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Speedy Hire shares tumble as firm sounds alarm on ‘worsening conditions’

By:

City Editor

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Speedy Hire has been forced to close many of its depots, a move it has blamed on increases to national insurance announced last October.
Speedy Hire has been forced to close many of its depots, a move it has blamed on increases to national insurance announced last October.

Speedy Hire shares tumbled on Thursday after the tools and equipment hire services company slashed its profit expectations and warned “conditions have worsened” in the market.

The London-listed firm said it now expects pre-tax earnings of £90m in 2026, down from £97m the previous year.

“Market conditions have worsened…with uncertainty around the UK Budget in November and the recent geopolitical events in the Middle East,” Speedy Hire said.

“The group has also seen certain customer led delays, affecting hire and service revenues.”

Speedy Hire shares fell 12 per cent to 19p in the opening minutes of trade on Thursday. The stock has fallen by more than a fifth since the start of the year.