Speedy Hire

TRANSFORMING TO  
DRIVE SUSTAINABLE GROWTH
Speedy Hire Plc
Annual Report and Accounts 2024
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Welcome
Our business operates through an omni-channel approach with 147 Service Centres in the UK 
and Ireland, and on-site facilities at customer locations supported by regional service hubs and 
online through our digital infrastructure: speedyhire.com and our mobile app. We also operate 
through an in-store drop ship vendor digital model in c.300 B&Q stores nationally as well as 
online at B&Q’s website diy.com and trade-point.co.uk, and through strategic joint ventures 
with AFC Energy in the UK and Ireland and Denholm Energy Services in Kazakhstan.
Speedy Hire at a glance 
Revenue
£421.5M
Colleagues (at 31 March 2024)
3,293
 
Customers
C.61,000
in the UK and Ireland, ranging from large 
national contractors to local trade and retail
 
Consumable products
40,000
in our extensive range
Hire product lines
2,584
with ECO products accounting for 55% of  
our revenue, demonstrating our customers’ 
increasing demand and our commitment to 
reducing carbon emissions 
Supply chain partners
1,224
from global leading tool, plant and  
equipment brands
Adjusted EBITDA
£96.8M
Net book value  
(of property, plant and equipment)
£233.1M
Service Centre and on-site locations
147
in the UK and Ireland, including industry-leading  
low and zero carbon facilities
In-store drop ship vendor digital model
C.300
Website visits
2.8M
 
Electric and hybrid commercial vehicles
601
equating to 57% of our hire fleet
in B&Q stores nationwide 
and online at B&Q’s 
website diy.com and  
trade-point.co.uk
visits to speedyhire.com
Speedy Hire is the UK’s leading provider of tools and equipment 
hire, and services, to customers ranging from the largest 
national infrastructure contractors through to SMEs and  
regional customers, tradespeople and retail consumers. 
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
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Our ambition
We are actioning an ambitious and 
transformative strategy ‘Velocity’ to inspire 
and innovate the future of hire; a plan that will 
deliver an improved experience for customers 
and colleagues and drive sustainable 
profitable growth generating higher returns for 
shareholders. 
Led by a diverse and talented leadership team, 
with extensive experience gained from both 
within and outside the industry, and the dedicated 
support from all our colleagues, our transformation 
programme is supporting our Velocity strategy to 
energise and optimise our business and capitalise 
on current and future market opportunities. 
Underpinning our growth ambitions is our 
People First strategy with the target of 
becoming a Times Top 100 business to work for, 
and our ESG strategy ‘The Decade to Deliver’ 
that will enable us to become a carbon net zero 
business by 2040, ten years ahead of the UK 
Government target. 
I hope you enjoy reading this report, which 
outlines the progress we have made over the 
last financial year and our plans of achieving 
sustainable growth in the future.
TRANSFORMING TO DRIVE 
SUSTAINABLE GROWTH
DAN EVANS
Chief Executive
AMBITIOUS 
We lead with bravery to 
make anything possible
SAFE 
We share a collective 
responsibility to keep 
everyone safe
INNOVATIVE 
We nurture a culture 
where ideas grow
INCLUSIVE 
We are all unique, 
and we all belong
TRUSTED 
We are responsible 
and do the right 
thing, always
TOGETHER 
We are family, proud  
to work as one to make 
great things happen
Vision
To inspire and innovate the future of hire  
and accelerate sustainable growth.
Mission
To be the most efficient and sustainable 
UK hire business: digital and data driven, 
optimised through operational excellence 
and powered by our people.
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
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A year in review
APRIL 23 
Highly Commended 
in the Manager of the 
Year category at the 
HAE Awards.
JUNE 23 
Speedy Hire and 
Niftylift launch world-
first hydrogen-electric 
powered access platform, 
acting as sole supplier for 
the UK and Ireland.
JULY 23 
Capital Markets Day 
held at Speedy Hire’s 
flagship carbon-negative 
Innovation Centre 
to launch its 
Velocity strategy.
Recognised as a 
European Climate 
Leader by the 
Financial Times.
DECEMBER 23
Achieved an A rating 
from global integrated 
risk assessment 
firm Moody’s.
 
Partnered with the 
Lighthouse Club on 
the ‘Make It Visible’ 
mental health in 
construction campaign.
 
Launched first 
virtual online event 
‘Speedy Hire Live 
Net Zero’, combined 
with the launch of 
its latest sustainable 
Service Centre at 
London Gateway.
 
Formation of ‘Speedy 
Hydrogen Solutions’ 
Joint Venture.
NOVEMBER 23 
Partnership with  
B&Q extended to 
provide in-store drop 
ship vendor digital tool 
hire model in all B&Q 
stores nationwide, as 
well as online at B&Q’s 
website diy.com and 
trade-point.co.uk.
OCTOBER 23 
Acquisition of Green 
Power Hire Limited to 
provide zero carbon 
hydrogen powered 
Battery Storage Units.
SEPTEMBER 23 
Speedy Hire becomes 
the first hire company to 
become a participating 
member of the UN 
Global Compact; an 
initiative committed 
to responsible 
business practices. 
FEBRUARY 24 
Awarded a CDP 
A- Award, demonstrating 
environmental leadership, 
and disclosing action 
on climate change, 
deforestation or 
water security.
 
Awarded the ‘We Invest 
in Apprentices Gold’ 
accreditation by 
Investors in People.
MARCH 24 
Shortlisted in the 
Fleet News Awards 
for Excellence in Fleet 
Safety and Compliance, 
Most Improved Fleet of 
the Year, and awarded 
Transport Manager 
of the Year for Speedy 
Hire’s Fleet Director 
Aaron Powell.
 
Produced Speedy Hire 
Live Expo24, the largest 
private exhibition in  
the UK attracting  
c.1,700 delegates 
including industry 
experts, customers, 
leading global  
supplier brands and 
Speedy Hire colleagues.
 
Amelia Woodley, ESG 
Director, Speedy Hire 
wins edie Award for 
Business Leader of 
the Year.
 
Speedy Hire celebrates 
a decade of RoSPA 
Gold, achieving the 
President’s Award 
in recognition 
of maintaining a 
Gold rating for 10 
consecutive years.
 
Speedy Hire announced 
as a finalist in the 
Carbon Reduction 
Champion category 
at the Construction 
News Awards, and 
wins the IPAF Training 
Centre of the Year 
for its Ossett training 
facility in Yorkshire.
JANUARY 24 
Launched the 
installation of life-saving 
defibrillators in our 
commercial vehicle fleet.
 
Achieved EcoVadis 
Gold rating, placing 
Speedy Hire in the top 
5% of over 100,000 
companies assessed.
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
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Our customers and end markets
Infrastructure 32%*
•	New Build Highways, Rail, Energy, Harbours 
and Airports
•	Frameworks in Water and Sewerage (AMP7), 
Roads (Highways England), Rail (CP6) and 
Tele-communications 
Residential Construction 6%*
•	New Build Housing 
Non-Residential  
Construction 19%*
•	New Build Offices, Shops, Education, Hospitals, 
Warehouses and Factories, Hotels, Stadiums 
and Prisons
Residential RMI** 1%*
•	DIY and Home Improvement 
Industrial Services RMI 4%*
•	Power, Petrochemicals and Steel 
Support Services  
and Other RMI 38%*
•	Facilities Management, Manufacturing 
and Production, Environmental Services, 
Engineering Services, Defence and Media
We’re delighted to be entering 
into such an important strategic 
partnership with Speedy Hire. By 
2030, we have ambitious targets 
to reduce methane emissions by 
more than the UK’s 30 per cent 
target and by 2032, our network 
will be 90 per cent hydrogen 
ready. For us, the next few years 
are pivotal, not only for Cadent’s 
own sustainability journey but 
also for driving progress towards 
the UK’s overall net zero targets. 
Therefore, it’s more important 
than ever to align with partners 
that are just as dedicated to 
driving decarbonisation, with 
innovation and efficiency.” 
STEVE FRASER
CEO, Cadent
Case Study
Working with Cadent to 
enable pioneering hydrogen 
infrastructure 
During the year Speedy Hire were 
awarded a five-year contract by Cadent. 
The strategic partnership marked a pivotal 
moment in the industry as Speedy Hire 
took the lead in supporting Cadent’s plans 
to lay hydrogen-ready pipes nationwide, 
advancing the UK’s sustainability goals. 
Testament to Speedy Hire’s expertise 
and extensive Environmental, Social 
and Governance (‘ESG’) credentials, 
the pioneering collaboration will see 
Speedy Hire supply machinery, tools 
and equipment to Cadent. The project 
facilitates the UK’s largest gas distribution 
company’s ambition to make its network 
‘green gas ready’, by laying polyethylene 
pipes to carry a wider range of gas, 
including hydrogen. 
The contract includes the mobilisation 
of over one hundred excavators and 
25 electric vans, and its entire range of 
Milwaukee MX battery-powered tools, 
available exclusively through Speedy Hire. 
In addition, the Company will provide ten 
electric excavators to be piloted as part of 
the project, cementing Speedy Hire and 
Cadent’s shared vision of significantly 
driving down carbon emissions in the 
construction and utilities sectors. 
We have a broad spectrum of customers, ranging from the 
largest national contractors operating on government and 
private contracts in the infrastructure, construction and 
industrial markets, through to regional housebuilders and RMI** 
companies, SMEs, tradespeople and retail consumers.
*	 Approximate percentage of Group revenue.
**	 RMI concerns work which involves either repairing 
something which is broken or maintaining it to an existing 
standard. For housing output, this includes: repairs; 
maintenance; improvements; conversions (e.g. from 
a house to multiple flats); extensions; alterations; and 
redecoration. For other output, this includes: repairs; 
maintenance; and redecoration.
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
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A business model delivering value
Our integrated hire and services 
customer value proposition.
 
We provide a single hire destination service 
for customers, offering a complete site service 
through the provision of our core fleet of owned 
products, plus an extensive range of specialist 
equipment through our partnerships with the 
industry’s leading suppliers. Our centralised 
Customer Solutions service provides this  
one-stop-solution for any customer requirement. 
Our unique value proposition is further enhanced 
through the delivery of our extensive range of 
certified training courses, testing, inspection and 
certification services and carbon site consultancy.
Hire
Our hire products cover a range of 2,584 product 
lines in categories including small tools, access, 
power and battery storage, lifting, survey, powered 
access, welding and plant machinery.
Services
Our services include fuel and energy sales  
and management, training, product sales,  
and test, inspection and certification services.
Core hire
Customer 
Solutions
Specialist  
products  
and solutions
Training
Consumable 
sales
Power and  
Energy
Testing, 
Inspection, 
Certification
Enabling  
customer success 
through total hire  
solutions.
Trade and 
Retail
National
Regional
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
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Customer driven channel of choice
Making us easy to do business 
with, through providing contact 
options to suit customers’ 
individual needs.
With customers ranging from large complex 
national contractors to home DIYers, our aim 
is to make it easy for all of them to do business 
with us, through providing a choice of different 
contact options to suit their individual needs:
Customer Solutions
Our centralised service provides a single hire 
destination for the provision of all our core 
products and services, plus an extensive range 
of equipment in partnership with the industry’s 
leading product suppliers.
Speedy Hire Direct
Our central call centre located at our  
Head Office, with dedicated desks for our 
National customers.
Regional Trading Hubs
Our regional call centres are located  
throughout the country within our Service 
Centre network, with dedicated colleagues 
servicing our Regional customer base.
Service Centre Network
Our 147 Service Centre and on-site locations 
across the UK and Ireland.
Customer Relationship Centre
Our central hub in South Wales, dedicated  
to servicing our Regional, Trade and  
Retail customers.
Online
Through our website and mobile app. 
B&Q and Tradepoint
We operate an in-store digital model in B&Q 
and Tradepoint stores across the UK and on 
B&Qs website: diy.com and trade-point.co.uk. 
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
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Strategic 
partner
Strategic collaboration
Revenue
Target £650m revenue
Specialist products  
and services
A focus on niche products and 
services with significant growth 
and margin opportunities 
Strong foundations 
of a sustainable 
customer focused 
approach and People 
First philosophy
Customers
Grow customer base; national, 
regional, trade and retail
Brand and customer
Clear brand strategy 
implementation and customer 
experience development
EBITDA
Grow EBITDA 
margins to 28%
Core hire
Grow our market share with 
all customer segments across 
all geographies trading as a 
multichannel service offering 
Sectors
Expand market share in key 
target sectors*
Technology and data
Technology and data led 
hire business committed 
to sustainability
Leverage
Maintain sustainable  
leverage at 1.0-1.5x EBITDA
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 
Products
Invest in cleaner energy and 
efficient technology*
Group-wide transformation
programme
Innovative customer focused 
transformational programme 
powered by our people first 
strategy
Propositions
Grow tailored Customer Solutions 
business and services model
Customer experience
Create best in class channel  
and service delivery
Cloud based secure platform
Modern and secure digital 
operating platform to enable 
growth and support enhancing 
our customer experience
Logistics
Enhancing asset utilisation and 
improving carbon reduction
5 year financial KPIs
Growth Engines
Strategic revenue drivers
Deliver growth
To be the most efficient and 
sustainable UK hire business
Enable growth 
Deliver foundational improvements 
across technology and operational 
efficiency
Our ambitious growth strategy, Velocity
During FY2023 we developed and 
launched ‘Velocity’, a new strategy 
which is 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 markets. By 
focusing on these key areas, we aim 
to increase market share profitably 
and accelerate sustainable growth 
to meet our stated key performance 
indicators (‘KPIs’). 
Velocity was launched as a five-year 
transformation and growth strategy. 
During FY2024 we accelerated 
progress to deliver a wide range of 
foundational improvements across 
technology, operational efficiency, 
sustainable investment and our 
People First strategy, delivering 
strong foundations to fully align with 
our vision ‘To inspire and innovate 
the future of hire and accelerate 
sustainable growth’.
* Infrastructure, Residential Construction, Non-Residential, 
Construction Residential RMI, Support Services and Other RMI, 
Industrial Services.
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
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Capital 
allocation
Clear capital allocation 
investment and  
dividend policy.
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.
End markets
Supportive long-term end 
market fundamentals across 
infrastructure, residential and 
non-residential construction, 
industrial as well as RMI* 
and Support Services that 
include Facilities Management, 
Manufacturing and Production, 
Environmental Services, 
Engineering Services, Defence 
and Media, creating visible, 
resilient and less cyclical revenue 
streams.
ESG leading
Industry-leading  
ESG programme 
designed to reach  
net zero by 2040. 
Measured
Focused key metrics 
in place to measure 
strategic progress  
and priorities.
Optimised
A digital and data driven 
business, optimising our 
network, logistics and 
products and powered 
by our people.
 
Ambitious
Ambitious, purpose-led 
Velocity strategy 
to accelerate profitable 
growth and become 
the UK’s most efficient 
and sustainable hire 
business.
Strong and  
resilient
Strong and resilient 
business with the ability 
to develop revenue, 
grow EBITDA, expand 
margins and increase 
shareholder returns over 
the next four years.
WHY INVEST 
As a resilient and ambitious business, our transformational 
strategy ‘Velocity’ has set out transparent KPIs based  
on increasing revenue and operational efficiencies  
to drive profitability and deliver returns for our  
investor community. 
By 2028 we are targeting to:
1	 Leverage: Net debt covered by EBITDA. This metric excludes the impact of IFRS 16.
*	 Repair Maintenance Improvement (housing and construction).
A compelling investment proposition
Grow revenues to
£650M
Grow EBITDA margins to
28%
Maintain sustainable leverage1 at
1.0-1.5X
EBITDA
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
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Chairman’s Statement
Overview 
The results we are reporting today 
demonstrate the resilience of our business 
model during a challenging macro-economic 
climate faced by many businesses at this time. 
We remain a strong business with a clear 
multi-year strategy for sustainable, profitable 
growth, with a robust balance sheet which 
will enable us to future-proof the business by 
investing in the innovative, market-leading 
sustainable products that our customers 
increasingly demand.
Results 
Group revenue decreased by 4.3% to £421.5m 
(FY2023: £440.6m), in part due to a softening 
in Regional customer markets, resulting in 
lower adjusted profit1 of £14.7m (FY2023: 
£30.72), impacted by high operational gearing. 
Despite this, we have continued to invest in our 
people and made a significant commitment to 
transformation as part of our Velocity strategy 
launched in July 2023. 
During the year we secured over £40.0m 
of annualised revenue from new multi-year 
contracts and subsequent to the year-end we 
have secured further renewals and extensions. 
These wins and renewals are a reflection of our 
market leading customer service proposition. 
The contracts won in FY2024 have taken 
longer to mobilise, due to contract specific 
delays and we anticipate these new contract 
revenues taking full effect during the course 
of FY2025. In all cases we are working closely 
with our customers to streamline the process 
for taking on and mobilising new work, to 
minimise future delays. Our partnership 
with B&Q was changed from an in-store 
concession model to a digital model with 
the launch of tool hire on both DIY.com and 
Trade-point.co.uk, providing in-store digital 
home delivery tool hire from c.300 B&Q stores 
nationwide to a wide-ranging Trade and Retail 
customer base. 
The Group continue to operate internationally 
through a joint venture in Kazakhstan. The 
share of profits decreased to £2.9m (FY2023: 
£6.6m) following a reduction in scale of the 
significant temporary power contract that gave 
rise to a record performance in FY2023.
We remain a strong business with 
a clear multi-year strategy for 
sustainable, profitable growth.”
Over £40M
of revenue from new multi-year contracts 
2.60 pence
Total dividend per share
DAVID SHEARER
Chairman
1	 See note 12 to the Financial Statements.
2	 Revised, see note 31 to the Financial Statements.
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
speedyhire.com/investors 
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Chairman’s Statement continued
roles including interim and permanent roles 
respectively on the main board of FTSE listed 
companies Avon Protection Plc and Chemring 
Group Plc. In addition we have taken steps  
as part of our transformation programme  
to add additional bench strength to the  
senior management team as we roll out the 
Velocity Strategy.
During the year we made a number of changes 
to our reward strategy for all of our people 
recognising labour market challenges and the 
need to support our front-line workforce.  
This investment in our people is an important 
leg of our strategy going forward.
On behalf of the Board and personally, I would 
like to take this opportunity to thank each and 
every one of my colleagues for their continuing 
commitment and dedication to supporting  
the business.
Future 
We have a resilient business with an ambitious 
sustainable growth strategy which has 
been embedded into our business by our 
experienced senior management team. As 
the Velocity strategy rolls out, it puts us in 
a strong position to meet customer needs 
and accelerate sustainable profitable growth 
despite any macro-economic challenges. 
Having committed to this multi-year strategy, 
the Board looks forward with confidence as  
we start to deliver the benefits and capitalise 
on opportunities in the year ahead.
DAVID SHEARER 
Chairman
We have invested c.£42.5m in our hire fleet, 
using data and analytics to target products 
that our customers need. 63% of that 
investment was in sustainable products to 
meet the increasing demand from customers 
for such items. 
We have an industry-leading ESG roadmap 
whereby we have committed to becoming a 
net zero carbon business by 2040, ten years 
ahead of the Government’s target. Our ESG 
strategy ‘The Decade to Deliver’ is accelerating 
the reduction of our carbon footprint, while 
enabling our customers to make choices 
that reduce their environmental impact. By 
increasing our percentage of sustainable 
products for hire, as well as our offering 
of sustainability related services, we are 
providing customers the tools they need to 
achieve this.
Dividend 
The Board is recommending payment of a 
final dividend of 1.80 pence per share making 
a total dividend of 2.60 pence per share which 
is at the same level as last year. Whilst this 
dividend is outside our policy guideline given 
the weaker profit performance in FY2024, 
the strong cash generating performance in 
the business and the confidence in the future 
based on the recent contract wins supports 
this proposal. The Board also recognises the 
importance of regular returns to shareholders. 
Board and people 
Having been appointed as Interim CFO on  
1 November 2022, Paul Rayner was appointed 
permanently as Chief Financial Officer on 
1 July 2023. This appointment followed a 
comprehensive recruitment process supported 
by external consultants. Paul is a Fellow of 
The Institute of Chartered Accountants with 
over 25 years’ experience in senior financial 
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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Chief Executive’s review
Results
I present our results for the financial year 
ended 31 March 2024, that demonstrate a 
resilient performance despite cost inflation and 
the ongoing macro-economic uncertainty, in 
common with many businesses and industries 
across the UK, Ireland and internationally. 
Revenue declined by 4.3% to £421.5m  
(FY2023: £440.6m). Adjusted profit before 
tax1 decreased to £14.7m (FY2023: £30.7m2). 
Adjusted earnings per share3 were 2.35 pence 
(FY2023: 4.96 pence2). 
Our Hire business performed well despite 
challenging trading conditions and the 
performance of our seasonal products, which 
were negatively impacted by the winter 
period. Revenues were down 1.7% versus 
FY2023, and similarly, our Services business, 
excluding fuel, was down 1.6%. We are the only 
UK hire company to provide a fully managed 
fuel service and we proactively promote 
low-emission HVO fuel which now accounts 
for c.30% of our fuel sales. Impacted by the 
decline in wholesale price in the year, our 
fuel revenues were down 22.7%, year on year. 
In line with our Velocity strategy, we have 
made in year improvements to our testing, 
inspection and certification business, Lloyds 
British, promoting greater access to our 
diverse customer base, investing in their digital 
capabilities and restructuring the business to 
support their growth potential. 
Within our National customer segment which 
accounts for 53% of revenue, our end markets 
remain positive, and there is a continued 
strong pipeline of major infrastructure, 
construction and energy projects. These 
include investment in hydrogen power 
infrastructure, major highways projects, 
nuclear new build and decommissioning 
work, National Water infrastructure and the 
During the year we won and extended major contracts 
with key National customers. After the year end, we 
have continued positive momentum, securing further 
contract wins and renewals.”
63%
Investment in commercially sustainable 
hire equipment
£7.2m
Investment in base pay
1	 See note 12 to the Financial Statements.
2	 Revised, see note 31 to the Financial Statements.
3	 See note 10 to the Financial Statements.
DAN EVANS
Chief Executive
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
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Chief Executive’s review continued
Trade and Retail 
We support our Trade and Retail customers 
through our national network of Service  
Centres, by phone, online through our click  
and collect service, and through an in-store 
digital model in B&Q stores nationally, delivering 
a unique 4-hour delivery service in the process. 
During Q4 we successfully evolved our Trade 
and Retail business in partnership with B&Q. 
Our tool hire model is now an in-store digital 
model in B&Q’s c.300-strong store network 
nationally, so that customers can now hire our 
products seamlessly as part of their wider  
B&Q transaction at the B&Q tills, as well 
as online through B&Q’s website diy.com 
and trade-point.co.uk for home delivery and 
collection. The Trade and Retail consumer 
market remains an attractive opportunity for 
the business. As an already established hire 
provider in the trade market, the industry-first 
partnership model with B&Q will penetrate a 
new consumer market opportunity. This low 
cost-to-serve combination of in-store and 
online hire, combined with our existing digital 
propositions and Service Centre network, will 
accelerate our strategic aim of increasing share 
within the Trade and Retail markets.
Regional customers
We serve thousands of Regional customers 
through our Regional Account Management 
team located across the UK. These customers 
operate in Non-residential Construction, 
Infrastructure, RMI (‘Repair Maintenance 
Improvement’) and support services that 
include Facilities Management, Manufacturing 
and Production, Environmental Services, 
Engineering Services, Defence and Media. 
Many customers operating in these areas  
have been negatively impacted by the 
challenging economic environment, high 
interest rates and increased material costs, 
and as a result our revenues from this 
customer segment reduced by 6% on the  
prior year through a softening of volume sales, 
offset marginally by increased rates. 
Strategy and operational review 
At our Capital Markets Day in July 2023, 
we launched our five-year ‘Velocity’ 
strategy, designed to accelerate sustainable 
profitable growth. During FY2024 we have 
made significant progress in delivering the 
‘Enable’ stage of the five-year transformation 
programme that underpins the strategy, 
through creating foundational improvements 
across technology and operational efficiency. 
Whilst there is still work to do, we are pleased 
with progress made in the year and look 
forward to the continued successful execution 
of the transformation programme.
Market overview
Whilst the macro-economic environment 
remains uncertain, our customer base and 
the sectors we serve are well diversified, 
and we are suitably positioned to capitalise 
on significant growth projected in major 
infrastructure projects and programmes.
National customers 
We serve approximately 61,000 customers 
in the UK and Ireland, including 83 of the 
UK’s 100 largest contractors*. Our customers 
include major infrastructure contractors 
working across Highways, Energy, Harbours 
and Airports, as well as frameworks in Water 
and Sewerage (AMP7/8), Roads (National 
Highways), Rail (CP6/7) and Broadband and 
Telecommunications. We continue to see 
revenue growth from opportunities with both 
new and existing National customers.
During the year we won and extended major 
contracts with key National customers. 
These contracts represent attractive growth 
opportunities but have taken longer to 
mobilise, due to contract specific delays. 
Therefore, we anticipate the benefit taking 
effect during FY2025. 
continued investment in the rail network 
including the Government’s commitment to 
HS2 and the proposed Northern Network. 
Our largest customers servicing these major 
projects continue to demand commercially 
sustainable solutions to complex problems, 
provided through our innovative products  
and specialist expertise. As a result, revenues 
from our National customers have increased 
by 0.2% year-on-year, however revenues 
from our Regional customers have softened, 
declining 6.0%. Trade and Retail revenue has 
remained flat year-on-year as we transition to 
our digital model.
During the year the Group has monitored 
and implemented price increases to offset 
inflationary cost pressures on both overheads 
and new equipment purchases. Our pricing 
strategy gives customers the very best value 
for the high-quality products and services  
we deliver.
We have taken action to improve asset 
controls, with digital technology being trialled 
to further assist in the control for accurate 
counting of hire equipment. Itemised asset 
utilisation was 52.4% (FY2023: 54.4%) 
reflecting the targeted investment in the 
Group’s hire fleet and improved availability, 
supported by our work with PEAK AI.
Our joint venture in Kazakhstan has performed 
as expected, albeit lower than the record 
performance achieved in FY2023. The share of 
profit decreased to £2.9m (FY2023: £6.6m).
*	 Source – Glenigan Limited.
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
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better working environments for our people 
and a market-leading experience for our 
customers. During the year we rationalised and 
consolidated a number of older, less efficient 
properties into new Service Centres, including 
in Hull, Southampton and a new flagship 
centre servicing the Capital; London Gateway, 
a state-of-the-art 33,000 sq ft facility located in 
East London. 
ESG
We are committed to becoming a net zero 
business by 2040; ten years ahead of the UK 
Government’s target. Our carbon emissions** 
in the UK and Ireland have reduced by 
21.4% from 361,361.42 tonnes in FY2023, to 
283,947.52 tonnes in FY2024. This reduction 
has been achieved through the continued 
procurement and organic generation of 
renewable energy, investment into a greener 
property network, a more efficient vehicle fleet 
and the use of HVO fuel in our larger vehicles. 
To minimise our carbon footprint, we actively 
procure more commercially sustainable assets 
into our hire fleet including those with solar, 
hybrid, electric and hydrogen technology. 
During FY2024 we invested £42.5m in our 
hire fleet, of which 63% was on commercially 
sustainable equipment, in the process bringing 
a world-first hydrogen powered access lift to 
market. We have a target to ensure that eco 
products account for 70% of our itemised 
equipment fleet by 2027. 
During the year we acquired sustainable power 
solutions specialist, Green Power Hire Limited 
(‘GPH’) to supply Battery Storage Units (‘BSU’) 
to the UK rental market, enabling customers 
to achieve both financial and environmental 
savings compared to alternative systems 
available. We continue to experience strong 
demand from our current and potential new 
customers for eco products and sustainable 
power solutions and are seeing an increasing 
Throughout FY2024, we continued to 
strengthen our partnership with PEAK AI, 
providing further automation and insight 
around the optimisation of our fleet holding, 
replenishment and informing our pricing 
strategy. These developments contributed 
to a 1.8pp improvement in utilisation rates 
across targeted assets. In FY2025 we will 
be deploying a further suite of initiatives, 
including a predictive capital expenditure 
model and a new price optimisation solution 
to dynamically adjust our pricing offered to 
customers. In addition, we will also launch 
PEAK’s Audiences app, utilising the latest 
machine learning technology, to drive greater 
insight and understanding of our customer 
behaviour and segmentation to better inform 
our sales and marketing strategies.
Creating a modern workplace is a strategic 
pillar in achieving our growth ambitions, and 
fully integrating our ERP (‘Enterprise Resource 
Planning’) system is a foundational building 
block to enable this. Throughout the year 
we have further developed our longstanding 
collaboration with Microsoft by upgrading 
our ERP system to the cloud-based Microsoft 
Dynamics 365 Platform. The Platform 
is simplifying some of our key business 
processes and significantly improving the user 
experience, resulting in increased productivity 
through efficiency, and in the process 
improving the customer experience. Further 
to this, we invested in our digital capabilities 
surrounding our hire fleet management. We 
have developed a stock counting application 
to simplify and standardise the asset count 
process, which will be used in our periodic 
asset counts.
We continue to develop our future state 
property programme, to modernise our 
network with energy efficient, low carbon 
facilities that optimise efficiencies and 
reduce operational costs whilst creating 
AI assists in predicting which products to 
invest in, which will further enhance the 
optimisation of our asset holdings, and through 
dynamic forecasting enable us to continue to 
achieve strong asset utilisation rates.
By activating these technologies, we can 
further ensure that we have the right products, 
in the right place, at the right time, in the 
most efficient way to meet customer demand. 
This is key to delivering for our customers 
on their key priorities of quality, availability, 
speed and receiving a first-class customer 
experience. The use of technology, combined 
with our service-led people culture makes this 
differentiating value proposition possible for 
our customers, enabling them to reduce time 
and cost on site. We will be digitally, and data 
driven to ensure our Service Centre network, 
our logistics and our assets are optimised  
to continue playing a vital role in our 
customers success.
Operational efficiency
Operational efficiency continues to be a 
key part of our Velocity strategy and cost 
control remains key to delivering long-term 
sustainable profitable growth. The significant 
macro-inflationary pressures continue to 
impact our business, in common with most UK 
businesses at present. To mitigate the effects 
of this, we continue to control costs and focus 
on initiatives to improve operational efficiency 
and the effective management of our supply 
chain. By controlling costs, we will enable 
continued investment in the transformational 
aspect of our Velocity strategy, supporting the 
delivery of our stated targets of sustainable 
revenue and profitable growth. Our industry-
leading utilisation of Artificial Intelligence (‘AI’) 
through our strategic collaboration with PEAK 
supports decision making through enhanced 
management information that links our  
Service Centre network with our logistics  
and asset intelligence. 
**	Scope 1, 2 & 3.
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
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number of tenders specifically requiring 
BSUs. The acquisition has performed in line 
with our business plan and since purchase 
we have procured further units to enlarge our 
battery storage unit fleet and satisfy customer 
demand.
We also entered into a Joint Venture with AFC 
Energy plc, a leading provider of hydrogen 
powered generator technologies, to form 
‘Speedy Hydrogen Solutions Limited’. This 
collaboration is providing the UK construction 
and temporary power market with AFC 
Energy’s sustainable, zero emission temporary 
power solutions designed specifically for off-
grid power. Through the JV we are providing 
an exclusive full-service hire model for an 
initial three-year period and are working with 
our National customers on their demand 
needs, signifying the growing demand for zero 
emission power solutions.
I’d like to take this opportunity to thank all our 
colleagues for their resilience and relentless 
dedication to the business, whilst continuing to 
deliver a first-class service to our customers.
Outlook 
We continue to make good progress with 
implementation of our Velocity strategy which 
is embedding a solid foundation for growth 
opportunities in the medium to long-term 
which will benefit our customers and people 
whilst enhancing shareholder returns. 
The new financial year has started well with 
performance in line with Board expectations. 
After the year end, we have continued positive 
momentum, securing further contract wins  
and renewals.
As we implement a more efficient and 
streamlined service through enhanced AI 
driven data and system digitisation, keep 
close control of costs, and maximise growth 
potential through our strong visible pipeline 
in our core end markets, we look forward to 
delivering on these opportunities in the  
year ahead.
DAN EVANS
Chief Executive
Further initiatives to reduce our carbon 
emissions include investing in modernising our 
Service Centre network. We installed building 
management systems into a number of trial 
locations with a view to reducing our energy 
consumption. During FY2024, these locations, 
on average, have achieved an annualised 
energy consumption reduction of 63.5%, 
representing c.£40k of efficiency per property. 
We were proud to be awarded Gold Standard 
by EcoVadis, a leading provider of business 
sustainability ratings, which puts Speedy 
Hire in the top 5% of sustainable businesses 
globally. We were also named as a European 
Climate Leader for 2023 by the Financial Times 
and attained the RoSPA Presidents Award for 
achieving the RoSPA Gold standard for ten 
consecutive years.
People 
We recognise that our people are the most 
important component of our business, and our 
ambition is to become a Times Top 100 place 
to work. Our People First strategy prioritises 
personal and professional development, 
wellbeing and equality, diversity and inclusion 
within the workplace. During the year we have 
invested in our people to provide fair pay, 
reward and development opportunities. We 
have introduced flexible working, and improved 
systems and processes to make it easier for 
them to work in their everyday roles.
We have introduced a series of initiatives 
to enhance our colleagues’ experience and 
encourage loyalty, in the process reducing our 
voluntary attrition rate to record low levels. 
Examples include an investment of £7.2m in 
base pay for people working at our lower grade 
levels, improved colleague wellbeing through 
the roll-out of Speedy Hire Work Life Balance to 
over a third of our colleagues and implementing 
the UN’s Women Empowerment Principles to 
encourage more women into the business.
We are also preparing for the future by 
upskilling existing colleagues and attracting 
new talent to ensure we have the right levels of 
capability in future skills needed to achieve our 
Velocity strategy.
In addition, our Emerging Talent Development 
Board is a group of 11 from our brightest 
‘emerging talent’ colleagues in our business. 
They are charged with developing themselves 
personally and professionally while working 
alongside the Executive Team in contributing to 
the strategic plans and delivering on complex 
business projects with female Chief Executive 
and Chief Financial Officers in position.
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
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Financial review
Our financial results for FY2024 demonstrate 
resilience in the face of cost inflation and 
well-documented macroeconomic uncertainty. 
Throughout all, we have maintained our 
commitment to our people, excellent  
customer service and progression of our 
Velocity strategy.
Revenue from our National customers was up 
marginally year on year, whilst our Regional 
customers traded 6% down in FY2024. We 
have observed some encouraging signs in the 
new financial year to date, with total revenues 
in line with expectations. 
The contract wins achieved in FY2024 are 
encouraging, with the business securing 
additional annual turnover in excess of £40.0m 
across multi-year agreements with new and 
existing customers. This new business is 
underpinned by disciplined pricing and is a 
clear demonstration of the attractiveness of 
Speedy’s customer proposition. Since the year 
end, further new contracts and extensions 
have been secured. As with prior periods, the 
Group expects a second half weighting to its 
revenues and profits in FY2025 as we mobilise 
these significant new contracts. 
Our services business has performed 
well, although its pass-through revenues 
were impacted by the effect of a decrease 
in wholesale fuel prices. Margins were 
maintained in this segment. 
Free cash flow1 is a key metric for the Group 
and in the year this increased to £23.5m 
(FY2023: £10.6m) following active working 
capital management.
In October 2023, the Group acquired the entire 
issued share capital of sustainable power 
solutions specialist, Green Power Hire Limited 
(‘GPH’) for an enterprise value of £20.2m. 
The acquisition has resulted in goodwill and 
other intangible assets of £10.9m. Since its 
acquisition, the GPH business has contributed 
£2.0m of revenue and £1.6m of EBITDA2 to the 
Group, which includes acquisition synergies 
of c.£0.8m. This trading performance is 
continuing to build as we target rate increases 
and invest further in the fleet to satisfy 
growing customer demand. More detail on the 
acquisition is provided in note 5.
In addition to the acquisition, in November 
2023 Speedy Hire formed a joint venture, 
Speedy Hydrogen Solutions Limited (‘SHS’), 
with our partner, AFC Energy Plc. 
Net debt3 has increased to £101.3m as at  
31 March 2024 representing leverage4 of 1.5 
times (FY2023: £92.4m, 1.3x leverage). This 
follows the acquisition of GPH, which was 
funded from the Group’s existing debt facilities. 
1	 Free cash flow: net cash flow before movement 
in loan balances, merger and acquisition activity 
and returns to shareholders.
2	 See note 12 to the Financial Statements.
3	 See note 21 to the Financial Statements. This 
metric excludes lease liabilities.
4	 Leverage: Net debt3 covered by EBITDA2. This 
metric excludes the impact of IFRS 16.
£23.5M
Free Cash Flow
23%
Adjusted EBITDA margin
PAUL RAYNER
Chief Financial Officer
Free cash flow is a key metric for the Group and in 
the year this increased to £23.5m following active 
working capital management.”
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
speedyhire.com/investors 
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Financial review continued
Revenue and margin analysis
The Group generates revenue through two categories, Hire and Services. 
Revenue and margin by type
Year ended
31 March
2024
£m
Year ended
31 March
2023
£m
Change
%
Hire:
Revenue
253.6
258.0
(1.7)%
Cost of sales1
(54.6)
(54.8)
Gross profit
199.0
203.2
(2.1)%
Gross margin 
78.5%
78.8%
Revenue and margin by type
Year ended
31 March
2024
£m
Year ended
31 March
2023
£m
Change
%
Services:
Revenue
162.5
176.3
(7.8)%
Cost of sales
(130.9)
(142.9)
Gross profit
31.6
33.4
(5.4)%
Gross margin 
19.4%
18.9%
Hire revenue decreased by 1.7% compared to FY2023, reflecting rate increases mitigating a softening 
in Regional customer demand. A number of new and renewed contracts with key customers were 
secured during the year, reflecting the strength of our market position. The Group continued to 
implement rate increases during FY2024, following on from the programme established in FY2023, 
to offset the effects of cost inflation on both overheads and new equipment purchases. The rate 
increases take effect as framework agreements and as hire contracts are renewed, resulting in the 
benefits of those increases building throughout the year.
Services revenues decreased by 7.8% in the year. Excluding fuel, services revenues were down by 
1.6%, affected by general market conditions. Fuel revenue decreased 22.7% compared to FY2023 as 
a result of the decline in the wholesale price of both diesel and hydrogenated vegetable oil (‘HVO’), 
which does not impact gross margin. Included within Services is £19.8m of revenue from our Lloyds 
British business (FY2023: £19.6m).
Group financial performance
Total revenue for the year ended 31 March 2024 decreased by 4.3% versus FY2023 to £421.5m. 
Revenue (excluding fuel) decreased by 1.9% to £381.4m and revenue from fuel was £40.1m (FY2023: 
£51.9m). Hire rate increases and performance with our National customers have mitigated some of 
the softening of revenues with our Regional customers.
Gross profit1 was £230.0m (FY2023: £239.4m), a decrease of 3.9%. The gross margin1 increased 
to 54.6% (FY2023: 54.3%), reflecting the lower proportion of pass-through fuel sales, and our 
commitment to pricing discipline.
The share of profit from the joint venture in Kazakhstan returned to expected levels at £2.9m 
(FY2023: £6.6m), following a reduction in scale of the significant temporary power contract that gave 
rise to a record performance in FY2023.
Adjusted EBITDA2 decreased by 6.8% to £96.8m (FY2023: £103.93), however margins were held 
broadly flat at 23%. 
Adjusted profit before taxation2 decreased to £14.7m (FY2023: £30.7m3), due to the decline in 
revenue and the impact of operational gearing on the business. Higher interest costs and reduced 
performance from our joint venture also contributed to the year on year decrease. ROCE4 declined to 
9.9%, impacted by lower profits in the year.
The Group incurred non-underlying items before taxation of £9.0m (FY2023: £28.5m), further detail 
on which is given below.
After taxation, amortisation and non-underlying items, the Group made a profit of £2.7m, compared 
to £1.2m in FY2023. 
1	 From underlying performance; excludes non-underlying items.
2	 See note 12 to the Financial Statements.
3	 Revised, see note 31 to the Financial Statements.
4	 Return on capital employed: profit before tax, interest, amortisation of acquired intangible assets and non-
underlying items divided by the average capital employed (where capital employed equals total equity and 
net debt5), for the last 12 months. See note 12 to the Financial Statements.
5	 See note 21 to the Financial Statements. This metric excludes the impact of IFRS 16.
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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Financial review continued
Non-underlying items
Year ended
31 March
2024
£m
Year ended
31 March
2023
£m
Asset write-off
–
20.4
Other professional and support costs
1.9
1.4
Restructuring costs
3.9
6.7
Transformation costs
3.2
–
Total
9.0
28.5
In October 2023, the Group acquired GPH, advancing the Group’s sustainable offering to customers 
and evidencing the Velocity strategy in action. In addition to the acquisition of GPH, the Group also 
incurred costs in respect of the formation of SHS, the joint venture with AFC Energy Plc. The costs 
incurred relate primarily to professional and other supporting fees, amounting to £1.4m in total. 
An external review of the entire depot network was commissioned in the year, to assess the 
condition of each site and the dilapidations that may be payable under the respective lease 
agreements. This is the first review of its kind undertaken by the Group, and it is not expected  
that a similar exercise of this scale will be required going forwards. Fees in relation to this review 
total £0.5m.
The Group incurred further, non-underlying, restructuring costs associated with moving towards its 
target operating model. At the year end, the Group had exited all B&Q concessions and our products 
and services are now available for digital hire in-store within B&Q and Tradepoint locations, as well 
as on the respective websites. In evolving our partnership with B&Q and moving to a more digitally 
focussed model, the Group incurred £2.7m of non-recurring losses.
The remainder of the restructuring costs included costs associated with depot optimisation and 
restructuring projects of £1.2m.
The investment in implementing our Velocity strategy and executing our transformation programme 
represents a significant cost to the business and resulted in an incremental cost of £3.2m to the 
business in the year. 
Detail on the non-underlying items which occurred in FY2023 can be found in note 4.
Interest and banking facilities
The Group’s net interest on borrowings increased to £7.7m (FY2023: £5.1m) reflecting higher average 
gross borrowings throughout the year following the acquisition of GPH and the impact of increased 
interest rates. Interest on lease liabilities increased to £5.0m (FY2023: £3.5m). The Group’s main 
bank facilities expire in July 2026, with the additional uncommitted accordion of £220m remaining in 
place through to this date. The facility continues to give the Group headroom with which to support 
organic growth and acquisition opportunities.
Revenue and margin analysis continued
Gross margin1 increased from 54.3% to 54.6%, resulting from a decrease in lower margin fuel sales, 
increase in hire rates and a lower depreciation charge offsetting lower utilisation. Hire margin1 
decreased to 78.5% (FY2023: 78.8%) due to pricing increases offset by lower utilisation as a result 
of softening in customer demand. Asset utilisation on itemised assets for the year decreased to 
52.4%, with non-itemised asset utilisation reported at 49.4%. Services margin of 19.4% was impacted 
positively by the reduction in lower margin fuel revenue (FY2023: 18.9%). 
Overheads
The overheads as disclosed in the income statement can be further analysed as follows:
Year ended
31 March
2024
£m
Year ended
31 March
2023
£m
Distribution and administrative costs1
202.9
203.1
Amortisation – acquired intangibles
(0.6)
(0.4)
Underlying Overheads
202.3
202.7
Disciplined cost management, with savings realised from our operational and management 
restructuring in the last financial year, has meant that we have maintained our underlying cost base 
even whilst implementing significant salary increases (£7.2m annual investment) for our people and 
absorbing inflationary pressures. As a result, underlying overheads1 were 0.2% lower at £202.3m 
(FY2023: £202.7m). To ensure we can continue to invest in our five-year Velocity growth strategy, 
we are continuing to control costs through initiatives to improve operational efficiency and targeted 
supply chain improvements.
Total headcount decreased 2.4% in the year, and average headcount 3.3%, as a result of depot 
optimisation and restructuring projects.
2024
£m
2023 
%
%
Headcount at year end
3,293
3,375
(2.4)%
Average headcount during the year
3,409
3,524
(3.3)%
1	 From underlying performance; excludes non-underlying items.
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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Financial review continued
We have continued to invest in the hire fleet with additions of £42.5m in FY2024, of which 63% relate 
to carbon efficient ECO products in line with our target to be a net zero business by 2040 and the 
increasing relevance of sustainable solutions, including customers mandating zero site emissions 
in some instances. The acquisition of GPH also contributed a further £11.8m of hire fleet additions in 
the year. Itemised asset utilisation has decreased to 52.4% (FY2023: 54.4%), with non-itemised asset 
utilisation 49.4%.
Expenditure on non-hire property, plant and equipment of £9.0m (FY2023: £8.8m) represents the 
investment in our properties and IT capabilities.
Proceeds from disposal of hire equipment were £16.1m (FY2023: £17.4m). The decrease was driven 
primarily by an exercise to dispose of certain underutilised assets, resulting in a lower condition of 
assets being taken to auction attracting lower proceeds.
The Group expects to invest further in its hire fleet to support revenue growth in FY2025, with 
budgeted capex of c.£55.0m to support growth aspirations.
Net property, plant and equipment (excluding IFRS 16 right of use assets) was £233.1m as at 31 
March 2024 (FY2023: £237.7m), of which equipment for hire represents 90.3% (FY2023: 87.5%). 
Following the write-off of assets in FY2023, the Group has implemented additional controls 
including enhanced senior engagement and involvement, weekly perpetual counts and full counts 
in September and March. The asset count performed in March 2024 did not identify any significant 
issues and indicated that the improved controls were operating effectively.
Intangible assets increased to £39.7m (FY2023: £25.0m), following the acquisition of GPH.
Right of use assets of £97.3m (FY2023: £83.2m) and corresponding lease liabilities of £97.6m 
(FY2023: £86.1m) have increased in part due to new vehicle leases to support the move to a lower 
carbon fleet as well as property lease renewals, offset in part by depot closures and consolidations. 
Continued focus on reducing overdue debt coupled with strong cash collections have resulted in 
gross trade receivables of £97.3m at 31 March 2024 (FY2023: £102.2m). Bad debt and credit note 
provisions were £3.4m as at 31 March 2024 (FY2023: £4.3m), equivalent to 3.5% of gross trade 
receivables (FY2023: 4.2%). In setting the provisions the Directors have given specific consideration 
to the impact of macroeconomic uncertainties. Whilst the Group has not experienced a significant 
worsening of debt collections or debt write-offs to 31 March 2024, we continue to monitor the 
situation closely. 
Debtor days as at 31 March 2024 were 64 (FY2023: 61 days). Trade payables as at 31 March 2024 
were £44.9m (FY2023: £39.1m). Creditor days were 40 days (FY2023: 37 days).
Interest and banking facilities continued
The facility includes quarterly leverage1 and fixed charge cover covenant tests which are only applied 
if headroom in the facility falls below £18.0m. The Group tested and maintained significant headroom 
against these covenants in the year.
Borrowings under the facility are priced based on SONIA plus a variable margin, while any unutilised 
commitment is charged at 35% of the applicable margin. During the year, the margin payable on 
the outstanding debt fluctuated between 1.55% and 2.25% dependent on the weighting of the asset 
base on which borrowings are based between receivables and plant and machinery. The effective 
average margin in the year was 1.92% (FY2023: 1.84%).
The Group utilises interest rate hedges to manage fluctuations in SONIA. The fair value of these 
hedges was £0.4m at 31 March 2024 (FY2023: £1.0m). The hedges have varying maturity dates, 
notional amounts and rates and provide the Group with mitigation against interest rate rises. Over 
the next 12 months c.50% of the expected net debt is hedged. As of May 2024, 73.3% of the Group’s 
net debt is hedged with a weighted average hedge rate of 4.1%, before bank margin.
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 charge for the year was £2.4m (FY2023: £0.6m), with an effective tax rate of 47.1%  
(FY2023: 33.3%). Adjusting for the impact of non-underlying items, the effective tax rate for  
FY2024 was 29.3% (FY2023: 20.2%). 
Shares and earnings per share
At 31 March 2024, 516,983,637 Speedy Hire Plc ordinary shares were in issue (FY2023: 516,983,637), 
of which 4,106,820 were held in the Employee Benefit Trust (FY2023: 4,162,452) and 55,146,281 were 
held in Treasury (FY2023: 55,146,281).
Adjusted earnings per share4 was 2.35 pence (FY2023: 4.96 pence5). Basic earnings per share4 
was 0.59 pence (FY2023: 0.25 pence), with both years impacted by non-underlying items in their 
respective years. 
Balance sheet
The Group has maintained a strong balance sheet and is well placed to continue to pursue financial 
and strategic objectives despite the macroeconomic uncertainties.
Total capital expenditure during the year amounted to £51.5m (FY2023: £60.9m).
1	 Leverage: Net debt2 covered by EBITDA3. This metric excludes the impact of IFRS 16.
2	 See note 21 to the Financial Statements. This metric excludes lease liabilities.
3	 See note 12 to the Financial Statements. 
4	 See note 10 to the Financial Statements.
5	 Revised, see note 31 to the Financial Statements.
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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Financial review continued
Capital allocation policy
The Board intends to continue to invest in the business in order to grow revenue, profit and ROCE. 
This investment is expected to include capital expenditure within existing operations, as well as value 
enhancing acquisitions that fit with the Group’s strategy and are returns accretive. 
The Board’s objective is to maximise long-term shareholder returns through a disciplined 
deployment of cash generated, and it has adopted the following capital allocation policy in support 
of this as highlighted as part of our Velocity strategy:
•	
Organic growth: the Board will invest in capital equipment to support demand in our chosen 
markets. This investment will be in hire fleet and IT systems to better enable us to serve our 
customers;
•	
Regular returns to shareholders: the Board intends to pay a regular dividend to shareholders, 
with a policy of growing dividends through the business cycle, and a payment in the range of 
between 33% and 50% adjusted earnings per share;
•	
Gearing and treatment of excess capital: the Board is committed to maintaining an efficient 
balance sheet. The Board has adopted a target leverage in the region of 1.5x through the 
business cycle, although it is prepared to move outside this if circumstances warrant; 
•	
Acquisitions: the Board will continue to explore value enhancing acquisition opportunities in 
markets adjacent to, and consistent with, its Velocity strategy.
The Board continues to believe that a strong balance sheet is appropriate for the current stage of the 
cycle to allow the Company to take full advantage of opportunities that arise.
PAUL RAYNER
Chief Financial Officer
Cash flow and net debt
Cash generated from operations (before changes in hire fleet) for the year was £94.2m (FY2023: 
88.7m), representing 97.3% (FY2023: 85.5%) conversion from EBITDA, reflecting the continued focus 
on working capital improvements. Free cash flow1 increased to £23.5m (FY2023: £10.6m), as cash 
disciplines across the business were reinforced.
Net debt1 increased by £8.9m from £92.4m at the beginning of the year to £101.3m at 31 March 2024, 
reflecting £20.2m for the acquisition of GPH funded from the Group’s existing facilities. Excluding the 
impact of IFRS 16, leverage2 increased to 1.5 times (FY2023: 1.3 times). 
The Group retained substantial headroom within its committed bank facility throughout the year, 
with cash and undrawn facility availability of £56.7m as at 31 March 2024 (FY2023: £83.5m). 
Dividend
The Board has proposed a final dividend for FY2024 of 1.80 pence per share (FY2023: 1.80 pence per 
share) to be paid on 20 September 2024 to shareholders on the register on 9 August 2024. 
The cash cost of this dividend is expected to be c.£8m. This takes the total dividend for FY2024 to 
2.60 pence per share (FY2023: 2.60 pence per share), following an interim dividend of 0.80 pence 
per share (FY2023: 0.80 pence per share). 
The dividend proposed represents a temporary deviation a from the Group’s capital allocation policy, 
however is in line with our Velocity strategy of enhancing shareholder returns and is affordable, 
twice covered by free cash flow in the year.
1	 See note 21 to the Financial Statements. This metric excludes lease liabilities.
2	 Leverage: Net debt1 covered by EBITDA3. This metric excludes the impact of IFRS 16.
3	 See note 12 to the Financial Statements.
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
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Digitally and data driven…
…powered by our people and partners
Our 
network
Our 
logistics
Our Transformation Programme
Our 
assets
TRANSFORMING SPEEDY HIRE
Our transformation programme is digitally and data driven, 
optimising our network, logistics and assets, and powered 
by our strategic partners and our People First  
approach that will enhance our colleagues  
experience and deliver a first class  
customer service.” 
PAUL JACKSON
Chief Digital and  
Transformation Officer
Paul joined Speedy in May 2022 from IKEA 
where he was Chief Digital Officer for the 
UK&I business. He spent the first 10 years 
of his career as a Management Consultant 
within Accenture’s Financial Services 
practice. He then moved into retail leading 
Argos’ digital and data transformation 
before moving to Sainsbury’s heading 
up their group-wide CRM and Targeted 
Marketing capability.
In July 2024 we launched our Velocity growth 
strategy at the Capital Markets Day held at our 
award-winning sustainable Innovation Centre 
in Milton Keynes. Underpinning our Velocity 
strategy is our group-wide Transformation 
Programme, built on six key pillars: Technology 
and Data; Customer Focus; Innovative 
Growth; Operational Excellence; Speeding up 
on Sustainability; and People First, that will 
enable us to achieve our stated financial and 
non-financial targets. 
Designed with the broad aims of improving our 
internal operations for our people, improving 
the experience for our customers, and realising 
our future revenue and margin potential to 
generate higher returns for our shareholders, 
the programme is an essential component of 
driving our sustainable growth strategy.
It will enable us to become a digital and 
data led business, creating a step change in 
efficiency, and delivering the technical and 
operational changes required to establish our 
future business model.
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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Technology and data
Our transformation programme is being driven 
by leveraging technology and data to drive 
simplicity and efficiency to support sustainable 
profitable growth.
By deploying digital and data technology  
we are significantly improving many aspects 
of how we operate and manage the business. 
We are embedding systems to fully automate 
processes that will make our business,  
and our customers experience faster and  
more efficient. 
From using artificial intelligence (‘AI’) to 
reliably forecast stock levels that meet 
customer demand, to using data and analytics 
to provide trusted, actionable insight that 
drives decision making in logistics, pricing and 
engineering. We are using data and AI to be 
more efficient, provide even better levels of 
service and make better decisions.
Partnering with leading suppliers and using 
state-of-the-art technology solutions to 
simplify work and reduce admin, we are:
•	
Using data and market intelligence to be 
systematic around identifying leads and 
business opportunities.
•	
Deploying systematic account management 
targeting and CRM techniques with aligned 
employee incentives.
•	
Integrating more partners to strengthen 
our unique proposition of delivering the 
broadest range of hire products and 
services in the market, including our 
own assets, rehire and complementary 
services.
•	
Providing data services to add value to our 
proposition and increase margins through 
services including carbon usage reporting 
to assist customers’ ESG requirements.
Strategy in action: Working  
with Microsoft to power BI
During the year we introduced Power BI, an 
advanced business intelligence and data 
visualisation tool developed by Microsoft. This 
tool enables users to connect to various data 
sources, transform and clean the data, and 
create interactive visualisations and reports. 
By utilising Power BI, management can easily 
analyse and explore data to gain valuable 
insights and make well-informed business 
decisions.
We adopted Power BI as a flexible and 
effective tool that will revolutionise our internal 
data analysis, enabling us to make better 
informed business decisions and unlock 
valuable insights into our business. 
The technology offers a wide range of benefits, 
including its collaborative and sharing 
capabilities, and its ability to allow for real-time 
collaboration on reports and dashboards, 
making it effortless for teams to collaborate on 
data analysis.
During FY2025 we will be implementing 
Power BI across all business functions, 
making it available to all colleagues with a 
robust training and feedback plan to ensure 
the system remains dynamic in ensuring it 
meets the unique requirements of all business 
functions.
We are also using Power BI to help our 
customers by providing them with validated, 
purpose led carbon reporting so they can trust 
our data to make the right carbon choices. 
With the increasing rise in the importance of 
carbon reporting and the risk of greenwashing, 
purpose-led, accurate and validated data has 
never been more important. Therefore, in 
FY2024 we developed our first ever customer 
power BI carbon dashboard that quantifies 
and reports the carbon emissions for both our 
hire equipment and transport. Our calculator 
has been independently verified by Hydrock to 
industry standards such as RIC’s professional 
Statement Whole Life Carbon assessment for 
the Built Environment so our customers can 
trust we are reporting to reputable industry 
carbon standards.
CUSTOMER 
FOCUS
OPERATIONAL 
EXCELLENCE
INNOVATIVE 
GROWTH
PEOPLE 
FIRST
SPEEDING UP ON 
SUSTAINABILITY
TECHNOLOGY 
AND DATA
The transformation programme is built around six clearly defined workstreams:
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
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CUSTOMER FOCUS AND INNOVATIVE GROWTH
We are developing a single digital platform 
where customers and colleagues can place 
an order with a click of the button, with assets 
delivered to the right place at the right time 
with no manual intervention. By providing the 
most convenient and accurate delivery offer in 
the market with a system that gives customers 
more control, assets can be delivered in 
specific timeslots to specific locations of our 
own or third-party collection points.
With an increasing number of trade and retail 
customers looking to hire online, being able 
to order simply and quickly is paramount to 
their customer experience. We are focusing 
on providing these customer segments with 
scalable digital channels that are intuitive, 
flexible and designed to present cross-sales 
opportunities with every hire purchase. In 
addition, it’s vital that we understand our 
customer behaviour and buying preferences. 
During the year Asif Latief was appointed into 
the newly created role of Chief Commercial 
Officer on the Executive Team. With over  
20 years’ experience in the hire industry  
at board level, Asif has spearheaded  
positive strategic and operational change  
in fast growth, multi-site companies. At  
Speedy Hire, Asif is focused on driving a 
performance-driven culture and creating a 
commercial framework to accelerate  
our growth. 
 
