By Michael Susin
Speedy Hire said Thursday that its pretax profit for fiscal 2023 fell sharply on exceptional costs, but raised its dividend payout, and named Paul Rayner as its permanent chief financial officer.
The U.K. tools, equipment and plant-hire services company said pretax profit for the year ended March 31 was 1.8 million pounds ($2.3 million) compared with GBP29.1 million a year ago. The fall was caused by exceptional costs of GBP28.5 million, mainly driven by an asset impairment.
Revenue, however, rose to GBP440.6 million from GBP386.8 million.
The board declared a final dividend of 1.80 pence a share, bringing the total dividend to 2.60 pence a share, an 18% increase from fiscal 2022.
The company is confident of its fiscal 2024 targets given recent key contract wins and extensions, as well as having a strong pipeline, it said.
In a separate statement, Speedy Hire said that Rayner, who has more than 25 years of experience in senior financial roles, has been appointed permanent CFO with effect from July 1. Rayner had joined the group as interim CFO in November.
Write to Michael Susin at [email protected]
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