free. The interest-bearing balances comprise
£78.7m classified as current (2025: £58.7m), and £165.8m classified as non-current (2025: £136.0m).
Amounts owed by Group undertakings are unsecured, have no fixed date of repayment and are
repayable on demand. The above disclosure is made however based on likelihood of settlement.
The valuation of intercompany receivables and calculation of expected credit losses (‘ECLs’) is explained
in the Significant judgements and estimates section within note 31 Summary of material accounting
policy information. The related loss allowance can be analysed as follows:
2026
£m
2025
£m
At 1 April 44.0 44.0
Impairment provision charged to the Income Statement – –
Utilised in the year – –
At 31 March 44.0 44.0
The loss allowance relates to international intercompany balances in whom investments are not held.
Any intra-group financial guarantees are unrelated to these companies.
NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED
34 Trade and other payables
31 March
2026
£m
31 March
2025
£m
Amounts owed to Group undertakings 121.7 113.1
Accruals 3.4 2.0
125.1 115.1
Of the amounts owed to Group undertakings, £4.0m bears interest on the same basis as external bank
borrowings (2025: £2.6m); the remainder is interest free.
Amounts owed to Group undertakings are unsecured, have no fixed date of repayment and are
repayable on demand.
35 Financial instruments
The fair value hierarchy and basis for determination of fair values of financial instruments used by the
Company is the same as that stated for the Group in note 19.
Carrying amount of financial assets and liabilities
The fair values of financial assets and liabilities held at amortised cost are considered to be
approximately equal to the carrying values shown in the Balance Sheet. The carrying value of the
Company’s financial assets and financial liabilities are set out below:
Speedy Hire Plc
Annual Report and Accounts 2026
158
31 March 2026 31 March 2025
Amortised
cost
£m
Fair value
through other
comprehensive
income
£m
Fair value through
profit or loss
£m
Total
£m
Amortised
cost
£m
Fair value
through other
comprehensive
income
£m
Total
£m
Financial assets
Other financial assets – – 3.8 3.8 – – –
Trade and other receivables¹ 342.6 – – 342.6 293.4 – 293.4
Cash and cash equivalents 9.8 – – 9.8 3.1 – 3.1
352.4 – 3.8 356.2 296.5 – 296.5
1
Trade and other receivables excluding prepayments.
Interest income of £18.9m (2025: £15.4m) was received in relation to amounts owed by Group undertakings, accruing at an effective interest rate of 7.4% per annum (2025: 8.0%).
31 March 2026 31 March 2025
Amortised
cost
£m
Fair value
through other
comprehensive
income
£m
Total
£m
Amortised
cost
£m
Fair value
through other
comprehensive
income
£m
Total
£m
Financial liabilities
Borrowings 173.4 – 173.4 121.2 – 121.2
Trade and other payables² 121.7 – 121.7 113.1 – 113.1
Accruals 3.4 – 3.4 2.0 – 2.0
Derivative financial liabilities – – – – 0.1 0.1
298.5 – 298.5 236.3 0.1 236.4
2
Trade and other payables excluding non-financial liabilities.
Risks in relation to financial instruments are as discussed for the Group in note 19, except for the following:
Credit risk
Credit risk is the risk of financial loss to the Company if a Group undertaking or counterparty to a financial instrument fails to meet its contractual obligations. Such risk arises principally from the Company’s
receivables from Group undertakings and the intra-group financial guarantee contract in place under the Company’s banking facility.
Transactions involving derivative financial instruments are undertaken with counterparties within the syndicate of banks that provide the Company’s banking facilities. Given their high credit ratings, management
does not expect any counterparty to fail to meet its obligations.
The Company establishes an allowance for impairment that is based on the ability of Group undertakings to repay amounts owed, following consideration of the liquidity of assets that could be used to settle
outstanding amounts.
Speedy Hire Plc
Annual Report and Accounts 2026
159
FINANCIAL STATEMENTS
Liquidity risk
The banking facilities of the Group detailed in note 19 are held by the Company.
The following analysis is based on the undiscounted contractual maturities on the Company’s financial liabilities, including estimated interest that will accrue, over the following financial years ended 31 March.