Our aim is to be the easiest business to deal  
with for customers, by providing a fast, 
comprehensive, and efficient service with  
a consistent and painless customer experience 
across all contact points, combined with  
a consistent single ‘shop front’ view across  
all channels such as our website, app  
and catalogue.
By implementing an improved customer 
relationship sales and marketing system 
integrated into our digital platforms, we will be 
able to use internal and external data to better 
understand our customers buying behaviours 
and target our sales and marketing activity 
more effectively.
Strategy in action: Collaboration  
to drive new market revenue
As part of our long-term Trade and Retail 
strategy we have developed our partnership 
with leading home improvement and garden 
living retailer, B&Q, to facilitate in-store digital 
tool hire services from over c.300 B&Q stores 
nationwide. Exclusively, in collaboration with 
Speedy Hire, the partnership will enable 
tradespeople and consumers to hire tools  
for home delivery both in store at the B&Q till  
as part of their overall shopping transaction,  
or 24/7 via B&Q’s websites, diy.com and  
trade-point.co.uk. 
This major new development enables 
nationwide access to tool hire at B&Q with our 
most popular products available to hire digitally 
in-store through the customer proposition 
of ‘B&Q Tool Hire’, powered by Speedy Hire. 
Customers will benefit from the opportunity 
to buy products and hire tools in one simple 
transaction across multiple channels.
c.61,000
customers in the UK and Ireland, ranging 
from large national contractors to local 
trade and retail 
We have an unwavering focus on providing the easiest, 
most convenient customer experience in hire, and  
we are driving growth through innovation, choice  
and creating value for our customers.” 
ASIF LATIEF
Chief Commercial Officer
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
speedyhire.com/investors 
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CUSTOMER FOCUS AND INNOVATIVE GROWTH
To achieve our ambitious growth plans, 
we need to leverage one of our proven 
capabilities; innovating the market. For over 45 
years we have a proven track record of product 
and service innovation, and we are focused on 
applying those principles to sales, marketing, 
pricing and reducing cost-to-serve which is 
essential to optimise overall cash margin.
We entered a three-year exclusive sole 
supplier partnership with NiftyLift to design, 
manufacture and bring to market the world’s 
first hydrogen-electric powered access 
platform. We have 100 of these state-of-
the-art machines in our fleet, which have 
received positive customer feedback on their 
performance and reliability.
Understanding customers’ needs for today and 
tomorrow is essential in future proofing our 
order book. To that end we are bringing carbon 
zero products, and reporting services to our 
National customers to assist them in achieving 
their sustainability targets associated with 
the major projects they are contracted on in 
London and the major cities across the UK. 
We have a strong sales pipeline and during 
the year we have won and extended major 
contracts with national contractors including 
Babcock, Vistry Group, Morgan Sindall, Balfour 
Beatty, Aggregate Industries and Lanes Group, 
and Cadent, the UK’s largest gas distribution 
company.
Strategy in action: Supporting Vistry 
Group with green power
In October 2023 we acquired sustainable 
power solutions specialist, Green Power Hire 
Limited (‘GPH’), a recognised industry-leading 
owner and supplier of Battery Storage Units 
(‘BSU’) to the UK rental market, mainly to 
the construction sector. GPH’s BSUs, with 
their market-leading digital capability, enable 
customers to achieve both financial and 
environmental savings compared to alternative 
systems available.
The strategic acquisition was made to meet 
the strong demand from our current and 
potential new customers for eco products 
and sustainable power solutions, with an 
increasing number of tenders specifying 
BSUs. The acquisition positions the Group 
as a market leader in a key growth segment, 
providing it with the critical mass to meet 
demand from its customers and enabling it to 
retain more of the margin from directly hiring 
to its customers. Up until the acquisition, 
GPH’s BSU assets have been provided by 
Speedy Hire to our end customers on a re-
hire basis as part of our Customer Solutions 
division. The acquisition of GPH enables us to 
retain more of the margin from directly hiring 
to our customers. 
“At Vistry we’re committed to combatting 
climate change, having set science-based 
targets and signed up to the ‘Business  
Ambition for 1.5°C’, and have published 
ambitious targets in reducing our absolute 
scope 1, 2 and 3 emissions. To reduce these 
emissions to meet our targets we collaborate 
with our value chain, and Speedy Hire have 
become a key partner in helping us achieve  
our aims. 
We are utilising a range of Speedy Hire’s eco 
products, including green power on-site. By 
doing this we can operate sites that are not 
only more sustainable for the environment as 
a whole, but also create better environments 
for our people on the ground and the local 
communities we serve by improving air quality 
and reducing noise pollution.” 
ALEX ROBERTS
Head of Sustainability
Vistry Group
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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SPEEDING UP ON SUSTAINABILITY
Being a responsible, sustainable business 
is one of our founding principles for future 
profitable growth. For our National and 
Regional customers who have their own 
stretching sustainability targets, we are 
providing the latest, most innovative 
commercially sustainable products on the 
market. Our ECO products now account for 
55% of our revenue, demonstrating customers’ 
increasing demand and our commitment to 
reducing carbon emissions. For trade and 
retail customers, hire is a sustainable way to 
solve the problem of purchased tools being 
used infrequently, getting old instead of getting 
used. Hiring tools delivers carbon and waste 
savings while helping people save money and 
space. And for us, leading the sustainability 
agenda will not only future-proof our 
commercial offering, but it is simply the right 
thing to do for our environment, our people, 
and the communities we operate in. 
Amelia joined Speedy Hire as ESG Director in 
April 2021 and was subsequently appointed 
to the Executive Team in April 2023. Amelia 
is an award winning sustainability leader 
with over 20 years’ experience spearheading 
sustainability strategies across multi-billion 
pound infrastructure, rail and construction 
projects and PLCs. Amelia is Chair of the 
Speedy Hire ESG Committee and is also 
invited to attend the Policy Liaison Group 
for ESG. Outside of Speedy Hire Amelia is 
a member of the All Party Parliamentary 
Group (APPG), Board of Directors for Bright 
Future and Trustee and Vice Chair of the  
St. Alban’s Scouts, and a member of the 
IEMA Sustainable Finance Steering Group.
We aim to cement a position as the Green Icon 
of Hire by:
•	
Accelerating innovation: Investing in 
eco products to reach 70% by 2027 and 
implementing circular economy solutions. 
•	
Developing climate solutions: Offering 
net zero solutions and carbon and 
ESG reporting across our value chain, 
becoming Nature Positive by 2030, and a 
net zero business by 2040, ten years ahead 
of the UK Government target.
•	
Including Everyone, by focusing on 
diversity, equity and inclusion, social 
values and wellbeing.
•	
Being a positive force as part of the 
community, by supporting local charities, 
communities and local businesses, 
customers and supply chain partners.
Our ambition is to start a revolution that 
changes the way people see hire, bringing 
this great sustainable choice to more people, 
places and products than ever before. It’s time 
for change and the faster we can deliver it, 
the sooner we can make this the decade of 
sustainable hire.
We’re accelerating on sustainability through 
our Decade to Deliver strategy, leading  
the industry on ESG to become a net zero 
carbon business by 2040.” 
AMELIA WOODLEY
ESG Director 
Strategy in action: Recognised as a 
climate leader 
In February 2024 we achieved a CDP A- 
ranking, up from a previous score of B, only 
a year prior. This significant achievement is 
a result of our commitment to sustainable 
practices, environmental transparency, 
science-based targets, data and reporting. 
To earn an A/A- score from CDP, organisations 
must show environmental leadership, 
and disclosing action on climate change, 
deforestation or water security. This A- rating 
puts Speedy Hire in the leadership category 
ahead of the Europe-wide average score of B 
and industry average of C. 
We were also named as a European Climate 
Leader for 2023 by the Financial Times, from 
an annual list compiled by the Financial Times 
in partnership with Statista, which elects 500 
European and UK companies that lead their 
industry in environmental performance and 
credentials towards achieving net zero. 
55%
Our ECO products now account  
for 55% of our revenue
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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OPERATIONAL EXCELLENCE
Technology and AI will play a key role in 
optimising our operations in supporting asset 
management and utilisation which will result 
in future reductions in capital spend. We 
are targeting greater stock accuracy from 
improved depot processes, systems and data, 
utilising advanced analytics driven asset 
forecasting to enable optimal asset placement 
while reducing the cost to fulfil orders through 
automated order processing.
We operate hundreds of electric and hybrid 
commercial vehicles, which is having a 
significantly positive impact on reducing 
our carbon footprint. To enhance our vehicle 
delivery and collection operations further, we 
will introduce centrally managed logistics, 
using live data from across the network to plan 
the most effective routes.
Strategy in action: AI driven 
operational excellence 
Our operations are increasingly data driven in 
support of our strategy to deliver sustainable 
profitable growth. Artificial Intelligence (‘AI’) is 
helping us accelerate our pathway to achieving 
sustainable growth. 
Appointed to the Executive Team in January 
2023, Danny joined Speedy in December 
2001, and has undertaken a variety of roles 
within the business including Sales Director, 
Regional Director and Managing Director. 
Danny is also Chair of the Operations 
Committee.
At the core of achieving operational excellence 
is evolving our Service Centre network to 
become fulfilment and engineering centres, 
focusing on the management of our assets 
and delivering exceptional customer service. 
We will continue 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.
For optimal operational efficiency and  
reducing cost-to-serve, we need to ensure 
we have the right products to meet customer 
demand, in the right place, at the right time, in 
the most efficient way to provide exceptional 
service. Our strategic collaboration with Peak; 
a market-leading AI Platform company will 
drive revenue and profit growth, efficiency, and 
optimisation across the value chain through 
integrating their software into our systems. 
The successful use of AI will be key in further 
enhancing our ability to optimise our asset 
holdings throughout the implementation of our 
growth strategy, through dynamic forecasting 
which will continue to achieve strong asset 
utilisation rates on our hire fleet, as well as with 
our logistic operations and property network.
We’re investing in world class 
operations and processes.”
DANNY JOHNSON
Managing Director, UK & Ireland
601
electric and hybrid commercial vehicles, 
equating to 57% of our hire fleet 
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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During the year we have built on this culture, 
becoming recognised as a Top 50 Inspiring 
Work Place by the Inspiring Workplaces Group 
(‘IW’). We have reduced our voluntary attrition 
rate to a record low of 16.1% and enhanced our 
colleague’s experience by: 
•	
Investing £7.2m in base pay
•	
Sustaining our overall people engagement 
score, two points ahead of the benchmark 
•	
Improving colleague wellbeing through the 
roll-out of Speedy Hire Work Life Balance
•	
Further supporting colleague mental 
health with the launch of our Make it 
Visible campaign in association with the 
Lighthouse Club
•	
Creating more opportunities to 
develop with new customer service, 
front line management and leadership 
development programmes
•	
Investing in more apprenticeships 
and professional training for new and 
existing colleagues
•	
Progressing our female diversity with 
bespoke mentoring and development
•	
Implementing the UN’s Women 
Empowerment Principles 
•	
Launching our new Race and Ethnicity 
affiliate group
•	
Improving systems and digitising processes 
to make it easier for them to work for us in 
their everyday roles.
We also have a sharp eye on the future by 
upskilling existing colleagues and attracting new 
talent with new skills such as digital, data and IT 
systems in order to achieve our Velocity strategy.
Recognising the role of diversity and inclusion is 
a key pillar that reflects our values and will help 
drive our ambition. 
Ellie was appointed to the Speedy Hire 
Executive Team in October 2021, coming 
from one of the largest engineering 
companies in Europe, SPIE. Ellie has over 
30 years’ HR experience covering hospitality, 
retail, logistics, facilities management, 
and engineering, holding senior HR posts 
in DHL Supply Chain Logistics and Tesco. 
Since joining Speedy Hire, Ellie has brought 
together a function that is fully integrated 
into the business, developing our people and 
driving our People First ways of working.
We recognise that every sustainably successful 
business employs a culture where people are 
both encouraged to strive to achieve to their full 
potential, and equally supported in delivering 
outstanding performance. At Speedy Hire our 
People First approach underpins our Velocity 
growth strategy; keeping our colleagues 
engaged in transformation, introducing new 
skills development and creating inclusive 
working environments. We ensure our 
colleagues are at the heart of everything we 
do, by living our values every day. 
Both our Plc Board and Executive Team 
have an executive member from a minority 
ethnic background and each have two 
female executive members. We are actively 
encouraging more women into the organisation 
and ensuring that the progression opportunities 
are open to everyone equally. It was a pleasure 
to appoint our first female Managing Director 
for Hire to the Senior Leadership Team, earlier 
this year. We are working hard to overcome 
perceived challenges resulting from the 
under-representation of women, those from a 
minority ethnic background that exist within 
the construction industry and are actively 
promoting this through our award winning 
ESG strategy ‘Decade to Deliver’.
More information on our People First strategy 
can be found within our ESG report on pages 
39 to 41.
Strategy in action: Promoting gender 
equality 
In September 2023, Speedy Hire became the 
first in UK hire to sign up to the UN Women’s 
Empowerment Principles, which offer guidance 
to business on how to advance gender equality 
and women’s empowerment. In the six months 
since becoming a signatory, our score has 
more than doubled, demonstrating the hard 
work and commitment of our gender affinity 
group and the business areas responsible for 
the individual focus areas. 
We have made progress against multiple 
categories, with a notable increase in our 
Leadership and Strategy score, and now 
have a clear action plan to achieve further 
improvements. 
We were proud that our work to drive social 
value through the United Nations Target 
Gender Equality programme featured as a case 
study in a Supply Chain Sustainability School 
webinar in December 2023, focused on social 
value initiatives outside of the mainstream.
We’re working hard and have made significant 
strides in becoming an employer of choice, with 
the ambition of becoming a Sunday Times Best 
Place to Work business.”
ELLIE ARMOUR
Chief People Officer 
PEOPLE FIRST
3,293
colleagues as at 31 March 2024
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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Bringing our Velocity strategy in action together…
“Speedy Hire has proved invaluable in 
contributing to our ability to deliver this 
complex project. The knowledge of the team, 
linked to the instant availability of equipment 
and additional services means we can react 
quickly to the ever-changing needs of our 
client. The on-site depot allows our teams 
to start work once a works order is issued, 
with zero down time waiting for items to be 
delivered. The addition of a bespoke reporting 
suite and regular meetings with the Speedy 
team mean our project costs are being kept 
firmly on track, which is absolutely key for a 
project of this scale.”
MARK FREEMAN
Senior Logistics Lead at Kier BAM Joint Venture
Speedy Hire’s specialist nuclear team 
understood that working at Hinkley Point 
C wouldn’t be like working at a typical 
construction site. CRB checks and extensive 
training are required to access the site, and 
certification for all products is required. 
Ensuring that every component that goes into 
the nuclear reactors are safe, documented, 
tested and recorded is vital. Speedy Hire 
formulated a mission within the nuclear sector 
that extended beyond traditional equipment 
supply by expanding their nuclear offering and 
enabling the successful delivery of the project 
while upholding values such as health, safety, 
compliance and environmental responsibility.
Kier BAM Joint Venture (‘KBJV’) have played 
a vital part in delivering the construction work 
at Hinkley Point C. The team delivered the 
first phase of the project, including excavation 
and large scale earthworks, which Speedy 
Hire provided equipment from all parts of the 
business for.
Delivering expertise in the nuclear sector
The UK government is committed to 
generating a significant proportion of its 
electricity from nuclear power, with plans to 
achieve up to 24 GW of nuclear capacity by 
2050, contributing to 25% of the country’s 
electricity requirements. Using nuclear power 
will help address the climate change crisis 
and ensure energy security, with projects like 
Hinkley Point C leading the way.
We have embarked on a journey in nuclear, 
solidifying our position as a trusted partner to 
tier one contractors, SMEs and communities. 
Entering the nuclear sector presents unique 
challenges, including rigorous safety 
regulations, compliance requirements and 
the need for a deep understanding of the 
intricacies of nuclear projects.
Speedy Hire has proved 
invaluable in contributing 
to our ability to deliver 
this complex project.” 
THROUGH SUSTAINABLE 
INNOVATION AND COLLABORATION
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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SAFETY OF OUR PEOPLE AND COMMUNITIES
The safety, health and wellbeing 
of our colleagues and customers 
is our priority.”
Safety organisation
Recognising the importance of consulting 
with and listening to our colleagues, we 
completed a pulse safety culture survey where 
responses helped shape our Health, Safety, 
Security, Environmental & Quality (‘HSSEQ’) 
Plan for 2024. We saw an improved survey 
response rate of 8% compared to 2022, along 
with a 16% increase in understanding how 
and where to report incidents, which provides 
for greater transparency and accurate date 
collation. We also implemented our HSSEQ 
communications strategy, held quarterly Safety 
Committee meetings, and undertook major 
incident testing of Crisis Management Plans 
and Business Impact Assessments.
Training
We provided safety training to all our leaders, 
managers and supervisors, including in 
Leadership Safety Culture training, Construction 
Design & Management awareness and IOSH 
approved Managing Safety Health Environment 
for 200+ colleagues. 
Health
We continued to provide occupational 
health screening tests to our colleagues in 
National Service Centres. We also registered 
our defibrillators with The Circuit to allow 
public use, delivered CPR training to many 
colleagues, and promoted a wellbeing 
calendar with events and activities.
•	
Further development and promotion of the 
use of EcoOnline, our safety management 
reporting system for every colleague in 
the business to manage safety incidents, 
accidents, environmental incidents and 
hazardous and near miss reporting. 
EcoOnline also enables colleagues 
to record positive examples of safety 
practices, providing the data for us to drive 
continual improvement through corrective 
action logging and root cause analysis. 
•	
The launch of our Collective Responsibility 
Safety Programme to drive improvements 
and enhance monitoring and reporting,  
covering six key areas where 
improvements included:
People First
We held colleague safety engagement days 
through our Visible Leadership programme 
with senior leaders attending all of our sites, 
hosted Walk and Talk conversations to 
promote health and wellbeing, and improved 
workwear and PPE. We also took the 
opportunity to revisit our principal safety rules 
and relaunch them as ‘Our Commitments’ 
highlighting the key principles in how we 
behave and engage with the safety agenda on 
a daily basis. 
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. That is why this is a key value 
in our Velocity strategy.
Our Health and Safety Management System 
is designed to eliminate accidents and injuries 
at work and ensure that safety remains a 
fundamental element of everyone’s mindset 
across our operations, whether in our 
workplaces or at customers’ sites. During the 
reporting period key developments included: 
•	
Company-wide implementation of our 
STOP Campaign (an idea from a member 
of our active Safety Committee) to remind 
colleagues to take a moment to Stop, 
Think, Organise and Proceed (STOP) 
before starting a task and preventing an 
accident from occurring. 
Innovation in safety
We installed EcoOnline, StaySafe and 
What3Words onto our drivers Personal 
Digital Assistant (‘PDAs’) and invested in 
a forklift truck fleet with enhanced HALO 
safety features. We continue to work with and 
support many industry-leading associations 
such as HAE, LEEA, IPAF, RISQS and IOSH, 
ensuring that we remain at the forefront of 
knowledge, understanding and collaboration.
System improvements and awards
Whilst enhancing EcoOnline dashboards/
reporting, we also established a ‘Safe’ 
scorecard for operational colleagues, 
consolidated COSHH assessments, launched 
a lone worker support app, and improved our 
Point of Work Risk Assessments (‘POWRA’).
We recorded 0.22 RIDDOR accidents per 
100,000 hours worked. While we recognise 
this is an increase on last year’s rate of 0.12, 
the underlying trend for the past three years 
has been downwards. Our Lost Time Incident 
Frequency Rate has improved over the 
reporting period from 0.63 in March 2023 to 
0.42 in March 2024. 
We also enjoyed a record year of leading 
indicators (number of hazards reported, near 
misses and positive observations), up 73.3% 
at 6,991 events recorded compared to 4,034 in 
the prior year.
In FY2024 Speedy Hire were awarded 
the prestigious President’s Award by 
the Royal Society for the Prevention of 
Accidents (RoSPA) having been awarded 
ten consecutive RoSPA Gold Awards. 
This remarkable achievement reflects our 
unwavering commitment to the wellbeing of 
our colleagues, customers and communities 
by setting the highest standards of health and 
safety across the industry.
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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9.9%
14.0%
24
23
1.5x
1.3x
24
23
£69.0m
24
£51.9m
2.35p
4.96p
24
23
23
£421.5m
24
£440.6m
23
0.59p
0.25p
24
23
£96.8m
103.9m
24
23
£14.9m
£3.8m
24
23
Financial KPIs
Earnings per share 
(pence)
A measure of the return generated 
for the holder of each of our 
ordinary shares.
Net debt2 to EBITDA1 
(times)
A measure of how leveraged the 
balance sheet is.
ROCE4 
(%)
A measure of how well Speedy is 
delivering a return from the capital 
invested.
Dividend per share 
(pence)
Operating cash 
(£m)
A measure of cash generated from 
operating activities, including 
changes in hire fleet.
A measure of the total return 
awarded to the holder of each of 
our ordinary shares. 
Revenue 
(£m)
A measure of the work we are 
undertaking.
Operating profit 
(£m) 
A measure of profit we generate 
from core operations before the 
impact of financing and tax. 
Adjusted EBITDA1 
(£m)
A measure of operating return 
before depreciation, profit/loss 
on planned disposals of hire 
equipment, amortisation and non-
underlying items.
1	 Operating profit before depreciation, amortisation and non-
underlying items, 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 12 to the Financial Statements.
2	 This metric excludes lease liabilities. See note 21 to the  
Financial Statements.
3	 Utilisation of itemised assets.
4	 Return on Capital Employed: Profit before tax, interest, 
amortisation and non-underlying items divided by the average 
capital employed (where capital employed equals total equity 
and net debt3), for the last 12 months. See note 12 to the 
Financial Statements.
5	 See note 10 to the Financial Statements.
2.60p
2.60p
24
Utilisation3 
(%)
A measure of how many of our 
itemised assets are on hire to 
customers by net book value.
52.4%
54.4%
24
23
23
Adjusted earnings per 
share5 (pence)
A measure of the return generated 
for the holder of each of our 
ordinary shares, adjusted to exclude 
amortisation of acquired intangibles 
and non-underlying items.
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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SPEEDING UP ON SUSTAINABILITY
We have made great strides to date against 
our Decade to Deliver Environmental, 
Social, Governance (‘ESG’) strategy to 
develop the hire industry of the future, 
through innovation, decarbonisation, 
developing green skills and delivering 
positive social impact. We are delighted that 
our efforts have been recognised in awards 
and accreditations from respected bodies. 
 
 
There is more to do to achieve our  
ambitious targets, and we have a clear plan 
to address our material issues. The UK’s 
net zero economy grew by 9% in 2023, 
outpacing overall economic growth of 0.1%1, 
demonstrating the future opportunities for 
industry-leading companies like Speedy 
Hire that are supporting the transition to 
net zero.”
AMELIA WOODLEY
ESG Director
As a sustainability leader in UK hire, Speedy Hire’s 
solutions and services are helping to decarbonise 
a construction and infrastructure industry  
that contributes significantly to  
global carbon emissions.”
AMELIA WOODLEY
ESG Director
Delivering our sustainability strategy 
Sustainability is core to Speedy Hire’s vision, 
mission and Velocity strategy, at the heart of 
which is our ambition to become the most 
efficient and sustainable UK hire business.  
Our goal is to inspire and innovate the future 
of hire and accelerate sustainable growth. This 
is supported by our sustainability strategy, The 
Decade to Deliver – its name reflects our belief 
that the next ten years will define the next 100 
years. The strategy is built on four pillars that 
guide our work to deliver on sustainability 
for our customers, people, communities 
and planet.
The core purpose of our strategy is to drive a 
hire revolution, inspiring people to make hire 
their first choice and bringing this sustainable 
option to more people, places and products. 
Along with our quest to make the shared use 
model of hiring tools and equipment even 
more sustainable than it intrinsically is, a core 
focus is on helping every project – large or 
small – to use less carbon and more efficient 
products. The Decade to Deliver is also about 
accelerating change and the Working Together 
pillars of our strategy help us achieve this 
through upskilling our colleagues, welcoming 
everyone into the Speedy Hire family and 
supporting charities. We recognise that 
more can be achieved by working together 
and collaborate closely with our customers, 
suppliers and communities to optimise our 
environmental and social impact.
ESG report
1	 https://www.theguardian.com/environment/2024/feb/27/uk-net-zero-economy-grew-in-2023-report-finds 
THE DECADE TO DELIVER
A HIRE REVOLUTION:
WORKING TOGETHER
ACCELERATING 
INNOVATION
Hire is built for sustainability. 
This decade we’re going 
to make hire even more 
sustainable than it already is 
by working even harder with 
our customers, suppliers and 
investors to push for even 
better designed products: 
built to last, designed to be 
repaired and made to be 
recycled.
CLIMATE
SOLUTIONS
 
When it comes to climate 
change, we’re all facing 
the heat. We’re going Net 
Zero Carbon, fast and we 
are helping our customers 
do the same. That means 
accelerating towards low 
carbon delivery vehicles 
and innovative products 
and services to help our 
customers respond rapidly.
PART OF THE 
COMMUNITY
Speedy people are part of 
local communities all over 
the country. It’s in our nature 
to join in, help solve the 
challenges we face today 
and get ready for the future. 
A decade of supporting our 
communities will help make 
a meaningful difference.
INCLUDING 
EVERYONE
Delivering on the promise 
of a sustainable Speedy 
requires great people 
working together on shared 
goals. At Speedy we look 
out for one another and 
help each other grow. By 
welcoming everyone into the 
Speedy family and helping 
them be the best they can 
be, we can really make this 
decade count.
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
speedyhire.com/investors 
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Since its launch in 2022, The Decade to Deliver strategy has energised our work to build 
on our strong track record as an industry leader in sustainability. 
During FY2024, our ESG performance has been recognised by respected bodies,  
with awards and accreditations, including:
Our material sustainability issues 
Building on our recognised sustainability leadership
We want to ensure that our strategy is effective in meeting the needs of stakeholders. We worked with 
an external consultant, Simply Sustainable, to conduct a materiality assessment to identify and better 
understand the sustainability topics that matter most to our internal and external stakeholders, and 
which present the greatest risks and opportunities.
Following our materiality assessment, each of our top five ESG risks and opportunities has also been 
allocated an Executive Team Sponsor, to embed accountability. The areas are: 
•	
Waste and Circular Economy; 
•	
Health, Safety and Wellbeing; 
•	
Diversity, Equity and Inclusion; 
•	
Modern Slavery and Human Rights; and 
•	
Responsible Sourcing.
Importance to stakeholders
Impact to the business
Pollution 
prevention
Nature and 
biodiversity
Sustainable 
governance
Product 
governance
Data privacy 
and security
Health, safety 
and wellbeing
Key: 
  Very high – Needs active management 
 
  High – Actively monitoring 
 
  Moderate – Tracking
Climate mitigation 
and adaption
Employee 
development
Diversity, equity 
and inclusion
Human rights and 
modern slavery
Waste and  
circular 
economy
Responsible 
sourcing
Business 
ethics
Community 
relations
Water 
management
ESG report continued
Named as a Financial Times European Climate 
Leader for 2023 and 2024, the only hire company 
to rank, and scoring the second highest among 
construction companies.
Improved CDP rating, achieving A-, placing Speedy 
Hire Plc in the Leadership band. For context, the 
Europe regional average is B-, and the average 
score for the trading, wholesale, distribution, rental 
and leasing sector is C. We also received a CDP A 
for supplier engagement on climate change.
The only hire company, globally, to be accepted by 
the Exponential Roadmap Initiative and the United 
Nations Global Compact.
HAE (‘Hire Association Europe’) Winners of the 
CSR and Sustainability award for our Decade to 
Deliver Strategy and Best Use of Media award 
for our Net Zero 2023 Virtual Conference.
The first company in UK hire to have our near and 
long-term science-based targets to achieve net 
zero carbon emissions by 2040 validated by the 
Science Based Targets initiative (‘SBTi’), further 
enhancing our accountability-focused leadership 
in sustainability.
Awarded EcoVadis Gold, 
placing us in the top 5% of 
companies and in the top 2% 
of businesses in the UK for 
decarbonisation readiness.
Received Gold status for the Supply Chain 
Sustainability School Plant Charter, underlining 
our commitment to taking action to reduce 
emissions from our equipment.
More information about our awards, accreditations and standards is available on our website:  
www.speedyhire.com/esg/governance
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
speedyhire.com/investors 
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Our sustainability dashboard, outlining progress against our targets.
Pillar
Goal
Target
Progress to date
Status
ACCELERATING 
INNOVATION
To be the green icon of hire
70% eco products by volume by 2027
51% eco products by volume (FY2024)
Zero waste to landfill
Zero waste to landfill (FY2024)
85% recycling by 2025
57% recycling (FY2024)
CLIMATE  
SOLUTIONS
Achieve net zero by 2040, and 
be nature positive by 2030
50% reduction in scope 1 and 2 emissions by 2030 
(compared to 2020)
49% reduction in scope 1 and 2 emissions vs FY2020
42% reduction in scope 3 emissions by 2030 
(compared to 2020)
11% increase in scope 3 emissions vs FY2020
100% renewable electricity by 2027
94.2% renewable electricity (FY2024) 
30% natural gas replaced with alternative fuels and 
technologies by 2030
41.9% reduction in natural gas (FY2024)
100% of company cars to be electric/hybrid by 2025
99% company cars are electric/hybrid (FY2024)
15% HGVs transitioned to electric by 2030 
1.3% HGVs transitioned to electric (FY2024)
25% of HGVs converted to HVO D+ by 2030
35% of HGVs converted to HVO D+ (FY2024)
66% of LCVs will be electric by 2030
17% of LCVs transitioned to electric (FY2024)
35% reduction in hotel use by 2030
8.12% reduction in hotel use (FY2024)
45% reduction in car use emissions by 2030
87% decrease in car use emissions vs FY2020 
40% reduction in air travel emissions by 2030
53% reduction in air travel emissions vs 2020
68% reduction in emissions associated  
with sold diesel by 2030
56.6% reduction in sold diesel emissions vs 2020
18% reduction in sold fossil fuel such as petrol by 2030
12% reduction in emission from sold fossil fuels (FY2024)
INCLUDING  
EVERYONE
To be a Top 100 employer
30% women by 2030
22% women (FY2024)
100% people receive DEI and sustainability training by 2025
95% of people received DEI training (FY2024)
5% of workforce in ‘earn and learn’ positions by 2026
3.3% of our workforce in ‘earn and learn’ positions (FY2024)
80% people engagement score by 2027
75% engagement score (FY2024)
PART OF THE 
COMMUNITY
To support local communities
1% profit invested in charitable and community 
programmes by 2025
1+% of profit donated (FY2024)
3,500+ volunteering days per annum
876 volunteering days (FY2024)
Increase our social value year on year
£29M in social value generated (FY2024)
Key: 
  On track to meet targets 
 
  Working towards meeting targets 
 
  Not on track to meet targets; working to address 
ESG report continued
SUSTAINABILITY PERFORMANCE
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
speedyhire.com/investors 
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We have sound governance controls and 
processes in place covering structure and 
oversight, code of conduct, reporting and the 
integrity and security of systems. These enable 
us to make effective decisions while meeting 
the needs of our stakeholders. We also believe 
in promoting equality and diversity within the 
workforce and we work hard to foster that culture 
within all areas of our business.
Details of our governance structure and approach 
can be found on our website and include: 
•	 PLC Board: The PLC Board approves 
the Company’s ESG strategy and has 
strategic oversight of ESG-related risks and 
opportunities. It meets three times a year.
•	 Sustainability Committee: This is a Board 
Committee responsible for overseeing the ESG 
strategy, performance against targets, as well 
as climate-related risks and opportunities. It 
is chaired by a Non-Executive Director and 
meets three times a year.
•	 ESG Committee: The Committee is 
responsible for driving the ESG strategy and 
performance and chaired by the ESG Director. 
It is attended by key stakeholders across 
Human Resources, Operations, Digital, Supply 
Chain, Legal and Risk. The Committee reports 
monthly to the Executive Team and to the 
Sustainability Committee three times per year.
•	 Sustainability Roundtable: The Roundtable 
is a forum to discuss ESG-related issues 
with ESG Business Partners from across the 
business. It is chaired by the ESG Director and 
meets quarterly. Read more about our ESG 
Business Partners on page 41.
•	 People Like Us (‘PLUS’) Committee: 
Sponsored by the Chief People Officer, the 
PLUS Committee meets monthly to drive 
delivery of gender, race and ethnicity, and 
wellbeing initiatives and KPIs.
•	 Sustainability Groups: These groups cover 
topics including modern slavery and human 
rights, social value, climate change and 
TCFD, nature and ISO 20400. Participants 
are colleagues from across Speedy Hire, who 
are supported by ESG experts. The groups 
meet monthly to offer ideas and support to the 
delivery of the sustainability strategy and KPIs.
Developments in FY2024 included the refinement 
of our governance structure to include the 
PLUS Committee in the wider ESG governance 
framework, expanding its remit such that its 
colleague-led affinity network now spans 
gender balance, wellbeing, race and ethnicity. In 
addition, Angela Hughes was appointed to the 
role of ESG Policy, Governance and Compliance 
Manager. Angela moved from our HR team, 
upskilling and retraining to work in sustainability 
– read more about developing green skills on 
page 41. We have also strengthened our internal 
processes and governance around investment in 
and divestment of assets to prioritise the circular 
economy, as well as net zero and human rights. 
Recognising the importance of data to 
monitoring, reporting on and improving our 
performance, we invested in Accenture’s platform 
to identify our carbon intensive suppliers to 
collect scope 3 carbon data and adopt science 
based targets (‘SBTs’) to drive carbon reductions. 
We also worked with a specialist provider, Thrive, 
to measure our social value creation.
We continue to embed sustainability more 
deeply throughout our business and to strive 
for best practice, increasing our efforts to 
collaborate with our supply chain to ensure our 
products, goods and services are sustainably 
sourced, and aligning with the ISO 20400 
sustainable procurement standard – read more 
about this on page 38.
Strengthening our approach to modern slavery and human rights 
An important outcome of the materiality process was the  
enhanced emphasis on modern slavery and human rights,  
identified as one of our top five material issues. 
Following a gap analysis undertaken in 2023 
against UK and international best practice 
standards, we have worked to improve the 
management and monitoring of modern 
slavery and human rights, with our ESG 
Director nominated as the accountable 
Executive Team Member. 
A focus on human rights has been 
embedded throughout our business via 
mechanisms that include our Human 
Rights Policy and Anti-Slavery and Human 
Trafficking Policy, inclusion in our bi-annual 
ESG horizon scanning exercises, our cross-
functional Modern Slavery Working Group, 
our risk management framework, and the 
introduction of mandatory training for all 
employees. Our ongoing work to achieve 
alignment with ISO 20400: Sustainable 
Procurement Guidance includes a 
requirement for suppliers to meet standards 
in respect of modern slavery and human 
rights. This is reflected in our supplier 
onboarding and monitoring processes, 
including assessing suppliers against 
dedicated KPIs. 
 
