Speedy Hire: STATEMENT OF PRELIMINARY RESULTS 2022 (PDF)
The results we report today show significant year-over-year earnings growth. Additionally, I am pleased to report that revenue and adjusted pre-tax income from continuing operations are ahead of fiscal 2020, the last full year before COVID-19. We have a strong balance sheet and have invested significantly in the innovative, market-leading sustainable products our customers demand while launching a share buyback program during the year.
Group revenue increased by 16.4% to £386.8 million (FY 2021: £332.3 million) with a number of new contracts won and renewed reflecting our service offering market-leading customer. Our partnership with B&Q was formalized during the year, increasing our market share with professional and retail customers, both in stores and through their website, diy.com.
The Group divested its operations in the Middle East in March 2021, continuing to operate internationally through a joint venture in Kazakhstan. Profit share increased to £3.2 million (FY2021: £1.2 million), due to increased activity following the award of new contracts.
We have invested approximately £70 million in our rental fleet this year to meet increased demand and mitigate the effect of increased delivery times from suppliers. Despite the increase in investment utilization rates have increased to 57.0% and our net debt / EBITDA remains low.
We have strengthened our ESG proposition following the appointment of an ESG Director in April 2021. Our new “Decade to Deliver” strategy sets out plans to reduce our carbon footprint, as well as help our clients reduce their environmental impact through operating a sustainable fleet of rental assets.
In line with our capital allocation policy, we will continue to invest in organic growth and acquisitions while maintaining steady returns for shareholders. Following a review of the Group’s medium-term capital requirements, the Board of Directors implemented a £30 million share buy-back program in January 2022. To date, £10 million of shares were purchased under this program.
The Board is pleased with the strong performance of the business and has therefore recommended a final dividend of 1.45pp for the year (FY2021: 1.40pp). If approved at the next Annual General Meeting, the dividend will be paid on September 23, 2022 to shareholders on record at the close of business on August 12, 2022.
Council and people
As previously announced, Russell Down has informed the Board of his intention to retire. Russell will remain with the company until a successor is in place to ensure a smooth and orderly transition. The process of recruiting a replacement is underway.
I would like to thank Russell personally and on behalf of the Board of Directors for his significant contribution as CEO over the past seven years. Under his leadership, the business has transformed and is now well positioned for future growth with an ambitious management team. We wish him good luck for the future.
Carol Kavanagh joined the Board of Directors and the Remuneration Committee on June 1, 2021 as an independent non-executive director. After allowing Carol time to settle into her role, Rhian Bartlett resigned from the compensation committee on November 16, 2021, in accordance with the company’s current policy of staffing its board committees with three non-executive directors. independent executives.
In March 2022, the board agreed to set up a new sustainability committee to assist the board in its oversight of the group’s ESG strategy, including the group’s performance in reducing its carbon footprint.
On behalf of the Board of Directors, I would like to take this opportunity to thank all my colleagues for their hard work and dedication, which has enabled our performance over the past year.