Undiscounted cash flows – 31 March 2026
2027
£m
2028
£m
2029
£m
2030 and later
£m
Total
£m
Bank borrowings – Revolving credit facility – – 98.4 – 98.4
Bank borrowings – Loan notes – – – 75.0 75.0
Bank interest payments 13.1 10.6 5.8 11.6 41.1
Trade and other payables 121.7 – – – 121.7
Accruals 3.4 – – – 3.4
138.2 10.6 104.2 86.6 339.6
Undiscounted cash flows – 31 March 2025
2026
£m
2027
£m
2028
£m
2029 and later
£m
Total
£m
Asset based finance facility – 121.2 – – 121.2
Bank interest payments 9.5 3.0 – – 12.5
Trade and other payables 113.1 – – – 113.1
Accruals 2.0 – – – 2.0
Derivative financial liabilities 0.1 – – – 0.1
124.7 124.2 – – 248.9
Capital management
The Company requires capital for growth, by completing acquisitions and refinancing existing debts in the longer term. The Company defines gross capital as net debt (cash less borrowings), as disclosed in note
36, plus total equity as disclosed in the Company Statement of Changes in Equity, and seeks to ensure an acceptable return on gross capital. The Board seeks to maintain a balance between debt and equity
funding such that it maintains an efficient capital position relevant for the prevailing economic environment.
NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED
35 Financial instruments continued
Speedy Hire Plc
Annual Report and Accounts 2026
160
31 March
2026
£m
31 March
2025
£m
Net debt 163.6 118.1
Total equity 150.6 156.2
At 31 March 314.2 274.3
36 Borrowings
31 March
2026
£m
31 March
2025
£m
Non-current borrowings
Bank borrowings – Asset based finance facility – 121.2
Bank borrowings – Revolving credit facility 98.4 –
Bank borrowings – Loan notes 75.0 –
Total borrowings 173.4 121.2
Less: cash (9.8) (3.1)
Net debt
1
163.6 118.1
1
Key performance indicator – excluding lease liabilities.
The overdraft and bank borrowings are secured by fixed and floating charges over all of the Group’s
property and undertakings.
Reconciliation of financing liabilities and net debt
1 April
2025
£m
Non‑cash
movement
£m
Cash flow
£m
31 March
2026
£m
Bank borrowings (121.2) 0.6 (52.8) (173.4)
Liabilities arising from financing
activities (121.2) 0.6 (52.8) (173.4)
Cash and cash equivalents 3.1 – 6.7 9.8
Net debt (118.1) 0.6 (46.1) (163.6)
37 Deferred tax
Total
£m
Opening at 1 April 2024 (0.1)
Recognised in income 0.1
At 31 March 2025 –
Recognised in income 0.8
At 31 March 2026 0.8
38 Share capital and share incentives
The Company share capital is stated in accordance with note 24, with share incentives as disclosed in
note 25.
39 Contingent liabilities and commitments
There are no contingent liabilities nor capital commitments for the Company at the year end date.
40 Related party disclosures
Intercompany funding and cross guarantees
The amount outstanding from Group undertakings at 31 March 2026 totalled £341.7m (2025: £290.7m).
Amounts owed to Group undertakings as at 31 March 2026 totalled £121.7m (2025: £113.1m).
Amounts held with Group undertakings are unsecured, have no fixed date of repayment and are
repayable on demand.
The Company and certain subsidiary undertakings have entered into cross guarantees of bank loans
and overdrafts to the Company, as disclosed in note 20.
Provision of Group services
The Company paid £1.0m in respect of Group services provided by its wholly owned subsidiary, Speedy
Support Services Limited 2025: £0.9m).
Directors’ remuneration is borne by Speedy Support Services Limited with no recharge, the
remuneration of whom is disclosed in note 6. Full details of Executive and Non-Executive Director
compensation and interests in the share capital of the Company as at 31 March 2026 are given in the
Directors’ Remuneration Report.