Speedy Hire is a member of the UN Global 
Compact and is also an active member of 
a cross-industry Modern Slavery Group 
with the Supply Chain Sustainability School 
(‘SCSS’). Our work also includes support for 
survivors of modern slavery – read about our 
partnership with Bright Future on page 40.
Our ESG disclosure scores on human rights 
and labour standards, from Moody’s, ISS, 
EcoVadis and the Home Office Modern 
Slavery Assessment Tool, have improved 
since strengthening our focus on this topic, 
positioning us as an industry leader. We 
continue to work to review and develop our 
approach to modern slavery and human rights, 
in line with OECD Best Practice Guidance.
ESG report continued
Being brilliant at the basics
Our work to achieve our sustainability targets and ensure a fair and inclusive transition to a low-
carbon economy is overseen and guided by a robust governance framework to enable timely, 
informed and integrated decision making. This is supported by senior leadership oversight and 
sustainability expertise. The remuneration of our Executive Team is linked to our ESG performance.
SUSTAINABILITY GOVERNANCE
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
speedyhire.com/investors 
Read more in our Modern Slavery  
Statement on our website.
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ESG report continued
Becoming the green icon of hire
We strive to make hire even more sustainable 
by working closely with our suppliers and 
investing in eco technologies such as battery, 
solar and hydrogen, sustainable fuels and 
engines compliant with Stage V off-highway 
vehicle emissions regulations. This helps 
to reduce our emissions and support our 
customers to meet their carbon commitments. 
ACCELERATING INNOVATION
Investing in eco technologies 
Our eco roadmap commits us to transition 70% 
of our itemised hire assets to eco products by 
2027. In FY2024, 51% of our itemised assets 
were eco and 55% of revenue was generated 
from eco products, reflecting customer demand 
to reduce their carbon emissions and our 
commitment to support them. 
Key developments in FY2024 included:
•	
Entered a three-year exclusive partnership 
with NiftyLift to design, manufacture and 
bring to market the world’s first hydrogen-
electric powered access platform. We 
now have 100 machines in our fleet, and 
customer feedback on performance and 
reliability has been positive. 
•	
Acquired Green Power Hire, positioning 
Speedy Hire as a leader in the high growth, 
low carbon battery storage unit segment.
•	
Established Speedy Hydrogen Solutions, 
a hire business for hydrogen powered 
generator plant, created in partnership with 
AFC Energy.
•	
Awarded a gold status as a signatory to 
the SCSS’s Plant Charter, reflecting our 
industry leadership in this category.
We are actively monitoring and prioritising the 
phasing out of fossil fuels from our hire fleet 
to meet our net zero ambition. In addition to 
lowering emissions and improving air quality, 
benefits include enhancing equipment safety by 
reducing noise and vibration.
Switching to sustainable fuels 
As we work with suppliers to develop and invest 
in eco technologies, we have also continued to 
supply HVO D+, which reduces tailpipe carbon 
emissions by up to 90%. In FY2024 we supplied 
c.13.8 million litres of HVO D+ to our customers 
supporting the reduction of c.109,000 tCO2e 
compared with diesel, reducing our scope 3 
carbon emissions, and improved air quality in 
relation to nitrous oxide and particulate matter.
Developing circularity 
By promoting shared usage as an alternative to 
ownership, the hire industry directly supports 
the circular economy, lowering environmental 
impact by maximising asset utilisation and 
extending lifecycles through high standards of 
maintenance, repair and retrofitting, as well as 
selling on the secondary market or recycling 
assets at the end of their useful lives at Speedy 
Hire. All of these elements contribute to 
reducing the use of resources associated with 
production of new equipment. 
55%
of revenue generated from eco products.
c.13.8m
litres of HVO D+ supplied to customers, 
reducing customer carbon emissions by 
109,000 tCO2e.
51%
of our hire fleet transitioned to eco 
alternatives to achieve our target of 70% 
eco products by 2027.
57%
of waste recycled, continued to achieve 
zero waste to landfill and, against of least 
85% of our waste by 2025. 
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
speedyhire.com/investors 
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Our roadmap to 70% eco products by 2027
Solar lighting 
towers and 
generators
Cordless power 
tools
Battery 
powered light 
equipment
Battery Storage 
Units and 
generators 
(BSU’s)
Sustainable  
(HVO D+)  
alternative to  
diesel
Research into  
future synthetic  
fuels
Stage V engines  
(new and retrofit 
for stage IIIA)
Hydrogen fuel 
cell potential for  
powered access  
and generators
Supporting 
infrastructure, 
manufacturing  
and distribution  
of hydrogen  
supply
Circular product 
design
Retrofitting 
existing 
products
Repairing and 
refurbishing 
products
Recycling 
products
Making hire  
the norm
Solar
Battery
Engine 
Emissions
Hydrogen
Circularity
H
£
£
ESG report continued
Through our partnership with B&Q we have 
continued our drive to make hire the norm 
among retail consumers, to reduce the 
environmental impact from underutilised tools. 
Circularity will continue to be a focus in FY2025, 
and we have appointed a specialist consultancy 
firm to support our progress in the priority areas 
we have identified. 
Reducing waste
We continue to work to identify ways of 
reducing waste and packaging, increase 
recycling and eliminate non-recyclable waste 
such as single use plastics. During FY2024 we 
achieved 57% recycling and sent zero waste to 
landfill. This has been done by working closely 
with suppliers and monitoring their packaging, 
waste and recycling performance against KPIs, 
and through the continued implementation of 
the waste hierarchy and segregation, with clear 
signage and communications, as well as  
recycling audits and reporting.
We continue our focus on increasing our  
recycling rate to achieve 85% recycling by 
2025, and to work with our suppliers to reduce 
packaging waste through understanding the  
types of packaging used and adopting more 
sustainable alternatives where possible, such  
as delivering products to our depots in  
reusable crates.
Monitoring water consumption 
We have engaged a supplier to install automatic 
water meter readers across our property estate 
in FY2025 to monitor our water use and evaluate 
how consumption can be reduced.
Our eco roadmap defines three core principles for our circularity approach: circular product design; repair, refurbish, retrofit; and making hire the norm.
Our roadmap includes adopting circular 
economy practices to reduce carbon, waste, 
water use and pollution by working with 
colleagues and suppliers to repair, refurbish, 
retrofit and/or recycle our products. We have 
developed an industry-first approach to 
sustainable batteries, aligning to the Global 
Battery Alliance (‘GBA’) vision to have a 
sustainable battery value chain by 2030. This 
includes the principle to establish a circular 
battery value chain, where materials are 
repaired, reused or recycled. We are also 
helping our customers to embrace the circular 
economy, as part of their work to reduce and 
report their carbon emissions. This includes 
setting a strategy to achieve zero waste to 
landfill, targeting reuse of equipment, and 
collaborating with clients to reduce waste 
within their own operations and offices. 
Supplier collaboration is key to developing 
products that are made to last, easy to 
repair, contain recycled materials that can 
be recycled again, and are able to integrate 
renewable technologies. Speedy Hire’s 
contract requirements state that suppliers 
shall incorporate the principles of circular 
economy and identify and report opportunities 
for promoting resource efficiency, including 
eliminating waste and pollution and circulating 
products and materials. Similarly, when we 
onboard new suppliers, we request details of 
their sustainability performance and maturity, 
including their approach to circular economy, 
waste and recycling. An example of our 
approach to circular product design is the 
launch this year of Q-Fence plastic panels  
(see strategy in action).
Strategy in action
Recyclable temporary fencing 
Exclusive to Speedy Hire, Q-Fence panels 
are 100% recyclable, which also bring 
operational benefits compared to the 
metal panels typically used. These include 
being non-conductive, unbreakable, 
reflective and able to be lifted and 
installed by a single person.
Accelerating innovation continued
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
speedyhire.com/investors 
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ESG report continued
The Company’s near-term target commits 
Speedy Hire to reduce absolute scope 1 and 
2 GHG (Greenhouse Gas) emissions by 51.6% 
by 2030 and to reduce absolute scope 3 GHG 
emissions by 42% within the same timeframe. 
Our long-term net zero target also commits 
Speedy Hire to reducing absolute scope 1, 2 and 
3 GHG emissions by 90% by 2040.
As part of our commitment to climate 
leadership we have aligned our near and long-
term targets to a 1.5°C pathway in line with the 
Paris Agreement, as a minimum. Our scope 
3 targets include full value chain emissions – 
purchased goods and services, capital goods, 
fuel and energy-related activities, upstream 
transportation and distribution, waste generated 
in operations, business travel, employee 
commuting, downstream transportation and 
distribution, use of sold goods and downstream 
leased assets.
Setting ambitious net zero targets 
Speedy Hire’s science-based net zero target 
– the first in UK hire to be validated to the 
most ambitious designation available through 
the SBTi (‘Science Based Target initiative’) 
process – is focused on prioritising ‘deep 
decarbonisation’ of direct emissions, with 
residual emissions being ‘neutralised’ in 
line with the SBTi criteria to reach net zero 
emissions by 2040.
Our roadmap to Net Zero by 2040
Replace 100% of petrol and 
diesel cars within fleet with 
EVs
Transition 25% of UK-based 
vans and HGVs to low carbon 
alternatives like HVO
Transition 66% of diesel 
vans and 15% of UK-based 
HGVs to EV
Reduce refrigerant leakage 
by 14% and natural gas 
emissions by 30%
Reduce hotel use by 
35% and car use by 
45% by encouraging 
use of online 
capability and rail 
transport/EVs from 
hire car providers
Utilise policy, 
engagement and 
booking process to 
reduce travel by 
economy flights by 
40%
Engage with top 30 
suppliers to set their 
own science-based 
targets
49% reduction in 
fossil fuel driven 
equipment hire to 
customers 
17% reduction in 
sold propane
68% reduction in 
sold diesel
18% reduction in 
sold fossil fuels 
such as petrol
2% YOY waste 
reduction from 
2023 via staff 
engagement
100% 
renewable 
electricity by 
FY2027 in UK 
and Ireland
SCOPE 1
SCOPE 2
SCOPE 3
Scope 1 & 2 Emissions reduced by 50% by 2030
Scope 3 Emissions reduced by 42% by 2030
50.7%
reduction in carbon emissions per 
employee since FY2020.
49%
reduction in scope 1 and 2 carbon 
emissions since FY2020 baseline, placing 
us well on track to achieve our 2030 goal.
11%
increase in scope 3 carbon emissions 
since FY2020 baseline, against our target 
to reduce these by 42% by 2030.
Our detailed targets across all scopes are set out in our net zero roadmap:
CLIMATE 
SOLUTIONS
Decarbonising hire
We have continued to invest in initiatives and 
systems to understand, monitor and reduce 
emissions in our vehicles (commercial and 
company cars) and properties and across 
our hire fleets. 
Making promising progress on reducing carbon
Having reduced scope 1 and 2 emissions by 
49% compared with our FY2020 baseline, 
we have made significant progress against 
our 2030 goal. Our scope 3 emissions have 
increased by 11% compared to our FY2020 
baseline, driven by business growth, increased 
spend and improved scope 3 supply chain 
data. Our scope 3 figures to date have been 
calculated on a blend of spend and activity-
related data, but we are now working with 
Accenture to migrate to activity-based data 
across capital goods and purchased good and 
services, which will provide a more accurate 
representation of our Scope 3 emissions on 
an absolute basis. Read more in our Corporate 
Greenhouse Gas (‘GHG’) Report on page 44, 
and in our TCFD report on page 49.
The initiatives that have contributed to our 
performance to date include:
Scope 1 emissions (7% of our carbon footprint 
in FY2020 reduced to 4% in FY2024)
•	
Replacing diesel commercial vehicles with 
sustainable fuels (‘HVO D+’) and rolling 
out electric vehicles across our commercial 
fleet. In FY2024 we replaced 1 million litres 
of diesel with HVOD+ reducing emissions 
by 2,454tCO2e and have 601 electric and 
hybrid vehicles, including 154 Ford e-transits 
and the first ever 27T Electra HGV.
•	
Replacing 99% of diesel and petrol 
company cars with electric/hybrid 
technologies and the installation of  
electric vehicle charging points across  
our property estate. 
•	
Investing in low emissions technologies 
across our hire fleet such as solar, battery 
and hydrogen to support our customers to 
reduce their carbon emissions. Read more 
on page 35.
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
speedyhire.com/investors 
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ESG report continued
Scope 3 emissions (91% of our carbon footprint 
in FY2020 increasing to 96% in FY2024)
•	
Implementing the ISO 20400 sustainable 
procurement standard to reduce emissions 
across the value chain, including the 
adoption of a supplier sustainability standard 
mandating all suppliers to commit to SBTs 
by 2025 – see strategy in action.
•	
Investing in a supplier engagement platform 
to engage key suppliers to calculate 
scope 3 emissions across our value chain 
so we can further focus on our carbon 
hotspots – capital goods and purchased 
goods and services. This will include our 
top 200 suppliers, who account for 90% 
of the emissions in our supply chain. We 
will actively work with them to reduce 
their emissions and improve their carbon 
data sets, from spend analysis to product-
specific data.
•	
Adopting a sustainable travel policy 
to encourage tele-conferencing and 
sustainable models of travel reducing our 
scope 3 emissions associated with car and 
air travel ahead of our 2030 target.
•	
Mandatory energy efficiency training for 
all staff to support behavioural change 
campaigns.
Verifying and reporting performance 
Our carbon reduction targets and progress 
against these are reported in accordance with 
ISO 14064-1:2018 as part of our commitment to 
data accuracy and transparency. We are the  
first in UK hire to publish full value chain 
emissions verified against this standard.  
Our GHG statement is published annually – 
read more on page 44.
We are also the first in UK hire to align to  
PAS 2080:2023 in recognition of its importance 
to achieving our net zero goals as well as 
those of customers. Following an independent 
gap analysis, we are in the implementation 
phase with the ambition to gain third party 
verification in FY2025. 
Climate solutions continued
In November we opened our Basildon, London 
Gateway, depot, a 33,000sqft. state-of-the-art 
facility whose eco-credentials are expected to 
halve our electricity consumption compared to 
previously used facilities in the area.
•	
Increasing the replacement of diesel in our 
hire fleet with alternative clean technologies 
and sustainable fuels such as HVO D+.
•	
Using double deck trailers across our 
trunking routes to reduce the number of 
vehicles needed to move assets, removing 
underutilised vehicles, and optimising 
deliveries and collections. We also use 
vehicle telematics to monitor vehicle usage 
and fuel consumption. 
Scope 2 emissions (2% of our carbon footprint 
in FY2020 reduced to 0.04% in FY2024)
•	
Sourcing 94% of our electricity from 
renewable sources, with a goal of achieving 
100% by 2027.
•	
Reduced our natural gas by 41.9% versus 
our 2030 target of 30%.
•	
Achieved our 14% F gas emission reduction 
target ahead of 2030.
•	
Consolidating our property estate and 
investing in new sustainable buildings 
incorporating energy efficient measures 
such as LED lighting, Building Management 
Systems (‘BMS’) to control heating and 
cooling, smart working bays and renewable 
technologies such as solar photovoltaics 
(‘solar PV’). Our Milton Keynes Innovation 
Centre has a rare EPC rating of A+ and is 
a net zero carbon building. In FY2024 we 
opened three new sustainable low-carbon 
Service Centres at Hull, Southampton and 
London Gateway, adding to the two opened 
in FY2023. We also integrated Building 
Management Systems at our National 
Service Centres in Tamworth, Erith, 
Glasgow and Newport reducing energy 
use by between 50–73%.
Supporting customers to reduce and report 
their carbon emissions 
As well as eco technologies, we also offer a 
suite of carbon intelligence services including 
validated carbon data, net zero workshops, 
carbon literacy training, carbon reporting 
and auditing to help customers achieve net 
zero. We also recently launched a carbon 
dashboard to help customers quantify and 
monitor the emissions of the assets they hire 
and the associated transport movements for the 
vehicles used to deliver and collect equipment.
By reporting our emissions as a CDP 
transparent reporter, we also support our 
customers by providing them with third party 
validated scope 3 information to help with their 
own reporting. This can be based on spend or 
provided in more detail by key asset type.
We do a lot of work with HS2, who regard 
Speedy Hire among the sustainability leaders 
in their supply chain. We have collaborated in 
various events with them, including co-hosting a 
webinar and speaking at their staff conference. 
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
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5. Take action
We will avoid & reduce our impacts 
on nature, address dependencies & 
support nature conservation efforts 
to have an overall Nature Positive 
impact. We will proactively encourage 
our suppliers & customers to adopt a 
Nature Positive approach
4. Prioritize
We will identify our impacts & dependencies 
on nature that are material to the natural 
environment & to our business. We will 
prioritize these within a detailed plan with 
actions, KPIs. & a program
3. Measure our baseline
We will measure our impacts on nature & 
assess how we depend on nature across our 
value chain: this is our baseline to compare 
Nature Positive outcomes against
2. Establish governance
We will establish governance for our Nature 
Positive target Et integrate nature within our 
business decision-making
1. Set the foundation
We will commit to good practice & set  
  the scope of our Nature Positive target
6. Monitor & report
We will monitor progress, 
continuously improve & report lessons 
learnt to support adoption of Nature 
Positive across our industry
ESG report continued
At Speedy Hire we believe in the importance of 
providing our customers with validated, purpose 
led carbon reporting so they can trust our data 
to make the right carbon choices. With the 
increasingly rise in the importance of carbon 
reporting and the risk of greenwashing purpose 
led, accurate and validated data has never been 
more important.
In FY2024 we developed our first ever customer 
power BI carbon dashboard powered that 
quantifies and reports the carbon emissions for 
both our hire equipment and transport.
Our calculator has been independently verified 
by Hydrock to industry standards such as RIC’s 
professional Statement Whole Life Carbon 
assessment for the Built Environment so 
our customers can trust we are reporting to 
reputable industry carbon standards.
Setting out our Roadmap to  
Nature Positive by 2030 
We have partnered with third party biodiversity 
specialists to develop our roadmap to Nature 
Positive by 2030 and have made progress 
through FY2024. We have undertaken a scoping 
assessment of our nature-related impacts and 
dependences following the LEAP approach 
published by the Task Force on Nature-related 
Financial Disclosures (‘TNFD’) framework.  
The outcomes form the basis of our Net Positive 
roadmap below, which will be further developed 
in FY2025.
Climate solutions continued
Strategy in action
Driving sustainable procurement 
During FY2024, we made progress toward  
our goal of implementing the ISO 20400 
sustainable supply chain standard by 2025 to 
ensure all our goods, products and services 
are sustainably sourced and that fair labour 
practices are upheld. 
Following the gap analysis undertaken in 
FY2023, we implemented initiatives including 
nominating an Executive Team Sponsor for 
Sustainable Procurement and introducing an 
automated supplier onboarding portal to assess 
suppliers’ sustainability maturity and 
performance against our top five ESG 
material risks and opportunities. We require 
suppliers to adhere to our policies and have 
asked key suppliers to join our SBT journey 
by 2025. We offer sustainability advice 
and training via our ESG team, for those 
suppliers requiring support. 
We also work with the SCSS (‘Supply 
Chain Sustainability School’) to share best 
practice and lessons learned, and participate 
in and host forums for suppliers to present 
their innovations and new developments, 
culminating in the annual Speedy Live 
Expo event. 
In December 2023. The digital portal to 
onboard suppliers went live, enabling 
visibility into areas of potential risk 
in terms of suppliers’ sustainability 
performance. This leads to follow-up 
discussions to explore how these can be 
mitigated and to flag where suppliers may 
need additional support. We are also in 
the process of onboarding a sustainable 
supply chain solution to support with the 
auditing of our suppliers. 
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
speedyhire.com/investors 
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ESG report continued
1	 https://www.britsafe.org/safety-
management/2023/mental-health-in-
construction-building-the-next-storey 
Building the workforce of the future 
We recruit and develop people from diverse 
backgrounds, nurturing the skills needed 
to equip the business for the future and 
creating a competitive advantage as well 
as generating social value. We work hard to 
create a workplace where colleagues have a 
strong sense of belonging and know they are 
supported in achieving their career ambitions, 
or simply being, the best they can be.
Employee engagement remained ahead  
of the external benchmark. 
82%
of Speedy Hire colleagues said they  
are motivated to do their best work  
(4% above external benchmark). 
Gold
Received ‘We invest in apprentices’ gold 
accreditation from Investors in People.
Silver
Awarded silver accreditation from The 5% 
Club in recognition of our efforts to have 5% 
of our workforce in ‘earn and learn’ positions.
Engaging our colleagues 
We use a range of channels and formats to 
engage our diverse colleague demographic. 
Following insight from our engagement survey 
and focus groups, we introduced quarterly 
Leadership/SLT Connect sessions and monthly 
Connect Team Talks for line managers to 
cascade key business updates. We foster an 
open and honest culture by promoting an ‘Ask 
the Exec’ Q&A forum on our intranet and hold 
regular Visible Leadership Days. 
Our People Like Us (‘PLUS’) colleague-led, 
affinity networks continue to thrive, supporting 
the delivery of our social value objectives in 
relation to race and ethnicity, wellbeing and 
gender balance. Our Colleague Consultative 
Committee (‘CCC’) provides an avenue for 
representatives across the business to review 
colleague ideas and challenges, and provide 
feedback directly to the Chief Executive, Chief 
People Officer and other members of the 
Executive Team. 
Responding to feedback
We achieved an engagement score of 75% in 
our FY2024 People First annual engagement 
survey. This score is consistent with our main 
survey in FY2023 and 3% above the external 
benchmark. 82% of participants reporting 
feeling motivated to do their best work, 4% 
above the external benchmark and an indicator 
of a happy and productive workforce. The 
survey highlighted the desire to increase 
visibility of the senior leadership team across 
the network, and we responded by adding the 
initiatives mentioned above.
Prioritising wellbeing 
Poor mental health is a major issue in the 
construction industry, with Office for National 
Statistics data covering England and Wales 
indicating that workers in construction are 
nearly four times more likely to take their own 
lives than those in other sectors1.
A key pillar of our Velocity strategy is putting 
our People First, with colleagues’ mental 
health and wellbeing a priority. We work with 
the Lighthouse Club, a charity that provides 
emotional, physical and financial support to 
construction workers and their families, who 
have helped us build awareness around mental 
health wellbeing and delivered training to 
our managers. We have 90 volunteer Mental 
Health First Aiders, and colleagues also 
have access to support via our Employee 
Assistance Programme.
During FY2024, supported by our Wellbeing 
Affinity Group and steered by the results 
of the People First survey, we delivered a 
calendar of wellbeing initiatives, campaigns 
and events promoting awareness and support 
for colleagues’ physical, mental and financial 
health. Launched in FY2023, our ‘Time to Talk’ 
video series with colleagues from around the 
business has continued to encourage more 
people to talk about mental health.
Offering work life balance
We continued to make progress on rolling  
out our ‘Speedy Work Life Balance’ to all  
eligible colleagues. Colleagues are offered 
greater flexibility to reduce core, contracted 
hours and identify more balanced work 
patterns, with eligibility designed to protect  
our customer experience and revenue. Over 
a third of our colleagues are now on a flexible 
working scheme which supports the drive  
to becoming a more attractive, engaged 
and high performing workplace.
INCLUDING 
EVERYONE 
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
speedyhire.com/investors 
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ESG report continued
Including everyone continued
Although Speedy Hire has not chosen to 
become an officially accredited Real Living 
Wage employer, we are proud to consistently 
set our minimum hourly pay rates above those 
defined by the Real Living Wage Foundation. 
We seek to embed our DEI values through 
our supply chain and prioritise working 
with MSMEs (‘Micro, Small and Medium 
Enterprises’), VCSEs (‘Voluntary, Community 
and Social Enterprises’) and female and ethnic 
minority-owned businesses, where appropriate. 
We are a signatory to the Supply Chain 
Sustainability School (‘SCSS’) People Matter 
Charter, whose principles include fairness, 
inclusion and respect, as well as training and 
skills. Colleagues from our ESG team co-chair 
the SCSS working group focused on social 
value also participate in the SCSS Modern 
Slavery working group. 
Nurturing early careers 
We aim to be a youth employer of choice, 
ensuring that young people are aware of 
Speedy Hire and the hire industry as an 
attractive career option. In addition to working 
with organisations such as The Youth Group 
and Not Going to Uni, we engage in outreach 
events at schools and colleges across the  
UK. In FY2024 we attended 18 outreach events, 
reaching approximately 1,700 young people,  
and offered activities such as mock interviews, 
CV building and skills training. We also 
welcome school groups to tour our Milton 
Keynes Innovation Centre, to provide insights  
to our organisation, culture, sustainability  
and innovation.
We offer in-person and virtual work experience, 
hosting 16 in-person placements, with 344 
young people enrolled onto our virtual 
programme with Springpod. As part of our 
corporate partnership with The Early Careers 
Foundation, 14 Speedy Hire colleagues trained 
as mentors and were matched with 16–18-year-
olds for monthly, hour-long mentoring sessions.
Speedy Hire is a member of The 5% Club, 
whose employer-members work to create 
shared prosperity across the UK by committing 
to raise the number of apprentices, graduates 
and sponsored students on formal programmes 
to 5% of the workforce by 2025. We have 
received a silver accreditation, with 3.3% of our 
workforce in ‘earn and learn’ programmes in 
FY2024. Our goal is to reach 4% next year. 
Currently, there are 65 early careers trainees at 
Speedy Hire. A further 30 colleagues are using 
apprenticeships to upskill and progress their 
careers. Our apprentices range in age from 16 to 
40+ and follow individual pathways. 
Our work has been recognised by Investors  
in People, with a gold level award for the  
‘We invest in apprentices’ accreditation. 
Each year, we welcome a cohort of graduates. 
In FY2024, 13 graduates joined, including our 
first ESG graduate, with a total of 20 graduates 
currently on the programme.
The late careers mentoring programme, 
launched in FY2023, ensures the skills of our 
more experienced colleagues are passed on to 
trainees. We trained and financially incentivised 
14 mentors across the business to work with 
first year apprentices, facilitating a two-way 
sharing of knowledge and experience.
Fostering diversity, equity and inclusion (‘DEI’) 
and promoting social mobility
We have refined our approach to promoting 
diversity, equity and inclusion (‘DEI’) at all levels 
of our business, to better equip our organisation 
for the future while supporting social mobility by 
providing opportunities for people from a range 
of under-represented backgrounds. 
As well as amendments and additions to 
our policies and procedures, our work has 
encompassed delivering dedicated training 
(with 95% of colleagues completing our new 
DE&I eLearning training), talks, events and 
communications, and collaborations with 
organisations to attract and retain a broader 
demographic. These include Not Going to 
Uni, Clean Sheet, who support people with 
convictions into employment, Career Transition 
Partnership, who support military leavers 
(Speedy Hire is a signatory to the Armed Forces 
Covenant), and The Early Careers Foundation, 
who help young people from low-income 
backgrounds through mentorship.
As we continue our work to increase female 
representation from 22% in FY2024 to achieve 
our target of 30% women by 2030, Speedy 
Hire adopted the United Nations Women’s 
Empowerment Principles, and is one of 197 
UK signatories of the UN Global Compact to 
have completed the nine-month Target Gender 
Equality programme. Our gender pay gap has 
increased slightly this year in comparison to 
figures reported for April 2023 but remains 
well below both the national median average 
of 14.3% published for 2023 by the Office 
for National Statistics and the gap for the 
construction industry for the year ending  
April 2023 of 16.8%, published by CIPD –  
our full gender pay gap report is available  
on our website. 
Strategy in action
Supporting survivors of 
modern slavery 
In FY2024, we became a partner of Bright 
Future Co-op, a national initiative that 
aims to fast-track survivors of modern 
slavery into high-quality employment. 
We have been working with Bright Future 
to train our recruitment teams and line 
managers to support modern slavery 
survivors into employment and to offer 
paid employment at Speedy Hire. 
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
speedyhire.com/investors 
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ESG report continued
Including everyone continued
Enhancing colleague attrition
Attracting and retaining talent in a sector that 
generally suffers from high turnover rates is 
one of our biggest challenges. In FY2024 we 
achieved a voluntary turnover rate of 16.1% 
compared to a prior year rate of 20.2% and an 
industry average of 20%. Our exit interviews 
during FY2023 indicated our must vulnerable 
area of attrition was amongst colleagues with 
less than a year’s service. This community 
became the focus for the People Team with a 
complete refresh of a colleague’s onboarding 
experience, starting from the recruitment 
process, moving to the offer, then the weeks 
and days leading up to the start date, finally 
followed by the first few weeks on the job. New 
communication, relationship-building, point of 
contact, and week one induction activities have 
all improved our retention in this tenure group. 
With an industry skills shortage of engineers 
and drivers, our later-years colleagues remain 
essential to the success of our business. Part-
time working and Speedy Work Life Balance 
have been key to the retention of this invaluable 
part of our Speedy Family.
As we continue to invest in reward, recognition, 
career development wellbeing, and improved 
working environments, we expect to maintain 
lower than sector colleague turnover rates and 
higher than benchmark engagement scores.
Developing our people
Supporting and developing our people is core 
to achieving our Velocity strategy to accelerate 
sustainable growth, and we invest in talent 
development throughout our colleagues’ time 
with us, including in green skills to support our 
development of sustainable solutions. Under 
our Career Line of Sight scheme, colleagues 
have clarity on ways to develop their careers 
with us. 
Our broad training offer includes a 
comprehensive programme of online, 
classroom and practical courses delivered by 
our internal Training Academy, which provided 
a total of 59,632 hours of training in FY2024. 
Colleagues with the aspiration and potential  
for leadership positions are invited to join our 
High Potential Programme. During FY2024,  
41 colleagues undertook the programme,  
with 36% female participation. The 11 
colleagues selected in FY2023 for our 
Emerging Talent Development Board have 
continued to work closely with the Executive 
Team to contribute to strategic plans 
and deliver projects. These programmes 
complement our annual Senior Leadership 
Programme, which in FY2024 was attended  
by 10 colleagues. The 12-month programme  
is linked closely to our Velocity strategy. 
We recognise the importance of sustainability 
training to supporting the green transition. 
During the year, we worked with Futerra,  
IEMA and SCSS to deliver sustainability 
training to the Senior Leadership Team, ESG 
Business Partners (see strategy in action) 
and for colleagues who registered for our 
Sustainability 101 Lunch and Learn sessions. 
Our aim is that all our people will be trained in 
sustainability by 2025. 
Strategy in action
Embedding sustainability 
through industry-first 
programme 
We are delighted that the 30 ESG 
Business Partners selected from across 
our organisation completed the green 
skills training they began in FY2023, 
becoming associate members of 
IEMA. Our industry-leading ‘Building 
Sustainability Confidence’ programme, 
launched in collaboration with IEMA 
and the Green Careers Hub, was 
designed to further embed sustainability 
throughout our business and culture, and 
demonstrates the opportunities available 
to colleagues.
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
speedyhire.com/investors 
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ESG report continued
Making a meaningful difference  
to our communities 
With around 3,500 colleagues working 
over many locations, we touch the lives 
of thousands of families and hundreds of 
local communities. Core to what we do is 
our responsibility to be a force for good 
and to have a positive social impact in the 
communities in which we work, recruit 
and train.
£29m
of social value created.
£168,158
Donated to charity, representing 1% of 
profit; our goal is to invest 1% of profit in 
charitable and community programmes 
by 2025.
876hrs
Volunteering hours contributed; our aim 
is to contribute 3,500+ volunteering 
days per year, an average of 1 day per 
employee.
Creating social value
We want to create social value for our people, 
communities and local economies. We are 
aware of the impacts the construction industry 
has on the environment and society but also 
recognise its potential to build stronger, more 
resilient communities. 
As an employer, we have a positive effect 
on society by being inclusive and offering 
employment opportunities to people from 
diverse backgrounds – read about our work on 
page 39. We strive to have a workforce that is 
content and safe, and we offer opportunities 
for personal development and training. As a 
customer, we seek to support local businesses 
and are proud that more than half of our supply 
chain spend at 59% comprises micro, small and 
medium-sized enterprises (‘MSMEs’).
PART OF THE 
COMMUNITY 
Creating social value is a key focus area 
for us – it is a core element of two of 
the four pillars of our Decade to Deliver 
strategy, with the pillars Including 
Everyone and Part of the Community.
We are proud to have created £29m 
of social value during the year. This has 
been achieved by proactively recruiting 
from under-represented communities, 
employing apprentices, workplace 
training, sourcing from small local 
businesses where appropriate, and 
our colleagues taking part in extensive 
volunteering and fundraising work to 
support worthy causes and communities.”
AMELIA WOODLEY
ESG Director
Working with specialist advisor, Thrive, we  
have adopted a new framework – Impact 
Evaluation standard align to government 
guidance to systematically measure the social 
value we generate. In FY2024 we created 
£29m of social value, of which £16m was from 
sourcing from MSMEs. This is an increase  
from £9.2m in FY2023. 
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
speedyhire.com/investors 
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ESG report continued
Supporting charities and community projects
In FY2024, we donated to a range of charities as 
part of our commitment to donate 1% of profits 
each year to deserving causes. This included 
£25,000 to the British Heart Foundation’s 
research into Sudden Cardiac Arrest, £25,000 
to the Warrington Youth Zone, £30,000 to 
WellChild Helping Hands projects and a further 
£80,000 in matched funding to diverse charities. 
Other highlights during FY2024 included 
the launch of our 23 kits for 2023 campaign 
that offered sponsorships to 23 teams or 
sportspersons from across the UK and Ireland, 
based on colleague nominations.  
The successful athletes received funding 
totalling over £11,500. We also became a 
national partner to the Scouts, sponsoring 
their DIY badge and raising awareness of the 
construction industry among young people 
across the country.
Within our local communities, we provided free 
hire equipment to the value of around £38,000 
in 2023, and supported town shows, community 
parks and garden improvements. We participate 
in collecting food for food banks, providing toys 
for local groups and donated £8,000 across  
12 local charities as part of our Regional 
Christmas Community giving campaign. 
Part of the community continued
Harnessing our Speedy Spirit
During the year colleagues supported diverse 
causes and initiatives with fundraising and the 
volunteering leave to which every employee 
is entitled, totalling up to 3,500 days per year. 
Initiatives included sports feats, such as a 
marathon relay trek from John O’Groats to 
Land’s End that raised over £20,000 for  
Teenage Cancer Trust, local litter picking events, 
creating bespoke outdoor spaces for those 
in need and washing cars to raise money for 
local charities. Our Charity, Community and 
Volunteering policy enables colleagues to apply 
for donations for fundraising events in which 
they are taking part.
We also took part in volunteering alongside 
our customers and partners. As part of our 
commitment to be involved in more nature-
positive initiatives, we have partnered with 
construction company, Sisk, and the North 
Pennines National Landscape, contributing 
funds and volunteering hours to plant 10,000 
cotton-grass plants and make dams with coir 
rolls to help to restore natural peatlands. 
To further encourage our Speedy family to 
partake in volunteering in FY2024 we also 
launched a skilled volunteering programme to 
enable our people to contribute their skills to 
local communities and businesses. 
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
speedyhire.com/investors 
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CORPORATE GREENHOUSE 
GAS (GHG) REPORT
This GHG Report has been compiled covering 
the total scope 1,2 and 3 emissions of Speedy 
Hire Plc.
Greenhouse Gas Summary
This statement has been prepared in 
accordance with ISO 14064-1:2018 for the 
purpose of documenting our greenhouse gas 
(‘GHG’) emissions for Financial Year 2024  
(April 1 2023 to 31 March 2024) and 
transparently discloses progress against our 
targets. Ultimately this statement and its 
disclosure is the responsibility of Speedy Hire 
Plc and its Executive Team.
We aim to achieve a minimum of a 5% 
reduction year on year to meet our PLC targets 
within scope 1, 2 and limited 3, and therefore, 
comparisons are made to both the previous 
financial year and our baseline year (FY2020) 
in that scope. It is intended to inform all of 
our employees and Board of Directors, and is 
reviewed on an annual basis in line with the 
financial year. We also aim to reduce our  
scope 1 and 2 only by 51.6% by 2030 to meet 
our Science Base Target obligations.
In our ambition to deliver absolute net zero 
across all scope 1, 2 and 3, headline scope 3  
figures have been provided, followed by 
the methodology used to calculate our 
emissions, and finally, a detailed breakdown 
of our emissions. Within FY2024 we are now 
including scope 3 (categories 1, 2, 3, 4, 5, 6, 
7, 9, 11, 13, 15) within our declaration which 
differs from previous financial year greenhouse 
gas disclosures. Our scoped emissions have 
been prepared in accordance with the GHG 
Protocol Corporate Standard for the purpose of 
documenting our GHG under Speedy Hire Plc 
operational control.
For the reference period 1 April 2023 to  
31 March 2024 (FY2024) Speedy’s emissions 
were 283,947.52 tCO2e for scope 1, scope 2  
and scope 3 (excluding category 8, 10, 12, 14). 
This is an increase of 5.45% from the 2019 
baseline year total footprint of 269,265.64 
tCO2e and a 21.42% reduction from financial 
year 2023 total footprint of 363,572.51 tCO2e. 
The viewed increase this year of our total 
emissions against our baseline can be 
attributed to business growth over the last 
5 years. A reduction in total scope 1, 2 and 3 
emissions from last financial year is due to 
market conditions impacting trading, data 
availability and a better understanding of our 
supply chain’s impact.
Quantification Methodology
Summary
We have reported on all emissions sources 
required under the Companies Act 2006 
(Strategic and Directors’ Report) Regulations 
2013. We have used the 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 FY2024 as well as 
International Energy Agency (‘IEA’) and EORA 
Global Supply Chain Database (‘EORA’). 
The organisational boundary has been set 
based on the operational control approach. A 
significance threshold of a single omission at 
1%, and a cumulative impact of omissions been 
no more than 5%, has been applied to the total 
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.
Scope 1, 2 & 3 methodology
Speedy Hire Plc carbon footprint has been 
quantified by Hydrock Consultants Limited 
and Accenture.
Accenture completed the 2024 third-party 
assessment of Speedy Hire Plc scope 3 
category 1 (Purchased goods and services) 
and category 2 (Capital goods) aligned to the 
GHG Protocol definitions (The Corporate Value 
Chain (Scope 3) Standard). The quantification 
was done using financial spend based data 
including manual payment systems. Accenture 
have used spend categories, provided by  
their inhouse AI tool, to align carbon factors 
against EORA EEIO factors. Accenture’s  
scope excluded all scope 3 categories  
apart from category 1 and 2. Within category  
1 and 2 Accenture have omitted spend-related 
emissions associated with taxes and bank 
fees. Due to the high-level nature of the spend 
categories we understand the limitations in 
accuracy for inclusions and/or exclusions 
assigned by the EORA EEIO emission factors.
Hydrock Consultants Limited completed 
the 2024 third-party assessment of Speedy 
Hire Plc scope 1, 2 and 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), 15 (investments). Hydrock 
Consultants Limited has used an activity based 
approach for scope 1, a location and market-
based approach to scope 2 and a financial 
based approach for scope 3. 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 as well as 
International Energy Agency (‘IEA’).  
The methodology for downstream leased assets 
has been updated for Speedy Hire products since 
last financial year, as more accurate assumptions 
regarding fuel consumption and hours of use 
per hire day have been extracted from ‘Speedy’s 
Product Carbon Calculator’. For Investments 
(category 15), well to tank (‘WTT’) emissions for 
employee commuting have been included for the 
first time this year. In addition, water consumption 
has been included for the first time in category 5.
The acquisition of Green Power Hire this financial 
year and its impact has been incorporated into 
the emissions reporting found in table 1 and 
contributes a total of 31.22 tCO2e in scope 3 
(category 2, 3, 4, 6 and 7), representing 0.01% of 
our total emissions.
While third party consultants have delivered 
GHG emission quantification, ultimately it is the 
responsibility of Speedy Hire Plc management 
team to deliver, assure and disclose.
There have been no biogenic CO2 emission  
sinks or procured offsets during FY2024.
Data confidence
The data used to report the GHG emissions  
have been assessed and assigned the following:
•	
Scope 1 & 2  
– ‘Good’ level of confidence +/-6.2%
•	
Scope 3 (category 1 & 2)  
– ‘Fair’ level of confidence +/- 19.9%
•	
Scope 3 (categories 3, 4, 5, 6, 7, 9, 11, 13, 15)  
– ‘Good’ level of confidence +/-8.5%
ESG report continued
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
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The confidence level has been established 
using the ‘GHG Protocol guidance on 
uncertainty assessment in GHG inventories 
and calculating statistical parameter 
uncertainty’. We aim to reduce the level 
uncertainty regarding our Scope 3 emissions 
by transitioning to activity-based data.
Corporate Greenhouse Gas (GHG) Report continued
ESG report continued
There has been no historic change of the 
baseline report prior to this statement as 
our threshold for re-baselining has not been 
met, however we acknowledge a baseline 
recalculation may take place in the future. 
Any re-baseline activity will come under 
our greenhouse gas management system 
requirements for re-baselining.
Global GHG emissions
The following GHG emission reporting is for a 
complete scope 1, 2 and 3 comparisons which 
is under the ISO 14064-1 boundary and third 
Base year selection
Our baseline reports on the scope 1,2 and  
3 inventory in FY2020 (April 1 2019 to  
March 31 2020).
This baseline was undertaken by a third-party 
consultant and the financial year was chosen 
for the following reasons:
•	
FY2020 was prior to COVID-19 pandemic 
and the impact it had on our operations.
•	
FY2020 was deemed a typical year of 
activity with low uncertainty in data yield.
party verified. We have seen an increase in our 
total carbon emissions across scope 1, 2 and 3 
against our baseline, and are now tracking this 
through the emissions per employee which is 
86.38 tCO2e in FY2024.
A detailed breakdown is shown in the below. 
Our carbon emissions are reported in tonnes 
of CO2e which is aggregated from all direct 
and indirect emissions of carbon dioxide (CO2), 
methane (CH4), nitrous oxide (N2O) and other 
relevant greenhouse gases.
Tonnes of CO2e
Emission 
scope
Emissions Source
Current 
Reporting Year 
FY2024
Last  
Reporting Year 
FY2023
Baseline  
(FY2020)
Narrative
Scope 1
Combustion of Fuel and 
Operation of Facilities
12,297.84
12,768.80
19,841.43
We have seen a continued reduction in commercial use of fossil fuels, uptake of EVs within the commercial 
fleet and use of transition fuels.
Scope 1
Refrigerants
0
0
13.17
No refrigerant gases have been recorded this financial year.
Scope 2
Electricity, Heat, Steam and 
Cooling Purchased for Own Use 
(market-based)
121.00
225.30
4,411.68
We have continued the transition our electricity consumption to renewable tariffs. Within FY2024 we now 
have 94.2% of our needs backed by REGO certification schemes.
Scope 2 
Electricity, Heat, Steam and  
Cooling Purchased for Own Use 
(location-based) 
1,716.08 
Total Scope 1 and 2 Emissions  
(market-based)
12,418.84
12,994.10
24,266.28
48.82% reduction against our baseline.
Scope 3
Cat 1: Purchased Goods and Services
13,699.33
41,824.89
16,281.00
Within financial year 2023 the overall cost of vehicle-related procurement increased significantly 
comparative to the baseline, along with increased price of leased EVs due to the historic semiconductor 
shortage, IT services also saw a huge rise with prices driven up by inflation coupled with annual price 
increases. These factors, coupled with an increase in the number of products purchased (such as new and 
replacement laptops), had a compounded impact on FY2023 emissions compared to this financial year.
Scope 3
Cat 2: Capital Goods
64,752.95
70,357.00
58,275.85
We have seen our spend within capital goods align to current market conditions and business growth.
Scope 3
Cat 3: FERA
3,429.05
3,582.07
1,290.37
Our FERA emissions now include well to tank emissions previously unrecorded within our baseline.  
This will be revised against our re-baselining policy within financial year 2025.
Scope 3
Cat 4: Upstream Transportation 
and Distribution
1,916.97
3,743.91
6,701.16
We have seen a reduction in spend within third party haulage positively impacting our upstream 
transportation and distribution.
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
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Tonnes of CO2e
Emission 
scope
Emissions Source
Current 
Reporting Year 
FY2024
Last  
Reporting Year 
FY2023
Baseline  
(FY2020)
Narrative
Scope 3
Cat 5: Waste Generated in Operations
139.31
55.45
91.94
Emissions have increased with the inclusion of water and waste water treatment now been included.  
This was not recorded within our baseline and will be revised against our re-baselining policy within 
financial year 2025.
Scope 3
Cat 6: Business Travel  
(inc. all WTT emissions)
189.27
184.11
392.91
We have seen a decrease in overall business travel across rail, air, ferry and hotel stays from our baseline.
Scope 3
Cat 7: Employee Commuting
3,019.97
4,049.35
3,398.94
Employee commuting has reduced due to the reduction in our headcount from last financial year.
Scope 3
Cat 8: Upstream Leased Assets
Scoped out
Scoped out
Scoped out
Scope 3
Cat 9: Downstream Transportation 
and Distribution
3,156.00
2,761.43
3,698.41
We have seen our emissions within downstream transportation and distribution align to current market 
conditions.
Scope 3
Cat 10: Processing of Sold Products
Scoped out
Scoped out
Scoped out
Scope 3
Cat 11: Use of Sold Products
98,950.36
85,948.64
66,237.66
We now have more granular data of the use of sold products which has impacted our emissions reporting. 
We also acknowledge the decrease in sales for transitional fuels and the sale of fossil fuels due to market 
conditions.
Scope 3
Cat 12: End of Life Treatment 
of Sold Products
Scoped out
Scoped out
Scoped out
Scope 3
Cat 13: Downstream Leased Assets
81,620.98
134,467.14
87,479.56
Our reported emissions are based on a robust sampling methodology which excludes the identification of 
eco products. We anticipate these emissions to continue in a downtrend as we refine our data sampling 
practises.
Scope 3
Cat 14: Franchises
Scoped out
Scoped out
Scoped out
Scope 3
Cat 15: Investments
654.49
1,393.33
1,151.56
We have seen our activity-based data within our investments align to current market conditions.
Total Scope 3 Emissions
271,528.68
348,367.32
244,999.36
An increase of 10.83% against our baseline
Total emissions Scopes 1, 2 and 3
283,947.52
361,361.42
269,265.64
An increase of 5.45% against our baseline
*	 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’s business operations consistent with the GHG Protocol definitions 
(The Corporate Value Chain (Scope 3) Standard.
*	 Please note FY2023 scope 3 was not disclosed and was calculated internally to benchmark performance. The scope 3 categories 1, 2, 4, 7, 8, 9, 10, 11, 12, 13, 14, 15 did not come under the FY2023 ISO 14064-1:2018 third party 
verification. Scope 3 categories 3, 5 and 6 were included within the FY2023 ISO 14064-1:2018 third party verification.
Verification Assurance Statement
This Verification Assurance Statement (‘ASt’) is associated with Speedy Hire Plc’s, Greenhouse Gas Statement on Operational Control Emissions for the Financial Year April 1, 2023 to March 31, 2024 (FY2024).
This ASt has been prepared for Speedy Hire Plc (Chase House, 16 The Parks, Newton Le Willows, Merseyside, WA12 0JQ) in accordance with Hydrock’s contract.
Corporate Greenhouse Gas (GHG) Report continued
ESG report continued
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
speedyhire.com/investors 
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Terms of Engagement
Hydrock Consultants Limited (Hydrock)  
were commissioned by Speedy Hire Plc to 
assure the Greenhouse Gas (‘GHG’) Emissions 
Inventory and GHG Statement of Speedy Hire 
Plc for FY2024, based on operational control 
consolidation.
The GHG Statement relates to the following 
emissions:
•	
Complete scope 1 Direct Emissions
•	
Complete scope 2 Indirect Emissions
•	
Scope 3 Indirect Emissions, including 
the following scope 3 (‘GHG Protocol’) 
categories:
•	
1 – Purchased goods & services,  
2 – Capital goods, – 3. Fuel- and energy-
related activities (‘FERA’), 4- Upstream 
transportation & distribution, 5 – Waste 
generated in operations, 6 – Business 
travel, 7 – Employee commuting,  
9 – Downstream transportation & 
distribution, 11 – Use of sold products,  
13 – Downstream leased assets,  
15 – Investments
•	
Note, scope 3 categories 8 (Upstream 
leased assets), 10 (Processing of sold 
products), 12 (End of life treatment of sold 
products), and 14 (Franchises) are not 
included.
Hydrock were commissioned by Speedy 
Hire Plc to provide unaccredited GHG data 
verification to ISO 14064-1:2018.
A separate team of Hydrock consultants have 
provided GHG consultancy support to Speedy 
Hire Plc. However, the verification contract 
delivered by Hydrock has mitigated the risk 
between consultancy and verification by 
having separate personnel. This risk has been 
reviewed under the Hydrock stage 3 technical 
assurance review.
Management Responsibility
Speedy Hire Plc was responsible for providing 
suitable evidence and conformity against 
the ISO 14064-1:2018 criteria. Hydrock’s 
responsibility was to carry out the unaccredited 
verification of GHG in accordance with the 
contract with Speedy Hire Plc.
Ultimately, the FY2024 GHG emissions data for 
Speedy Hire Plc, has been approved by, and 
remains the responsibility of Speedy Hire Plc.
Hydrock Approach
Our verification has been conducted 
in accordance with ISO 14064–3:2019, 
Specification with guidance for validation and 
verification of greenhouse gas statements to 
provide reasonable assurance that GHG data 
as presented in the GHG Statement have been 
prepared in conformance with:
•	
ISO 14064–1:2018 – Specification with 
guidance at the organisational level for 
quantification and reporting of greenhouse 
gas emissions and removals (hereafter 
referred to as ISO 14064-1).
To form our conclusions, the assurance 
engagement was undertaken as a sampling 
exercise and covered the following activities:
•	
Review existing Greenhouse Gas 
Management Systems and processes to 
manage GHG emissions.
•	
Interview various Speedy Hire Plc Senior 
Management Staff and contracted 
Consultants (from Hydrock and Accenture) 
to confirm engagement, processes and 
responsibilities.
•	
Investigate internal governance, systems 
and tools which contribute to the financial 
year reporting.
Corporate Greenhouse Gas (GHG) Report continued
ESG report continued
Level of Assurance and Materiality
For scope 1, 2 and 3 (categories 3, 5, 6 and 11) 
the opinion expressed in this ASt has been 
formed on the basis of a reasonable level of 
assurance and at a materiality of ±5%.
For scope 3 (categories 1, 2, 4, 7, 9. 13, and 
15) the opinion expressed in this ASt has 
been formed on the basis of a limited level of 
assurance.
Hydrock Opinion
Based on Hydrock’s approach, we believe that 
the organisation has, in all material respects:
•	
Met the requirements of ISO 14064-1; and
•	
Disclosed accurate and reliable 
performance data and information.
Qualifications
Hydrock has not verified the GHG emissions 
of the FY2022, FY2021 and FY2020, which 
Speedy Hire Plc has established as the base 
year for GHG emissions.
For scope 3 emissions categories, Hydrock 
was only able to verify the following categories 
to reasonable assurance:
•	
3 – Fuel- and energy-related activities 
(‘FERA’), 5 – Waste generated in 
operations, 6 – Business travel, 11 – Use of 
sold products.
The following scope 3 Categories were only 
verified to limited assurance due to their 
estimation:
•	
1 – Purchased goods & services, 2 – 
Capital goods, 4 – Upstream transportation 
and distribution, 7 – Employee commuting, 
9 – Downstream transportation and 
distribution, 13 – Downstream leased 
assets, 15 – Investments.
Hydrock has not verified current Science Based 
Target initiative (‘SBTi’) progress or verified any 
other Scope 3 carbon data apart from those 
specified within this assurance statement.
Hydrock has not verified Speedy Hire Employee 
numbers.
Hydrock has not verified the uncertainty 
assessments completed for scope 1, 2 and 
3 emissions.
Hydrock has not verified the source of the EORA 
database emission factors used to quantify the 
scope 3 categories 1-Purchased Goods and 
Services, and 2-Capital Goods. Hydrock does not 
have access to the EORA database. However, 
Hydrock has verified the correct application of 
the selected EORA emission factors.
Hydrock has not verified the scope 1 emissions 
associated with hydrofluorocarbons, i.e. 
refrigerant (fluorinated) gas loss due to the lack 
of inspection records for all locations. However, 
this does not represent a material omission.
Notes for information
Any external disclosure by Speedy Hire Plc in 
relation to this assurance engagement is made 
at the risk of Speedy Hire Plc. The Hydrock risk 
is mitigated by the issuance of this Assurance 
Statement.
Hydrock competence and independence
Hydrock ensures the selection of appropriately 
qualified individuals based on their qualifications, 
training and experience. The outcome of all 
assurance engagements is internally reviewed by 
senior management to ensure that the approach 
applied is rigorous and transparent.
The above is an extract from the Verification 
Assurance Statement (ASt) provided by Hydrock 
Consultants Limited and the full version can be 
provided upon request.
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
speedyhire.com/investors 
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Streamlined Energy and Carbon Reporting
The UK Government’s Streamlined Energy and 
Carbon Reporting (‘SECR’) is the carbon and 
energy consumption reporting scheme that 
builds on existing reporting requirements that 
companies face. SECR came into effect in  
April 2019 and requires companies to disclose 
their energy use and carbon emissions in their 
annual filings. 
The aim is to highlight opportunities for energy 
savings and decarbonisation at the board 
level and is publicly available to stakeholders. 
It is a mandatory reporting framework for all 
large UK business and imposed by the UK 
Government.
Corporate Greenhouse Gas (GHG) Report continued
ESG report continued
Statement of compliance
Reporting years FY2020, FY2023 and, FY2024 using all of the Scope 1 Gas and Scope 2 Electricity 
data available to date. This FY2020 data has not been validated through a third-party verification.  
This approach will be followed for following years.
FY2024
FY2023
FY2020 
(baseline)
Scope 1 emissions (tCO2e)
12,297.84
12,768.77
19,854.60
Scope 2 emissions (tCO2e) (market-based)
121.00
225.28
4,411.68
Total Scope 1 and 2 emissions (tCO2e)
12,418.84
12,994.05
24,266.22
Emission intensity Scope 1 & 2 (tCO2e/sqft)
6.2
6.7
n/a
Natural gas usage (kWh)
3,908,216
3,654,672
7,365,690
Commercial fuel usage (ltr)
5,357,055
5,502,104
6,310,316
Electricity usage (kWh)
8,518,924
9,267,873
11,438,472
Total energy consumption (kWh) (Gas & Electric)
12,427,140
12,922,545
18,804,162
Note: emission intensity unit per sqft of property was not disclosed during our baseline.
Methodology
ESOS methodology (as specified in Complying 
with the Energy Savings Opportunity Scheme 
version 6, published by the Environment 
Agency 28/10/2019) used in conjunction 
with Government GHG reporting conversion 
factors.
Sites given average square footage (supplied 
by Speedy Hire)
•	
Carbon factors used are sourced from 
Government DEFRA Conversion Factors
•	
Intensity ratios calculated using square 
meterage
•	
kgCO2e per square meter of total site area
Energy Efficiency Actions
Speedy Hire Plc is committed to responsible 
energy management and will practice energy 
efficiency throughout the organisation. We 
recognise that climate change is one of 
the most serious environmental challenges 
currently threatening the global community 
and we understand we have a role to play 
in reducing greenhouse gas emissions. 
See pages 36 to 37 for initiatives we have 
undertaken for the purpose of increasing 
the businesses energy efficiency in the most 
recent financial years.
The following energy efficiency measures are 
under consideration for implementation in 
financial year 2025.
	–
Continue to increase procurement of 
renewable energy
	–
Phasing away from natural gas to green 
alternatives
	–
Applying an ‘eco’ standard to all 
properties that are retrofitted and new 
leases. This includes energy efficient 
measures such as LEDs, BMS, smart 
bays, controlled heat and cooling and 
on-site renewables.
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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TASKFORCE ON CLIMATE-RELATED FINANCIALS 
DISCLOSURE (‘TCFD’)
Introduction
This disclosure details Speedy’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 9.8.6 (8) for UK premium-listed companies. We consider this report to be consistent 
with the recommendations of TCFD and the following sections correspond to this framework. 
The sections below describe how climate change is incorporated into corporate governance 
processes, its potential impact on our strategy and financial planning, its treatment in our risk 
management procedures and our climate-related metrics and targets. We also integrate climate-
related disclosures throughout this Annual Report and Accounts, including the results of our Double 
Materiality Assessment on page 50 and a detailed breakdown of our emissions found on page 45.
Governance
Board-Level Oversight
Our Board has strategic oversight of climate-related risks and opportunities and for approving the 
Company’s ESG strategy and sustainability targets. The PLC Board responsibilities are discharged 
through its Committees. Each Board Committee liaises directly with Executive Directors and relevant 
management and provides regular reports to the PLC Board. Responsibilities for each committee are 
as follows:
Committee
Responsibilities
Meetings in FY2024
Sustainability 
Committee
Oversees the management of TCFD and climate-related risks 
and opportunities as part of the Committee’s oversight of the 
Company’s ESG strategy and performance against targets.
Three
Remuneration 
Committee
Integrates our ESG-related performance metrics where 
relevant into the Company’s variable remuneration, including 
the Executive Team’s bonus payments being linked to targets 
related to carbon reduction, gender diversity, and social value.
Five
Audit & Risk 
Committee
The Committee reviews the efficacy of risk management and 
internal control processes, including risk related to climate 
change and oversees the Company’s compliance with its 
disclosure obligations.
Four
Nomination 
Committee
Supports the Company’s diversity, equity and inclusion 
strategy with the aim of developing an increasingly diverse and 
inclusive workforce including across backgrounds, experience, 
knowledge, skills and gender which additionally helps create a 
sustainable and prosperous business.
Two
ESG report continued
Pillar
Disclosure 
Page
Governance
a. Describe the Board’s oversight of climate-related risks and 
opportunities.
49
b. Describe management’s role in assessing and managing 
climate-related risks and opportunities.
50
Strategy
a. Describe the climate-related risks and opportunities the 
organisation has identified over the short, medium, and long 
term.
51
b. Describe the impact of climate-related risks and opportunities 
on the organisation’s businesses, strategy, and financial 
planning.
60
c. Describe the resilience of the organisation’s strategy, taking 
into consideration different climate-related scenarios, 
including a 2°C or lower scenario.
59
Risk Management
a. Describe the organisation’s processes for identifying  
and assessing climate-related risks.
61
b. Describe the organisation’s processes for managing  
climate-related risks.
61
c. Describe how processes for identifying, assessing and 
managing climate-related risks are integrated into the 
organisation’s overall risk management.
61
Metrics & Targets 
a. Disclose the metrics used by the organisation to assess 
climate-related risks and opportunities in line with its strategy 
and risk management process.
61
b. Disclose scope 1, scope 2 and, if appropriate, scope 3 
greenhouse gas (‘GHG’) emissions and the related risks.
62
c. Describe the targets used by the organisation to manage 
climate-related risks and opportunities and performance 
against targets.
62
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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Taskforce on Climate-Related Financials Disclosure (‘TCFD’) continued
Below is a summary of the key discussion 
points from the Sustainability Committee 
meetings in FY2024:
•	
May 23: Approval of the FY2023 ESG 
report (including TCFD statement and 
Sustainability Committee report).
•	
September 23: FY2024 ESG strategy 
update and presentation of Double 
Materiality Assessment results.
•	
March 24: FY2024 ESG strategy update, 
FY2025 ESG planning, and an ESG 
legislative and market update.
The PLC Board approve the annual budget for 
capital expenditure, including spend linked 
to the management of climate-related risks 
and opportunities, as well as acquisitions 
and divestments, which must align with the 
ESG strategy.
In FY2024, the Board have been involved in 
the:
•	
Acquisition of Green Power Hire a leading 
battery-storage units’ provider, the launch 
of Speedy Hydrogen Solutions Limited 
with AFC Energy, a dedicated hydrogen 
powered generator plant hire business, 
and bringing the world’s first hydrogen 
powered articulated boom to market in 
partnership with Niftylift.
•	
Investment in energy efficient measures 
across our property estate such as 
our new energy efficient Service 
Centres at London Gateway Basildon, 
Southampton and Hull and the installation 
of Building Management Systems and 
solar photovoltaics to optimise energy 
efficiency across our National Service 
Centres (‘NSCs’).
•	
Introducing more electric vehicles for the 
commercial fleet and company cars.
•	
Furthermore, to drive internal engagement 
with our climate targets, it has agreed to 
include ESG KPIs into the performance 
objectives for all Senior Leadership (career 
level 7 and above).*
*ESG objectives for Executive Board and 
Senior Leadership
•	
Carbon emissions: 5% reduction in 
emissions year-on-year (linked to  
Science-based target to reduce absolute 
Scope 1 & 2 GHG emissions by 51.6% by 
FY2030 from a FY2020 base year).
•	
Diversity: 23% females in our workforce 
(linked to target of 30% women by 2030).
•	
Social Value: 4% of workforce in earn and 
learn programmes (linked to target of 5% 
by 2026).
Management-Level Oversight
The Executive Team has day-to-day 
responsibility for ensuring the management 
of climate risks and opportunities, it meets 
monthly and is also briefed directly by 
Executive Directors on material issues.
The Chief Executive is a member of the PLC 
Board Sustainability Committee to which 
climate-related matters are reported or 
escalated in accordance with governance and 
policy set by the PLC Board Sustainability 
Committee. The ESG Director reports to the 
Chief Executive, is a member of the Executive 
Team, chairs the ESG Committee, and attends 
the PLC Board Sustainability Committee 
providing a valuable link between the relevant 
committees and the Executive Team.
The ESG Director chairs the ESG Committee 
which is responsible for driving the ESG 
agenda, climate strategy and performance, 
and its members meet monthly. Meetings 
are attended by key stakeholders across 
HR, Operations, Digital, Supply Chain, Legal, 
Finance and Risk. Other stakeholders will 
attend as guest presenters to update the 
ESG Committee on their progress against the 
ESG Strategy. This Committee reports to the 
Executive Board monthly and the PLC Board 
Sustainability Committee three times a year.
Thirty ESG Business Partners have been 
appointed across the business to attend 
a sustainability roundtable chaired by the 
ESG Director. The roundtable considers the 
mitigation of climate-related risk and delivery 
of climate-related opportunities.
Plc Board
Executive Team
Audit & Risk Committee
Remuneration Committee
Nominations Committee
Sustainability
Committee
Chief Executive
ESG Director
ESG Committee 
Governance framework
ESG report continued
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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Training and Partnerships
In FY2024, we collaborated with industry 
experts Institute of Environmental 
Management and Assessment (‘IEMA’), Green 
Career Hub, Futerra, Watts Sustainability, 
Sustainability Supply Chain School (‘SSCS’) 
to deliver our sustainability training 
programmes. We have also formally partnered 
with engineering design and environmental 
consultancy Hydrock, who provide technical 
sustainability advice and support to our ESG 
team and the wider business.
All staff at Speedy Hire have been enrolled in 
e-learning training on energy efficiency and 
waste, with training on climate and carbon 
rolled out to specific groups. The Sustainability 
Committee, Executive Board and Senior 
Leaders have all received specific training 
on ESG including climate-related issues. 
Furthermore, our nominated ESG Business 
Partners are all being trained to IEMA 
Associate level and our Supply Chain and 
Category Managers have completed training 
by SSCS on sustainable procurement, social 
value, modern slavery and human rights. In 
FY2024, our employees completed 2,702 hours 
of sustainability-related training. By FY2025, 
we have a target for all staff at Speedy to 
complete sustainability training.
Strategy
Climate-related risks and opportunities
Climate-related risks and opportunities risks 
have been identified for Speedy at a group 
level using a bottom-up and inside-out 
approach by engaging with all entities and 
functions internally, as well as an outside-in 
assessment by external climate consultants. 
The risks and opportunities were scored 
using a Climate Impact Toolkit based on the 
likelihood and impact of it occurring to identify 
the most material risks and opportunities. 
Impact related to the financial impact based on 
thresholds defined in the Risk and Assurance 
Policy and Process Documents and likelihood 
was assessed based on stakeholders view of 
likelihood within a defined percentage range.
Our list of the top material climate-related 
risks and opportunities outlined in the 
table below continues to remain relevant 
in FY2024. We revise and refresh the list of 
risks and opportunities every three years. The 
timeframes were selected based on the TCFD 
recommendations to align with our capital 
planning and investment horizons, the useful 
life of assets, and harmonised with national/
international climate policy and our SBTi target 
year (for the quantitative scenario analysis 
modelling).
The list of climate risks below includes the potential impacts and the mitigating controls we have 
put in place to manage these risks. To embed climate risk across the organisation, in FY2024, we 
engaged with stakeholders across the business to review the effectiveness of current mitigating 
controls for key climate impacts. This highlighted actions to address gaps in our controls and 
recommendations on how to embed climate risk management into the risk management processes. 
Off the back of this work, we have enhanced the controls we have in place that support climate-
related risk management processes, such as business continuity, financial and strategic planning to 
strengthen our climate resilience.
Risk overview
Potential Impacts
Mitigating Controls
Technology: 
Climate technology may not keep 
up with demand.
Executive Sponsors:
•	 Managing Director of UK&IRL 
•	 Chief Commercial Officer 
Risk Owners: 
•	 Vehicles – Fleet Director 
•	 Hire Fleet – Group product 
Innovation and Supply Chain 
Director
This could lead to unreliable new 
technologies and increased costs 
which customers are unwilling 
to pay. 
Revenue
•	 Reduced revenue if the wrong 
cost is passed onto customers 
lowering demand
CAPEX
•	 Increased R&D expenditure of 
low-carbon solutions
•	 Adjusted capital expenditure 
including new investment in 
technologies
•	 Monitoring the market and 
research
•	 Engaging with customers to 
understand the preferences 
and carbon and whole life cost 
benefits of eco products
•	 Increased R&D expenditure 
and capex investment on 
low-carbon solutions and 
sustainable fuels 
Timeframes: 
Scenarios
ST
(2024)
MT
(2024-2027)
LT
(2027-2032)
VT
(2032-2050)
Current Policies (3ºC)
Medium
Medium
Medium
Medium
Delayed Transition (2ºC)
Medium
High
High
Medium
Net Zero 2050 (1.5ºC)
Medium
Medium
Medium
Low
Taskforce on Climate-Related Financials Disclosure (‘TCFD’) continued
ESG report continued
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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Risk overview
Potential Impacts
Mitigating Controls
Assets:
Carbon-intensive assets may 
become obsolete.
Executive Sponsors: 
•	 Chief Financial Officer 
•	 Chief Commercial Officer 
Risk Owners: 
•	 Director of Assets and Projects 
•	 Group product Innovation and 
Supply Chain Director 
This could damage our margins 
if these assets cannot generate 
revenue and impose more costs 
for disposal. 
Revenue
•	 Loss in revenue due to 
decreased demand or contract 
volume 
CAPEX
•	 Increased R&D expenditure 
of development and market 
proposition of low carbon 
technologies
•	 More investment in new 
technologies including their 
insurance
•	 Investment in new fleet and 
equipment which is less energy 
intensive
OPEX
•	 Increased costs paying carbon 
tax schemes or fines
•	 Investing in the repair, 
refurbishment and/or 
retrofitting of equipment to eco
•	 A roadmap for investment in 
low carbon technologies and 
sustainable fuels and targeted 
divestment of carbon intensive 
products 
•	 Developed our circular 
economy principles to lower 
the environmental impact of 
our products
•	 Working with suppliers to 
design products that contain 
recycled materials and can 
be recycled or repurposed to 
extend product lifecycle
Timeframes: 
Scenarios
ST
(2024)
MT
(2024-2027)
LT
(2027-2032)
VT
(2032-2050)
Current Policies (3ºC)
Low
Low
Medium
Medium
Delayed Transition (2ºC)
Medium
Medium
High
High
Net Zero 2050 (1.5ºC)
Medium
High
High
High
Timeframes: 
Scenarios
ST
(2024)
MT
(2024-2027)
LT
(2027-2032)
VT
(2032-2050)
Current Policies (3ºC)
Medium
Medium
Medium
Medium
Delayed Transition (2ºC)
Medium
Medium
Medium
High
Net Zero 2050 (1.5ºC)
Medium
Medium
Medium
High
Risk overview
Potential Impacts
Mitigating Controls
Fuel: 
Increasingly limited supply of 
fossil fuel may lead to greater 
instability in fuel prices.
Executive Sponsor: 
•	 Managing Director of UK&IRL
Risk Owner: 
•	 Head of Fuel 
This could expose us to cost 
increases and difficulty in passing 
on fuel prices to customers.
Revenue
•	 If price is passed onto 
customers, then Speedy risk 
losing customers
CAPEX
•	 Increased investment into fossil 
fuel alternatives
•	 Increased investment into 
replacing vehicles
•	 Increased investment into 
refurbishing and/or replacing 
assets
OPEX
•	 Increasing R&D expenditure 
to respond to market and 
technology trends
•	 Increased taxes and regulation 
to curb carbon emissions
•	 Hedge our fuel rates for diesel 
and Hydrogenated Vegetable 
Oil (HVO) D+
•	 A roadmap for investment in 
low carbon technologies and 
sustainable fuels and targeted 
divestment of carbon intensive 
products 
•	 Invested in hybrid/electric 
company cars and 154 electric 
light commercial vehicles 
•	 Use of sustainable fuels across 
our properties, products and 
commercial vehicles 
•	 Change the delivery time for 
fuel to times of less traffic to 
reduce costs. Electric vehicles 
also reduce deliveries due to 
being able to accommodate 
heavier loads
•	 Improve fuel efficiency and/
or reduce fuel consumption 
for current fleet via: retrofitting 
drag reduction devices to 
HGVs, introducing vehicle 
telematics and speed limiters, 
and training eco-driver and fuel 
behaviours
Taskforce on Climate-Related Financials Disclosure (‘TCFD’) continued
ESG report continued
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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Risk overview
Potential Impacts
Mitigating Controls
Energy: 
Increasing energy prices 
will increase direct costs.
Executive Sponsors:
•	 Chief Commercial Officer 
•	 Chief Financial Officer
Risk Owners: 
•	 Head of Supply Chain 
(Indirect) 
•	 Property Director 
We could be exposed to 
increases in cost. Increasing 
electricity costs will 
increase the costs across 
our sites and increasingly 
more material the cost of 
recharging electric vehicles 
Revenue
•	 If price of increased 
energy costs is passed 
onto customers (cost to 
charge assets/vehicles), 
then Speedy risks losing 
customers
CAPEX
•	 Increased R&D expenditure 
to respond to market and 
technology trends
•	 More investment into 
renewable energy and 
energy reduction initiatives
OPEX
•	 Investment in new 
equipment which is less 
energy intensive
•	 Hedge energy rates and Power Purchase 
Agreements (PPAs) in place for properties 
with on-site renewables
•	 Launched a sustainable buildings 
transformation programme, taking 
learnings from our Milton Keynes site 
which is a rare EPC A+, net zero carbon 
building to apply to other locations such as 
London Gateway Basildon, Southampton 
and Hull
•	 Investing in energy-efficient technologies 
such as Building Management Systems for 
all new properties and existing properties 
with high energy use, such as our National 
Service Centres which can include LED 
lighting, controlled heating and cooling, air 
quality management, daylight harvesting 
and on-site renewables such as solar 
photovoltaics 
•	 Estate strategy aims to reduce depot 
numbers through consolidation of older 
building stock to newer and more energy 
efficient premises 
•	 New depots all fitted with electric heating 
or cooling systems rather than gas and 
budget allocated to replace old gas fired 
heating systems with electric alternatives 
•	 Installation of on-site renewables such 
as solar photovoltaics at some properties 
such as Milton Keynes and Glasgow 
•	 Rolled out mandatory training to all 
employees on energy-efficiency
Timeframes: 
Scenarios
ST
(2024)
MT
(2024-2027)
LT
(2027-2032)
VT
(2032-2050)
Current Policies (3ºC)
Medium
Medium
Medium
Medium
Delayed Transition (2ºC)
Medium
Medium
Medium
High
Net Zero 2050 (1.5ºC)
Medium
Medium
Medium
High
Taskforce on Climate-Related Financials Disclosure (‘TCFD’) continued
ESG report continued
Risk overview
Potential Impacts
Mitigating Controls
Reputation: 
Speedy may not stay on track to 
meet its Science Based Target 
(‘SBT’).
Executive Sponsor:
•	 ESG Director
Risk Owners: 
•	 Head of Net Zero 
•	 Group Marketing Director
This could lead to reputational 
repercussions with stakeholders, 
such as customers, investors and 
partners.
Revenue
•	 Loss of revenue if customers 
terminate contracts or choose 
SBT-aligned providers
CAPEX
•	 Investment in new reduction 
initiatives including new 
technologies
OPEX
•	 Increased expenditure to track 
and monitor performance of 
climate goals
•	 Increased marketing costs if 
commitments are not met
•	 Developed net zero roadmap 
across scopes 1, 2 and 3 and 
sustainability heatmaps for 
each business unit, with a 
tailored approach on how to 
reach net zero SBT
•	 Assigned ESG responsibilities 
across the business using a 
RACI matrix and embedded 
ESG business partners to drive 
achievement of KPIs
•	 A roadmap for investment in 
low carbon technologies and 
sustainable fuels and targeted 
divestment of carbon intensive 
products 
•	 Requested key suppliers in 
supply chain to align to SBTs 
by 2025
•	 Implemented power BI 
carbon dashboards for carbon 
reporting (company and 
customer level) and a supplier 
engagement platform to 
assess top suppliers by carbon 
emissions to prioritise and 
monitor carbon reductions 
•	 Regular ESG horizon scanning 
to monitor climate policy and 
regulation to future proof our 
approach to net zero
Timeframes: 
Scenarios
ST
(2024)
MT
(2024-2027)
LT
(2027-2032)
VT
(2032-2050)
Current Policies (3ºC)
Low
Low
Medium
Medium
Delayed Transition (2ºC)
Low
Low
Medium
High
Net Zero 2050 (1.5ºC)
Low
Medium
High
High
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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Risk overview
Potential Impacts
Mitigating Controls
Customer demand: 
Speedy’s provision of low-
emission fuel alternatives may 
be insufficient to meet customer 
demand.
Executive Sponsors:
•	 Managing Director of UK&I 
•	 Chief Commercial Officer
Risk Owners: 
•	 Head of Fuel 
•	 Operations Director 
•	 Group product Innovation and 
Supply Chain Director
There is a risk of losing 
customers to competitors or 
straining customer relationships 
due to cost negotiations.
Revenue
•	 Customers may move to 
suppliers with lower carbon 
emission products
•	 Reduced demand for high-
emission fuels
CAPEX
•	 Investment and R&D in low-
emission fuel alternatives
•	 New machinery and specialist 
equipment, particularly in 
relation to hydrogen
OPEX
•	 Increased training costs to 
upskill staff to maintain and fix 
new products
•	 Monitoring the market and 
research 
•	 Engaging with customers to 
understand the preferences 
and carbon and whole life cost 
benefits of eco products
•	 Working with suppliers to bring 
eco-products and sustainable 
fuels to market
•	 Identify and set aside budget 
to invest in research and 
development for alternative 
products and services
•	 A roadmap for investment in 
low carbon technologies and 
sustainable fuels and targeted 
divestment of carbon intensive 
products 
•	 Acquisition of clean technology 
businesses such as Green 
Power Hire and associated staff 
with green technology skills 
Timeframes: 
Scenarios
ST
(2024)
MT
(2024-2027)
LT
(2027-2032)
VT
(2032-2050)
Current Policies (3ºC)
Medium
Medium
Medium
Medium
Delayed Transition (2ºC)
Medium
Medium
High
High
Net Zero 2050 (1.5ºC)
Medium
High
High
High
Taskforce on Climate-Related Financials Disclosure (‘TCFD’) continued
ESG report continued
Risk overview
Potential Impacts
Mitigating Controls
Regulation: 
Not meeting compliance 
requirements of advancing 
climate regulation.
Executive Sponsor:
•	 ESG Director
Risk Owners: 
•	 Head of Net Zero 
•	 HSSEQ Director
Carbon taxes or fuel bans may 
lead to higher operational 
costs, fines or assets becoming 
obsolete, and lead to loss of 
contracts or partners. Growing 
reporting requirements also 
require additional costs and 
resource.
Revenue
•	 Loss of revenue if our assets 
are stranded
CAPEX
•	 Investment in new equipment 
and vehicle fleet 
OPEX
•	 Increased resource to monitor 
and respond to new regulation
•	 Increased costs in paying 
carbon cap-and-trade and tax 
schemes
•	 More investment into 
compliance with energy 
efficiency and carbon directives
•	 Implemented governance 
mechanisms to continuously 
monitor the ESG regulatory and 
reporting landscape
•	 Review requirements and 
regulations through the ESG 
Committee and PLC Board 
Sustainability Committee
•	 Six monthly ESG briefings 
regarding updates to 
legislation, regulations and 
guidelines 
•	 Respond to changing 
regulation through linking 
Science Based Targets (SBTs) 
and net zero goals into 
Velocity business strategy and 
investment plans, TCFD and 
climate transition plan
Timeframes: 
Scenarios
ST
(2024)
MT
(2024-2027)
LT
(2027-2032)
VT
(2032-2050)
Current Policies (30C)
Low
Low
Low
Medium
Delayed Transition (20C)
Medium
Medium
High
High
Net Zero 2050 (1.50C)
Medium
High
High
High
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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Risk overview
Potential Impacts
Mitigating Controls
Data: 
Challenges in obtaining scope 3 
greenhouse gas emissions data
Executive Sponsors:
•	 Chief Commercial Officer 
•	 Chief Digital and 
Transformation Officer
Risk Owners: 
•	 Head of Supply Chain (Indirect) 
•	 IT Development Director 
Inaccurate or incomplete Scope 
3 data could mean that a failure 
to satisfy reporting requirements 
and rising stakeholder 
expectations.
Revenue
•	 Lower likelihood of winning 
customer contracts if GHG 
product reporting is falling 
behind competitors
CAPEX
•	 Pressure to invest in more 
advanced tracking devices 
to capture emissions of sold 
products
OPEX
•	 Investment in resourcing to 
implement
•	 Contractually instructed 
suppliers to provide GHG 
data and implemented a 
supplier onboarding portal 
with questions on climate and 
carbon 
•	 Implemented supplier 
engagement platform to collect 
carbon data from supply chain 
to prioritise most material 
suppliers to reduce emissions 
•	 Validation of scope 3 emissions 
to ISO 14064-1 by external third 
party 
•	 Investing in using video 
telematics on key equipment 
•	 Launched customer carbon 
calculator and dashboard to 
provide carbon emissions 
for assets hired and vehicle 
deliveries 
Timeframes: 
Scenarios
ST
(2024)
MT
(2024-2027)
LT
(2027-2032)
VT
(2032-2050)
Current Policies (3ºC)
Medium
Medium
Medium
Medium
Delayed Transition (2ºC)
Low
Medium
High
High
Net Zero 2050 (1.5ºC)
Medium
Medium
High
High
Taskforce on Climate-Related Financials Disclosure (‘TCFD’) continued
ESG report continued
Risk overview
Potential Impacts
Mitigating Controls
Infrastructure: 
Insufficient EV infrastructure 
development might inhibit 
Speedy’s transition success.
Executive Sponsors:
•	 Managing Director UK&I 
•	 Chief Financial Officer
Risk Owners: 
•	 Fleet Director 
•	 Property Director
Electrification of own and hired 
fleet and machinery is reliant 
on progress in developing EV 
infrastructure enabling Speedy 
and its clients to operate. 
Customer satisfaction could 
be affected if this impacts 
how quickly we can service 
customers.
Revenue
•	 Return on investment in 
operational savings
•	 Income stream from developing 
and operating charging 
infrastructure
CAPEX
•	 Capital expenditure to install 
EV charging points at our sites 
•	 Investment in industry 
initiatives including joint 
collaboration on EV 
infrastructure development 
initiatives
•	 Investment in carbon neutral 
materials and fuels 
•	 Developed fleet investment 
and transition roadmap in line 
with SBTs
•	 Invested in EV charging points 
across our property estate 
Timeframes: 
Scenarios
ST
(2024)
MT
(2024-2027)
LT
(2027-2032)
VT
(2032-2050)
Current Policies (3ºC)
Low
Low
Low
Medium
Delayed Transition (2ºC)
Medium
Medium
High
High
Net Zero 2050 (1.5ºC)
Medium
Medium
Medium
Medium
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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Risk overview
Potential Impacts
Mitigating Controls
Extreme weather events: 
Business operations and human 
capital may be significantly 
affected by the increasing 
frequency and severity of 
extreme weather events.
Executive Sponsors:
•	 Chief Financial Officer 
•	 HSSEQ Director
Risk Owners: 
•	 Property Director 
•	 Health and Safety Director 
This could negatively impact 
operating efficiency and increase 
costs as business operations and 
human capital may be significantly 
affected.
Revenue
•	 Lower worker efficiency will 
impact production due to 
delays, which would mean that 
less revenue can be made
CAPEX
•	 Damage to production facilities 
and manufacturing equipment 
which may need to be repaired 
or replaced
•	 Relocation of some sites which 
are experiencing significant 
physical risks or where 
buildings are not climate 
resilient 
OPEX
•	 Increased insurance premiums
•	 Lower worker efficiency will 
increase the labour cost per 
unit of product
•	 Estate strategy aims to reduce 
depot numbers through 
consolidation of older building 
stock to newer and more 
energy efficient premises in 
line with our Velocity business 
strategy 
•	 Investing in energy efficient 
measures such as air 
conditioning improves 
the health and wellbeing 
of employees to maintain 
productivity 
•	 Developed nature positive 
by 2030 roadmap to explore 
linking nature into climate 
resilience measures across the 
property estate 
Timeframes: 
Scenarios
ST
(2024)
MT
(2024-2027)
LT
(2027-2032)
VT
(2032-2050)
Current Policies (3ºC)
Medium
Medium
Medium
Medium
Delayed Transition (2ºC)
Medium
Medium
Medium
Medium
Net Zero 2050 (1.5ºC)
Low
Medium
Medium
Medium
Taskforce on Climate-Related Financials Disclosure (‘TCFD’) continued
We also capture our climate-related opportunities. The four most significant opportunities are listed 
in the tables below. 
ESG report continued
Risk overview
Potential Impacts
Mitigating Controls
Extreme weather events: 
Storms and extreme winds 
speeds may cause physical 
damage to Speedy’s sites and 
assets.
Executive Sponsors:
•	 Chief Financial Officer 
•	 HSSEQ Director 
•	 General Counsel and Company 
Secretary 
Risk Owners: 
•	 Property Director 
•	 Health and Safety Director 
•	 Legal Counsel and Assistant 
Company Secretary
This could negatively impact 
operating efficiency and increase 
costs as business operations 
and human capital may be 
significantly affected.
CAPEX
•	 Significant investment into 
mitigating the impacts of 
extreme weather events, 
particularly at sites at risk of 
flooding and drought
•	 Relocation of some sites which 
are experiencing significant 
physical risks or where 
buildings are not climate 
resilient 
OPEX
•	 Increase of insurance premiums 
to cover the cost of increasing, 
and more severe extreme 
weather
•	 Estate strategy aims to reduce 
depot numbers through 
consolidation of older building 
stock to newer and more 
energy efficient premises in 
line with our Velocity business 
strategy 
•	 Property team assess flood 
risks as part of estate strategy 
•	 Developed nature positive 
by 2030 roadmap to explore 
linking nature into climate 
resilience measures across the 
property estate
Timeframes: 
Scenarios
ST
(2024)
MT
(2024-2027)
LT
(2027-2032)
VT
(2032-2050)
Current Policies (3ºC)
Medium
Medium
Medium
High
Delayed Transition (2ºC)
Medium
Medium
Medium
Medium
Net Zero 2050 (1.5ºC)
Medium
Medium
Medium
Medium
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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Opportunity overview 
Potential Impacts
Actions to seize opportunities
Products and services: 
Customer demand for low-
emissions equipment and 
services will rise as the economy 
transitions to net zero.
Executive Sponsor:
•	 Chief Commercial Officer
Opportunity Owner: 
•	 Group product Innovation and 
Supply Chain Director
This could lead to new revenue 
streams and greater market 
shares, especially if we are a 
first mover. In addition, our hire 
equipment could help customers 
deal with the negative impacts of 
floods, storms and other extreme 
weather events.
Revenue
•	 New revenue streams from new 
products
CAPEX
•	 Investment and R&D in low 
emission fuel alternatives
•	 New machinery and specialist 
equipment, particularly in 
relation to hydrogen 
OPEX
•	 Increasing R&D expenditure 
to respond to market and 
technology trends
•	 Increased training costs to 
upskill staff to maintain and fix 
new products
•	 Launched a joint venture, 
Speedy Hydrogen Solutions 
Limited, with AFC Energy 
Plc for dedicated hydrogen 
powered generator plant hire 
business
•	 Formed a partnership Niftylift 
to design, manufacture and 
bring to market the world’s first 
hydrogen-electric powered 
access platform
•	 Acquired Green Power Hire to 
service battery storage needs 
of market and associated staff 
with green technology skills 
•	 Horizon scanning for the latest 
technological developments, 
market and regulatory changes, 
customer demands and other 
insights
Timeframes: 
Scenarios
ST
(2024)
MT
(2024-2027)
LT
(2027-2032)
VT
(2032-2050)
Current Policies (3ºC)
Medium
Medium
Medium
Medium
Delayed Transition (2ºC)
Medium
Medium
High
High
Net Zero 2050 (1.5ºC)
Medium
High
High
High
Taskforce on Climate-Related Financials Disclosure (‘TCFD’) continued
ESG report continued
Opportunity overview 
Potential Impacts
Actions to seize opportunities
Supports targets: 
Investment in low-emissions 
product technology will support 
Speedy’s climate targets.
Executive Sponsor:
•	 Chief Financial Officer 
Opportunity Owners: 
•	 Commercial and Finance 
Director 
•	 Group financial Controller
In addition to meeting our 
climate targets, this could lead 
to increased efficiencies and 
opportunities for business 
partnerships.
Revenue
•	 Increased green revenue 
streams
•	 Return on investment in 
savings on energy costs
CAPEX
•	 Increased resource expenditure 
to monitor and respond to 
market and technology trends
•	 More investment into 
renewable energy and energy 
reduction initiatives
•	 Investment in new low-carbon 
materials 
•	 Invested in hybrid/electric 
company cars and electric 
commercial vehicles
•	 Invested in EV charging points 
across our property estate
•	 Invested in energy efficient 
measure across our property 
estate including Building 
Management Systems and 
solar photovoltaics 
•	 Increased R&D expenditure 
and capex investment on 
low-carbon solutions and 
sustainable fuels
Timeframes: 
Scenarios
ST
(2024)
MT
(2024-2027)
LT
(2027-2032)
VT
(2032-2050)
Current Policies (3ºC)
Medium
Medium
Medium
Medium
Delayed Transition (2ºC)
Medium
Medium
Medium
High
Net Zero 2050 (1.5ºC)
Medium
Medium
High
High
We also capture our climate-related opportunities. The four most significant opportunities are listed 
in the tables below.
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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Opportunity overview 
Potential Impacts
Actions to seize opportunities
Climate leadership: 
Achieving our Science-Based 
Target could allow us to become 
a climate leader.
Executive Sponsor:
•	 ESG Director 
Opportunity Owner: 
•	 Head of Net Zero
Progressing in key reduction 
activities and achieving 
committed reductions is likely to 
lead to sustained growth of long-
term financial and reputational 
benefits as well as attract and 
retain customers, as well as new 
talent. 
Revenue
•	 Higher revenues due to 
growing customer demand for 
low-emission products and 
services
CAPEX
•	 Increased R&D expenditure for 
low-emissions solutions
•	 Investment in new equipment 
and vehicles 
OPEX
•	 Decreased operational 
expenditure over time
•	 More investment into 
renewable energy and energy 
reduction initiatives
•	 We are the first UK equipment 
hire business to have a 
validated SBT 
•	 Awarded Financial Times 
Climate Leader 2023 and 2024 
and ISS ESG Prime Status 
as an ESG leader in Support 
Services
•	 EcoVadis Gold rating, CDP 
B rating, and Moody’s A++ 
rating for our environment 
strategy and our approach to 
sustainability
•	 Accepted into the Exponential 
Roadmap Initiative based on 
our climate leadership
•	 Gold Member of the Supply 
Chain Sustainability School 
(‘SCSS’). We offer support 
with events to upskill firms on 
integrating more sustainable 
ways of working into their 
businesses and attend SCSS 
subject matter working groups
•	 Joined the United Nations 
Global Compact (‘UNGC’) and 
supports the UN Sustainable 
Development Goals
•	 Hosted a live Net Zero 
thought leadership event with 
customers and supply chain 
partners 
Timeframes: 
Scenarios
ST
(2024)
MT
(2024-2027)
LT
(2027-2032)
VT
(2032-2050)
Current Policies (3ºC)
Medium
Medium
Medium
Medium
Delayed Transition (2ºC)
Medium
Medium
High
High
Net Zero 2050 (1.5ºC)
High
High
High
High
Taskforce on Climate-Related Financials Disclosure (‘TCFD’) continued
ESG report continued
Opportunity overview 
Potential Impacts
Actions to seize opportunities
Product/service development: 
Customer demand for products 
and services that allow them to 
track emissions from equipment 
hire products and deliveries.
Executive Sponsor:
•	 Chief Financial Officer 
Opportunity Owners: 
•	 Commercial and Finance 
Director 
•	 Head of business Intelligence
Timeframes:
Short-term (0-1 years)
By mitigating our data-related 
risk and developing new products 
to help partners and customers 
understand their carbon impacts 
and help manage it, this could 
generate new revenues. 
Revenue
•	 Higher revenues due to 
growing customer demand 
insights to track emissions
OPEX
•	 Ongoing costs of working with 
third party to maintain and run 
the technology solution 
•	 Costs associated with verifying 
customer emissions data to 
deliver service
•	 Launched customer carbon 
calculator and dashboard to 
provide carbon emissions 
for assets hired and vehicle 
deliveries 
•	 Launched a carbon intelligence 
division to provide our 
customers with carbon 
expertise to help them achieve 
net zero
Based on our current controls for identified risks and our ongoing actions to seize opportunities, we are 
well positioned to manage our climate-related risks and opportunities. We will continue to review each 
material climate-related risk and opportunity, monitor for emerging risks, and build upon our existing 
mitigating controls to enhance the resilience of our business to the impacts of climate change.
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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Scenario Analysis
Climate scenario analysis is an integral element of TCFD-aligned risk management and is a key 
tool that we utilise to help us understand and address climate risk and equip us to build strategic 
resilience.
Following our 2023 qualitative scenario analysis, we built upon our learnings by performing 
quantitative scenario analysis to understand the financial impact of one of our most material and 
strategically important climate-related risks. The results of the 2023 qualitative scenario analysis can 
be found in our 2023 Annual Report on page 49. This report is located in the ‘Investors’ section of our 
website under ‘Reports and Results’.
The risk selected was the ‘Reputational’ risk: ‘Speedy may not stay on track to meet its Science 
Based Target (‘SBT’)’. The financial driver of this risk explored through modelling was the additional 
cost, over and above hire fleet growth plans, that we may incur by transitioning the fleet to low 
carbon alternatives in line with our SBT trajectory based on supply of alternative technologies. 
Incurring these costs allows us to maintain our reputation as a climate leader. In FY2025, we are 
planning to do further quantitative modelling of material climate risk. This risk was selected as it 
relates strongly to several of Speedy’s most material climate risks and drives one of Speedy’s most 
material emissions categories (downstream leased assets). Additionally, there was sufficient high-
quality data available to model this risk accurately and the output provided an investment roadmap 
to inform our financial planning.
The scenarios and time horizons used for in the quantitative analysis modelling were aligned to 
those used for qualitative modelling in 2023 which were based off the recommendations of the 
TCFD, except for the ‘very long-term’ time horizon, which we have aligned to our net zero (‘NZ’) SBT 
year (2040) for the financial modelling. The scenarios examined during the quantitative scenario 
analysis were aligned to the Network for Greening the Financial System (NGFS) archetypes which 
included a well below 2°C scenario in line with the TCFD Recommendations as follows:
•	
Net Zero 2050 (1.5°C): Policies are implemented immediately and smoothly. Emissions start 
declining immediately and reach zero by 2050. This scenario is aligned with the RCP 2.6 
pathway.
•	
Delayed Transition (2°C): This scenario assesses our resilience under a high transition risk 
scenario with increased physical risk. With no additional policies, emissions rise until 2030. 
Thereafter, strong and rapid policy sees emissions decline dramatically, reaching net zero by 
2060. This scenario is aligned with the RCP 4.5 pathway.
•	
Current Policies (3°C): This scenario tests our resilience in a world with high warming and 
physical change. With only current policies pursued, emissions continue to rise. This scenario is 
aligned with the RCP 8.5 pathway.
We further tailored these scenarios for this financial modelling using quantitative indicators of future 
asset costs from third party data sets and building in assumptions about viability of LC technology. 
The LC technologies within the scope of the modelling were limited to HVO, hydrogen and electric 
power. This is supported by a recent pledge by the Construction Leadership Council to transition 
to alternative energy sources, primarily green hydrogen, and electric powered plant as diesel 
replacements. It is important to note that these may not be the only low carbon technologies that 
come into the market. We will assess the appropriateness of each new technology as it comes to 
market and are staying abreast of new synthetic fuel research in particular.
Scenario assumptions:
Scenario 
Assumptions
Hybrid 
Scenario
This scenario follows the current policies pathway until 2030 and the delayed 
transition from 2030 to 2040. This scenario is a highly likely scenario for Speedy to 
experience because the transition to a NZ economy across the UK is happening at a 
slower pace than advised by climate science.
Net Zero 
2050  
(1.5°C)
This scenario enables us to explore the impact of our NZ strategy where global 
decarbonisation efforts are also aligned to NZ action from present. In this scenario, 
alternative LC assets come to market in the short-term. Technology advances mean 
that hydrogen and electric alternatives are available for all our assets, including our 
highly energy intensive assets such as large generators.
Delayed 
Transition 
(2°C)
In this scenario, global policy implementation is delayed until after 2030, from which 
point action towards NZ is stringent. LC alternative assets are not widely available 
until the mid-term. This technology is highly expensive and HVO is therefore the most 
cost-effective method of reducing asset emissions until the 2030s.
Current 
Policies 
(3°C)
In this scenario, global efforts towards NZ do not advance over and above current 
levels. Technology investment and legislation do not support NZ action and therefore 
Speedy is highly reliant on HVO to achieve NZ emissions across our hire fleet. Electric 
alternatives and hydrogen assets do not relay deep decarbonisation for Speedy as 
they are predominantly sourced from fossil fuel.
Taskforce on Climate-Related Financials Disclosure (‘TCFD’) continued
ESG report continued
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
speedyhire.com/investors 
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The scenario analysis findings are impacted 
by several important factors such as 
asset availability, technology investment, 
competition for assets and fuel source stock. 
We have detailed the key findings in each 
scenario below:
Hybrid Scenario:
This scenario is most representative of the 
future conditions that we anticipate will occur 
and is therefore most relevant to our investment 
plans. This scenario relays low cost in the short 
to mid-term as we steadily invest in alternative 
LC technologies, focusing first on electric asset 
alternatives where technology advancement 
allows, i.e. predominantly smaller, lower power 
assets (for example, we have acquired Green 
Power Hire, specialising in LC battery storage), 
and relying on HVO for the remainder of the 
transition in the short-term. Cost is a major 
blocker for customers around the use of HVO 
low emissions fuel. We are actively campaigning 
for government to recognise the emissions 
benefits of this and other low-carbon fuels to 
reduce the cost so it is comparable with diesel. 
We are investing in hydrogen asset alternatives 
in the short-term due to customer demand, such 
as our launch of Speedy Hydrogen with AFC 
Energy but anticipate that the majority of the 
hydrogen transition will occur in the long and 
very long-term due to a delay in asset availability 
and technology advances.
Net Zero Scenario:
In this scenario, alternative assets which run on 
electricity or hydrogen fuel are available from 
the short-term, we therefore begin investing in 
this technology early. This scenario sees heavy 
costs in the short-term because global policy 
mandates that a net zero transition is necessary, 
meaning that global demand for assets running 
on renewable fuels is very high. In the long to 
very long-term, asset cost diminishes due to 
heavy investment in LC assets. However, we 
still see higher costs than BAU would dictate 
because we replace our full fleet with alternative, 
low carbon assets.
Delayed Transition Scenario:
In this scenario, hydrogen asset alternatives 
do not come online until 2030, and the cost 
of investing in this technology is high. Electric 
assets come online in the 2020s but their cost 
is similarly high. We therefore do not invest 
heavily in these alternative LC technologies until 
the long-term. We rely heavily on HVO for the 
bulk of our emissions savings in the short and 
mid-term, achieving deep emissions reductions 
at efficient costs. However, as we begin to invest 
in electric and hydrogen alternative assets in the 
long-term, we must transition more assets to 
these alternative technology in a shorter window 
of time i.e. before our NZ SBTi target year, 2040. 
The cumulative cost is therefore highest in this 
scenario.
Current Policies Scenario:
In this scenario, hydrogen and electric asset 
replacements do not become available in line 
with our NZ transition plan. This is partially 
due to a lack of investment in LC technologies, 
and partially due to the energy sources that 
alternative technologies would run off not 
decarbonising, for example, hydrogen fuel 
sources remaining largely sourced from 
fossil fuel stocks and the national grid not 
transitioning to renewable electricity sources 
beyond present levels. We are therefore forced 
to rely on alternative fuels for our NZ transition. 
The alternative fuel used in the modelling is 
HVO, this can be used in our current diesel 
engines as a low emissions substitute fuel and 
therefore does not relay asset replacement 
costs. This scenario therefore represents the 
lowest cumulative cost because we do not 
need to invest heavily in replacing our fleet 
with alternative assets. However, due to the 
cost premiums of HVO versus diesel not all 
customers are opting for HVO making this 
transition pathway difficult to realise.
To help us meet our SBT, we need to transition 
our hire fleet to low carbon alternatives, 
which may incur a financial impact based on 
the incremental capex investment required. 
The table below shows the financial impact 
of transitioning our hire fleet to low carbon 
alternatives above what we anticipate in 
a business-as-usual scenario due to fleet 
growth and our usual asset replacement 
schedule. The definition of the financial impact 
bands and materiality come from our Risk & 
Assurance Policy and Process Document, with 
the addition of a ‘very high’ relevant to the 
potential investment requirements.
The additional cost impact associated with our hire fleet transition, across the time horizons is 
categorised below.
Impact Rating (by Time Horizon)
Scenario
Short Term
(2025)
Medium Term 
(2027)
Long Term 
(2032)
Very Long Term 
(2040)
Hybrid Scenario
Low
Low
Very High
Very High
Orderly Transition
Low
Low
Very High
Very High
Delayed Transition
Low
Low
Moderate
Very High
Current Policies
Low
Low
Low
Low
  Low risk intensity   
  Medium risk intensity   
  Very High risk intensity
Financial Planning
The completion of quantitative modelling has enhanced our understanding of future decarbonisation 
pathways, the associated risk and opportunities, and the investment needed. Our ability to transition 
our fleet to reach our NZ target is largely dependent on technological advancements in low carbon 
assets (HVO, electric and hydrogen) and their costs. A key outcome of the scenario analyses is a 
roadmap outlining the optimum time to invest in low carbon assets to replace current diesel assets 
in each scenario. This information will be integrated into our sustainable growth strategy and 
financial planning cycle to inform investment and divestment priorities.
We are in the process of developing a NZ transition plan aligned to the Transition Plan Taskforce (‘TPT’) 
guidelines which is considered to be the gold standard for a credible and robust plan. The transition plan 
will include tangible actions for resourcing, financing and operational considerations to meet our climate 
targets, manage climate-related risks, and contribute to the economy-wide climate transition.
Taskforce on Climate-Related Financials Disclosure (‘TCFD’) continued
ESG report continued
Key Time Horizons: 
ST: short-term (2024) 
MT: medium-term (2024-2027) 
LT: long-term (2027-2032) 
VT: very long-term (2032-2040)
Key Impact Bands: 
Low: £250,000 – £1,000,000 
Moderate: 1,000,000 – 2,500,000 
High (material): 2,500,000 – 5,000,000 
Very High (highly material): > 5,000,000
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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Risk management
We have developed a comprehensive list of 
climate-related risks to assess our exposure. 
These risks are included in the Company risk 
register, as well as the individual risk registers 
for each functional departments which are 
assessed periodically in line with our overall 
risk management processes.
Identifying and assessing climate-related 
risks
This list of climate-related risks is periodically 
updated and includes both physical risks (e.g, 
flooding or storms) as well as transition risks 
(e.g. regulatory, technological, reputational, 
or legal risks) involved with the shift to a low-
carbon economy. In FY2024, we completed a 
Double Materiality Assessment which includes 
ESG risks (see page 50). This was leveraged 
to create an ESG risk heatmap which includes 
the top climate-related risks for prioritisation in 
risk management. Each of the risks identified 
in the assessment has a dedicated Executive 
sponsor assigned as responsible for managing 
the risk.
On at least a six-monthly basis, internal 
stakeholders and risk owners assess our 
comprehensive list of climate-related risks 
and opportunities for materiality based on 
their likelihood and impact. This approach is 
aligned with our risk management framework 
and based on current expectations of climate 
trajectories and global action.
Managing climate-related risks
On behalf of the Audit & Risk Committee, the 
ESG Director and Head of Risk and Assurance 
review the ESG risk register based on the 
ESG risks in the individual risk registers for 
each of Company’s functional departments. To 
conduct this review, the ESG Director seeks 
climate-related mitigation activities from 
internal stakeholders, as well as climate risk 
specialists.
It is then decided whether to transfer, control 
or mitigate the risk in the register and this 
is embedded into our risk management 
framework. These risks and associated 
mitigations are reviewed by the ESG 
Committee on a quarterly basis.
Integrating Climate-Related Risk
Climate-related risk management is integrated 
in our overall risk management. Our climate-
related risks are integrated into the Company’s 
overall risk register and used by the Board 
to assess our principal risks. All risks and 
opportunities identified in this disclosure are 
therefore listed in the Company’s risk register.
Metrics and targets
Developing metrics and targets for our key 
risks and opportunities is essential to track 
our progress in decarbonising our business, 
managing climate-related risks and capturing 
opportunities.
Science-based targets
The SBTi Net-Zero Standard is the world’s 
only framework for corporate net-zero target 
setting in line with climate science. In FY2024, 
our near-term and long-term science-based 
targets (‘SBT’) have been validated by the 
SBTi, which includes a target to reach net zero 
by FY20401. We are the first UK Hire company 
to have a validated SBT and a decarbonisation 
roadmap across all scopes to reach net zero.
The following targets have been validated by 
the SBTi:
We have committed to:
•	
Reduce absolute scope 1 and 2 GHG 
emissions by 51.6% by FY2030 from a 
FY2020 base year (target includes land-
related emissions and removals from 
bioenergy feedstocks)2.
•	
Reduce absolute scope 3 GHG 
emissions by 42% by FY2030 from a 
FY2020 base year.
•	
Reduce absolute scope 1, 2 and 3 
GHG emissions by 90% and commit to 
offsetting the residual emissions 10% 
by FY2040 from a FY2020 base year to 
reach net-zero GHG emissions.
These targets span the entire business: 
product offering, operations, property estate, 
fleet, and supply chain. Our scope 1 and 2 
targets will be achieved by transitioning to 
HVO fuel and electric vehicles, renewable 
electricity, low-carbon heating, cooling, 
and retrofitting our properties. Our scope 3 
targets will be achieved by investing in low 
carbon equipment and sustainable fuels and 
implementing circular economy solutions such 
as repairing, refurbishing and retrofitting our 
equipment. We are working collaboratively 
with our supply chain to engage and achieve 
net zero by 2040 together and have asked our 
top suppliers to join the SBTi Initiative by 2025.
As a part of our commitment to net zero,  
we have taken a business view on the use  
of offsets. As we have an SBTi-validated net 
zero target, we are committed to using high-
quality removals to offset the remaining 10%  
of our hard-to abate emissions for our 2040 
net zero date. 
Taskforce on Climate-Related Financials Disclosure (‘TCFD’) continued
ESG report continued
We are committed to investing in solutions that 
deliver decarbonisation in the real economy 
and are currently not engaging in beyond 
value-chain mitigation. We are however 
developing our Nature Positive by 2030 
roadmap and will be reviewing our position on 
offsetting for our remaining 10% of emissions.
We have made great progress on our Scope 1 
and 2 2030 SBT due to our:
•	
Reduction in commercial use of fossil 
fuels, continued use of transition fuels and 
increase in EVs within the commercial fleet 
and company cars.
•	
Reduction in natural gas (scope 1) across 
our property estate.
•	
Increase in our transition of electricity 
consumption to renewable tariffs 
(scope 2).
•	
Continued behavioural changes to reduce 
overall emissions from our vehicle fleet 
and property estate through training and 
behavioural change initiatives.
Like all businesses, decarbonising our value 
chain to reduce scope 3 emissions is a 
significant challenge. Our scope 3 emissions 
have increased slightly against our SBT 
baseline primarily resulting from business 
growth over the last 5 years but have reduced 
versus FY2023 due market conditions 
impacting trading, data availability and a better 
understanding of our supply chains impact.
1	 Near-term refers to 2030 in alignment with the 
SBTi definition. We have set 2040 as the target 
year to achieve our long-term, net zero SBT.
2	 This target was updated from a 50% reduction 
to a 51.6% reduction following the SBTi’s 
recommendation that the target should increase 
due to the emissions reduction progress we have 
made already.
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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To date, we have made good progress on 
reducing our scope 3 emissions by:
•	
Transitioning more of our assets to eco 
products and we anticipate that emissions 
from our assets will continue in a 
downward trend.
•	
Continuing to encourage the sale of 
alternatives to fossil fuel, such as HVO D+, 
to drive emissions reduction.
•	
Reducing our emissions across business 
travel and employee commuting.
•	
Achieved our first full scope 3 ISO 14064-1 
verified carbon footprint.
We are furthering refining our scope 3 
calculation from a spend based model to an 
activity-based model using our carbon supplier 
engagement platform, which we expect will 
also drive a further reduction in emissions. We 
will continue to have our value chain emissions 
third party verified to ISO 14064-1 each year to 
remain in line with market expectations.
GHG emissions
We use the Greenhouse Gas (‘GHG’) Protocol 
to calculate our GHG emissions, which are 
reported for scope 1, 2 and 3 emissions below. 
For a comparison of emissions to our base 
year, a breakdown of emissions by category, 
and a detailed narrative on our performance 
against our emissions targets is available in 
our GHG statement on pages 44 to 48.
In addition to tracking our SBTs and GHG 
emissions, we monitor several other metrics 
and targets such as operational and financial. 
This allows us to track the magnitude of 
risks and exposure to these risks, identify 
opportunities, and strengthen our resilience to 
climate change in alignment with our net zero 
target. These are outlined in the tables below.
GHG Emissions (Risk: Reputational and Opportunity: Climate leadership)
Targets
FY23 
FY24 
Target Status
Reduce absolute scope 1 & 2 GHG emissions by 51.6% by FY2030 from a 
FY2020 base year.
48.55% decrease  
vs base year
48.82% decrease 
 vs base year
On track to achieve
Reduce absolute scope 3 GHG emissions by 42% by FY2030 from a FY2020 
base year. 
42.19% increase  
vs base year
10.83% increase  
vs base year 
Work ongoing  
to achieve
Metrics
Baseline 
FY23 
FY24
Scope 1 emissions (tCO2e)
19,841.43
12,768.80
12,297.84
Scope 2 emissions (tCO2e) (market-based) 
4,411.68
225.30
121
Scope 3 emissions (tCO2e)
244,999.36
348,367.32
271,528.68
Note: Scope 1, 2 and 3 emissions have been assured by Hydrock for the Financial Year April 1, 2023 to March 31, 2024.
Energy (Risks: Fuel price and Energy price)
Targets
FY23
FY24
Target status
100% renewable electricity by 2027
c.90%
94.2% 
On track
30% of natural gas to be replaced with alternative fuels and technologies by 
2030 from a FY2020 base year
50.7% decrease  
vs base year
47.3% decrease  
vs base year
Achieved
100% company cars to be electric/hybrid by FY2025 and 100% electric by 2030
82%
99.35% 
On track
15% of HGVs transitioned to electric by 2030
1.3%
1.3%
On track
25% of HGVs converted to HVO D+ by 2030 
n/a
35%
Achieved
Light Commercial vehicles introduced 
150
154
On track
66% of our LCVs will be electric by 2030
11.7%
17%
On track
Taskforce on Climate-Related Financials Disclosure (‘TCFD’) continued
ESG report continued
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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Taskforce on Climate-Related Financials Disclosure (‘TCFD’) continued
ESG report continued
Metrics 
FY23
FY24
The litres of diesel replaced by running large commercial vehicles on 
HVO D+ (litres)
1.1 million
1 million
Associated emissions reduction from HVO D+ from large commercial 
vehicles (tCO2e)
2,860
2,454
Number of depots with Building Management Systems (BMS) installed
4
10
Hire Assets (Risks: Assets, climate technology, customer demand and 
Opportunities: Product and service and supports targets)
Target
FY23 
FY24 
Target status
70% of itemised products to be eco by FY2027
44%
51%
On track
Metrics
FY23 
FY24 
Percentage of capital expenditure on hire fleet relating to eco products
51%
63%
Proportion of revenue that is generated from eco products
53%
54.8%
Increasing our sales of HVO D+ to support our customers’ demand for 
sustainable fuels and associated emissions reduction (litres)
c.14 million
13.4 million
EV charging infrastructure (Risk: Infrastructure)
Metric
FY23 
FY24 
Continue to roll out EV charging infrastructure across our network 
(total no. of chargers installed)
87
162
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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Non-financial and sustainability information statement 
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 pages 5 and 6 and our vision, mission and values are described on page 2. We demonstrate how we act as a responsible business when fulfilling our mission and values throughout our 
ESG Report on pages 30 to 63. Our principal risks and uncertainties, together with the mitigating controls in place, are summarised within our Principal Risks and Uncertainties disclosures on pages 68 to 73.  
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 49 to 63.
Reporting requirement
Information necessary to understand our development, performance, position and the impact of our activity
Relevant policies and guidance1 
ENVIRONMENTAL  
MATTERS 
Our policies reflecting the needs of our environmental and support our roadmap to net zero.
ESG Report – Pages 30 to 63, incorporating the following key areas:
Delivering our sustainability strategy – Page 30
Climate solutions – Pages 36 to 38
Our roadmap to net zero – Page 36
Corporate Greenhouse Gas (‘GHG’) Report – Pages 44 to 48
Task Force on Climate-related Financial Disclosures – Pages 49 to 63
Supplier Trading Agreement
Supplier Code of Conduct
Speedy Sustainability Requirements for Suppliers
Supply Chain Policy
Sustainability Policy
Sustainable Travel 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.
Including everyone – Pages 39 to 41
Employee Handbook
Recruitment, Selection & Equal Opportunity Policy
Diversity, Equity and Inclusion Policy
Resolving Issues at Work Policy
Health and Safety Policy
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.
Part of the community – Pages 42 to 43
Accelerating innovation – Pages 34 to 35
ESG Report – Pages 30 to 63
Code of Conduct
Charity, Community & Volunteering Policy
Time off for Public Duties Policy
Health and Safety Policy
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
Strengthening our approach to modern slavery and human rights – Page 33
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
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 – Code of Conduct – Page 89
Corporate Governance – Pages 79 to 84
Code of Conduct
Anti-Bribery Policy
Speak Up Whistleblowing Policy
Supplier Trading Agreement
Supplier Code of Conduct
Supply Chain Policy
Internal financial control processes
1	 Some of our policies and guidance are only published internally.
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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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:
•	
the likely consequences of any decisions in 
the long term;
•	
the interests of the Company’s employees;
•	
the need to foster the Company’s business 
relationships with suppliers, customers 
and others;
•	
the impact of the Company’s operations  
on the community and environment;
•	
the desirability of the Company 
maintaining a reputation for high 
standards of business conduct; and
•	
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 2024. Details of how the 
Board discharged its duties are set out in the 
Strategic Report pages 65 to 67 and should be 
read in conjunction with information disclosed 
in the Governance section, on pages 75 to 121.
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 65 to 
67 detail Speedy’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 Non-Executive Director, Rhian Bartlett), via 
its People First Awards, annual Speedy Hire 
Live Expo and Chief Executive’s and Chief 
Financial Officer’s ‘Up to Speed’ and ‘The 
Hub’ communications and updates. Further 
information on colleague engagement can be 
found on pages 39 to 41.
Board decisions and stakeholders
We set out on pages 65 to 67 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’s approach 
to connecting with our people, customers, 
communities and suppliers, is to build a 
sustainable future, as detailed on pages 30 to 
63 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 is detailed in the tables on the 
following pages. Relevant information from 
these interactions informs judgements and 
decision making.
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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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
•	
Face to face meetings (when 
required), videoconferencing 
and calls
•	
Tendering and RfP 
processes
•	
Monitoring of hires, sales 
and services
•	
Speedy Hire Direct, a central 
call centre in the North 
West, with dedicated desks 
for our National customers
•	
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
•	
Regional Trading Hubs, 
regional call centres are 
located throughout the 
country, with dedicated 
staff servicing our Regional 
customer base
•	
To B&Q’s customer base 
via their store and online 
channels (www.diy.com 
and www.trade-point.co.uk) 
through our drop ship 
vendor arrangement Service 
Centre network, through 
approximately 147 centres 
across the UK and Ireland 
•	
Customer Relationship 
Centre, through our central 
hub in South Wales, 
dedicated to servicing our 
SME customers
•	
Online, through our website 
and mobile app 
•	
Social media
•	
Product videos and peer 
reviews
•	
Advertising campaigns
•	
The Speedy Hire Live 
Expo, the industry’s largest 
private hire event bringing 
together c.1,700 customers, 
colleagues, suppliers and 
industry experts
•	
Speedy Hire Live Net Zero 
virtual event, an innovative 
live studio webcast event 
to customers, suppliers and 
colleagues featuring thought 
leading ESG speakers and 
panels
•	
Trade shows throughout 
the year
Areas discussed
•	
Availability of products and 
services (including use of AI)
•	
Improved customer service
•	
Range of products and 
services
•	
Value for money
•	
Access to customer services 
e.g. Speedy app and tracking 
•	
Four-hour service 
commitment to customers 
on our top selling products 
•	
‘One Speedy’ for first class 
customer experience
•	
Sustainability solutions
•	
Product development
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
•	
Colleague Consultative 
Committee meetings (including 
NED attendance) 
•	
People First Survey and pulse 
surveys 
•	
Apprenticeship and graduate 
programmes (commitment to 
the 5% Club initiative) 
•	
Career Line of Sight 
programme
•	
Benchmarking of key roles 
within the business 
•	
‘The Hub’ communications 
platform and intranet
•	
Active Yammer communities to 
promote social engagement 
•	
‘Up to Speed’ 
e-communications 
•	
Mobile phone and PDA text 
messaging 
•	
Senior management meetings 
held at various UK and Ireland 
locations 
•	
Senior Leadership quarterly 
‘Connect Calls’ and monthly 
‘Team Talks’
•	
Executive Team and Chief 
Executive video updates and 
colleague briefings
•	
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
•	
Line manager communication 
and engagement workshops and 
training modules
•	
Training Academy schedule of 
online, classroom and practical 
training courses
•	
Personal Development Reviews 
•	
‘Celebrating Excellence’ reward 
scheme
•	
People First Awards nomination 
process and finalist gala dinner
•	
Long service recognition 
scheme at 10, 20 and 25 years’ 
service 
•	
The Speedy Hire Live Expo
•	
Speedy Hire Live Net Zero 
virtual event
•	
Inclusion in cross functional 
project teams to inform project 
development
•	
Over 50 volunteer Mental 
Heath First Aiders throughout 
the business
•	
Established a Gender Affinity 
Group to support our Decade to 
Deliver strategy
•	
Partnered with Bright Future to 
bring survivors of modern slavery 
into the business
•	
Conducted modern slavery/
human rights training for 
Executive Team
•	
Established a Human Rights 
cross-functional working group 
that meets monthly facilitated 
by human rights experts 
•	
PLUS – People Like Us, 
colleague group and its 
underlying affinity groups: 
	–
Gender
	–
Race and ethnicity
	–
Wellbeing
Areas discussed
•	
Career opportunities
•	
Wellbeing (including mental 
and physical health) 
•	
Training and development  
(including safety)
•	
Pay and conditions 
•	
Colleague engagement
•	
Human rights
•	
Forced labour/modern slavery
•	
Sustainable procurement
•	
Environmental sustainability
Section 172 statement and engagement with stakeholders continued
Key stakeholder
Key stakeholder
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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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
•	
Tendering process
•	
Visits and meetings 
(including  
via videoconferencing)
•	
Supplier conferences
•	
Partnership Programme 
engages customers, 
suppliers and peer groups on 
key sustainability issues
•	
Use of electric vans  
reducing CO2
•	
Industry trade shows 
•	
Product innovation days
•	
The Speedy Hire Live Expo
•	
Speedy Hire Live Net Zero 
virtual event
•	
Responsible sourcing 
initiatives (modern slavery 
risk assessment and 
questionnaire on ESG topics)
•	
Creation of a risk 
prioritisation methodology 
•	
Implemented a procurement 
platform for onboarding 
processes
Areas discussed
•	
Quality management
•	
Cost efficiency
•	
Ethical Trading policy
•	
Long-term relationships
•	
Sustainability as part of  
our ESG programme 
•	
Product development
•	
Human rights
•	
Forced labour/modern 
slavery 
•	
Sustainable procurement
•	
Environmental sustainability
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
•	
Annual Report and Accounts
•	
Annual General Meeting
•	
RNS announcements
•	
Investor presentations and 
roadshows
•	
Capital markets days
•	
Corporate website
•	
One-on-one meetings
•	
Information requests
•	
Consultation letters 
•	
The Speedy Hire Live Expo
•	
Speedy Hire Live Net Zero 
virtual event
Areas discussed
•	
Financial and operating 
performance
•	
Dividends
•	
Risk information 
•	
Access to Management
•	
Strategy 
•	
Sustainability 
•	
Remuneration Policy
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  
re-enforces 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
•	
Community engagement via 
our community investment 
programme
•	
ESG strategy and initiatives to 
achieve ESG-related targets, 
including the aim to achieve Net 
Zero by 2040
•	
As a Youth Verified Business we 
showcase the hire industry and 
career opportunities available
•	
Collaboration and partnerships 
with Charities including 
WellChild, Lighthouse Club, and 
the British Heart Foundation
•	
Developed a Sustainable 
Battery policy for our 
procurement processes 
following meeting with the 
Global Battery Alliance
•	
Signatory to Cleansheet, 
a national Criminal Justice 
Charity to offer people with 
convictions the hope of 
a better future by finding 
sustainable employment 
•	
Partnered with Bright Future 
to bring survivors of modern 
slavery into the business 
•	
Communities Committee and 
Community Ambassadors
Areas discussed
•	
Climate change
•	
Sustainability
•	
Local communities
•	
Human rights 
•	
Forced labour/modern slavery
•	
Sustainable procurement 
•	
Charity
Section 172 statement and engagement with stakeholders continued
Key stakeholder
Key stakeholder
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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Principal risks and uncertainties
The business strategy in place and the nature of the industry in which we operate expose the Group 
to a number of risks. As part of the risk management framework in place, the Board considers on an 