Speedy Hire Plc
Annual Report and Accounts 2026
161
FINANCIAL STATEMENTS
2026
£m
2025
£m
2024
£m
2023
£m
2022
1
£m
Income Statement
Revenue 416.1 416.6 421.5 440.6 386.8
Gross profit 230.5 236.1 230.0 219.0 221.1
Operating (loss)/profit (13.3) 13.4 14.9 3.8 31.6
Share of results of joint ventures (0.4) 1.0 2.9 6.6 3.2
Net finance costs (18.6) (15.9) (12.7) (8.6) (5.7)
(Loss)/profit before taxation (32.3) (1.5) 5.1 1.8 29.1
Non-GAAP performance measures
Adjusted EBITDA 85.4 97.1 96.8 103.9 100.1
Adjusted (loss)/profit before tax (9.8) 8.7 14.7 30.7 29.6
Balance Sheet
Hire equipment – original cost 422.5 401.5 386.0 395.9 422.7
Hire equipment – net book value 239.4 222.4 210.6 207. 9 226.9
Total equity 128.0 162.2 175.7 184.6 216.4
Cash Flow
Cash generated from operations 49.5 48.6 69.0 51.9 28.6
Net cash flow before financing activities (5.6) 28.8 28.4 37.0 5.5
Purchase of hire equipment (45.2) (50.0) (41.3) (54.2) (71.5)
Profit/(loss) on disposal of hire equipment 2.5 (1.5) (2.6) 1.7 0.5
Free cash flow 3.0 0.8 23.5 10.6 (18.5)
In pence
Dividend per share (interim and final dividend) 1.00 2.60 2.60 2.60 2.20
Adjusted (loss)/earnings per share (1.71) 1.41 2.35 4.96 4.24
Net assets per share 24.8 31.4 34.0 35.7 41.8
In percentages
Return on capital employed 3.1 8.9 9.9 14.0 13.1
EBITDA margin 20.5 23.3 23.0 23.6 25.9
In ratios
Net debt/EBITDA (excluding impact of IFRS 16) 3.3 1.9 1.5 1.3 0.9
Net debt/net tangible fixed assets 0.43 0.33 0.31 0.29 0.20
In numbers
Average employee numbers 3,318 3,335 3,409 3,524 3,501
Depot numbers 128 135 147 183 207
1
2022 presented for continuing operations only.
CORPORATE INFORMATION
FIVE-YEAR SUMMARY
Speedy Hire Plc Annual Report and Accounts 2026
162
Annual General Meeting
The Annual General Meeting (‘AGM’) will be
held at the offices of Addleshaw Goddard
LLP, 41 Lothbury, London, EC2R 7HG on
10 September 2026 at 2.00pm.
Details of the business of the AGM and the
resolutions to be proposed will be sent to those
shareholders who have opted to continue
receiving paper communications, which are also
available to other shareholders and the public on
our website at speedyhire.com/investors.
Shareholders will be asked to approve the
Directors’ Remuneration Report and the re-
election of Directors.
Other resolutions will include proposals to renew,
for a further year, the Directors’ general authority
to allot shares in the Company, to allot a limited
number of shares for cash on a non-pre-emptive
basis and to buy back the Company’s own shares.
Share price information/
performance
The latest share price is available at speedyhire.
com/investors.
By selecting share price information, shareholders
can check the value of their shareholding online
or review share charts illustrating annual share
price performance trends.
Shareholders can download copies of our Annual
Report and Accounts and interim accounts from
speedyhire.com/investors.
Dividend reinvestment plan
(‘DRIP’)
You can choose to reinvest dividends received to
purchase further shares in the Company through
a DRIP. A DRIP application form is available from
our registrar, whose contact details are +44 (0)
371 384 2769. If calling from outside of the UK,
please ensure the country code is used. Lines are
open 8.30am to 5.30pm (UK time), Monday to
Friday (excluding public holidays in England and
Wales). Alternatively, you can write to our registrar
at Equiniti Limited, Aspect House, Spencer Road,
Lancing, West Sussex, BN99 6DA.
Electronic communications
You can elect to receive shareholder
communications electronically by signing up to
Equiniti Limited’s portfolio service at shareview.
co.uk. This will save on printing and distribution
costs, creating environmental benefits. When
you register, you will be sent a notification to say
when shareholder communications are available
on our website, and you will be provided with a
link to that information.
Enquiries on shareholdings
Any administrative enquiries relating to
shareholdings in the Company, such as dividend
payment instructions or a change of address,
should be notified direct to the registrar, Equiniti
Limited, at Aspect House, Spencer Road, Lancing,
West Sussex, BN99 6DA. Your correspondence
should state Speedy Hire Plc and the registered
name and address of the shareholder. Information
on how to manage your shareholdings can be
found at help.shareview.co.uk.