ongoing basis the nature, likelihood and potential impact of each of the significant risks it is willing to 
accept in achieving its strategic objectives.
The Board has delegated to the Audit & Risk Committee responsibility for reviewing the 
effectiveness of the Group’s internal controls, including the systems established to identify, assess, 
manage and monitor risks. These systems, which ensure that risk is managed at the appropriate 
level within the business, can only mitigate risk rather than eliminate it completely. 
Direct ownership of risk management within the Group lies with the senior management teams. 
Each individual is responsible for maintaining a risk register for their area of the business and is 
required to update this on a regular basis. The key items are consolidated into a Group risk register 
which has been used by the Board to carry out a robust assessment of the principal risks. 
The principal risks and mitigating controls in place are summarised below.
Description and potential impact
Strategy for mitigation
SAFETY, HEALTH AND ENVIRONMENT
Serious injury or death
Speedy operates, transports and provides 
for rental a wide range of machinery. Without 
rigorous safety regimes in place there is a risk 
of injury or death to employees, customers or 
members of the public.
Environmental hazard
The provision of such machinery includes 
handling, transport and dispensing of 
substances, including fuel, that are hazardous to 
the environment in the event of spillage.
The Group is recognised for its industry-leading position in promoting enhanced health and safety 
compliance, together with a commitment to product innovation. This is achieved by the Group’s health, 
safety, and environmental teams measuring and promoting employee understanding of, and compliance 
with, procedures that affect safety and protection of the environment. All management grade employees 
are enrolled on safety-related training courses and are expected to champion a safety awareness within the 
Group’s culture.
We monitor leading indicators and lagging indicators to mitigate the safety, health and environmental risk 
across the Group.
We maintain systems that enable us to hold appropriate industry recognised accreditations supported by a 
specialist software platform for managing data and reporting in relation to Health, Safety and Environment.
All operatives who handle hazardous substances are trained and provided with appropriate equipment 
to manage small scale spills. In the case of more serious accidents, we have a contract with a third party 
specialist who would undertake any clean-up operation as necessary.
SERVICE
Provision of equipment
Speedy’s commitment is to provide well 
maintained equipment to its customers on a 
consistent and dependable basis.
Back office services
It is important that Speedy is able to provide 
timely and accurate management information  
to its customers, along with accurate invoices 
and supporting documentation.
In both cases, a failure to provide such service 
could lead to a failure to attract or retain 
customers, or to diminish the level of business 
such customers undertake with Speedy.
We operate an industry-leading four-hour service promise which covers a wide range of our assets.
Our use of personal digital assistants (‘PDAs’) are fully embedded into our business and these are used to 
improve the on-site customer experience.
Speedy liaises with its customer base and takes into account feedback where particular issues are noted, to 
ensure that work on resolving those issues is prioritised accordingly.
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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Description and potential impact
Strategy for mitigation
SUSTAINABILITY AND CLIMATE CHANGE
Climate change
There is a risk that climate change may impact 
Speedy’s operations or ability to trade. Conversely, 
there is a risk that Speedy will fail to meet internal 
or external targets designed to reduce the Group’s 
impact on climate change.
This could arise from insufficient target setting, 
inadequate progress of initiatives, or a failure to 
capture relevant data accurately.
Sustainability
There is a risk that the Group’s business model 
may not be sustainable in the long term, for 
example if assets reliant on fossil fuels are not 
replaced or if the distribution network continues 
to be similarly reliant on fossil fuels.
The result from either of the above may include 
loss of customer confidence impacting revenue, 
or investor and bank confidence leading to 
difficulty in obtaining future funding.
The Sustainability Committee oversees the development of the sustainability and climate change response 
plan.
The Group has set industry-leading science-based targets to measure its progress against.
Further details of the risks, opportunities and mitigating actions in relation to sustainability and climate 
change are detailed in the Taskforce for Climate-Related Financial Disclosures (‘TCFD’) section of this report 
on pages 49 to 63.
REVENUE AND TRADING PERFORMANCE
Competitive pressure
The hire market is fragmented and highly 
competitive. There is a risk that customers can 
readily change provider, with minimal disruption 
to their own business activity.
There is a risk that the Group does not have an 
effective route to market for consumer rentals and 
this could lead to a missed opportunity that is 
capitalised upon by our competition.
There is a risk that cost inflation may reduce 
margins if customers resist price increases. 
This risk is higher in a small number of cases 
where larger customers may be on fixed term 
agreements with no inflation clause.
Reliance on high value customers
There is a risk to future revenues should 
preferred supplier status with larger customers 
be lost when such agreements may individually 
represent a material element of our revenues.
Bids and Tenders
There is a risk to future revenue growth if the 
Group is unsuccessful in its ambition to win new 
contracts using innovative solutions, including 
eco products, that appropriately balance the 
available reward with potential increases in risk.
The Group monitors its competitive position closely, to ensure that it is able to offer customers the best 
solution. The Group provides a wide breadth of offerings, supplemented by its rehire division for specialist 
equipment. The Group monitors the performance of its major accounts against forecasts, strength of client 
future order books and individual expectations with a view to ensuring that the opportunities for the Group 
are maximised. Market share is measured and competitors’ activities are reported on and addressed where 
appropriate. The Group’s integrated services offering further mitigates against this risk as it demonstrates 
value to our customers, setting us apart from purely asset hire companies.
Whilst we develop and maintain strategic relationships with larger customers, no single customer currently 
accounts for more than 10% of revenue or receivables. We have been successful in growing our SME and 
retail customer base, which helps to mitigate this risk.
The Group continues to expand its partnership with B&Q with the launch of B&Q Tool Hire which enables 
customers to place a tool hire order either online on the B&Q and Trade Point websites,  
or instore.
We have a team dedicated to responding to bids and tenders, with a clear approval process to ensure 
opportunities are maximised.
Principal risks and uncertainties continued
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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Description and potential impact
Strategy for mitigation
PROJECT AND CHANGE MANAGEMENT
Acquisitions
Our strategy includes value enhancing 
acquisitions that complement or extend our 
existing business in specialised markets. There 
is a risk that suitable targets are not identified, 
that acquired businesses do not perform to 
expectations or they are not effectively integrated 
into the existing Group.
Transformation
The Velocity strategy represents an ambition to 
transform the Group. There are risks that this 
might be unsuccessful and fail to deliver the 
required change in respect of new initiatives or 
that the transformation activity may distract from 
or harm our established businesses.
The Group has a defined process for monitoring and filtering potential targets, with input from advisors and 
other third parties.
All potential business combinations are presented to the Board, with an associated business case, for 
approval.
Once a decision in principle is made, a detailed due diligence process covering a range of criteria is 
undertaken. This will include the use of specialists to supplement the Group’s capabilities. The results of due 
diligence are presented to the Board prior to formal approval being granted.
The Transformation Office operates with clearly defined governance structures, led by the Transformation 
Director and sponsored by the Executive Team.
PEOPLE
Colleague excellence
In order to achieve our strategic objectives, 
it is imperative that we are able to recruit, 
retain, develop and motivate colleagues who 
possess the right skills for the Group, whilst also 
demonstrating our commitment to diversity, 
equity and inclusivity.
Labour availability
There is a risk that with increased numbers 
of people leaving the labour market, or salary 
inflation leading to increased staff turnover, there 
will be shortages of available colleagues for the 
Group, with greater requirements for training.
The Group regularly reviews remuneration packages and aims to offer competitive reward and benefit 
packages, including appropriate short- and long-term incentive schemes. We have reviewed the reward 
packages for colleagues with skills in disciplines with particularly high turnover such as drivers and engineers. 
We have a medium-term forecast to offer market competitive rewards to all colleagues as we strive to become 
recognised as an employer of choice.
We have set targets to improve our diversity, equity and inclusivity which are designed to attract individuals 
with the right talent from across the population.
Skill and resource requirements for meeting the Group’s objectives are actively monitored and action is 
taken to address identified gaps. Succession planning aims to identify talent within the Group and is formally 
reviewed on an annual basis by the Nomination Committee, focusing on both short and long-term successors 
for the key roles within the Group. We actively consider promotion opportunities in preference to external 
hiring where possible.
Programmes are in place for employee induction, retention and career development, which are tailored to the 
requirements of the various business units within the Group.
We also have a number of wellbeing initiatives to provide appropriate support to colleagues.
Principal risks and uncertainties continued
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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Description and potential impact
Strategy for mitigation
PARTNER AND SUPPLIER SERVICE LEVELS
Supply chain
Speedy procures assets and services from a wide 
range of sources, both UK and internationally 
based. Within the supply chain there are risks of 
non-fulfilment.
In recent years, BREXIT, the COVID-19 pandemic 
and the war in Ukraine all resulted in some  
supply chain challenges that may now be 
considered permanent.
Partner reputation
Significant revenues are generated from 
our rehire business, where the delivery or 
performance is affected through a third party 
partner.
Speedy’s ability to supply assets with the 
expected customer service is therefore reliant 
on the performance of others with the risk that 
if this is not effectively managed, the reputation 
of Speedy, and hence future revenues, may be 
adversely impacted.
A dedicated and experienced supply chain function is in place to negotiate all contracts and maximise the 
Group’s commercial position. Supplier accreditations are recorded and tracked centrally through a supplier 
portal where relevant and set service-related KPIs are included within standard contract terms. Regular 
reviews take place with all supply chain partners.
Where practical, agreements with alternative suppliers are in place for key ranges, diluting reliance on 
individual suppliers.
OPERATING COSTS
Fixed cost base
Speedy has a fixed cost base including people, 
transport and property. When revenues fluctuate 
this can have a disproportionate effect on the 
Group’s financial results.
Fuel management
As a result of changes in the worldwide fuel 
supply chain, the Group faces risks around the 
fluctuations in the price of fuel.
This may impact both our own cost base and on 
fuel prices charged to our customers.
The Group has a purchasing policy in place to negotiate supply contracts that, wherever possible, determine 
fixed prices for a period of time. In most cases, multiple sources exist for each supply, decreasing the risk of 
supplier dependency and creating a competitive supply-side environment. All significant purchase decisions 
are overseen by a dedicated supply chain team with structured supplier selection procedures in place. 
Property costs are managed by an in-house team who manage the estate, supported where appropriate by 
external specialists.
We operate a dedicated fleet of commercial vehicles that are maintained to support our brand image.  
This includes electric and hybrid vehicles. Fuel is purchased through agreements controlled by our supply 
chain processes.
The growth of our services offering will help to mitigate this risk as these activities have a greater proportion 
of variable overheads.
FUNDING
Sufficient capital
Should the Group not be able to obtain sufficient 
capital in the future, it might not be able to take 
advantage of strategic opportunities or it might be 
required to reduce or delay expenditure, resulting 
in the ageing of the fleet and/or non-availability.
This could disadvantage the Group relative to its 
competitors and might adversely impact its ability 
to command acceptable levels of pricing.
The Board has established a treasury policy regarding the nature, amount and maturity of committed  
funding facilities that should be in place to support the Group’s activities.
The £180m asset based finance facility, along with an additional uncommitted accordion of £220m,  
is available through to July 2026.
We have a defined capital allocation policy. This ensures that the Group’s capital requirements, forecast and 
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 with appropriate levels of spare capacity.
Principal risks and uncertainties continued
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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Description and potential impact
Strategy for mitigation
CYBER SECURITY AND DATA INTEGRITY
IT system availability
Speedy is increasingly reliant on IT systems to 
support our business activities. Interruption in 
availability or a failure to innovate will reduce 
current and future trading opportunities 
respectively.
Data accuracy
The quality of data held has a direct impact on 
how both strategic and operational decisions are 
made. If decisions are made based on erroneous 
or incomplete data there could be a negative 
effect on the performance of the Group.
Data security
Speedy, as with any organisation, holds data 
that is commercially sensitive and in some cases 
personal in nature. There is a risk that disclosure 
or loss of such data is detrimental to the 
business, either as a reduction in competitive 
advantage or as a breach of law or regulation.
Annual and medium-term planning provides visibility as to the level and type of IT infrastructure and  
services required to support the business strategy. Business cases are prepared for any new/upgraded 
systems, and require formal approval.
Management information is provided in all key areas from dashboards that are based on real time data  
drawn from central systems. We have a dedicated data management team which is responsible for putting  
in place procedures to maintain accuracy of the information provided by data owners across the business.
Mitigations for IT data recovery are described below under business continuity as these risks  
are linked.
We have an established Cyber Security Governance Committee which meets regularly to monitor our control 
framework and reports on a routine basis to the Audit & Risk Committee.
Speedy’s IT systems are protected against external unauthorised access. These protections are tested 
regularly by an independent provider. All mobile devices have access restrictions and, where appropriate,  
data encryption is applied.
ECONOMIC VULNERABILITY
Economy
Any changes in construction/industrial market 
conditions could affect activity levels and 
consequently the Group’s revenue.
As markets change and evolve, there is a  
risk that the Group strategy will need to be 
aligned accordingly.
There is a risk of recession in the UK which  
could affect the Group’s revenue.
Inflation
There is a risk of continued inflationary pressure 
on both material and employee costs impacting 
margins that the Group is able to generate if 
customers resist price rises or are in existing 
framework agreements for fixed terms.
Geopolitical uncertainty
There is a risk that a prolonged war in  
Ukraine or an increase in hostilities in the  
Middle East, or elsewhere, may have a further 
impact on the global economy. This may result  
in a range of impacts for the Group, including  
cost inflation, labour availability and disruption  
to the supply chain.
The Group assesses changes in both Government and private sector spending as part of its wider market 
analysis. The impact on the Group of any such change is assessed as part of the ongoing financial and 
operational budgeting and forecasting process.
Our strategy is to develop a differentiated proposition in our chosen markets and to ensure that we are  
well positioned with clients and contractors. The Board oversees the importance of strategic clarity and 
alignment, which is seen as essential for the setting and execution of priorities, including resource allocation.
Our close relationships with our customers, coupled with the differentiation allows us to adopt a partnership 
approach to responding to cost inflation.
We consistently monitor our share in each market segment and seek to balance our risk between cyclical 
areas and those which are more predictable.
Principal risks and uncertainties continued
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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Description and potential impact
Strategy for mitigation
BUSINESS CONTINUITY
Business interruption
Any significant interruption to Speedy’s 
operational capability, whether IT systems, 
physical restrictions or personnel, could adversely 
impact current and future trading as customers 
could readily migrate to competitors.
This could range from short-term impact in 
processing of invoices that would affect cash 
flows to the loss of a major site.
Joint venture
The Group’s joint venture in Kazakhstan, Speedy 
Zholdas, may be impacted by a prolonged war 
in Ukraine. This may be a direct result of military 
activity in the wider region, or there may be 
politically motivated impacts as Kazakhstan has 
historically maintained strong links with Russia. 
The main impact that the Group has faced to  
date has been the impact of fluctuations in 
exchange rates.
Preventative controls, back-up and recovery procedures are in place for key IT systems. Changes to Group 
systems are considered as part of wider change management programmes and implemented in phases 
wherever possible. The Group 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 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 both management and third-party advisors. They have proven to be effective in both the 
significant event of a global pandemic and more localised events such as extreme weather closing a number 
of our trading locations.
We continue to monitor the situation in Kazakhstan through regular contact with the expat management  
team and will take action as may be necessary to ensure the safety of our colleagues.
ASSET HOLDING AND INTEGRITY
Asset range and availability
Speedy’s business model relies on providing 
assets for hire to customers, when they want to 
hire them. In order to maximise profitability and 
returns on deployed capital, demand is balanced 
with the requirement to hold a range of assets 
that is optimally utilised.
A proportion of Speedy’s assets that are hired 
to customers do not have unique identifiers, 
and therefore there is a risk of loss and/or 
misappropriation. This could impact the Group’s 
ability to meet customer demands.
We regularly monitor the status of our assets and use this information to optimise our asset holdings.
This is based on our knowledge of customer expectations of delivery timescales, which vary by asset class.  
By structuring our service centre network accordingly, we can centralise low volumes of holdings of  
specialist assets.
We constantly review our range of assets and introduce innovative solutions, including eco products, to our 
customers as new products come to market.
A comprehensive control framework is in place for all assets across the three lines of defence of operational 
management (including delivery/collection processes and perpetual inventory counts), financial control 
(including routine asset register reconciliations) and internal audit assurance (including standalone  
asset counts).
Principal risks and uncertainties continued
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
For more information, visit:
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Viability Statement
The Group operates an annual planning 
process which includes a five 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 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. 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 for years four and 
five. The Group has a £180m asset-based 
finance facility which runs through to July 
2026. The strategic plan assumes financing 
facilities will be available on an appropriate 
basis to meet the Group’s capital investment 
and acquisition strategies for the entire 
viability period. 
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. These scenarios include 
lower than anticipated levels of revenue 
across the Group, while maintaining a broadly 
consistent cost base. Mitigations applied 
in these downturn scenarios include a 
reduction in planned capital expenditure and 
discretionary spend.
Based on this assessment, 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 2027.
The going concern statement and further 
information can be found in note 1 of the  
financial statements.
Strategic Report
Speedy Hire at a glance
01
Our ambition
02
A year in review
03
Our customers and end markets
04
A business model delivering value
05
Customer driven channel of choice
06
Our ambitious growth strategy, 
07 
Velocity
A compelling investment proposition
08
Chairman’s Statement
09
Chief Executive’s review
11
Financial review
15
Transforming Speedy Hire
20
Safety of our people and 
28 
communities
Financial KPIs
29
ESG report
30
Non-financial and sustainability 
64 
information statement
Section 172 statement and 
65 
engagement with stakeholders
Principal risks and uncertainties
68
Viability Statement
74
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Board of Directors
1. David Shearer
2. Dan Evans
3. Paul Rayner
4. David Garman
7
8
5
2
6
1
4
3
5. Rob Barclay
6. Rhian Bartlett 
7. Shatish Dasani
8. Carol Kavanagh
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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Board of Directors continued
N 	
S 	
N   R
1. David Shearer
Non-Executive Chairman
2. Dan Evans
Chief Executive
3. Paul Rayner
Chief Financial Officer
4. David Garman
Senior Independent Director
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 of Speedy Hire 
from 9 September 2016. David is also Chairman of 
the Nomination Committee and has previously been 
a member of each of Speedy Hire’s Audit & Risk, 
Nomination and Remuneration Committees.
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.
Appointment to the Board 
Appointed to the Board as Chief Financial Officer on 
1 July 2023. 
Appointment to the Board and Committee 
memberships
Appointed to the Board in June 2017 as Non-
Executive Director. David is the Senior Independent 
Director and a member of the Nomination and 
Remuneration Committees. David has previously 
been a member of the Audit & Risk Committee. 
Skills and experience
David is an experienced chairman, corporate 
financier and turnaround specialist. He is Non-
Executive Chairman of Amber River Group Limited 
and recently was Executive Chairman of Esken 
Limited until it was placed in administration as part 
of the restructuring of that business. He remains 
a Director of that company and a number of its 
subsidiaries as the administration progresses. 
David was previously senior partner for Scotland & 
Northern Ireland and a UK Executive Board member 
of Deloitte LLP, and has subsequently led a number 
of successful turnaround and restructuring projects 
in both the public and private areas in addition to 
pro bono roles.
Skills and 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 and 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 and 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 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.
A 	 Audit & Risk Committee
N 	 Nomination Committee
R 	 Remuneration Committee
S 	 Sustainability Committee
	 Chair
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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Board of Directors continued
A   R   S
A   N   S
A   N  
R
5. Rob Barclay
Independent Non-Executive Director
6. Rhian Bartlett
Independent Non-Executive Director
7. Shatish Dasani
Independent Non-Executive Director
8. Carol Kavanagh
Independent Non-Executive Director
Appointment to the Board and Committee 
memberships
Appointed to the Board in April 2016 as Non-
Executive Director. Rob is Chairman of the 
Sustainability Committee and a member of the Audit 
& Risk and Remuneration Committees. Rob was 
previously a member of the Nomination Committee.
Appointment to the Board and Committee 
memberships
Appointed to the Board on 1 June 2019 as Non-
Executive Director. Rhian is a member of the Audit & 
Risk, Nomination and Sustainability Committees and 
has previously been a member of the Remuneration 
Committee. Rhian is also the designated Non-
Executive Director for employee engagement.
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 Committee. 
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.
Skills and experience
Until recently, Rob was the CEO for the National 
Timber Group (‘NTG’), the UK’s leading Independent 
value added timber processor, convertor and 
distributor. NTG is made up of a number of market 
leading brands providing specialist timber-related 
solutions to the construction industry. He was 
formerly the Managing Director UK, Ireland and 
Middle East of SIG Plc, the market leading supplier 
of specialist insulation-related and roofing products 
to the building and construction industry between 
January 2013 and March 2018. Rob joined SIG in 
1997 and held various senior management roles 
within the business including Managing Director of 
SIG Distribution, having led its creation by bringing 
together the Group’s UK insulations, interiors, 
construction accessories and fixings businesses. 
Prior to joining SIG, Rob was a Regional Manager 
for a global wood products company based in 
New Zealand, from where he originates.
Skills and experience
Rhian is currently Chief Food Commercial Officer 
at J Sainsbury Plc, having previously held the 
position of Director of Fresh Foods. 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. Prior to Screwfix, Rhian 
was Director UK Trading at eBay, held various 
positions with J Sainsbury Plc (including Business 
Unit Director and Head of Online Merchandising) 
and was a Category Manager and Head of Online 
Marketing at Homebase.
Skills and 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 and experience
Carol is an independent remuneration committee 
member for British Swimming. Carol has over 
20 years’ of experience working in senior public 
company human resource roles across construction 
and retail sectors, including as Group HR Director 
for Travis Perkins Plc from 2007 to 2020. Carol has 
also held senior positions at Home Retail Group 
and Safeway Food Stores (now Morrisons). At 
Travis Perkins, Carol’s responsibilities extended 
across all of the Group’s businesses at that time, 
which in addition to the recognised merchanting 
businesses such as Travis Perkins and Toolhire, also 
included 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. Whilst at Travis Perkins, 
Carol served as a Non-Executive Director with 
Verona Stone, a tile procurement and supply 
business, which at the time was part owned by  
the TP Group. Carol recently resigned as a  
Non-Executive Director of ScS Group Plc in January 
2024 as a result of the ScS business being delisted 
following its approved sale.
A 	 Audit & Risk Committee
N 	 Nomination Committee
R 	 Remuneration Committee
S 	 Sustainability Committee
	 Chair
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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Chairman’s letter to shareholders
I was pleased to welcome Paul Rayner to 
the Board as Chief Financial Officer on 1 July 
2023, following conclusion of the recruitment 
process which commenced on 1 November 
2022. Paul having served as Interim Chief 
Financial Officer during that period. 
This year the Board and Board Committees’ 
evaluations were again undertaken internally 
led by our Senior Independent Director, David 
Garman. With a relatively new Executive Team, 
I was pleased that the findings indicated that 
the Board and Committees were working 
well together and generally effective. The 
process followed and outcomes are reported 
on page 82. 
The evaluation process acknowledged the 
required focus on Board succession in the 
coming years with several Directors coming 
towards the end of their usual tenures. 
The Nomination Committee will lead the 
recruitment processes and as with all Board 
succession, will have regard to the need to 
strengthen the skills and increase diversity on 
the Board and to the Company’s objective to 
comply with the Listing Rules in the area of 
gender diversity.
Dear shareholder,
On behalf of the Board, I am pleased to  
present the Governance Report for FY2024. 
This section of the Annual Report highlights 
the Company’s corporate governance 
processes (alongside the work of the Board 
and Board Committees).
During the year we have made good progress 
in the execution of the Company’s Velocity 
growth strategy. The Board and its Committees 
have continued to support the management 
in creating the right environment to enable 
the targeted growth and key objectives of the 
strategy to be achieved. The more recently 
established Sustainability Committee has been 
overseeing and supporting the Company’s 
ESG strategy, providing a core foundation 
for the targeted sustainable growth. The 
Remuneration Committee has considered 
the right incentive structure to incentivise 
and reward management in delivering these 
growth targets, which I was pleased to see  
had the broad support of material shareholders 
in the recent consultation.
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 be submitting 
themselves for re-election.
The Annual General Meeting (‘AGM’) will be 
held at the offices of Liberum, Ropemaker 
Place, 25 Ropemaker Street, London, EC2Y 
9LY on 5 September 2024 at 11:00am and I 
would like to invite our shareholders to attend.
DAVID SHEARER
Chairman
DAVID SHEARER
Chairman
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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Corporate governance
Board and Committee attendance at scheduled meetings
Board (8)
Audit & Risk 
Committee (4)
Nomination 
Committee (2)
Remuneration 
Committee (5)
Sustainability 
Committee (3)
Executive Directors
Dan Evans
8/8
0/0
0/0
0/0
3/3
Paul Rayner1
7/7
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
0/0
2/2
5/5
0/0
Rob Barclay
8/8
4/4
0/0
5/5
3/3
Rhian Bartlett
8/8
4/4
2/2
0/0
3/3
Shatish Dasani
8/8
4/4
2/2
0/0
0/0
Carol Kavanagh 
8/8
0/0
0/0
5/5
0/0
1	 Paul Rayner was appointed as Chief Financial Officer and member of the Board on 1 July 2023.
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:
•	
financial reporting (including the approval of interim and final Financial Statements, interim 
management statements and dividends);
•	
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;
•	
the Group’s finance, banking and capital structure arrangements;
•	
Group strategy and key transactions (including major acquisitions and disposals);
•	
Stock Exchange/Listing Authority matters (including the issue of shares, the approval of 
circulars and communications to the market);
•	
approval of the policies and framework in relation to remuneration across the Group (following 
appropriate recommendations from the Remuneration Committee);
•	
oversight of the Group’s risk appetite, risk acceptance and programmes for risk mitigation;
•	
approval of the Group’s risk management and internal control processes (following appropriate 
recommendations from the Audit & Risk Committee);
•	
approving the Company’s annual Viability Statement;
•	
the constitution of the Board itself, including its various Committees, and succession planning 
(following appropriate recommendations from the Nomination Committee); and
•	
approving the Group’s policies in relation to, inter alia, the Group’s Code of Conduct and 
whistleblowing, the Bribery Act, the environment, health and safety and corporate responsibility.
Governance progress
During the year the Company continued to build upon its governance practices in light of the UK 
Corporate Governance Code 2018 to ensure they remain in line with developing best practice and 
are suitable for a company of its size. These key actions and their status following review during the 
year and the outcome of this year’s internal evaluation are reported on page 82.
Speedy Hire has long been committed to sustainable growth and recognises the increasing 
stakeholder focus on climate change and the related environmental, social and governance 
considerations within its business. The Sustainability Committee has continued to assist the Board in 
its oversight of the Company’s ESG strategy and support the Board on all sustainability matters. This 
includes supporting the Board’s ongoing evaluation of environmental risks and reporting under the 
Taskforce for Climate-Related Financial Disclosures.
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 (now the UK 
Corporate Governance Code 2018 (‘the Code’)) and 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 2024, the 
Company has been in full compliance with the provisions set out in the Code. The Board is aware 
that the Code will be replaced by the UK Corporate Governance Code 2024, which comes into 
force for accounting periods commencing on or after 1 January 2025, and will be implementing any 
changes necessary to ensure the Company continues to fully comply with the updated code. 
Directors
The Board
The Board comprises a Non-Executive Chairman, two Executive Directors and five independent 
Non-Executive Directors. 
In the year ended 31 March 2024, 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 Directors’ attendance at the scheduled Board meetings and Committee meetings during the 
year ended 31 March 2024.
During the year Paul Rayner was appointed as Chief Financial Officer and a member of the Board on 
1 July 2023, having undertaken the role on an interim basis below Board level from 1 November 2022.
Directors who are not a member of a Board Committee may attend meetings at the invitation of the 
relevant Committee Chair.
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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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 Chair.
Board balance and independence
The Board currently comprises the Chairman, two Executive Directors and five independent Non-
Executive Directors: David Garman, Rob Barclay, Rhian Bartlett, Shatish Dasani and Carol Kavanagh. 
The five Non-Executive Directors bring a strong and independent non-executive element to the 
Board. The Senior Independent Director is David Garman. The number and respective experience 
of the independent Non-Executive Directors, details of which are set out on pages 76 and 77, clearly 
indicates that their views carry appropriate weight in the Board’s decisions. The Board considers 
that each of David Garman, Rob Barclay, Rhian Bartlett, Shatish Dasani 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 Rob Barclay and 
Rhian Bartlett. Details of its activities during the year are detailed in the Audit & Risk Committee 
Report on pages 85 to 89.
The Remuneration Committee is chaired by Carol Kavanagh. The other members are David Garman 
and Rob Barclay. The Committee Chair’s Statement, Directors’ Remuneration Policy and Directors’ 
Remuneration Report are on pages 92 to 108.
The Nomination Committee is chaired by David Shearer. The other members are David Garman, 
Rhian Bartlett and Shatish Dasani. 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 90 to 91.
The Sustainability Committee is chaired by Rob Barclay. The other members are Rhian Bartlett  
and Dan Evans. A report of the Committee’s activities is contained on page 109.
Corporate governance continued
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 also 
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.
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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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 90 and 91. The principal functions of the Nomination 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, plus ensuring a diverse pipeline.
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 76 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.
During the year, Paul Rayner was appointed to the Board as Chief Financial Officer. The appointment 
of Paul Rayner was supported by external recruitment consultants Russell Reynolds Associates who 
have no other connection with the Company or any of its Directors.
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 as 
well as the wider workforce.
Underpinning the importance of DEI, we are pleased to report that as at 31 March 2024 our eight-
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; all are standing for 
re-election at the AGM.
In line with the objective to increase gender diversity across all areas of our business, including the 
Board, senior management levels, and the appointment of a female Board member into a senior 
board position1, this will be considered as future recruitment opportunities arise as detailed below.
The Board is working hard to seek to overcome any challenges resulting from the under-
representation of women, as well as those from a minority ethnic background, within the 
construction industry and remains committed to reaching the Listing Rules target of not less than 
40% female composition on the Board. 
Corporate governance continued
When recruitment opportunities arise on the Board and its Committees, the recruitment process 
and Recruitment, Selection and Equal Opportunities Policy will be followed, additional details of 
which can be found in the Including everyone section of the Strategic Report reported on pages 39 
to 41. 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 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 understand and appreciate that diversity at Board and Committee level and throughout 
the Company is a valuable strength.
Numerical data disclosure obligations as at 31 March 2024:
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
management1
Percentage of 
executive
management2
Men
6
75.0%
4
7
77.8%
Women
2
25.0%
0
2
22.2
Not specified
–
–
–
–
–
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
management1
Percentage 
of executive
management1
White British or other 
White (including minority-
white groups)
7
87.5%
4
8
88.9%
Mixed/Multiple Ethnic 
Groups
–
–
–
–
–
Asian/Asian British
1
12.5%
–
1
11.1%
Black/African/Caribbean/
Black British
–
–
–
–
–
Other ethnic group, 
including Arab
–
–
–
–
–
Not specified/prefer not 
to say
–
–
–
–
–
2	 Reference to ‘executive management’ is to the Company’s Executive Team.
1	 Chair, CEO, Senior Independent Director (‘SID’) or CFO.
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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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 2024. The results are based on a 100% 
return rate.
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)1 which included input 
from over 537 companies and 526,415 employees within the construction sector.
Female 
gender
Diverse 
ethnicity 
Disability
LGBTQIA+
Age  
18–25
Age  
50–65
Speedy Hire2
22.2%
6.5%
3.4%
7.2%
9.1%
35.3%
Diversity Survey3
29.1%
13.6%
2.8%
2.04%
7.7%
31.0%
Diversity Survey (Tier 2)4
18.9%
8.8%
1.5%
1.0%
–
–
1	 Supply Chain Sustainability School’s survey relating to Equality, Diversity & Inclusion, to which Speedy Hire 
contributed as a Tier 1 supply chain partner.
2	 Figures taken from Speedy Hire’s internal DEI report as at 31 March 2024.
3	 Figures taken from the Diversity Survey published in January 2024 by the Supply Chain Sustainability School 
relating to Equality, Diversity & Inclusion, to which Speedy Hire contributed as a Tier 1 supply chain partner.
4	 Segregated data from within the Diversity Survey for Tier 2 organisations only. (Data relating to age was not 
segregated for Tier 2 organisations.)
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’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 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. Details of the Group’s 
approaches and initiatives to help achieve its DEI strategy can be found within the Including 
everyone section of the ESG Report from page 39.
The Board regularly review progress under Speedy Hire’s DEI strategy and the underlying work and 
achievement in order 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, 
Corporate governance continued
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 which relate to or affect the 
Group. Such training and education is 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
This year the Board evaluation was conducted internally and was led by the Senior Independent 
Director. Each of the Directors completed a confidential evaluation questionnaire and the results 
were reviewed by the Senior Independent Director in a one-to-one meeting with the relevant Board 
member. The Senior Independent Director presented his findings to the Board for discussion led by 
the Chairman. The one-to-one sessions with Directors had been open and constructive. The new 
Executive Team had settled well into their roles and the Board and Committees were working well 
together and generally effective. The findings remained positive in several categories, confirming 
that the Board and Committee meetings were well managed, with an open atmosphere providing 
good opportunity for discussion, questioning and challenge. Good progress had been made against 
actions from the previous evaluation in the area of Board reporting on the implementation of the 
Velocity strategy and the related business development activity. Key actions from the evaluation 
in year included introducing key metric reporting against the implementation of Velocity; building 
on the reporting to the Board on market and customer activity with periodic deep dives to further 
increase Board awareness; a review of the meeting calendar to optimise Directors’ time for Board 
and Committee meetings, as the Sustainability Committee had become well established; and Board 
succession planning as several Directors move towards the end of their usual periods of office. 
The Chairman reviewed the performance and development needs of each of the Executive and 
Non-Executive Directors. 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 that assessment 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.
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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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 76 and 77 in 
order 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 92 to 108. 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 Company’s current Performance Share Plan (‘PSP’) is nearing the end of its ten-year life. It 
is proposed that the PSP be updated to reflect best and market practice and shareholders will 
be asked to vote on resolutions to approve the new PSP along with the renewal of the Company 
Sharesave scheme which is also nearing the end of its ten-year life. Further details are provided 
within the Remuneration Report on page 93. 
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. The remuneration of Non-Executive Directors was reviewed at the end of FY2024. The 
conclusion was that the annual base fee be increased to £48,450. Further details of the remuneration 
of Non-Executive Directors are set out on page 103.
Corporate governance continued
Procedure
The Remuneration Committee met on five 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 Rob Barclay 
who are independent of management and free from any business or other relationship which 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, including the Company’s proposed new PSP and Sharesave 
scheme as described above. 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 which they make to the Group’s overall performance. It 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, while recognising that the Remuneration Committee must have appropriate flexibility 
to alter the operation of these arrangements to reflect changing circumstances. The Company’s 
proposed new PSP as described above, will be the subject of a shareholders’ resolution for approval 
at the 2024 AGM.
A more detailed summary of the work of the Remuneration Committee during the year and the 
Group’s Remuneration Policy, to be considered for adoption at the Annual General Meeting in 2024 is 
contained on pages 92 to 108.
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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Accountability and audit
Financial reporting
The Directors’ Report and independent auditor’s report appear on pages 110 to 112 and pages 114 to 
121 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, Rob 
Barclay and Rhian Bartlett who are independent of management and free from any business or other 
relationship which 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 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 auditor objectivity and independence is safeguarded at all times. As further 
detailed on page 88, 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 85 to 89.
Corporate governance continued
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 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, David Garman, is available to attend 
meetings with major shareholders in order 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 after each has been dealt with on a show of hands. 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.
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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Audit & Risk Committee Report
The Audit & Risk 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 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 Audit & Risk Committee comprises three 
Non-Executive Directors: Shatish Dasani 
(Chairman), Rob Barclay and Rhian Bartlett. 
All members are considered by the Board to 
be independent. Biographies of each of the 
members of the Audit & Risk Committee are 
set out on page 77. 
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 77. 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.
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 Audit & Risk 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.
Attendance
The Audit & Risk Committee’s agenda is linked 
to events in the Group’s financial calendar, 
and the Committee met on four scheduled 
occasions during the year with additional 
ad hoc meetings as required. Details of 
the attendance at Audit & Risk Committee 
scheduled meetings are set out below. 
Audit & Risk Committee members and 
meetings attended during the year:
Shatish Dasani (Chairman) 
Non-Executive Director
4/4
Rob Barclay  
Non-Executive Director
4/4
Rhian Bartlett 
Non-Executive Director
4/4
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 Audit & Risk 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 Audit & Risk 
Committee to advise the Committee of any 
matters which they consider should be brought 
to their attention without the Executive 
Directors present. The external auditors and 
the Head of Risk and Assurance 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 Chairman of the Committee 
also holds private meetings both with the 
Head of Risk and Assurance and the external 
auditors on a regular basis.
The Audit & Risk Committee presents its report 
for the financial year ended 31 March 2024.
SHATISH DASANI
Chairman of the Audit & Risk Committee
SHATISH DASANI
Chairman of the Audit & Risk Committee
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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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. The 
Audit & Risk Committee’s principal duties are:
Internal controls and risk
•	
monitoring the effectiveness and 
appropriateness of internal controls;
•	
evaluating the process for identifying and 
managing significant risk in the business;
•	
considering the effectiveness and 
resourcing of the internal audit function;
•	
determining and directing the scope of the 
internal audit programme;
•	
appointing or replacing the Head of Risk 
and Assurance;
•	
reviewing matters reported through the 
Group’s whistleblowing policy; and
•	
monitoring performance of the Group’s 
senior finance personnel and ensuring 
their development.
External auditors
•	
monitoring the effectiveness of the 
external audit process, including 
recommending the appointment,  
re-appointment and remuneration of  
the external auditors;
•	
overseeing the rotation of the lead audit 
partner at appropriate junctures;
•	
considering and, if appropriate, approving 
the use of the external auditors for  
non-audit work in line with its policy;
Audit & Risk Committee Report continued
•	
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
•	
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
•	
monitoring the integrity of the Group’s 
Financial Statements and formal 
announcements relating to the Group’s 
performance;
•	
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;
•	
considering liquidity risk and the use of 
the going concern basis for preparing the 
Group’s Financial Statements; and
•	
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 is 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 FY2024
During the year, the Audit & Risk Committee 
considered and discussed with the external 
auditors and management the following items:
•	
the existence and valuation of 
hire equipment, including control 
improvements following the deficiency 
identified in the previous financial year 
relating to non-itemised assets;
•	
the going concern basis for the preparation 
of the Financial Statements; 
•	
acquisition accounting;
•	
non underlying items;
•	
provisions for dilapidations; and 
•	
cybersecurity.
The role and response of the Audit & 
Risk Committee to these, along with any 
corresponding impact on the Group’s Financial 
Statements, are discussed in more detail in 
this report.
Valuation of hire equipment
The hire fleet comprises over 2 million 
individual items; represents the largest asset 
on the balance sheet; and underpins the 
Group’s key revenue streams.
The control environment surrounding the 
management of the hire fleet is critical to 
maintaining an up-to-date record of the  
assets and ensuring that they are correctly 
valued within the Financial Statements. In 
order to gain assurance that the control 
environment is operating in a satisfactory 
manner, the Committee requires internal audit 
to review the asset management processes. 
The summary findings of these reviews are 
provided to the Committee.
In addition to considering the appropriateness 
of the Group’s depreciation policies, the 
Committee reviews the valuation of hire 
equipment taking into consideration the 
track record of the Group in disposing of hire 
equipment at close to book value. This also 
incorporates a thorough review of useful 
economic lives and residual values.
As reported in the previous financial year, a 
deficiency in the value of non-itemised assets 
of c.£20.4m was identified resulting in an 
adjustment to the balance sheet. This resulted 
in a limitation of scope in the audit opinion 
reported by the external auditors for FY2023 
which affected the opening balances of 
FY2024. It was identified that the issue resulted 
from problems with the Group’s controls and 
accounting procedures for non-itemised assets 
over a number of years, and in particular the 
reconciliation of counts to the Group’s fixed 
asset register. The Board also concluded that 
the issue was not the result of underlying 
systemic fraud perpetrated on the Group by its 
staff or third parties. 
The Audit & Risk Committee have continued 
to ensure that all recommendations and 
control improvements from the investigation 
conducted in the previous year have been 
completed. Increased scrutiny has also been 
put in place by the internal audit function 
and the Group has carried out full counts in 
September and March in addition to weekly 
perpetual inventory counts during the year. The 
full count performed in March 2024 identified 
no further adjustments and indicated the 
newly implemented processes and controls 
were operating effectively. 
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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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 Audit & Risk Committee has challenged 
forecast cash flows, the assumptions applied 
to derive the cash flows and availability of 
finance from existing facilities. 
The Group’s £180m asset-based finance facility 
was entered into in July 2021 on a three-year 
tenure. On 26 May 2023 options for a further 
two one-year extensions were exercised 
and the facility now terminates in July 2026. 
There are no prior scheduled repayment 
requirements. The additional uncommitted 
accordion of £220m remains in place through 
to July 2026. The facility includes quarterly 
leverage and fixed charge cover covenant 
tests which are only applied if headroom in 
the facility falls below £18m. No covenant test 
was required during the year, and the Group 
maintained significant headroom against these 
measures.
Based on the expectations of future cash 
flows (including the consideration of severe 
but plausible downside modelling) and the 
continued availability of the banking facilities, 
the Audit & Risk Committee has concluded 
that the available borrowing facilities are 
adequate for both existing and future levels 
of business activity. The Committee therefore 
considers that it is appropriate to continue to 
adopt a going concern basis in the preparation 
of the Financial Statements.
Audit & Risk Committee Report continued
Acquisition accounting
Following the acquisition of Green Power 
Hire Limited, external specialists have been 
engaged to do a full valuation of the Company 
and assist in the accounting of the acquisition 
at the year end. Work performed in this area 
has been overseen by the Committee and 
has resulted in Goodwill (£9.9m) and other 
Intangible assets of £10.9m. Goodwill is 
inclusive of £0.6m of fair value adjustments, 
primarily relating to aligning of accounting 
policies. As a result, the Committee is satisfied 
that the acquisition has been accounted 
for appropriately in line with accounting 
standards. 
Non underlying items
Throughout the year, the Group has incurred 
significant costs in respect of transformation 
and restructuring activities which 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. 
All such costs have been reviewed based on 
the activity that has taken place with regular 
updates to the Audit & Risk Committee. Based 
on the work performed, the Committee is 
satisfied that this is appropriate in line with 
accounting standards.
Provisions for dilapidations
In the previous year, the Group had reviewed 
its accounting policies in relation to 
dilapidations, assessing a more comprehensive 
view of the future liability on all leases in line 
with accounting standards. Dilapidations are 
assessed at the earliest point, being the start 
of the lease or due to an obligating event. 
External specialists were engaged to perform 
a full assessment of the property portfolio in 
FY2024 to inform the year-end provision. Work 
has been completed throughout the year in 
coordination with the Property team to assist 
with the full assessment of the portfolio and 
continue to improve the control environment 
moving forward. 
As a result of the work performed, the 
Committee is satisfied that the provisions held 
for dilapidations are sufficient and appropriate, 
in line with accounting standards.
Cybersecurity
In common with most other businesses, due 
to changes in the external threat environment, 
the Group is exposed to increased risk from 
cyberattack which may cause disruption to its 
operations. As the Group continues to expand 
its digital offering online, the likelihood of 
becoming a target increases. 
The Audit & Risk Committee has included in 
its routine programme of business a review 
of the cybersecurity risk and the actions that 
management have already taken and are 
putting in place to mitigate these risks. 
The business has improved its maturity in 
cybersecurity and continues to assess its 
maturity against its risk appetite. The business 
continues to manage with external specialists 
to provide penetration tests, the last of which 
was completed in May 2024. In addition, the 
business maintains an ISO 27001 accreditation 
and a Cyber Essentials Plus accreditation. 
As a result of the work performed, the 
Committee is satisfied that the cybersecurity 
risk is being actively managed to an 
appropriate level.
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 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 FY2024.
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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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 FY2024.
In accordance with Attribute Standard 1312 
of the Chartered Institute of Internal Auditors 
(‘CIIA’) International Professional Practices 
Framework, 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 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 Audit & Risk 
Committee during its review of internal audit.
On an annual basis the Audit & Risk 
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. 
Audit & Risk Committee Report continued
Section E24 of the CIIA Internal Audit Code of 
Practice requires 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.
Following the review, the Committee 
concluded that the Group’s internal audit 
function remains effective.
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.
During the final months of the financial year, 
a new Head of Risk and Assurance was 
appointed to oversee the Group’s internal audit 
function. The new Head of Risk and Assurance 
will continue to manage the function to the 
standard the Committee has come to expect 
and will oversee the implementation of the 
new Global Internal Audit Standard which will 
become effective in January 2025. 
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 an assessment of their 
performance, a review of the scope of their 
work, 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. 
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 financial 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 9.2% of the annual audit 
fees and the three-year average, including 
former auditor KPMG LLP, was 6.1%. Details 
of the fees, split between audit and non-audit 
services, payable to the external auditors are 
given in note 5 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:
•	
Continue to oversee the implementation 
of agreed actions relating to controls over 
non-itemised assets so that the auditors 
are able to give a clean audit opinion for 
the year to March 2025;
•	
Oversee the transition to the new external 
audit partner and, with appropriate 
support from management, the delivery 
of the external financial information in line 
with agreed timetable; 
•	
Support the newly appointed Head of 
Risk & Assurance in their transition 
and ongoing improvements in risk 
management and conduct of internal 
audits; and
•	
Continue monitoring the completion on 
time of agreed management actions to 
address control weaknesses. 
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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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 FY2025. The lead audit 
engagement partner is Christopher Hibbs 
who was appointed during the year. 
PricewaterhouseCoopers 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 
5 September 2024.
Code of Conduct and Whistleblowing
The Company remains committed to the 
highest standards of business conduct and 
expects its Directors, employees, consultants 
and other stakeholders to act accordingly. 
The Company has a well-established Code of 
Conduct which incorporates a whistleblowing 
policy. These policies are actively promoted 
within the Group. Code of Conduct training 
is covered in our induction programme for 
new employees and, where appropriate, this 
is reinforced on an annual basis via an online 
training course for existing employees.
Audit & Risk Committee Report continued
The Audit & Risk Committee receive a report 
at each of its scheduled meetings, giving an 
overview of concerns raised under Speedy 
Hire’s Speak Up Whistleblowing Policy in 
the previous period and any investigations 
undertaken. The Speak Up Policy allows 
directors, employees, contractors and other 
third parties to report concerns directly to 
named Speedy Hire whistleblowing officers 
or via a dedicated email or phone line. 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.
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.
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 
18 June 2024.
SHATISH DASANI
Chairman of the Audit & Risk Committee
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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Nomination Committee Report
The terms of reference of the Nomination 
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 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
David Garman 
Non-Executive Director
2/2
Rhian Bartlett 
Non-Executive Director
2/2
Shatish Dasani 
Non-Executive Director
2/2
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, David 
Garman, Rhian Bartlett 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 76 and 77.
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:
•	
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;
•	
reviewing the size and composition of the 
Board along with membership of Board 
Committees;
•	
evaluating the balance of skills, knowledge 
and experience on the Board;
•	
ensuring that succession planning 
is in place for the Board and senior 
management;
•	
ensuring that Non-Executive Directors are 
able to devote sufficient time to discharge 
their duties;
•	
making recommendations to the Board in 
respect of Directors standing for election 
or re-election at the AGM; and
•	
overseeing the development of a diverse 
pipeline for succession to the Board and 
senior management roles.
The Nomination Committee presents its report 
for the financial year ended 31 March 2024.
DAVID SHEARER
Chairman of the Nomination Committee
DAVID SHEARER
Chairman of the Nomination Committee
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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Nomination Committee Report continued
As previously reported, Paul Rayner joined 
the Board as Chief Financial Officer (‘CFO’) 
with effect from 1 July 2023, following serving 
as interim CFO from 1 November 2022. 
The appointments followed James Bunn’s 
resignation as CFO to pursue an opportunity 
in an unrelated sector and his stepping down 
from the Board on 1 November 2022. The 
Nomination Committee led the process for the 
appointment of a permanent successor and 
external search consultants Russell Reynolds 
Associates were retained.
The Committee recommended a one-year 
extension to the term of both David Garman 
and Rob Barclay to expire at the AGM 2025.
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. The Committee concluded that 
following the recent appointments of the 
Executive Directors, the overall size, structure 
and composition of the Board was well 
balanced and operating effectively, as were  
the Board Committees.
The Committee acknowledged the required 
focus on Board succession in the coming years 
with several Directors coming towards the end 
of their usual tenures. The Committee will plan 
and lead the recruitment processes for the new 
Board appointments following the approach 
for all Board appointments as summarised 
above, including the Company’s commitment 
to increase diversity, equity and inclusion on 
the Board and its objective to comply with the 
Listing Rules as detailed below.
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 
increasing the diversity of the Board. The 
Company’s values and objectives in this area 
are disclosed on pages 39, 82 and 91. All 
recommendations made are on merit against 
objective criteria.
During the year the Nomination Committee 
undertook all of the duties set out above and 
additionally reviewed the leadership needs 
of the organisation, new positions within the 
Executive Team, 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.
Board
During the year the Nomination Committee 
has overseen the change within the Executive 
Directors on the Board. 
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 
in order to increase gender diversity on the 
Board, its Executive Team and amongst senior 
management and, in particular, with a view to 
meeting 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 38, 82 and 91, along 
with details of the gender balance of those 
personnel in senior management.
The Nomination Committee has recommended 
the re-election of all Directors standing at the 
forthcoming Annual General Meeting. 
This report was approved by the Board on 
18 June 2024.
DAVID SHEARER
Chairman of the Nomination Committee
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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Remuneration Report
However, notwithstanding the progress 
made in respect of delivering our five-year 
strategy and transformation programme, 
no annual bonus was awarded in respect 
of the year ended 31 March 2024 as a result 
of the threshold PBT target not being met. 
The Performance Share Plan (‘PSP’) awards 
granted on 14 June 2021 will lapse in full in 
June 2024 as a result of below threshold EPS 
performance and below median relative Total 
Shareholder Return.
Remuneration Policy Review 
Following the launch of our Velocity strategy 
last year, the Remuneration Committee 
has carried out a review of our Directors’ 
Remuneration Policy. The main conclusion 
of this review was that while fixed/annual 
components of the CEO and CFO’s 
remuneration remain fit for purpose and 
market aligned, long-term incentive provision 
for the CEO and CFO (and the below Board 
senior management team) should be more 
closely aligned to the delivery of Velocity. 
As such, the Committee has consulted major 
shareholders and the main representative 
bodies in respect of combining the 2024 and 
2025 PSP awards into a single grant in 2024 
with performance measured over a four-year 
performance period to reflect the importance 
of retaining the Executive Directors (and 
below Board senior management team) for the 
duration of the Velocity strategy period and to 
ensure that they are appropriately aligned with, 
and incentivised to deliver, it.
Given that the award (equating to up to 300% 
salary for the CEO and CFO) would be in 
excess of the current 150% of salary limit in 
our Directors’ Remuneration Policy, we are 
seeking shareholder approval at the 2024 
AGM to amend the individual PSP limits in the 
Remuneration Policy (for 2024 only). 
I am pleased to present, on behalf of the 
Board, the Directors’ Remuneration Report 
for the year ended 31 March 2024. The 
report has been divided into the following 
three sections: 
•	
this Annual Chair’s Statement, 
summarising major decisions and any 
relevant changes to remuneration;
•	
the Remuneration Policy Report, which 
sets out the Group’s proposed policy on 
the remuneration of the Executive and 
Non-Executive Directors; and
•	
the Annual Report on Remuneration, 
outlining how the Group’s Remuneration 
Policy was implemented in FY2024 and 
how it will be implemented in FY2025.
Performance and reward for FY2024 
The Group has performed resiliently in the year 
against a challenging market backdrop and 
wider macroeconomic uncertainty and made 
good progress with the implementation of our 
Velocity strategy. 
In addition, as the Speedy Hire Plc Performance 
Share Plan 2014 is nearing the end of its ten-
year life, a replacement share plan, with the 
individual limits updated to accommodate the 
proposed 2024 PSP awards will also be put 
forward for shareholder approval.
Policy implementation for FY2025
Based on the above, the proposed approach in 
respect of the year ending 31 March 2025 is as 
follows:
•	
Salary: The CEO was offered, but declined, 
a workforce aligned salary increase from 
the 1 April 2024 normal review date. Given 
the CFO’s recent appointment, his first 
salary review date will be 1 April 2025. As 
such, the CEO and CFO salaries were not 
increased at 1 April 2024 and therefore 
will remain at £495,000 and £350,200 
respectively.
•	
Pension: Executive Directors will continue 
to receive a workforce aligned pension 
allowance, currently set at 3% of salary.
•	
Annual bonus: For the financial year 
ending 31 March 2025, notwithstanding that 
the maximum annual bonus opportunity in 
the current (and proposed) Remuneration 
Policy is set at 125% of salary, potential 
annual bonus will continue to be limited to 
100% of salary in line with past practice. 
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 in respect of the year 
ending 31 March 2025 will be deferred into 
shares for 2 years. Targets are 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 2025.
The Remuneration Committee presents its report 
for the financial year ended 31 March 2024.
CAROL KAVANAGH
Chair of the Remuneration Committee
CAROL KAVANAGH
Chair of the Remuneration Committee
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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Remuneration Report continued
•	
2024 PSP Awards: Subject to shareholder approval:
	–
the CEO and CFO will be granted a PSP award immediately following the 2024 AGM. The 
award is intended to combine the 2024 and 2025 PSP awards, equating to up to 300% of 
salary at a share price of 27.57 pence, which is the share price used for recent below Board 
awards granted on similar terms, and which represents c.1.8% of issued share capital at 
maximum vesting.
	–
PSP awards will vest following the publication of the audited results for FY2028 (i.e. over a  
c.4-year vesting and performance period). Reflecting the combination of 2024 and 2025 
PSP awards, no PSP would be granted to the CEO and CFO in 2025 in the normal course 
of events, with the normal annual PSP grant cycle resuming in 2026 (vesting in 2029) and 
annually thereafter. 
	–
the performance metrics/targets, which are closely linked to our Velocity strategy and are 
considered to be appropriately challenging in light of the proposed award levels, are as follows:
Metric
Weight
Performance  
Period 
Threshold
Target*
(25% of this 
part vests)
Maximum 
Target*  
(100% of this 
part vests)
Earnings Per Share
30%
Financial 
Year ending 
31 March 2028
6p
9p
Free Cash Flow**
30% 
£20m
£30m
Relative TSR***
40% 
1 April 2024 to 
31 March 2028
Median
Upper 
Quartile
*	
No vesting below threshold performance, pro rata vesting between threshold and maximum.
**	
Free Cash Flow: net cash flow before movement in loan balances, merger and acquisition activity 
and returns to shareholders.
***	 Measured against the FTSE SmallCap (excluding investment trusts). Note, in this regard, whilst past 
PSP awards have measured TSR against the FTSE 250 (excluding investment trusts), the SmallCap 
is considered more appropriate going forwards, given Speedy Hire’s current FTSE ranking.
	–
While the shareholders were originally consulted on the three performance metrics detailed 
above being of equal weighting (i.e. each metric was weighted a third each), following a 
review of the feedback received from major shareholders, the Committee agreed to skew 
performance in favour of TSR.
	–
To the extent that awards vest, a post-vesting holding period will operate up to the fifth 
anniversary of grant (i.e. shorter than the normal 2 years to reflect the circa 4 rather than 3-year 
vesting period) and any shares which vest (in each case net of tax) must be held against the 
prevailing shareholding guidelines (in-employment and post-cessation as relevant).
•	
Shareholder protections: Malus and clawback provisions will continue to operate for both 
the annual bonus, deferred bonus and PSP awards and no changes will be made to the in-
employment guidelines (200% of salary) or post-employment guidelines (200% of salary for one 
year post cessation, reducing to 100% of salary for the second-year post-cessation).
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. 
Previously every employee in Speedy Hire 
participated in a discretionary bonus scheme 
relevant to their role. However, in view of 
the desire to provide a greater level of fixed 
income to our lower paid colleagues in light 
of the cost of living crisis, and to simplify 
incentive arrangements, the number of bonus 
schemes operated was reduced, and bonus 
potential was consolidated, into an additional 
salary increase effective 1 October 2023. This 
change was received extremely positively 
throughout Speedy Hire.
In addition, alongside the Company-wide salary 
review process, investment will continue to be 
made during the year to ensure that employees 
are paid at or above the Real Living Wage. Our 
apprentices are 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
In addition to the shareholder consultation 
exercise on the proposed change to the 
Directors’ Remuneration Policy detailed above, 
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. We will 
continue to take into account the views of our 
shareholders as appropriate. 
The Committee was pleased by the strong 
support received from shareholders for the 
Directors’ Remuneration Policy Report and 
Remuneration Report at the 2023 AGM. I am 
grateful for the consideration and constructive 
feedback from shareholders during the 
consultation process this year.
Shareholder approvals
At the 2024 Annual General Meeting, the Company 
will be asking shareholders to vote on four separate 
remuneration-related resolutions as follows:
•	
a binding vote on the revised Directors’ Remuneration 
Policy, which will, subject to shareholder approval, 
become formally effective as at the date of the AGM;
•	
an advisory vote on the Directors’ Remuneration 
Report (excluding the Policy), which provides details  
of the remuneration earned by Directors for 
performance in the year ended 31 March 2024 and 
how we intend to remunerate Directors in the year 
ending 31 March 2025;
•	
the renewal of the Speedy Hire Plc Performance Share 
Plan 2014 which is nearing the end of its 10-year life 
(updated to accommodate the proposed 2024 PSP 
awards be granted to Executive Directors as detailed 
above). However, while the terms of the PSP will be 
updated for best and market practice, the Committee 
does wish to make a change to the current dilution 
limits. Speedy Hire operates standard 5% in 10 year 
(discretionary share awards) and 10% in 10-year (all 
share awards) dilution limits albeit the current 5% 
inner limit is creating a headroom issue. As such, 
it is proposed that the PSP rules be amended to 
remove the 5% in 10-year discretionary plan limit. It 
is the Committee’s intention that the 5% in 10-year 
discretionary plan limit be re-introduced in time and in 
this regard, the Committee will consider this annually 
from 2028 onwards (i.e. after the 2024 awards have 
vested); and
•	
the renewal of the Speedy Hire Plc 2014 Sharesave 
which is nearing the end of its 10-year life.
Conclusion 
I hope you find this report clear and helpful in 
understanding our remuneration policy and practices. 
I would like to thank those shareholders which have 
engaged with the Remuneration Committee on the 
proposed Velocity-based 2024 PSP awards and I look 
forward to receiving continued shareholder support for the 
remuneration-related shareholder resolutions at our AGM.
This report was prepared by the Remuneration Committee 
and approved by the Board on 18 June 2024.
CAROL KAVANAGH
Chair of the Remuneration Committee
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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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 shareholders for 
approval in a binding vote at the 2024 AGM 
and if approved it will be effective from that 
date. The Remuneration Committee’s current 
intention is that the revised policy will operate 
for the three-year period to the 2027 AGM. 
Summary of Policy Change
Shareholders approved our current Policy at 
the 2023 AGM with over 97% of votes cast in 
favour. However, following the launch of our 
Velocity strategy last year, the Remuneration 
Committee has carried out a review of our 
Directors’ Remuneration Policy and the main 
conclusion was that long-term incentive 
provision for the CEO and CFO (and the below 
Board senior management team) should be 
more closely aligned to the delivery of Velocity. 
As such, the Committee has consulted major 
shareholders and the main representative 
bodies in respect of the grant of a 300% of 
salary PSP award to the CEO and CFO in 2024 
(i.e. above the normal PSP award level and 
double the current Directors’ Remuneration 
Policy maximum of 150% of salary). Reflecting 
the 2024 PSP award level, no PSP award 
would be granted to the CEO or CFO in 2025 
in the normal course of events, with the normal 
annual PSP grant cycle resuming in 2026.
Given that the award would be in excess 
of the current 150% of salary limit in our 
Directors’ Remuneration Policy, we are seeking 
shareholder approval at the 2024 AGM to 
amend the Remuneration Policy (i.e. increase 
the PSP limit to 300% of salary for 2024 only).
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:
•	
the need to attract, retain and motivate 
high calibre Executive Directors and senior 
management;
•	
internal pay and benefits levels, and 
practice and employment conditions 
within the Group as a whole; 
•	
the recommendations set out in the UK 
Corporate Governance Code and the views 
of shareholders and their representative 
bodies; and
•	
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, 
subject to stretching performance conditions, 
an annual bonus plan and shares awarded 
under a Performance Share Plan (‘PSP’).
The key principles of the policy are:
•	
Clarity – maintain transparency of our 
competitive total remuneration structure 
that is driven by our business strategy and 
model, focuses on sustained long-term 
value creation and is aligned with the 
interests of shareholders;
•	
Predictability – to ensure that targets set 
each year result in stretching ambitions 
and that the scale of the reward is 
proportionate;
•	
Simplicity – ensure the remuneration 
structure avoids unnecessary complexity, 
with a reward package that balances short 
and long-term performance, rewarding 
Company and personal performance;
•	
Risk – Risk is appropriately managed. 
The remuneration of Executive Directors 
provides an appropriate balance 
between fixed and performance-related 
pay elements: restraint on fixed pay, 
with a substantial proportion of total 
remuneration based on variable pay linked 
to performance;
•	
Alignment to culture – the remuneration 
principles encourage behaviour that the 
Committee expects; and
•	
Proportionality – the link between 
individual awards, the delivery of strategy 
and the long-term performance of the 
Group is clear.
As a result, the Remuneration Committee has 
determined 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 proposed updated Remuneration Policy 
for the Directors, explaining how each element 
operates and the links to the corporate 
strategy. If approved, the Policy will be effective 
from the date of the Company’s 2024 AGM. 
This Policy has been 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 that is focused on total 
remuneration with a significant proportion of 
the package based on performance-related 
variable pay. The Remuneration Report will 
note how the current Remuneration Policy has 
been implemented over the previous year and 
how the proposed Policy will be implemented 
in the following year.
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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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 over reliance 
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) in order 
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
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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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 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 of 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.
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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Purpose and link to strategy
Operation
Maximum
Performance targets
PERFORMANCE SHARE PLAN
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 are normally granted annually.
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.
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.
150% of salary albeit in 2024 only, the current CEO 
and CFO may receive PSP awards over a maximum of 
5,386,289 and 3,810,664 shares respectively (i.e. a 300% 
of salary award based on a share price of 27.57 pence 
being the share price used for recent below Board 
awards granted on similar terms).
Performance normally measured over at 
least three years.
Performance targets and metrics may be 
based on financial targets (e.g. Earnings 
Per Share or Free Cash Flow), share price-
based targets (e.g. relative Total Shareholder 
Return targets) and/or strategic/ESG-based 
targets as set by the Committee to reflect 
the prevailing strategic priorities.
Performance underpins may also apply.
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.
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
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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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.
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
Notes:
1	 The choice of the performance metrics applicable to the annual bonus scheme reflect the Remuneration Committee’s belief that any incentive compensation should be appropriately challenging and tied to both the delivery of 
key financial targets and individual and/or strategic and/or ESG performance measures intended to ensure that Executive Directors are incentivised to deliver across a range of objectives for which they are accountable. The 
Remuneration Committee has retained some flexibility on the specific measures which will be used to ensure that any measures are fully aligned with the strategic imperatives prevailing at the time they are set. 
2	 The performance conditions applicable to the PSP awards are selected by the Remuneration Committee on the belief that a combination of conditions drawn from TSR, key financial objectives and, where relevant, strategic/ESG-
based targets provides strong alignment with the delivery of long-term returns to shareholders and incentivises strong Group performance – consistent with the Company’s objective of delivering superior sustainable levels of 
long-term value to shareholders. The Remuneration Committee has retained flexibility on the measures which will be used for future award cycles to ensure that the measures are fully aligned with the strategy prevailing at the time 
the awards are granted. Notwithstanding this, the Remuneration Committee would seek to consult with major shareholders in advance of any material change to PSP performance measures. 
3	 The Remuneration Committee operates the annual bonus, PSP and all-employee share plans in accordance with the relevant plan rules and, where appropriate, the Listing Rules and HMRC legislation. The Remuneration 
Committee, consistent with market practice, retains discretion over a number of areas relating to the operation and administration of the plans. These include, for example, selecting the participants, the timing and quantum of 
awards and setting performance criteria each year, determining ‘good leaver’ status, determining the extent of vesting based on the assessment of performance, form of payment, discretion to retrospectively amend performance 
targets in exceptional circumstances (providing the new targets are no less challenging than originally envisaged) and in respect of share awards, to adjust the number of shares subject to an award in the event of a variation in the 
share capital of the Company. 
4	 Consistent with HMRC legislation, the all-employee Sharesave scheme does not have performance conditions.
5	 Directors are eligible to receive payment, and any existing award may vest, in accordance with the terms of any such award made prior to the approval of the Remuneration Policy detailed in this report, and in accordance with the 
provisions of the Remuneration Policy in force at the time such award or right to receive payment was made or granted.
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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Directors’ Remuneration Policy Report continued
Remuneration scenarios for Executive Directors
The remuneration package comprises core fixed pay (base salary, pension and benefits) and 
performance based variable pay (annual bonus and the PSP). The chart below illustrates the 
composition of the Chief Executive’s remuneration package under the proposed policy for threshold, 
on-target and stretch performance based on the proposed 300% of salary PSP awards for 2024 
(noting that no PSP award would be granted to the CEO or CFO in 2025 in the normal course of 
events, with the normal annual PSP grant cycle resuming in 2026). 
Notes:
•	 Base salaries effective from 1 April 2024;
•	 an approximated annual value of benefits;
•	 a workforce aligned annualised pension contribution;
•	 minimum performance comprises salary, benefits and pension only, with no bonus awarded and no PSP 
awards vested;
•	 on-target performance comprises annual bonus, based on 50% of the maximum and PSP awards assuming 
50% of the maximum awards vest;
•	 maximum performance comprises annual bonus awarded at the maximum level of 125% of salary, and 300% 
of salary 2024 PSP awards (noting that actual award values may be higher or lower given that the share 
price used to determine the shares under award will be 27.57 pence) assuming that 100% of the performance 
shares will vest; and
•	 maximum performance plus 50% share price appreciation illustrates the effect of a 50% growth in the 
Company’s share price on the value of the 2024 PSP awards.
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 18 March 2024) 
where Directors’ remuneration and: (i) how it aligns with the wider pay policy; and (ii) the rationale 
behind the proposed changes to the Remuneration Policy were discussed. 
Pay and conditions across the Group are considered when designing the policy for Executive 
Directors and continue to be considered in relation to 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 serving 10, 20 and 25 years receive a range of additional benefits, 
including additional days of annual holiday entitlement. 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.
Fixed pay
£’000
Chief Executive
Chief Financial Officer
Minimum
100%
30%
20%
16%
28%
20%
15%
42%
60%
46%
23%
£515
£1,752
£2,495
£3,237
100%
30%
21%
16%
28%
20%
15%
42%
59%
46%
23%
£376
£1,251
£1,777
£2,302
Target
Maximum
Minimum
Target
Maximum
Maximum with 
share price 
growth
Annual bonus
LTIP
Share price appreciation
Maximum with 
share price 
growth
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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Directors’ Remuneration Policy Report continued
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. 
The Committee consulted with our major shareholders and the main shareholder representatives 
on the proposed changes to the Remuneration Policy in May 2024. Following consideration of 
the largely very positive feedback received, no changes were being made to the updated Policy 
(although a change was made to the respective weightings of the performance metrics for the 2024 
PSP awards). Consistent with best practice, a shareholder consultation wrap-up exercise was carried 
out in June 2024 in order to share the feedback received and the Committee’s conclusions.
Outside of this, the Remuneration 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 pays 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 which 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
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.
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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Directors’ Remuneration Policy Report continued
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. PSPs vesting will also be subject to the 
satisfaction of the relevant performance conditions at that time (including an overall performance 
underpin attached to the award) 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 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 2024. The letters of appointment 
of the Non-Executive Directors, copies of which 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, Rob Barclay, Rhian Bartlett, Shatish Dasani and Carol Kavanagh. 
Appointment dates for the Non-Executive Directors are detailed below:
Non-Executive Director
Role
Appointment date
David Shearer1
Non-Executive Chairman 
1 October 2018
David Garman
Senior Independent Director
1 June 2017
Rob Barclay
Non-Executive Director
1 April 2016
Rhian Bartlett
Non-Executive Director
1 June 2019
Shatish Dasani
Non-Executive Director
1 February 2021
Carol Kavanagh
Non-Executive Director
1 June 2021
Notes:
1	 Details relate to appointment as Non-Executive Chairman, original appointment as Non-Executive Director 
was 9 September 2016.
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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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 Rob Barclay. 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 pages 76 and 77. 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
5/5
David Garman 
Senior Independent Director
5/5
Rob Barclay 
Non-Executive Director
5/5
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:
•	
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;
•	
reviewing and determining, on behalf 
of the Board, executive remuneration 
and incentive packages to ensure such 
packages are fair and reasonable;
•	
reviewing Directors’ expenses;
•	
reviewing Executive and Non-Executive 
Directors against the shareholding 
guidelines;
•	
determining the basis on which the 
employment of executives is terminated;
•	
designing the Group’s share incentive 
schemes and other performance-related 
pay schemes, and to operate and 
administer such schemes;
•	
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;
•	
ensuring that no Director is involved in any 
decisions as to his/her own remuneration; 
and
•	
reviewing regularly the ongoing 
appropriateness and effectiveness of all 
remuneration policies.
During FY2024, the Remuneration Committee 
reviewed the following matters at its meetings:
•	
determination of FY2023 bonuses for the 
Executive Directors and senior managers;
•	
feedback on Directors’ Remuneration Report 
and final outcome of 2023 AGM voting for the 
report;
•	
consideration of the revised Directors’ 
Remuneration Policy to apply from 2024 AGM 
and significant shareholder consultation 
exercise;
•	
determination of vesting of PSP awards 
maturing in FY2024 and proposed grant of 
awards in FY2025;
•	
determination of executive remuneration 
structure and application of the policy for 
FY2025;
•	
proposed FY2025 bonus scheme for 
Executive Directors and Executive Team 
members and bonus arrangements for 
employees generally;
•	
interim and final progress of employee share 
plan performance measures against targets 
and consequent approval of any vesting of 
awards;
•	
progress of bonus achievement for FY2024 
executive bonuses;
•	
approval of 25-year long service awards for 
eligible employees and consideration of other 
awards based on long-service;
•	
terms of reference for, and effectiveness of, 
the Remuneration Committee;
•	
ongoing appropriateness and effectiveness 
of remuneration and benefits policies for 
Executive Directors and employees generally 
and alignment to Company culture;
•	
performance of external remuneration 
advisors;
•	
use of equity for employee share plans in 
relation to dilution headroom limits;
•	
review of the Non-Executive Chairman’s fee; 
and
•	
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 FY2024. FIT is a member 
of the Remuneration Consultants Group and 
is a signatory to its Code of Conduct. Fees 
paid to FIT for FY2024 totalled £61,052.50 
(excluding VAT) in respect of advice provided 
to the Remuneration Committee and for 
related matters based on a standing retainer 
(with any 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.
The Remuneration Committee also sought 
advice from the Group’s legal advisers, Pinsent 
Masons LLP (‘Pinsents’), in connection 
with the production of this report, the 2014 
Performance Share Plan and the all-employee 
share scheme (‘SAYE’). Fees paid to Pinsents 
for FY2024 totalled £8,142.14 (excluding VAT).
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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Annual Report on Remuneration continued
Implementation of the Remuneration Policy for FY2025
Details of how the Remuneration Committee intends to operate the Remuneration Policy in respect 
of the year ending 31 March 2025 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 2024¹
1 April 2023
David Shearer
Non-Executive Chairman
Nomination
£153,000
£150,000
David Garman
Senior Independent Director
–
£55,450
£54,500
Rob Barclay
Non-Executive Director
Sustainability
£55,450
£54,500
Rhian Bartlett
Non-Executive Director
–
£53,450
£52,500
Shatish Dasani
Non-Executive Director
Audit & Risk
£55,450
£54,500
Carol Kavanagh
Non-Executive Director
Remuneration
£55,450
£54,500
1	 The policy reflects a base Board fee of £48,450 (FY2024: £47,500); additional fees for the Chairman of the 
Audit & Risk, Remuneration and Sustainability Committees of £7,000 (FY2024: £7,000), an additional fee for 
the Senior Independent Director (David Garman) of £7,000 (FY2024: £7,000) and for the designated employee 
Non-Executive Director £5,000 (FY2024: £5,000).
Directors’ remuneration for FY2024 (Audited)
The emoluments of the Directors of the Company for the year under review were as follows:
Financial 
year
Fees/basic 
salary
£’000 
Benefits
£’0005
Pension
£’0006
Total fixed 
remuneration 
£’000
Annual  
bonus
£’0007 
Value of 
long-term 
incentives
£’0008
Total variable 
remuneration 
£’000
Total 
remuneration 
£’000
Executive Directors
Dan Evans1
2024
473
5
14
492
0
0
0
492
2023
225
4
7
236
0
0
0
236
Paul Rayner2
2024
263
13
0
276
0
0
0
276
Non-Executive Directors
David Shearer
2024
150
–
–
150
–
–
–
150
2023
140
–
–
140
–
–
–
140
David Garman
2024
55
–
–
55
–
–
–
55
2023
52
–
–
52
–
–
–
52
Rob Barclay
2024
55
–
–
55
–
–
–
55
2023
52
–
–
52
–
–
–
52
Rhian Bartlett
2024
53
–
–
53
–
–
–
53
2023
45
–
–
45
–
–
–
45
Shatish Dasani
2024
55
–
–
55
–
–
–
55
2023
52
–
–
52
–
–
–
52
Carol Kavanagh
2024
55
–
–
55
–
–
–
55
2023
49
–
–
49
–
–
–
49
Former Directors
Russell Down3
2023
223
7
27
257
0
0
0
257
James Bunn4
2023
198
0
6
204
0
–
0
204
Totals
2024
1,159
18
14
1,191
0
0
0
1,191
2023
1,036
11
40
1,087
0
0
0
1,087
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	 Russell Down retired from the Board on 30 September 2022.
4	 James Bunn resigned from the Board on 1 November 2022.
5	 Taxable benefits comprise a car or cash alternative, health insurance and life insurance.
6	 Dan Evans received £14,000 in lieu of pension contributions which are included in the Pension column above 
together with any actual pension contributions made.
7	 For FY2024 the maximum bonus opportunity for the Executive Directors was 100% of salary, based on Group 
adjusted profit before tax (50%), Free Cash Flow (20%), strategic targets (15%) and ESG targets (15%). Details 
of actual performance against targets is set out below.
8	 For FY2024, this reflects that the 2021 PSP awards (granted to Dan Evans prior to his appointment to the Board) 
failed to hit both the threshold EPS and TSR performance targets, resulting in nil vesting. In respect of FY2023, this 
reflects the 2020 PSP awards (granted on 27 November 2020 to Dan Evans prior to his appointment to the Board) 
which were estimated in the single figure of remuneration for FY2023 in last year’s Annual Report on Remuneration 
at 0% and which lapsed in full on 27 November 2023 as a result of absolute TSR being below threshold.
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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Annual Report on Remuneration continued
Annual bonus assessment in respect of FY2024 performance (Audited)
Dan Evans and Paul Rayner (pro-rated from appointment on 1 July 2023) were eligible to receive 
annual bonuses in respect of financial and operational performance in FY2024. 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 PBT1
50%
£34.0m
£38.9m
£14.7m
0%
Free Cash Flow2
20%
£11.5m
£14.4m
£23.5m
0%3
Strategic (Customers, 
Stock, Training)
15%
15%
–
–
0%4
ESG (CO2 per employee, 
Diversity, Safety)
15%
15%
–
–
0%4
Total
100%
–
–
–
0%
1	 Group adjusted profit before tax (‘adjusted PBT’).
2	 Free Cash Flow: net cash flow before movement in loan balances, merger and acquisition activity and returns 
to shareholders.
3	 On the basis that the threshold PBT target was not met, no award was made against the Free Cash Flow metric.
4	 Despite progress made against strategy delivery and ESG targets, on the basis that the threshold PBT target 
was not met, no assessment was made against the strategic targets (focused on pricing in the context of 
cost inflation, assurance around stock values and accelerating the recruitment of apprentices and graduate 
trainees) or ESG targets (delivering a year on year reduction in CO2 per employee, making progress on 
diversity and proactively managing and minimising safety incidents). 
PSP awards vesting in 2024 (Audited)
PSP awards were granted in July 2021 with vesting based on EPS and relative TSR performance 
targets measured over the three years to 31 March 2024 as follows: 
Performance 
Measure
Weighting
Performance 
period end
Threshold 
(25% vesting)
Maximum
(100% vesting)
Actual
% vesting  
for this part  
of the award
Adjusted 
earnings  
per share
50%
31 March 
2024
5.33p
5.89p
2.35p
0%
Total 
shareholder 
return* 
50%
31 March 
2024
Median
Upper 
Quartile
Below 
Median
0%
*	 Versus constituents of the FTSE 250 (excluding investment trusts).
Long-term incentive plan awards granted to Executive Directors in the year (Audited)
The Executive Directors were granted the following awards under the 2014 Performance Share Plan 
on 21 July 2023, which were structured as nil cost options, as set out below:
Executive Director
Date of grant
Basis of 
award
Maximum 
shares 
under 
award
Face value 
of awards 1
Performance 
period 2 
Vesting 
period
%  
vesting at 
threshold
Dan Evans
21/07/2023
100% of 
salary
1,212,284
£450,000
Three years 
ending 31 
March 2026 
Three years 
from grant
25% of  
an award
Paul Rayner
21/07/2023 
100% of 
salary
943,426
£350,200
Three years 
ending 31 
March 2026 
Three years 
from grant
25% of  
an award
1	 Determined using the average mid-market closing share price of the Company for the five days preceding the 
date of grant (37.12p).
2	 50% of the award is subject to an EPS condition. 25% of this part of the award vests for EPS (before 
amortisation and exceptional costs) of 6.25 pence with full vesting of this part of the award for EPS of 8.00 
pence for the financial year ending 31 March 2026. A sliding scale operates between these points. 50% of 
the award is subject to a TSR condition based on the Company’s performance against FTSE 250 companies 
(excluding investment trusts) measured over three financial years ending 31 March 2026. 25% of this part 
of the award vests if the Company’s TSR is at a median of the ranking of the TSRs of the comparator group, 
with full vesting of this part of the award for upper quartile performance or better. A sliding scale operates 
between these points. Regardless of the preceding performance conditions, the number of shares which may 
vest under an award may be reduced (including to zero) where the Remuneration Committee determines that 
exceptional circumstances exist which mean that the 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).
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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Details of the Executive Directors’ interests in share-based awards1 are as follows:
Executive  
Director
Interest at  
1 April 2023
Options/
awards 
granted 
during the 
year
Options/
awards 
exercised 
during the 
year
Options/
awards 
lapsed 
during the 
year
Interest at 31 
March 2024
Exercise 
price 
(pence)
Normal date from 
which exercisable/
vested to expiry date 
(if appropriate)
Dan Evans
PSP 20172,3
23,883 
–
–
–
23,883
nil
Jun 2020 – Jun 2027
PSP 20182,3
60,148
–
–
– 
60,148 
nil
May 2021 – May 2028
PSP 20202,4
342,765
–
–
342,765
–
nil
Nov 2023 – Nov 2030
PSP 20212,5
338,120
–
–
– 
338,120
nil
Jun 2024 – Jun 2031
PSP 20222,6
604,528
–
–
–
604,528
nil
Jun 2025 – Jun 2032
PSP 20237
–
1,212,284
–
–
1,212,284
nil
Jul 2026 – Jul 2033 
Total
1,369,444
1,212,284
–
342,765
2,238,963
Paul Rayner
PSP 2023
–
943,426
–
–
943,426
nil
Jul 2026 – Jul 2033
Total
–
943,426
943,426
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 2020 PSP awards are set out at on page 124 of the Annual Report and 
Accounts 2023.
5	 The performance conditions for the 2021 PSP awards are set out at on page 104.
6	 50% of the 2022 PSP award is subject to an EPS condition. 25% of this part of the award vests for EPS (before 
amortisation and exceptional costs) of 6.17 pence increasing pro rata to full vesting of this part for EPS of 
7.72 pence. 50% of the 2022 PSP award is subject to a relative TSR condition measured against FTSE 250 
companies (excluding investment trusts) over three financial years ending 31 March 2025. 25% of this part 
of the award vests if the Company’s TSR is median increasing pro rata to full vesting of this part for upper 
quartile performance or better.
7	 The performance conditions for the 2023 PSP awards are set out at ‘Long-term incentive plan awards granted 
to Executive Directors in the year’ on page 104.
The mid-market closing price of Speedy Hire Plc ordinary shares at 31 March 2024 was 25.4 pence 
and the range during the year was 23.4 pence to 37.8 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. Within this 10% limit, 
dilution through the Performance Share Plan is limited to an amount equivalent to 5% of the 
Company’s issued share capital over a ten year period. Both limits are in line with The Investment 
Association Principles of Remuneration.
The Committee monitors the position prior to making awards under these schemes to ensure that 
the Company remains within these limits. As at 10 June 2024, the latest practicable date before the 
publication of this Annual Report and Accounts, 4.28% of the 5% limit and 7.74% of the 10% limit 
have been used.
Shareholder voting at AGM
The most recent resolutions in respect of the Directors’ Remuneration Policy (2023 AGM) and 
Directors’ Remuneration Report (2023 AGM) received the following votes from shareholders:
2023 AGM –  
Remuneration Policy
2023 AGM –  
Remuneration Report
Total number  
of votes
% of  
votes cast
Total number  
of votes
% of  
votes cast
For
328,333,433
97.02
334,750,118 
98.92
Against
10,084,023
2.98
3,658,028 
1.08
Total votes cast (for and against)
338,417,456
100
338,408,146
100
Votes withheld1
91,282
n/a
100,592 
n/a
Total votes cast  
(including withheld votes)
338,508,738
338,508,738
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.
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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Annual Report on Remuneration continued
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 FY2024, are set out in the table below:
Legally owned
PSP Awards
Sharesave
Total
Share-
holding 
require-
ment
% of 
salary/fee 
of require-
ment met
Average 
share 
purchase 
price2
Director
31 March 
2023
31 March 
2024
Unvested
Vested
Unvested
31 March 
2024
%
%
(pence)
Dan Evans
–
– 2,154,932
84,031
–
84,031
200
1
–
Paul Rayner1
90,000
400,000
943,426
–
–
400,000
200
16
0.35
David Shearer
750,000 1,106,111
–
–
– 1,106,111
100
>100
0.44
David Garman
500,000
500,000
–
–
–
500,000
100
>100
0.49
Rob Barclay
48,000
48,000
–
–
–
48,000
100
25
0.54
Rhian Bartlett
74,744
74,744
–
–
–
74,744
100
41
0.57
Shatish Dasani
151,500
151,500
–
–
–
151,500
100
80
0.60
Carol Kavanagh
65,075
65,075
–
–
–
65,075
100
34
0.53
1	 Paul Rayner was appointed to the Board on 1 July 2023, his 16% achievement is calculated on the basis of an 
annualised salary. 
2	 Averages of all share purchases made up to 31 March 2024.
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 2024 (being 28.7p) and tested 
against the Directors’ base salary/fee at 31 March 2024).
Between 1 April 2024 and the date of this report, the following transactions in the share capital of the 
Company were made by current Directors (including their connected persons):
Director
Nature of transaction
Date of transaction
Share price
Volume
Paul Rayner
Purchase of shares
10 April 2024
£0.250721
100,000
David Shearer
Purchase of shares
10 April 2024
£0.24661
100,000
Shatish Dasani
Purchase of shares
10 April 2024
£0.24661
80,000
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
This graph shows the value, by 31 March 2024, of £100 investment in Speedy Hire on 31 March 
2014, 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 is used for the PSP TSR comparator group and 
Speedy is 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 (FY2015 to FY2024) 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. 
50
100
150
200
Speedy Hire
Value (£) (rebased)
31/03/2014
31/03/2016
31/03/2018
31/03/2020
31/03/2022
29/03/2024
FTSE 250 (excl. Investment Trusts)
FTSE SmallCap (excl. Investment Trusts)
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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Annual Report on Remuneration continued
Mark Rogerson
Russell Down
Dan Evans
FY2015
FY2016
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2023
FY2024
Single Total Figure of remuneration (£’000s) 
593
107
409
757
6671
1,2781
683
790
735
257
236
492
Annual bonus (% of max)
60.0%
–
–
97.4%
54.8%
54.9%
–
70.54%3
66.9%
0%
0%
0%
PSP vesting (% of max) 
–
–
–
–
33.0%
96.4%2
50.0%
48.51%
0%
0%
0%
0%
Mark Rogerson stepped down and Russell Down was appointed as Chief Executive during FY2016.
Russell Down stepped down and Dan Evans was appointed as Chief Executive during FY2023.
1	 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).
2	 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.
3	 The annual bonus potential was limited to 50% of salary over the second half of FY2021.
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 FY2020 and FY2021, 
FY2021 and FY2022, FY2022 and FY2023, and FY2023 and FY2024 compared to that of the average for all UK and Ireland based employees of the Group, there being no employees of the Company.
% change from FY2020 to FY2021
% change from FY2021 to FY2022
% change from FY2022 to FY2023
% change from FY2023 to FY2024
Salary/Fee
Benefits
Bonus
Salary/Fee
Benefits
Bonus
Salary/Fee
Benefits
Bonus
Salary/Fee
Benefits
Bonus
Dan Evans1
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
30%
(24%)
n/a
Paul Rayner2
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
3%
n/a
n/a
David Shearer
(6%)
n/a
n/a
6%
n/a
n/a
5%
n/a
n/a
7%
n/a
n/a
David Garman
4%
n/a
n/a
8%
n/a
n/a
8%
n/a
n/a
5%
n/a
n/a
Rob Barclay
(5%)
n/a
n/a
5%
n/a
n/a
4%
n/a
n/a
5%
n/a
n/a
Rhian Bartlett3
4%
n/a
n/a
4%
n/a
n/a
5%
n/a
n/a
17%
n/a
n/a
Shatish Dasani4
n/a
n/a
n/a
3%
n/a
n/a
4%
n/a
n/a
5%
n/a
n/a
Carol Kavanagh5
n/a
n/a
n/a
n/a
n/a
n/a
39%
n/a
n/a
12%
n/a
n/a
Average employees
(0%)
(0%)
n/a
12%
0%
11%
6%
0%
75%
5%
0%
(96%)
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	 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.
4	 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.
5	 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.
Note: Details of former Directors can be found on page 128 of the Annual Report and Accounts 2023.
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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Annual Report on Remuneration continued
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 2024 (and for the prior year).
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)
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.
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 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 2023/2024 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
25th percentile
Median
75th percentile
Salary
£472,500
£26,057
£28,834
£36,750
2024
(Total pay and benefits)
(£492,022)
(£26,844)
(£30,023)
(£37,853)
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.
2023
2024
% change
Staff costs (£’m)
129.5
129.1
0%
Dividends (£’m)
10.9
11.8
8%
Share Buyback (£’m)
24.0
0
-100%
£0.9m of the staff costs figures relate 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 
and the share buyback figure for committed transactions in the relevant financial year.
This report was approved by the Board on 18 June 2024.
CAROL KAVANAGH
Chair of the Remuneration Committee
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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Sustainability Committee Report
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 Chairman, Speedy Hire’s 
ESG Director, Amelia Woodley is invited to 
attend Committee meetings.
Sustainability Committee meetings and 
member attendance during the year:
Rob Barclay (Chairman) 
Non-Executive Director
3/3
Rhian Bartlett 
Non-Executive Director
3/3
Dan Evans 
Chief Executive
3/3
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 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 the 
Chairman, Rob Barclay, Rhian Bartlett 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 76 and 77.
The Sustainability Committee’s duties include 
inter alia:
•	
reviewing Speedy Hire’s ESG strategy and 
execution for the Board;
•	
engaging with and supporting the 
other Board Committees (Audit & 
Risk, Remuneration and Nomination 
Committees) in respect of ESG matters;
•	
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; and
•	
monitoring developments and emerging 
best practice in approaches to 
ESG matters.
During the year the Sustainability Committee 
fulfilled all of the duties set out above. In 
particular, the Sustainability Committee 
undertook a detailed review of Speedy 
Hire’s ESG strategy, execution and progress 
against ESG-related targets, including its 
aim to achieve net zero by 2040, as reported 
within the Strategic Report from page 30. 
The Committee reviewed and approved the 
proposed ESG strategy, and execution against 
its ‘Decade to Deliver’ objectives and targets 
for FY2024. The Committee was pleased 
to note the improved performance against 
our social value pillars, our enhanced ESG 
performance against disclosures such as CDP 
A, ISS Prime and EcoVadis Gold, and that 
we are on track to deliver the 2030 carbon 
reduction target of 50% reduction in Scope 1 
and Scope 2 emissions.
This report was approved by the Board on 
18 June 2024.
ROB BARCLAY
Chairman of the Sustainability Committee
The Sustainability Committee presents its report 
for the financial year ended 31 March 2024.
ROB BARCLAY
Chairman of the Sustainability Committee
ROB BARCLAY
Chairman of the Sustainability Committee
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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Directors’ report
This section contains additional information 
which the Directors are required by law and 
regulation to include within the Annual Report 
and Accounts. This section, along with the 
Chairman’s statement on pages and 9 and 
10, the Strategic Report on pages 1 to 74, the 
Corporate Governance review on pages 79 
to 84 and the reports of the Audit & Risk, 
Nomination, Remuneration and Sustainability 
Committees on pages 85 to 109, 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 profit after taxation for the 
year was £2.7m (2023: £1.2m). Profit is stated 
after a taxation charge of £2.4m  
(2023: £0.6m) representing an effective rate 
of 47.1% (2023: 33.3%). An interim dividend of 
0.80 pence per share was paid during the  
year. The Directors propose that a final 
dividend of 1.80 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 
2.60 pence per share (2023: 2.60 pence).  
The final dividend, if approved, will be paid  
on 20 September 2024 to all shareholders  
on the register at 9 August 2024. 
Post-balance sheet events
There are no post-balance sheet events not 
already disclosed. 
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 
7 September 2023, 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 18 June 
2024, no shares had been purchased under 
this authority. 
Shareholders will be requested to renew this 
authority at the forthcoming Annual General 
Meeting on 5 September 2024.
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 20 to the Financial 
Statements.
Going concern
The Directors consider it appropriate to adopt 
the going concern basis for the preparation 
of the Financial Statements and that the 
Group has adequate financial resources and 
has access to sufficient borrowing facilities 
to continue operating for a period of at least 
12 months from the date of signing these 
accounts as detailed in the ‘Going concern 
basis for the preparation of the Financial 
Statements’ section on page 87. 
The Directors believe that contingency plans 
against known risks, and strong progress 
against strategic goals, will allow the Company 
to continue to maximise growth opportunities. 
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 2024:
Shareholder name
Percentage of
voting rights1
Schroders Plc 
10.89
Aberforth Partners LLP 
10.31
Jupiter Fund Management Plc 
8.06
FIL Limited 
5.59
Martin Currie Investment 
Management Limited
4.93
Abrdn Plc
4.78
Lombard Odier Asset 
Management (Europe) Limited
4.43
Between 1 April 2024 and 18 June 2024 the 
Company had been notified of changes in 
the following interests under the Disclosure 
Guidance and Transparency Rules:
Shareholder name
Percentage of
voting rights1
Schroders Plc 
9.89
Lombard Odier Asset 
Management (Europe) Limited
3.70
1	 Percentage of total voting rights at the date of 
notification to the Company.
Directors
The Directors who served during the year and 
the interests of Directors in the share capital of 
the Company are set out on page 106. 
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.
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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Equal opportunities
The Group employed 3,287 people in the UK 
and Ireland as at 31 March 2024.
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 
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. Further information 
on equal opportunities within the Group is 
set out on page 40 of the Strategic Report, 
along with details of the gender balance of 
those personnel in senior management and 
their reports.
Employee involvement
The Group actively promotes employee 
involvement in order 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 Chief Executive ‘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. Rhian Bartlett 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. Further illustrations are on pages 39 
to 41 along with other methods of engagement 
with the workforce.
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 92 to 108.
The Group has a people strategy in place 
aimed at being an employer of choice, as can 
be seen on pages 39 to 41 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 pages 39 to 41 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 65 to 67. 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 65 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.
Auditors
PricewaterhouseCoopers LLP (‘PwC’) was 
reappointed at the Annual General Meeting 
of the Company held on 7 September 2023 
and its appointment expires at the conclusion 
of this year’s Annual General Meeting. PwC 
has expressed its 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 5 September 2024.
Capital structure
As at 31 March 2024, the Company’s share 
capital comprised a single class of ordinary 
shares of 5 pence each. As at 31 March 2024 
the issued share capital was 516,983,637 
comprising ordinary shares of 5 pence each, of 
which 55,146,281 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:
•	
where the share is not a fully paid share;
•	
where the share transfer has not been duly 
stamped with the correct amount of stamp 
duty;
•	
where the transfer is in favour of more than 
four joint transferees;
•	
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
•	
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.
Directors’ report continued
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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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 which may result in 
restrictions on share transfers
The Company is not aware of any agreements 
between shareholders which 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.
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 
5 September 2024, 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; and (ii) the 
Company’s borrowings, which would become 
repayable on a takeover being completed. 
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 how to vote. As at 18 June 2024 the 
Trust held 4,081,444 shares in the Company 
(0.79% 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.
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 indemnity are put in place 
for all Directors on appointment.
Political contributions
No political donations were made during the 
year (2023: nil).
Research and Development
The Company continued to undertake 
research and development activities in order 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 30 to 63.
Annual General Meeting
The Company’s Annual General Meeting will 
be held at Liberum, Ropemaker Place,  
25 Ropemaker Street, London, EC2Y 9LY on  
5 September 2024 at 11:00am. 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 
18 June 2024 and signed on its behalf by:
DAN EVANS
Chief Executive
Directors’ report continued
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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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.
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 corporate 
and financial information included on 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 provide 
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:
•	
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
•	
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:
•	
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
•	
they have taken all the steps that they 
ought to have taken as a Director in order 
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 18 June 2024 and 
signed on its behalf by:
DAVID SHEARER
Chairman
DAN EVANS
Chief Executive
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:
•	
select suitable accounting policies and 
then apply them consistently;
•	
state whether applicable UK-adopted 
international accounting standards have 
been followed, subject to any material 
departures disclosed and explained in the 
financial statements;
•	
make judgements and accounting 
estimates that are reasonable and prudent; 
and
•	
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.
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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Report on the audit of the financial statements
Qualified opinion
In our opinion, except for the possible effects of the matter described in the Basis for qualified 
opinion paragraph below, Speedy Hire Plc’s group financial statements and parent company 
financial statements (the “financial statements”):
•	
give a true and fair view of the state of the group’s and of the parent company’s affairs as at 31 
March 2024 and of the group’s profit and the group’s and parent company’s cash flows for the 
year then ended;
•	
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
•	
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 2024 
(the “Annual Report”), which comprise: the Consolidated and Company Balance Sheets as at 31 
March 2024; the Consolidated Income Statement, the Consolidated Statement of Comprehensive 
Income, the Consolidated and Company Statements of Changes in Equity, and the Consolidated and 
Company Cash Flow Statements for the year then ended; and 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 and Risk Committee.
Basis for qualified opinion
As at 31 March 2023, the Group had Property, plant and equipment of £237.7m recorded on the 
balance sheet and recorded an exceptional asset write-down of £20.4m. In our prior year audit, 
as a result of weaknesses in the Group’s historical record-keeping in respect of property, plant 
and equipment,we were unable satisfactorily to complete our testing of assets between physical 
asset counts and the Group’s asset registers. Consequently, we were unable to obtain sufficient 
appropriate audit evidence in respect of these assets, and we were therefore unable to determine 
whether any further adjustments were necessary to Property, plant and equipment as at 31 March 
2023, and the related asset write-down, depreciation charges and any associated tax impact 
recorded in that year. Since opening Property, plant and equipment enter into the determination of 
the financial performance and cash flows, we are unable to determine whether adjustments might 
have been necessary in respect of the profit for the financial year reported in the Consolidated 
Income Statement and the net cash flows from operating activities reported in the Consolidated 
Cash Flow Statement in the current year.
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 qualified 
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 5, we have provided no non-audit services to the parent 
company or its controlled undertakings in the period under audit.
Our audit approach
Context
Speedy Hire is a listed provider of tools, plant and specialist hire equipment, predominantly 
operating in the UK. The Group’s consolidated financial statements are primarily an aggregation of 
legal entities within the UK and Ireland with joint ventures operating in Kazakhstan and the UK.
Overview
Audit scope
•	
Our work incorporated full scope audits of the legal entity, Speedy Asset Services Limited, 
with specified procedures being performed over the following legal entities: Speedy Transport 
Limited, Speedy Support Services Limited, Speedy Hire (Ireland) Limited and Green Power Hire 
Limited. A full scope audit was performed over the company balances included within the parent 
company financial statements.
•	
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 2023 (the company’s year end).
Key audit matters
•	
Basis for qualified opinion in relation to opening property, plant and equipment
•	
Existence of Hire Equipment (group)
•	
Completeness and valuation of dilapidation provision (group)
•	
Presentation and disclosure of non-underlying items (group)
•	
Valuation of investments in subsidiaries and recoverability of amounts owed by  
subsidiaries (parent)
Materiality
•	
Overall group materiality: £4.2m (FY23: £4.4m) based on 1% of revenue.
•	
Overall parent company materiality: £3.8m (FY23: £2.8m) based on 1% of total assets.
•	
Performance materiality: £2.1m (FY23: £2.2m) (group) and £1.9m (FY23: £1.4m) (parent company).
Independent auditor’s report 
to the members of Speedy Hire Plc
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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Independent auditor’s report continued
to the members of Speedy Hire Plc
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.
Other than the matter described in the Basis for qualified opinion paragraph 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.
The Basis for qualified opinion in relation to opening Property, plant and equipment and presentation and disclosure of non-underlying items are new key audit matters this year. Otherwise, the key audit 
matters below are consistent with last year.
Key audit matter
How our audit addressed the key audit matter
Existence of hire equipment (Group)
Refer to Consolidated financial statements note 1 – Summary of material 
accounting policy information and the Consolidated financial statements 
note 15 – Property, plant and equipment.
As noted in the ‘basis of qualification’ section of the audit report, there 
was a limitation of scope in the prior year in relation to the existence of 
Property, Plant and Equipment, however no such limitation of scope has 
been included for the closing balances as at 31 March 2024.
Hire equipment of £210.6m (2023: £207.9m) is material to the Group 
financial statements of which £28.1m (2023: 32.1m) relates to non-itemised 
assets. Given the volume of assets and the frequency of movement 
(through purchases, hires and sales) there is the potential for assets to go 
missing. This results in complexity in maintaining an accurate fixed asset 
register. Management have identified a write off of £2.1m in relation to its 
hire fleet.
We carried out a risk assessment based on the findings of our audit last year and the process improvements put in place by 
management. We performed the following procedures:
•	Considered the design and implementation of count controls by understanding and observing the count procedures;
•	Counted a sample of assets at multiple locations and traced these to both management’s count and the fixed asset register; and
•	Tested the movements of these assets between the count date and year end in order to confirm their existence as at 31 March 
2024.
For the existence of assets on hire as at 31 March 2024 which were not subject to counts, we obtained supporting documentation 
such as proof of delivery and customer payments where available.
We have obtained and tested the reconciliation performed by management of the quantities counted per the depot fixed asset 
register to the financial fixed asset register. 
We have reviewed the appropriateness of management’s calculation of the write-off in the year.
We have reviewed the associated disclosures in the financial statements.
As a result of these procedures we have obtained sufficient evidence in relation to the existence of itemised and non itemised hire 
equipment and are satisfied that adequate disclosure has been included in the annual report. 
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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Key audit matter
How our audit addressed the key audit matter
Completeness and valuation of dilapidation provision (Group) 
Refer to the Consolidated financial statements note 23 – Provisions and 
the Consolidated financial statements note 31 – Prior year adjustment.
Dilapidation provisions are recognised by the Group, representing 
management’s best estimate of the contractual cost to restore leased 
premises to their original condition upon the Group’s exit of a lease. The 
total liability of £16.4m is material to the Group financial statements.
Management utilised an independent expert to form the basis of the 
dilapidations provision which was adjusted using internal expertise and 
based on historic experience. These adjustments were reviewed by the 
independent expert and deemed reasonable.
A prior year adjustment has been made to reclassify £5.7m of the 
dilapidation provision from non-current liabilities to current. 
The valuation of the liability involves significant judgement. In arriving at 
the estimate of the liability, management is required to make a number 
of assumptions. As a result, this remains a judgemental area with a 
significant value involved.
We have performed the following audit procedures in relation to the dilapidations provision:
•	We have reviewed the summary of reports and the review of management’s adjustments performed by management’s expert;
•	We have agreed the underlying inputs into the calculations to supporting documentation;
•	We performed a mathematical and accuracy check over the calculation;
•	We reviewed management’s paper on the assumptions and corroborated these to supporting evidence;
•	We engaged our valuations experts to review a sample of management’s expert reports to ensure the methodology used is 
appropriate and to review management’s paper detailing management’s adjustments made to estimate the provision; and
•	We developed an independent estimated range of the potential provision based on historic landlord claims and settlement 
amounts compared with management’s expert’s estimate. We note management’s adjusted provision sits materially within  
this range.
We have considered the sensitivity disclosures recorded in the financial statements in respect of management’s judgement.
As a result of these procedures, the amounts recorded, and disclosures made in the financial statements were consistent with the 
supporting evidence obtained.
We agree with management’s conclusion that the prior year should be restated and we have reviewed the corresponding 
disclosures.
Presentation and disclosure of non-underlying items (Group)
Refer to the Consolidated financial statements note 1 – Summary of 
material accounting policy information and the Consolidated financial 
statements note 4 – Non-underlying items.
Non-underlying items of £9.0m (2023: £28.5m) are material to the Group 
financial statements. 
Non-underlying items require judgement by the Directors when 
identifying and justifying their separate disclosure. Consistency in 
identifying and disclosing items as non-underlying is also important to 
maintain comparability of the overall results.
We have performed the following audit procedures in relation to non-underlying items, focusing primarily on presentation and 
disclosure:
•	We have performed substantive testing over non-underlying costs to supporting evidence on a sample basis;
•	We have assessed the rationale for management’s classification of non-underlying items, understanding each material category 
and considering whether the treatment is consistent with the Group’s accounting policy; and
• We have ensured that adequate disclosures are made within the financial statements around the non-underlying cost.
Independent auditor’s report continued
to the members of Speedy Hire Plc
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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Key audit matter
How our audit addressed the key audit matter
Valuation of investments in subsidiaries and recoverability of amounts owed by 
subsidiaries (Parent Company)	
 