If your question is not answered by the
information provided, you can send your enquiry
via secure email from this webpage. You will
be asked to complete a structured form and to
provide your shareholder reference, name and
address. You will also need to provide your email
address, if this is how you would like to receive
your response.
Boiler room fraud
Share scams are often run from ‘boiler rooms’
where fraudsters cold-call investors offering
them worthless, overpriced or even non-existent
shares. While such scams promise high returns,
those who invest usually end up losing their
money.
If you are offered unsolicited investment advice,
discounted shares, a premium price for shares
you own, or free company or research reports,
you should take these steps before handing over
any money:
h get the name of the person and organisation
contacting you;
h search the list of unauthorised firms to
avoid at fca.org.uk/consumers/using-
financial-services-register to ensure they are
authorised;
h only use the details on the FCA Register to
contact the firm; and
h call the Consumer Helpline on 0800 111 6768
if you suspect the caller is fraudulent.
REMEMBER: If it sounds too good to be true, it
probably is!
Forward‑looking statements
This Annual Report and Accounts includes
statements that are forward-looking in nature.
Forward-looking statements involve known and
unknown risks, assumptions, uncertainties and
other factors which may cause the actual results,
performance or achievements of the Group to
be materially different from any future results,
performance or achievements expressed or
implied by such forward-looking statements.
Except as required by the Listing Rules, the
Disclosure Guidance and Transparency Rules
and applicable law, the Company undertakes
no obligation to update, revise or change any
forward-looking statements to reflect events or
developments occurring on or after the date of
this Annual Report and Accounts.
Contact details
We are happy to answer queries from current and
potential shareholders. Similarly, please let us
know if you wish to receive past, present or future
copies of the Annual Report and Accounts. Please
contact us by telephone, email or via the website,
details of which are given on the Registered
Office and Advisors page.
SHAREHOLDER INFORMATION
Speedy Hire Plc Annual Report and Accounts 2026
163
CORPORATE INFORMATION
REGISTERED OFFICE AND ADVISORS
Registered office
Speedy Hire Plc
Chase House
16 The Parks
Newton-le-Willows
Merseyside
WA12 0JQ
Telephone
01942 720 000
Email
investor.relations@speedyhire.com
Website
speedyhire.com/investors
Registered number
00927680
Company Secretary
Neil Hunt
Financial advisors
NM Rothschild & Sons Limited
New Court St. Swithin’s Lane
London
EC4N 8AL
Stockbrokers
Panmure Liberum Limited
Ropemaker Place Level 12
25 Ropemaker Street
London
EC2Y 9LY
Canaccord Genuity Ltd
88 Wood Street
London
EC2V 7QR
Legal advisors
Pinsent Masons LLP
1 Park Row
Leeds
LS1 5AB
Addleshaw Goddard LLP
One St Peter’s Square
Manchester
M2 3DE
Independent Auditors
PricewaterhouseCoopers LLP
Manchester Hardman Sq
1 Hardman Square
Manchester
M3 3EB
Bankers
Barclays Bank PLC 10th Floor
1 Churchill Place
London
E14 5HP
HSBC UK Bank Plc 2nd Floor
Landmark
St Peter’s Square
1 Oxford Street
Manchester
M1 4PB
Lloyds Bank Plc
Floor 3
Fountainbridge Wing
New Uberior House
Earl Grey Street
Edinburgh
EH3 9BN
The Royal Bank of Scotland plc
1 Spinningfields Square
Manchester
M3 3AP
Public relations
Teneo Financial Advisory Limited
The Carter Building
11 Pilgrim Street
London
EC4V 6RN
Registrars and transfer office
Equiniti Limited
Aspect House
Spencer Road
Lancing
West Sussex
BN99 6DA
Insurance brokers
Marsh Ltd
Belvedere
12 Booth Street
Manchester
M2 4AW
Speedy Hire Plc
Annual Report and Accounts 2026
164
The production of this report supports the work of the
Woodland Trust, the UK’s leading woodland conservation
charity. Each tree planted will grow into a vital carbon store,
helping to reduce environmental impact as well as creating
natural havens for wildlife and people.
Speedy Hire Plc Annual Report and Accounts 2026
CORPORATE INFORMATION
Speedy Hire Plc
Chase House,
16 The Parks,
Newton-le-Willows,
Merseyside, WA12 0JQ
www.speedyhire.com