Refer to the Company financial statements note 33 – Investments and the 
Company financial statements note 34 – Trade and other receivables, to 
notes 33 and 34 the Company financial statements. 
Investments in related undertakings of £93.5m (2022: £93.5m) is 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 has assessed 
these balances for impairment.
The amounts owed by Group undertakings of £275.6m (2023: £183.3m) are 
stated after an expected credit loss impairment of £44.0m recognised of 
which there was a charge of £0.1m in the year. These balances are material 
to the Company financial statements.
Investments in subsidiaries 
We have performed the following audit procedures in relation to 
the carrying value of investments:
•	We evaluated and assessed the Company’s investments in 
related undertakings with reference to the Group’s future cash 
flow forecasts; 
•	We checked the allocation of the cash flows by legal entity 
and the process by which they were drawn up and performed 
a mathematical and accuracy check over the model;
•	We tested the underlying value in use calculations by 
comparing the Group’s forecasts to the latest Board approved 
budget and found them to be consistent; 
•	We discussed the cash flow forecasts with management 
and compared these to external market research in order to 
identify any inconsistencies;
•	We assessed the appropriateness of the discount rates and 
long term growth rates by using valuations experts to assess 
the cost of capital calculations for the Group and comparing 
against comparable organisations and market data;
•	We compared the current period’s actual results with previous 
forecasts to assess historical accuracy of the forecasts and 
incorporated the variances identified into the sensitivity 
analysis performed; and
•	We have reviewed the disclosures and are satisfied that these 
are appropriate.
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 related undertakings.
Amounts owed by Group undertakings
We have performed the following audit procedures in relation to 
the recoverability of intercompany balances:
•	We have obtained management’s intercompany recoverability 
model and assessed whether the expected credit loss ‘general 
approach’ methods applied were consistent with IFRS 9; 
•	We checked the calculations within the model and agreed the 
figures included to the relevant financial information included 
in the Group consolidation schedules; 
•	We have obtained evidence that supports the extent to which 
the counterparty could repay amounts in full, if demanded; 
and
•	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 an expected credit loss allowance of 
£44.0m is appropriate.
 
 
Independent auditor’s report continued
to the members of Speedy Hire Plc
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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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 parent company, the accounting processes and controls, and the industry in which they operate.
The group is a provider of tools, plant and specialist hire equipment, predominantly operating in the 
UK and Ireland. The group is structured in two operating segments: Hire and Services The group 
financial statements are a consolidation of the subsidiaries in UK and Ireland, in addition to there 
being a joint venture accounted for using the equity method based in Kazakhstan and a new joint 
venture entered into in the year based in the UK. In establishing the overall approach to the group 
audit, we determined the type of work that needed to be performed at each subsidiary and joint 
venture, as the group engagement team, or component auditors operating under our instruction. 
Where work was performed by component auditors, we determined the level of involvement we 
needed to have in this work to be able to conclude that sufficient appropriate audit evidence had 
been obtained. Our work incorporated full scope audits of the legal entity Speedy Asset Services 
Limited, with specified procedures performed over Speedy Support Services Limited, Speedy 
Transport Limited, Speedy Hire (Ireland) Limited and Green Power Hire Limited. A full scope 
audit was performed over the company balances included within the parent company financial 
statements. We also engaged a component team in Kazakhstan to perform a full scope audit of 
Speedy Zholdas, the joint venture disclosed within the financial statements. This scope detailed 
above accounted for approximately 98% of the group’s revenue.
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. 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 considers the impact of climate risk does not give rise to a potential material financial 
statement impact.
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 – parent company
Overall 
materiality
£4.2m (FY23: £4.4m).
£3.8m (FY23: £2.8m).
How we 
determined it
1% of revenue
1% of total assets
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. 
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 between £0.1m 
and £3.8m. 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 50% (FY23: 50%) of overall materiality, amounting 
to £2.1m (FY23: £2.2m) for the group financial statements and £1.9m (FY23: £1.4m) for the parent 
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 lower end of our normal range was appropriate.
We agreed with the Audit and Risk Committee that we would report to them misstatements 
identified during our audit above £0.2m (group audit) (FY23: £0.2m) and £0.2m (parent company 
audit) (FY23: £0.1m) as well as misstatements below those amounts that, in our view, warranted 
reporting for qualitative reasons.
Independent auditor’s report continued
to the members of Speedy Hire Plc
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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Conclusions relating to going concern
Our evaluation of the directors’ assessment of the group’s and the parent company’s ability to 
continue to adopt the going concern basis of accounting included:
•	
We obtained management’s assessment that supports the Board’s conclusions with respect to 
the disclosures provided around going concern and evaluated the mathematical accuracy of the 
cash flow model used for this assessment;
•	
We corroborated the key assumptions to third party evidence and/or our knowledge of the 
business;
•	
We have obtained management’s severe but plausible downside and we compared the current 
period’s actual results with previous forecasts to assess historical accuracy of the forecasts 
and incorporated the variances identified into the sensitivity analysis performed, in addition to 
performing “stress tests” of the model;
•	
We checked the banking agreement for the terms of the financing facilities including the post-
year end extension agreement;
•	
We assessed the availability of liquid resources under different scenarios modelled by 
management, and the impact to any associated covenant test required; and
•	
We obtained the most recent management accounts and assessed the liquidity position post-
year end.
Based on the work we have performed, we have not identified any material uncertainties relating to 
events or conditions that, individually or collectively, may cast significant doubt on the group’s and 
the parent company’s ability to continue as a going concern for a period of at least twelve months 
from when the financial statements are authorised for issue.
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.
However, because not all future events or conditions can be predicted, this conclusion is not a 
guarantee as to the group’s and the parent company’s ability to continue as a going concern.
In relation to the directors’ reporting on how they have applied the UK Corporate Governance 
Code, 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 
concern basis of accounting.
Our responsibilities and the responsibilities of the directors with respect to going concern are 
described in the relevant sections of this report.
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 2024 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 parent 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 Remuneration Report to be audited has been properly prepared in 
accordance with the Companies Act 2006.
Independent auditor’s report continued
to the members of Speedy Hire Plc
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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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 parent 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 is materially consistent with the financial 
statements and our knowledge obtained during the audit, and we have nothing material to add or 
draw attention to in relation to:
•	
The directors’ confirmation that they have carried out a robust assessment of the emerging and 
principal risks;
•	
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;
•	
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 parent 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;
•	
The directors’ explanation as to their assessment of the group’s and parent company’s 
prospects, the period this assessment covers and why the period is appropriate; and
•	
The directors’ statement as to whether they have a reasonable expectation that the parent 
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 parent 
company was substantially less in scope than an audit and only consisted of making inquiries and 
considering the directors’ process supporting 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 parent 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:
•	
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 parent company’s position, performance, business model and strategy;
•	
The section of the Annual Report that describes the review of effectiveness of risk management 
and internal control systems; and
•	
The section of the Annual Report describing the work of the Audit and Risk Committee.
We have nothing to report in respect of our responsibility to report when the directors’ statement 
relating to the parent 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 Financial Statements, 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 
parent 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 parent 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 health and safety regulations, environmental 
laws and employment law, and we considered the extent to which non-compliance might have a 
material effect on the financial statements. We also considered those laws and regulations that have 
a direct impact on the financial statements such as tax legislation, listing rules and the Companies 
Act 2006. 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. 
Independent auditor’s report continued
to the members of Speedy Hire Plc
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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Auditors’ responsibilities for the audit of the financial statements continued
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. 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:
•	
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;
•	
reviewing minutes of meetings of those charged with governance;
•	
auditing the tax workings and reviewed the disclosures included in the financial statements in 
respect of tax;
•	
identifying and testing journal entries, in particular any journal entries posted with unusual 
account combinations;
•	
challenging assumptions and judgements made by management in their significant accounting 
estimates (because of the risk of management bias), in particular around the useful economic 
lives and residual values of hire assets; carrying value of goodwill, intangible assets, and 
property plant and equipment, customer rebates, dilapidation provisions, carrying value of 
investments and intercompany receivables (company only); and
•	
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.
Use of this report
This report, including the opinions, has been prepared for and only for the parent 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
In respect solely of the limitation on our work relating to the opening balances of Property, plant and 
equipment, described in the Basis for qualified opinion paragraph above:
•	
we have not obtained all the information and explanations that we considered necessary for the 
purpose of our audit; and
•	
we were unable to determine whether adequate accounting records have been kept by the 
parent company.
Under the Companies Act 2006 we are also required to report to you if, in our opinion:
•	
returns adequate for our audit have not been received from branches not visited by us; or
•	
certain disclosures of directors’ remuneration specified by law are not made; or
•	
the parent company financial statements and the part of the Remuneration Report to be audited 
are not in agreement with the accounting records and returns.
We have no exceptions to report arising from this responsibility.
Appointment
Following the recommendation of the Audit and Risk Committee, we were appointed by the 
members on 8 February 2022 to audit the financial statements for the year ended 31 March 2023 and 
subsequent financial periods. The period of total uninterrupted engagement is two years, covering 
the years ended 31 March 2023 to 31 March 2024.
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.
CHRISTOPHER HIBBS 
(Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP 
Chartered Accountants and Statutory Auditors 
Manchester
18 June 2024
Independent auditor’s report continued
to the members of Speedy Hire Plc
Governance
Board of Directors
75
Chairman’s letter to shareholders
78
Corporate Governance
79
Audit & Risk Committee Report 
85
Nomination Committee Report
90
Remuneration Report
92
Sustainability Committee Report
109
Directors’ Report
110
Statement of Directors’ 
113 
Responsibilities
Independent auditor’s report
114
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Consolidated Income Statement
for the year ended 31 March 2024
Year ended 31 March 2024
Year ended 31 March 2023
Note
Underlying 
performance
£m
Non-
underlying 
items¹
£m
Total
£m
Underlying 
performance
£m
Non-underlying 
items¹
£m
Total
£m
Revenue
2
421.5
–
421.5
440.6
–
440.6
Cost of sales
(191.5)
–
(191.5)
(201.2)
(20.4)
(221.6)
Gross profit
230.0
–
230.0
239.4
(20.4)
219.0
Distribution and administrative costs
(202.9)
(9.0)
(211.9)
(203.1)
(8.1)
(211.2)
Impairment losses on trade receivables
18
(3.2)
–
(3.2)
(4.0)
–
(4.0)
Operating profit/(loss)
5
23.9
(9.0)
14.9
32.3
(28.5)
3.8
Share of results of joint venture
14
2.9
–
2.9
6.6
–
6.6
Profit/(loss) from operations
26.8
(9.0)
17.8
38.9
(28.5)
10.4
Net financial expense
8
(12.7)
–
(12.7)
(8.6)
–
(8.6)
Profit/(loss) before taxation
14.1
(9.0)
5.1
30.3
(28.5)
1.8
Taxation
9
(4.3)
1.9
(2.4)
(6.5)
5.9
(0.6)
Profit/(loss) for the financial year
9.8
(7.1)
2.7
23.8
(22.6)
1.2
Earnings per share
– Basic (pence)
10
0.59
0.25
– Diluted (pence)
10
0.58
0.24
Non-GAAP performance measures
EBITDA before non-underlying items²
12
96.8
103.9
Adjusted profit before tax²
12
14.7
30.7
Adjusted earnings per share (pence)³
10
2.35
4.96
Adjusted diluted earnings per share (pence)³
10
2.33
4.92
All activities in each year presented related to continuing operations. 
The accompanying notes form part of the financial statements.
1	 Detail on non-underlying items is provided in note 4.
2	 See notes 12 and 31.
3	 See notes 10 and 31.
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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Consolidated Statement of Comprehensive Income
for the year ended 31 March 2024
Year ended  
31 March 2024
£m
Year ended  
31 March 2023
£m
Profit for the financial year
2.7
1.2
Other comprehensive (expense)/income that may be reclassified subsequently to the Income Statement:
  – Effective portion of change in fair value of cash flow hedges
(0.1)
0.2
  – Exchange difference on translation of foreign operations
(0.2)
0.5
Other comprehensive (expense)/income
(0.3)
0.7
Total comprehensive income for the financial year
2.4
1.9
The accompanying notes form part of the financial statements. 
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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Consolidated Balance Sheet
as at 31 March 2024
Note
31 March 2024
£m 
31 March 2023 
Restated1
£m
ASSETS
Non-current assets
Intangible assets
13
39.7
25.0
Investment in joint ventures
14
8.8
9.2
Property, plant and equipment
  Land and buildings
15
14.5
13.9
  Hire equipment
15
210.6
207.9
  Other
15
8.0
15.9
Right of use assets
16
97.3
83.2
378.9
355.1
Current assets
Inventories
17
11.8
12.7
Trade and other receivables
18
102.3
106.0
Cash and cash equivalents
21
4.0
1.1
Current tax asset
2.7
0.3
Derivative financial assets
20
0.5
1.2
121.3
121.3
Total assets
500.2
476.4
LIABILITIES
Current liabilities
Bank overdraft
21
(1.2)
(1.3)
Lease liabilities
22
(22.1)
(22.1)
Trade and other payables
19
(96.4)
(88.6)
Derivative financial liabilities
20
(0.1)
(0.6)
Provisions1
23
(8.8)
(9.3)
(128.6)
(121.9)
Note
31 March 2024
£m 
31 March 2023 
Restated1
£m
Non-current liabilities
Borrowings
21
(104.1)
(92.2)
Lease liabilities
22
(75.5)
(64.0)
Provisions1
23
(7.6)
(6.3)
Deferred tax liability
24
(8.7)
(7.4)
(195.9)
(169.9)
Total liabilities
(324.5)
(291.8)
Net assets
175.7
184.6
EQUITY
Share capital
25
25.8
25.8
Share premium
27
1.9
1.9
Capital redemption reserve
27
0.7
0.7
Merger reserve
27
1.0
1.0
Hedging reserve
27
0.2
0.3
Translation reserve
27
(1.5)
(1.3)
Retained earnings
27
147.6
156.2
Total equity
175.7
184.6
1	 See note 23. 
The Consolidated Financial Statements on pages 122 to 156 were approved by the Board of Directors 
on 18 June 2024 and were signed on its behalf by:
DAN EVANS
Director
Company registered number: 00927680
1	 See note 23.
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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Consolidated Statement of Changes in Equity
for the year ended 31 March 2024
Note
Share capital
£m
Share 
premium
£m
Capital 
redemption 
reserve
£m
Merger 
reserve
£m
Hedging 
reserve
£m
Translation 
reserve
£m
Retained 
Earnings 
£m
Total equity
£m
At 1 April 2022
25.9
1.8
0.6
1.0
0.1
(1.8)
188.8
216.4
Profit for the year
–
–
–
–
–
–
1.2
1.2
Other comprehensive expense
–
–
–
–
0.2
0.5
–
0.7
Total comprehensive income
–
–
–
–
0.2
0.5
1.2
1.9
Dividends
–
–
–
–
–
–
(10.9)
(10.9)
Equity-settled share-based payments
26
–
–
–
–
–
–
1.1
1.1
Purchase of own shares for cancellation or placement in treasury
25
(0.1)
–
0.1
–
–
–
(24.0)
(24.0)
Issue of shares under the Sharesave Scheme
26
–
0.1
–
–
–
–
–
0.1
At 31 March 2023
25.8
1.9
0.7
1.0
0.3
(1.3)
156.2
184.6
Profit for the year
–
–
–
–
–
–
2.7
2.7
Other comprehensive income
–
–
–
–
(0.1)
(0.2)
–
(0.3)
Total comprehensive income
–
–
–
–
(0.1)
(0.2)
2.7
2.4
Dividends
–
–
–
–
–
–
(11.8)
(11.8)
Equity-settled share-based payments
26
–
–
–
–
–
–
0.5
0.5
At 31 March 2024
25.8
1.9
0.7
1.0
0.2
(1.5)
147.6
175.7
The accompanying notes form part of the financial statements.
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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Consolidated Cash Flow Statement
for the year ended 31 March 2024
Note
Year ended  
31 March 2024
£m 
Year ended  
31 March 2023 
£m
Cash generated from operating activities
Profit before tax
5.1
1.8
Net financial expense
8
12.7
8.6
Amortisation
13
3.6
1.8
Depreciation
66.9
69.6
Share of profit from joint venture
14
(2.9)
(6.6)
Termination of lease contracts
–
(0.4)
Loss on planned disposals of hire equipment
5
2.4
0.2
Loss/(profit) on other disposals of hire equipment
5
0.2
(1.9)
Exceptional write-off
4
–
20.4
Decrease/(increase) in inventories
0.9
(4.6)
Decrease in trade and other receivables
5.6
1.5
Decrease in trade and other payables
(1.6)
(3.5)
Increase in provisions
23
0.8
0.7
Equity-settled share-based payments
0.5
1.1
Cash generated from operations before changes in hire fleet
94.2
88.7
Purchase of hire equipment 
(41.3)
(54.2)
Proceeds from planned sale of hire equipment 
5.4
6.3
Proceeds from customer loss/damage of hire equipment 
10.7
11.1
Cash generated from operations
69.0
51.9
Interest paid
(12.7)
(8.4)
Tax paid
(3.7)
(3.1)
Net cash flow from operating activities
52.6
40.4
Cash flow used in investing activities
Purchase of non-hire property, plant and equipment
(9.0)
(8.7)
Capital expenditure on IT development
(1.9)
(0.9)
Acquisition of business
3
(20.2)
–
Proceeds from sale of non-hire property, plant and equipment
3.0
0.6
Dividends and loan repayments from joint venture
14
3.9
5.6
Net cash flow used in investing activities
(24.2)
(3.4)
Net cash flow before financing activities
28.4
37.0
Note
Year ended  
31 March 2024
£m 
Year ended  
31 March 2023 
£m
Cash flow from financing activities
Payments for the principal element of leases
(26.0)
(26.5)
Drawdown of loans
574.3
595.6
Repayment of loans
(561.9)
(572.3)
Proceeds from the issue of Sharesave Scheme shares
–
0.1
Purchase of own shares for cancellation or placement in treasury
–
(24.0)
Dividends paid
11
(11.8)
(10.9)
Net cash flow used in financing activities
(25.4)
(38.0)
Increase/(decrease) in cash and cash equivalents
3.0
(1.0)
Net cash at the start of the financial year
21
(0.2)
0.8
Net cash at the end of the financial year
21
2.8
(0.2)
Analysis of cash and cash equivalents
Cash
21
4.0
1.1
Bank overdraft
21
(1.2)
(1.3)
2.8
(0.2)
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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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 2024 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 
18 June 2024.
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 which are measured at fair value through profit or loss.
The Directors consider the going concern basis of preparation for the Group and Company to be 
appropriate for the following reasons.
The Group’s £180m asset based finance facility terminates in July 2026. There are no prior scheduled 
repayment requirements. Cash and facility headroom as at 31 March 2024 was £56.7m (2023: 
£83.5m) based on the Group’s eligible hire equipment and trade receivables.
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 at least 12 months from the date on which the financial statements were 
authorised for issue, which confirms that the Group is capable of continuing to operate within its 
existing loan facility and can meet the covenant requirements set out within the facility. The key 
assumptions on which the projections are based include an assessment of the impact of current and 
future market conditions on projected revenues and an assessment of the net capital investment 
required to support those expected level of revenues.
The Board has considered severe but plausible downside scenarios to the base case, which result 
in reduced levels of revenue across the Group, whilst also maintaining a consistent cost base. 
Mitigations applied in these downturn scenarios include a reduction in planned capital expenditure. 
Despite the significant impact of the assumptions applied in these scenarios, the Group maintains 
sufficient headroom against its available facility and covenant requirements.
Whilst the Directors consider that there is a degree of subjectivity involved in their assumptions, on 
the basis of the 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, they 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 33. 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:
International Accounting Standards 
(‘IAS’)/IFRS
Effective date (periods 
beginning on or after)
IFRS 17
Insurance Contracts
1 January 2023
Amendments to IAS 1
Disclosure of Accounting Policies
1 January 2023
Amendments to IAS 8
Changes in Accounting Estimates
1 January 2023
Amendments to IAS 12
Deferred Tax related to Assets and Liabilities 
arising from a Single Transaction
1 January 2023
Amendments to IAS 12
Pillar Two Tax Model Rules 
1 January 2023
There is no material impact to the Group from these standards.
The following UK-adopted IFRSs have been issued at 31 March 2023 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.
Notes to the Financial Statements
for the year ended 31 March 2024
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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1  Summary of material accounting policy information continued
The Group has not yet performed an assessment of their impact of the financial statements.
International Accounting Standards 
(IAS)/IFRS
Effective date (periods 
beginning on or after)
Amendments to IFRS 16
Lease Liability in a Sale and Leaseback
1 January 2024
Amendments to IAS 1
Non-current Liabilities with Covenants
1 January 2024
Amendments to IAS 1 
Classification of Liabilities as Current 
or Non-current
1 January 2024 
Amendments to IAS 7 and IFRS 7
Supplier Finance Arrangements
1 January 2024
Amendments to IAS 21*
Lack of Exchangeability
1 January 2025
IFRS 18*
Presentation and Disclosure 
of Financial Statements
1 January 2027
* Not yet endorsed by the UKEB.
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 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 
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 19). 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, 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 4.
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
•	
Pension schemes
The Group has automatically enrolled UK employees in a defined contribution pension plan and 
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.
Notes to the Financial Statements continued
for the year ended 31 March 2024
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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1  Summary of material accounting policy information continued
Employee benefits continued
•	
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.
Net financial expense
Financing 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 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
•	
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.
Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the 
entity sold.
•	
Customer lists and brands
For a number of its acquisitions, the Group has identified intangible assets in respect of customer 
lists and brands. The values of these intangibles are recognised as part of the identifiable assets, 
liabilities and contingent liabilities acquired.
Notes to the Financial Statements continued
for the year ended 31 March 2024
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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1  Summary of material accounting policy information continued
Intangible assets continued
Intangible assets other than goodwill that are acquired by the Group are stated at cost less 
accumulated amortisation and impairment losses (note 13).
Expenditure on internally generated goodwill and brands is recognised in the Income Statement 
as an expense as incurred.
•	
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.
•	
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
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.
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:
•	
Hire equipment
Tools and general equipment
•	between one and eleven years straight-line
Access equipment
•	between two and fifteen years straight-line
Surveying equipment
•	between one and nine years straight-line
Power equipment
•	between three and ten years straight-line
Lifting equipment
•	between one and ten years straight-line
Powered Access
•	between five and eleven years straight-line
•	
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 5, 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 arising from a lease 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 that 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.
Notes to the Financial Statements continued
for the year ended 31 March 2024
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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1  Summary of material accounting policy information continued
Leases continued
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 manufactured inventories and 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.
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.
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 the 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.
Notes to the Financial Statements continued
for the year ended 31 March 2024
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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1  Summary of material accounting policy information continued
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.
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 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 parent 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.
In respect of the share buyback programme undertaken in the prior year, the Group had the right 
to terminate the agreement at any time with immediate effect, limiting the liability of the Group from 
any forward purchase of shares. The share buyback programme was completed on 8 March 2023, 
with all shares having been repurchased from the brokers by 31 March 2023, meaning no liability 
existed at the prior year end in respect of these shares.
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 49 to 63, 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’.
Notes to the Financial Statements continued
for the year ended 31 March 2024
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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1  Summary of material accounting policy information continued
Segment reporting continued
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.
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 restructuring and transformation costs recognised in FY2024, 
judgement has been applied in respect of certain costs which do not form part of the underlying 
business. Regarding restructuring costs, the vast majority relate to costs incurred in respect of 
operating and closing the previous concession model in our partnership with B&Q. These items 
were judged to be non-underlying on the basis that they were unavoidable while developing the new 
digital proposition and would not be incurred by the Group under the new model. The costs relating 
to Transformation were appraised to determine which of those costs were entirely incremental to the 
programme and would no longer remain in the Group following the conclusion of the overall project, 
and which costs 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 4. 
As detailed in note 4, an exceptional asset write-off was recognised in FY2023. Whilst the issue 
identified was not isolated to FY2023, it was not possible to quantify the financial impact on prior 
periods as data was not collected in prior periods in a way that allowed for retrospective restatement. 
As such, an exceptional charge was recognised in FY2023 only in respect of this write-off.
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 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 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 is the first review of its kind undertaken by the Group. The aim of this review 
was to aid 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. 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 £7.24 per square foot. If this were to change by £1 per 
square foot, a £2.1m 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.
Notes to the Financial Statements continued
for the year ended 31 March 2024
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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1  Summary of material accounting policy information continued
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 13 provides details  
of the impairment reviews undertaken, assumptions and sensitivities in relation to goodwill.
Hire equipment
In relation to the Group’s hire equipment (note 15), 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 2024, the carrying value of hire equipment was £210.6m (2023: £207.9m), representing 
90.3% (2023: 87.5%) of the total property, plant and equipment. The hire equipment depreciation 
charge for the year ended 31 March 2024 was £32.6m (2023: £33.9m), which represents 8.4% (2023: 
8.5%) 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 2024, the expected credit loss provision was £2.5m (2023: £3.2m) against a total debtor 
book of £97.3m (2023: £102.2m). Further detail is provided in note 18, including an ageing analysis of 
debt. The Group’s estimated expected credit losses are 2.6% (2023: 3.1%) of gross trade receivables.  
A change of 1% in this assumption would result in an increase to the provision of £1.0m (2022: £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 is 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.
2  Segmental analysis
The segmental disclosure presented in the Financial Statements reflects the format of reports reviewed 
by the ‘chief operating decision-maker’. UK and Ireland business delivers asset management, with 
tailored services and a continued commitment to relationship management. Corporate items comprise 
certain central activities and costs that are not directly related to the activity of the operating segment. 
The financing of the Group’s activities is undertaken at head office level and consequently net financing 
costs cannot be analysed by segment. The unallocated net assets comprise principally working capital 
balances held by the support services function that are not directly attributable to the activity of the 
operating segment, together with net corporate borrowings and taxation.
For the year ended 31 March 2024/As at 31 March 2024:
Hire 
excluding 
disposals
£m 
Services
£m 
UK and 
Ireland1
£m 
Corporate 
items
£m 
Total
£m 
Revenue
253.6
162.5
421.5
–
421.5
Cost of sales
(54.6)
(130.9)
(191.5)
–
(191.5)
Gross Profit
199.0
31.6
230.0
–
230.0
Segment result:
Adjusted EBITDA2
99.5
(2.7)
96.8
Depreciation3
(66.5)
(0.4)
(66.9)
Loss on planned disposals of hire equipment
(2.4)
–
(2.4)
Operating profit/(loss) before  
amortisation and non-underlying items
30.6
(3.1)
27.5
Amortisation3
(0.6)
(3.0)
(3.6)
Non-underlying items
(9.0)
–
(9.0)
Operating profit/(loss)
21.0
(6.1)
14.9
Share of results of joint venture
–
2.9
2.9
Profit/(loss) from operations
21.0
(3.2)
17.8
Net financial expense
(12.7)
Profit before tax
5.1
Taxation
(2.4)
Profit for the financial year 
2.7
Notes to the Financial Statements continued
for the year ended 31 March 2024
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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Hire 
excluding 
disposals
£m 
Services
£m 
UK and 
Ireland1
£m 
Corporate 
items
£m 
Total
£m 
Intangible assets3
29.4
10.3
39.7
Investment in joint venture
0.6
8.2
8.8
Land and buildings
15.1
–
15.1
Hire equipment
210.6
–
210.6
Non-hire equipment
7.4
–
7.4
Right of use assets
97.3
–
97.3
Taxation assets
–
2.7
2.7
Current assets
110.9
3.7
114.6
Cash
–
4.0
4.0
Total assets
471.3
28.9
500.2
Lease liabilities
(97.6)
–
(97.6)
Other liabilities
(109.3)
(4.8)
(114.1)
Borrowings
–
(104.1)
(104.1)
Taxation liabilities
–
(8.7)
(8.7)
Total liabilities
(206.9)
(117.6)
(324.5)
1	 UK and Ireland also includes revenue and costs relating to the disposal of hire assets.
2	 See note 12.
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 2023/As at 31 March 2023 revised2:
Hire 
excluding 
disposals
£m 
Services
£m 
UK and 
Ireland1
£m 
Corporate 
item
£m 
Total
£m 
Revenue
258.0
176.3
440.6
–
440.6
Cost of sales
(54.8)
(142.9)
(201.2)
–
(201.2)
Gross Profit
203.2
33.4
239.4
–
239.4
Segment result:
Adjusted EBITDA2
105.8
(1.9)
103.9
Depreciation3
(69.3)
(0.3)
(69.6)
Loss on planned disposals of hire equipment2
(0.2)
–
(0.2)
Hire 
excluding 
disposals
£m 
Services
£m 
UK and 
Ireland1
£m 
Corporate 
item
£m 
Total
£m 
Operating profit/(loss) before amortisation 
and non-underlying items
36.3
(2.2)
34.1
Amortisation3
(1.8)
–
(1.8)
Non-underlying items
(25.6)
(2.9)
(28.5)
Operating profit/(loss)
8.9
(5.1)
3.8
Share of results of joint venture
–
6.6
6.6
Profit from operations
8.9
1.5
10.4
Net financial expense
(8.6)
Profit before tax
1.8
Taxation
(0.6)
Profit for the financial year 
1.2
Intangible assets3
19.1
5.9
25.0
Investment in joint venture
–
9.2
9.2
Land and buildings
13.9
–
13.9
Hire equipment
207.9
–
207.9
Non-hire equipment
15.9
–
15.9
Right of use assets
83.2
–
83.2
Taxation assets
–
0.3
0.3
Current assets
115.2
4.7
119.9
Cash
–
1.1
1.1
Total assets
455.2
21.2
476.4
Lease liabilities
(86.1)
–
(86.1)
Other liabilities
(98.5)
(7.6)
(106.1)
Borrowings
–
(92.2)
(92.2)
Taxation liabilities
–
(7.4)
(7.4)
Total liabilities
(184.6)
(107.2)
(291.8)
1	 UK and Ireland also includes revenue and costs relating to the disposal of hire assets.
2	 See note 31.
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.
Notes to the Financial Statements continued
for the year ended 31 March 2024
2  Segmental analysis continued
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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2  Segmental analysis continued
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 2024
Year ended/As at 31 March 2023
Revenue
£m
Non-current 
assets1
£m
Revenue
£m
Non-current 
assets1
£m
UK
414.2
370.1
431.8
345.3
Ireland
7.3
8.8
8.8
9.8
421.5
378.9
440.6
355.1
1	 Non-current assets excluding financial instruments and deferred tax assets.
Revenue by type
Revenue is attributed to the following activities:
Year ended  
31 March 2024
£m 
Year ended  
31 March 2023
£m
Hire and related activities
253.6
258.0
Services
162.5
176.3
Disposals
5.4
6.3
421.5
440.6
Major customers
No one customer represents more than 10% of revenue, reported profit or combined assets of 
the Group.
3  Acquisition of a subsidiary
On 9 October 2023, the Group acquired the entire issued share capital of sustainable power 
solutions specialist, Green Power Hire Limited (‘GPH’), for an enterprise value of £20.2m. The total 
consideration, which was funded from the Group’s existing debt facilities, represented £10m of equity 
value and assumed debt of £10.2m which was settled at completion. Speedy Hire acquired GPH 
from its principal shareholder, Russell’s (Kirbymoorside) Limited, and four other shareholders. The 
acquisition enhances the Group’s sustainable offering to customers, combining product innovation 
and sustainability, aligned with the Velocity strategy and the Group’s target to be a net zero business 
by 2040.
The acquisition has been accounted for using the acquisition method of accounting. Fair value 
adjustments have been made in respect of:
•	
Right of use assets and lease liabilities – to recognise the lease liability as if it were a new lease 
in accordance with IFRS 16, determined based on the remaining lease payments, discounted 
using the relevant incremental borrowing rate. A corresponding right of use asset has then been 
recognised, with no further fair value adjustments to the asset necessary. 
•	
Customer relationships – valued using the excess earnings method, based on income forecast 
to be generated over the next 12 years. The valuation assumes the customer attrition rate will 
be 20.0% per annum, with growth in income from customers of between 56.8% and 2.0% per 
annum. Contributory asset charges have been applied using a risk-adjusted weighted average 
cost of capital in respect of fixed assets, working capital and the workforce. A discount rate of 
18% (post tax) has then been applied to the resulting earnings. The customer list intangible is 
being amortised over ten years, considered to be the period over which the majority of the cash 
flows are expected to arise.
•	
Trade receivables – review of trade receivables at acquisition revealed £0.1m which is more than 
6 months overdue. As GPH’s usual terms are 30 days, this amount has been provided for in full.
•	
Corporation tax receivable – not recognised in the completion balance sheet.
•	
PAYE liabilities – payable by Green Power Hire Limited on the shares sold by management to 
Speedy Asset Services.
•	
Deferred tax – not recognised in the completion balance sheet.
For the period to 31 March 2024, GPH contributed revenue of £1.5m and profit of £0.4m to the Speedy 
Hire Group results. If the acquisition had been owned for the entire financial year, management 
estimates that consolidated revenue would have been £1.4m higher and consolidated profit before 
tax would have increased by £0.5m. In determining these amounts, management has assumed 
that the fair value adjustments that arose on the date of acquisition would have been the same if 
the acquisition had occurred on 1 April 2023 and no adjustment has been made for any possible 
synergies of the acquisition.
Notes to the Financial Statements continued
for the year ended 31 March 2024
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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3  Acquisition of a subsidiary
The fair value of the assets and liabilities acquired are as follows:
Book value at 
acquisition
£m 
Fair value 
adjustment
£m 
Fair value
£m 
Hire equipment assets
11.8
–
11.8
Intangible assets – customer relationships
–
1.0
1.0
Trade and other receivables
1.4
(0.1)
1.3
Corporation tax
–
0.1
0.1
Trade and other payables
(2.3)
(1.4)
(3.7)
Borrowings
(10.2)
–
(10.2)
Deferred tax
–
(0.2)
(0.2)
Net assets acquired
0.7
(0.6)
0.1
Goodwill
9.9
Total cash consideration
10.0
Satisfied by:
  – settlement of debt
10.2
  – cash consideration
10.0
Total cash outflow – acquisition of business
20.2
Goodwill recognised on the acquisition represents the future earnings potential of the business 
in supplementing the Group’s existing product offering, over and above the value of net assets 
acquired. There has been no change in the value of goodwill arising from this business combination 
from the acquisition date to 31 March 2024.
At the acquisition date, the gross contractual amount of trade receivables acquired was £0.8m, 
of which £0.1m was not expected to be collected, reflected in the fair value adjustments above.
The acquisition costs expensed in the year in relation to the acquisition of GPH, £0.9m, are included 
in profit before tax brought into the cash flow statement and are discussed in more detail in note 4.
4  Non-underlying items
Year ended  
31 March 2024
£m 
Year ended  
31 March 2023
£m
Asset write-off 
–
20.4
Other professional and support costs
1.9
1.4
Restructuring costs
3.9
6.7
Transformation costs
3.2
–
9.0
28.5
Other professional and support costs
In October 2023, the Group acquired Green Power Hire Limited, advancing the Group’s sustainable 
offering to customers and evidencing the Velocity strategy in action. In addition to the acquisition 
of Green Power Hire Limited, the Group also incurred costs in respect of the formation of Speedy 
Hydrogen Solutions, the joint venture with AFC Energy Plc. The costs incurred relate primarily to 
professional and other supporting fees, amounting to £1.4m in total.
An external review of the entire depot network was commissioned in the year, to assess the condition 
of each site and the dilapidations that may be payable under the respective lease agreements. This is 
the first review of its kind undertaken by the Group, and it is not expected that a similar exercise of this 
scale will be required going forwards. Fees in relation to this review total £0.5m.
Restructuring costs
The Group incurred further, non-underlying, restructuring costs associated with moving towards its 
target operating model. At the year end, the Group had exited all B&Q concessions and our products 
and services are now available for digital hire in-store within every B&Q and Tradepoint as well as 
on the respective websites. In evolving our partnership with B&Q and moving to a more digitally 
focused model, the Group incurred £2.7m of losses.
This remainder of the restructuring costs included costs associated with depot optimisation and 
restructuring projects of £1.2m.
Transformation costs
Our Velocity strategy is split into two distinct phases through to 31 March 2028, being ‘Enabling 
Growth’ (years 1 to 3) and ‘Delivering Growth’ (years 1 to 5). The investment in implementing our 
Velocity strategy and executing our transformation programme represents a significant, cost to the 
business and will continue to do so throughout the ‘Enabling’ phase to March 2026. The anticipated 
cost (including those incurred in FY2024) of this phase is between £19m and £22m, with £13m to 
£15m expected to be non-underlying, primarily relating to incremental people costs. The remainder 
of the costs either represent underlying costs to the business or are capital in nature. 
Management will continue to monitor and reassess the above based on the phasing and delivery of 
the transformation programme.
Notes to the Financial Statements continued
for the year ended 31 March 2024
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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4  Non-underlying items continued
Transformation costs continued
Of the £3.2m non-underlying cost to the business in the year, £2.2m relates primarily to incremental 
people costs, represented by 48 additional heads at 31 March 2024. 
The commencement of the transformation programme also necessitated an assessment of the Group’s 
existing digital capabilities, rendering some previously capitalised intangible assets as either obsolete 
or no longer viable as part of the Group’s Velocity strategy. This has resulted in a £1.0m write-off of 
intangible assets, representing the remainder of the non-underlying items relating to transformation.
The net cash outflow from activities associated with non-underlying items is £6.0m. 
The following non-underlying items occurred in FY2023:
Asset write-off
During FY2023, the Group undertook a comprehensive count of all hire equipment. As at 31 March 
2022, the reported net book value of the Group’s hire equipment assets was £226.9m. The Company 
categorises hire equipment into two groups: those that are individually identifiable by a unique serial 
number to the asset register (‘itemised assets’, representing 78%, or £177.0m, of the total reported 
net book value), and other equipment such as scaffolding towers, fencing and non-mechanical 
plant which does not have a unique serial identifier and is not tracked on an individual asset basis 
(‘non-itemised assets’, representing 22%, or £49.9m, of the total reported net book value). The 
comprehensive count covered both itemised and non-itemised assets. Whilst this count validated 
the previously disclosed net book value of itemised assets, it identified a shortfall in the quantity of 
non-itemised assets, resulting in a write-off of c.£20.4m in FY2023.
Other professional and support costs
The Board commissioned an external investigation into the issue identified with non-itemised 
assets, including a review of controls and accounting procedures. The Group has strengthened 
the control environment for managing its non-itemised asset fleet, including additional counts, 
increased internal audit focus, enhanced control over purchases and disposals, and new procedures 
for reconciliation to the fixed asset register, which also incorporate recommendations from the 
investigation. The associated professional and support fees amounted to £1.4m, which are also 
presented within non-underlying items. These fees include a further £0.3m of auditor remuneration, 
specifically in relation to increased work over assets, including additional auditor attendance at asset 
counts across the business.
Restructuring
An operational efficiency review resulted in restructuring costs and a net depot reduction at the 
end of March 2023. The cost of these closures and other restructuring costs across the business 
was £6.7m.
5  Operating profit
Operating profit is stated after charging/(crediting):
Year ended  
31 March 2024
£m 
Year ended  
31 March 2023
£m
Amortisation of intangible assets1
  – acquired
0.6
0.4
  – internally generated
3.0
1.4
Depreciation of owned property, plant and equipment
40.5
43.0
Depreciation of right of use assets
26.4
26.6
Loss on planned disposals of hire equipment2
2.4
0.2
Loss/(profit) on other disposals of hire equipment2
0.2
(1.9)
Exceptional write-off
–
20.4
Auditors’ remuneration
  – audit of these Financial Statements
0.6
1.1
  – audit of financial statements of subsidiaries
0.2
0.1
Total audit fees
0.8
1.2
Non-audit fees: audit-related services − interim review fee of 
£75,000 (2023: £40,000)
0.1
–
Total fees
0.9
1.2
1	 2023 amortisation of intangible assets restated to split between acquired and internally generated.
2	 2023 profit/loss on disposal restated to split between planned disposals and other disposals of hire equipment.
6  Employees
The monthly average number of people employed by the Group (including Directors) during the year 
was as follows:
Year ended  
31 March 2024
£m 
Year ended  
31 March 2023
£m
UK and Ireland 
3,091
3,241
Central
318
283
3,409
3,524
Notes to the Financial Statements continued
for the year ended 31 March 2024
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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6  Employees continued
The aggregate payroll costs of these employees (including bonuses) were as follows:
Year ended  
31 March 2024
£m 
Year ended  
31 March 2023
£m
Wages and salaries
114.1
113.9
Social security costs
11.1
11.3
Other pension costs
3.3
3.3
Share-based payments
0.6
1.0
129.1
129.5
7  Directors’ remuneration
Year ended  
31 March 2024
£’000s
Year ended  
31 March 2023
£’000s
Directors’ emoluments
Basic remuneration, including benefits
1,191
1,047
Value of long-term incentives
–
–
Performance-related bonuses
–
–
Gain on exercise of share options
–
–
Company contributions to money purchase pension schemes
–
40
1,191
1,087
Emolument of the highest paid Director
Basic remuneration, including benefits
492
230
Performance-related bonuses
–
– 
Termination payments
–
–
Gain on exercise of share options
–
–
Company pension contributions
–
27
492
257
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 
pages 104 and 105 of the Directors’ Remuneration Report respectively.
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.
8  Net financial expense
Year ended  
31 March 2024
£m 
Year ended  
31 March 2023
£m
Interest on bank loans and overdrafts
7.4
4.4
Amortisation of issue costs
0.4
0.7
Total interest on borrowings
7.8
5.1
Interest on lease liabilities
5.0
3.5
Other finance income
(0.1)
–
Financial expense
12.7
8.6
9  Taxation
Year ended  
31 March 2024
£m 
Year ended  
31 March 2023
£m
Tax charged in the Income Statement from continuing operations
Current tax
UK corporation tax on profit at 25% (2023: 19%)
1.7
3.8
Adjustment in respect of prior years
(0.4)
(1.0)
Total current tax
1.3
2.8
Deferred tax
UK deferred tax at 25% (2023: 25%)
1.0
(3.8)
Adjustment in respect of prior years
0.1
1.6
Total deferred tax
1.1
(2.2)
Total tax charge from continuing operations
2.4
0.6
Tax charged in other comprehensive income
Deferred tax on effective portion of changes in fair value of cash 
flow hedges
–
–
Tax charged in equity
–
–
Deferred tax
Notes to the Financial Statements continued
for the year ended 31 March 2024
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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9  Taxation continued
The adjusted effective tax rate of 29.3% (2023: 20.2%) is higher than the standard rate of UK 
corporation tax of 25%. The tax charge in the Income Statement for the year of 47.1% (2023: 33.3%) 
is higher than the standard rate of corporation tax in the UK and is explained as follow:
Year ended  
31 March 2024
£m
Year ended  
31 March 2023
£m
Profit before tax
5.1
1.8
Accounting profit multiplied by the standard rate of corporation tax 
at 25% (2023: 19%)
1.3
0.3
Expenses not deductible for tax purposes
2.2
0.9
Share-based payments
–
0.1
Share of joint venture income already taxed
(0.8)
(1.3)
Change in tax rates
–
–
Adjustment to tax in respect of prior years
(0.3)
0.6
Tax charge for the year reported in the Income Statement
2.4
0.6
An increase in the UK corporation tax rate from 19% to 25% (effective from 1 April 2023) was 
substantively enacted on 24 May 2021.
10  Earnings per share
The calculation of basic earnings per share is based on the profit for the financial year of £2.7m 
(2023: £1.2m) and the weighted average number of ordinary shares in issue, and is calculated 
as follows:
Year ended  
31 March 2024
£m 
Year ended  
31 March 2023
£m
Weighted average number of shares in issue (m)
Number of shares at the beginning of the year
457.7
514.0
Exercise of share options
–
0.2
Vested shares not yet exercised
2.7
2.7
Shares repurchased and subsequently cancelled or placed in treasury
–
(28.9)
Weighted average for the year – basic number of shares
460.4
488.0
Share options
3.9
3.5
Employee share scheme
–
0.2
Weighted average for the year – diluted number of shares
464.3
491.7
Year ended  
31 March 2024
£m 
Year ended  
31 March 2023
£m
Profit (£m)
Profit for the year after tax – basic earnings
2.7
1.2
Intangible amortisation charge – acquired intangibles 
(after tax)
1.0
0.4
Non-underlying items (after tax)
7.1
22.6
Adjusted earnings1
10.8
24.2
Earnings per share (pence)
Basic earnings per share
0.59
0.25
Dilutive shares and options
(0.01)
(0.01)
Diluted earnings per share
0.58
0.24
Adjusted earnings per share1
2.35
4.96
Dilutive shares and options
(0.02)
(0.04)
Adjusted diluted earnings per share1
2.33
4.92
1	 Prior period revised, see note 31.
More detail on adjusted earnings is provided in note 12.
Total number of shares outstanding at 31 March 2024 amounted to 516,983,637 (2023: 516,983,637), 
including 4,106,820 (2023: 4,162,452) shares held in the Employee Benefit Trust and 55,146,281 (2023: 
55,146,281) shares held in treasury, which are excluded in calculating basic earnings per share.
Notes to the Financial Statements continued
for the year ended 31 March 2024
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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11  Dividends
The aggregate amount of dividend paid in the year comprises:
Year ended  
31 March 2024
£m 
Year ended  
31 March 2023
£m
2022 final dividend (1.45 pence on 489.5m ordinary shares)
–
7.1
2023 interim dividend (0.80 pence on 474.7m ordinary shares)
–
3.8
2023 final dividend (1.80 pence on 452.9m ordinary shares)
8.2
–
2024 interim dividend (0.80 pence on 453.5m ordinary shares)
3.6
–
11.8
10.9
Subsequent to the end of the year, and not included in the results for the year, the Directors 
recommended a final dividend of 1.80 pence (2023: 1.80 pence) per share, bringing the total amount 
payable in respect of the year to 31 March 2024 to 2.60 pence (2023: 2.60 pence), to be paid on  
20 September 2024 to shareholders on the register on 9 August 2024.
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 2024, the Trust held 4,106,820 
ordinary shares (2023: 4,162,452).
12  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 depreciation and amortisation. 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  
31 March 2024
£m 
Year ended  
31 March 2023
Restated 1, 2
£m
Operating profit
14.9
3.8
Add back: amortisation
3.6
1.8
Add back: non-underlying items
9.0
28.5
Adjusted operating profit
27.5
34.1
Add back: depreciation
66.9
69.6
Add back: loss on planned disposals of hire equipment1
2.4
0.2
Adjusted EBITDA
96.8
103.9
Profit before tax 
5.1
1.8
Add back: amortisation of acquired intangibles2
0.6
0.4
Add back: non-underlying items
9.0
28.5
Adjusted profit before tax
14.7
30.7
Return on capital employed (ROCE)
Adjusted profit before tax
14.7
30.7
Interest
12.7
8.6
Profit before tax, interest, amortisation of acquired intangibles  
and non-underlying items3
27.4
39.3
Average gross capital employed4
277.0
280.5
ROCE
9.9%
14.0%
1	 See note 31. Prior period revised to add back profit or loss on planned disposals of hire equipment in the 
calculation of adjusted EBITDA.
2	 See note 31. Prior period revised to add back only acquired intangible amortisation in the calculation of 
adjusted profit before tax.
3	 Profit before tax, interest, amortisation and exceptional items for the last 12 months.
4	 Average gross capital employed (where capital employed equals total equity and net debt) based on a  
two-point average for the last 12 months.
Notes to the Financial Statements continued
for the year ended 31 March 2024
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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13  Intangible assets
Acquired 
Internally 
generated
Goodwill
£m
Customer 
lists
£m
Brands
£m
Total 
acquired 
intangibles
£m
IT 
development
£m
Total 
intangible 
assets
£m
Cost
At 1 April 2022
29.9
8.3
2.6
40.8
6.9
47.7
Additions
–
–
–
–
0.9
0.9
Disposals
(12.4)
(5.4)
(1.3)
(19.1)
–
(19.1)
At 31 March 2023
17.5
2.9
1.3
21.7
7.8
29.5
Transfer from property, 
plant and equipment
–
–
–
–
8.3
8.3
Additions
–
–
–
–
1.9
1.9
Acquisitions
9.9
1.0
–
10.9
–
10.9
At 31 March 2024
27.4
3.9
1.3
32.6
18.0
50.6
Accumulated amortisation
At 1 April 2022
12.4
6.8
2.1
21.3
0.5
21.8
Charged in period
–
0.3
0.1
0.4
1.4
1.8
Disposals
(12.4)
(5.4)
(1.3)
(19.1)
–
(19.1)
At 31 March 2023
–
1.7
0.9
2.6
1.9
4.5
Transfer from property, 
plant and equipment
–
–
–
–
2.8
2.8
Charged in period
–
0.4
0.2
0.6
3.0
3.6
At 31 March 2024
–
2.1
1.1
3.2
7.7
10.9
Net book value
At 31 March 2024
27.4
1.8
0.2
29.4
10.3
39.7
At 31 March 2023
17.5
1.2
0.4
19.1
5.9
25.0
At 31 March 2022
17.5
1.5
0.5
19.5
6.4
25.9
The remaining amortisation period of each category of intangible fixed asset is the following; 
Customer lists three to ten years (2023: one to four years), Brands three years (2023: four years) and 
IT development four years (2023: five years).
During the year ended 31 March 2022, the Geason business was closed. The associated goodwill 
and intangible assets were fully impaired in 2021. Geason was put into liquidation in the year ended 
31 March 2023, resulting in the disposal of the related goodwill and intangibles, as shown in the table above.
Analysis of goodwill, customer lists, brands and IT development by cash generating unit:
Goodwill
£m
Customer 
lists
£m
Brands
£m
IT 
development
£m
Total
£m
Allocated to
Hire
26.4
1.4
0.1
8.9
36.8
Services
1.0
0.4
0.1
1.4
2.9
At 31 March 2024
27.4
1.8
0.2
10.3
39.7
Allocated to
Hire
16.5
0.5
0.3
5.4
22.7
Services
1.0
0.7
0.1
0.5
2.3
At 31 March 2023
17.5
1.2
0.4
5.9
25.0
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 approved by management. The key assumptions for these forecasts are those regarding 
revenue growth and discount rate, which management estimates based on past experience adjusted 
for current market trends and expectations of future changes in the market. To prepare the value-in-
use calculation, the Group uses cash flow projections from the Board approved FY2025 budget, and 
a subsequent four-year period using the Group’s strategic plan, together with a terminal value into 
perpetuity using long-term growth rates. 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.
Notes to the Financial Statements continued
for the year ended 31 March 2024
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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13  Intangible assets continued
The pre-tax discount rates and terminal growth rates applied are as follows:
31 March 2024
31 March 2023
Pre-tax 
discount rate
Terminal value 
growth rate
Pre-tax 
discount rate
Terminal value 
growth rate
UK and Ireland Hire and Services
12.2%
2.0%
12.0%
2.5%
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 2024, the headroom between value in use and carrying value of related assets for 
the UK and Ireland was £131.0m (2023: £99.2m) – £45.0m for Hire (2023: £50.7m) and £86.0m for 
Services (2023: £48.5m).
Impairment calculations are sensitive to changes in key assumptions of revenue growth and discount 
rate. The table below shows the reduction in headroom created by a change in assumptions:
Reduction in headroom  
at 31 March 2024 (£m)
Revenue 
growth –  
1% decrease 
per annum
Pre-tax 
discount rate – 
0.5% increase
Hire
30.2
18.3
Services
4.6
3.2
There are no reasonable variations in these assumptions that would be sufficient to result in an 
impairment of either CGU at 31 March 2024. A 1.5% decline in forecast revenue cash flows for Hire 
and an 18.5% decline in forecast revenue cash flows for Services would reduce headroom to nil for 
each CGU respectively, assuming no cost mitigation plans. The position will be reassessed at the 
next reporting date.
It is noted that the market capitalisation of the Group at 31 March 2024 was below the consolidated 
net asset position – one indicator that an impairment may exist. Based on the impairment test 
performed, it is determined that no impairment is required in this regard.
14  Investment in joint ventures
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.
In addition to the investment in share capital, Speedy Hire provided an initial loan of US$2.5m to the 
joint venture with an equivalent amount provided by the joint venture partner. A repayment of the full 
outstanding balance of £0.5m ($0.7m) was received during FY2023.
At 31 March 2024, 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, aligning with the other joint venture partner J. & J. Denholm Group. As such estimate reporting 
is used, taking the nine month reported actuals and the further three months of the joint venture’s 
results for the following year, to report twelve months to 31 March.
In addition, on 15 November 2023, Speedy Hire and AFC Energy plc, a leading provider of hydrogen 
powered generator technologies, announced the launch of Speedy Hydrogen Solutions Limited (‘SHS’), 
a 50:50 joint venture company, being a dedicated hydrogen powered generator plant hire business 
promoting sustainable, zero emission, temporary power solutions designed specifically for the off-grid 
generation market. To fund the first contract year’s orders, an initial total equity injection into SHS (as a 
subscription for shares) of £1.25m (£0.625m each) was made upon formation of SHS. There was no trade 
in SHS in the year ended 31 March 2024. First orders will commence in the year ended 31 March 2025.
Notes to the Financial Statements continued
for the year ended 31 March 2024
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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14  Investment in joint ventures continued
Speedy Hire’s share of joint ventures is as follows:
Speedy Hydrogen 
Solutions Limited
Turner & Hickman
Limited
Equity  
investment
£m
Equity  
investment
£m
Loan  
advances
£m
At 1 April 2022
–
7.3
0.5
Share of results for the year after tax
–
6.6
–
Share of other comprehensive income
–
0.3
0.1
Dividends received
–
(5.0)
–
Loan repayment
–
–
(0.6)
At 31 March 2023
–
9.2
–
Share of results for the year after tax
–
2.9
–
Share of other comprehensive income
–
–
–
Dividends received
–
(3.9)
–
Purchase of shares in joint venture
0.6
–
–
At 31 March 2024
0.6
8.2
–
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 2023 of 0.001716 (31 December 2022: 0.001786) 
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  
31 December 
2023
£m 
Year ended  
31 December 
2022
£m
Revenue
22.0
28.3
Cost of sales
(8.2)
(8.1)
Gross profit
13.8
20.2
General and administrative expenses
(2.7)
(2.5)
Operating profit
11.1
17.7
Finance costs
–
(0.1)
Other income
0.2
–
Other expense
(0.1)
–
Foreign exchange loss, net
–
(0.1)
Profit before tax
11.2
17.5
Income tax expense
(1.9)
(3.6)
Profit for the year 
9.3
13.9
Year ended  
31 December 
2023
£m 
Year ended  
31 December 
2022
£m
ASSETS
Non-current assets
3.1
3.3
Current assets
Inventories
0.6
0.6
Trade accounts receivable 
6.7
12.1
Cash and cash equivalents
0.5
0.6
Other current assets
1.2
0.8
Total current assets
9.0
14.1
Total assets
12.1
17.4
LIABILITIES
Current liabilities
Trade accounts payable
(0.9)
(1.4)
Other current liabilities
(1.1)
(1.5)
Total current liabilities
(2.0)
(2.9)
Total liabilities
(2.0)
(2.9)
Net assets
10.1
14.5
Notes to the Financial Statements continued
for the year ended 31 March 2024
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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15  Property, plant and equipment
Land and 
buildings
£m
Hire 
equipment
£m
Other
£m
Total
£m
Cost 
At 1 April 2022
53.2
422.7
91.7
567.6
Foreign exchange
–
(0.1)
–
(0.1)
Additions
3.3
52.1
5.5
60.9
Disposals1
(2.0)
(22.2)
(0.6)
(24.8)
Exceptional write-off2
–
(33.0)
–
(33.0)
Transfers to inventory
–
(23.6)
–
(23.6)
At 31 March 2023 restated1
54.5
395.9
96.6
547.0
Transfer to Intangible Assets3
–
–
(8.3)
(8.3)
Foreign exchange
–
(0.5)
–
(0.5)
Acquisitions
–
11.8
–
11.8
Additions
6.7
42.5
2.3
51.5
Disposals
(3.0)
(35.9)
(62.4)
(101.3)
Transfers to inventory
–
(27.8)
–
(27.8)
At 31 March 2024
58.2
386.0
28.2
472.4
Accumulated depreciation
At 1 April 2022
37.6
195.8
76.5
309.9
Foreign exchange
–
0.2
–
0.2
Charged in year
4.4
33.9
4.7
43.0
Disposals1
(1.4)
(11.9)
(0.5)
(13.8)
Exceptional write-off2
–
(12.6)
–
(12.6)
Transfers to inventory
–
(17.4)
–
(17.4)
At 31 March 2023 restated1
40.6
188.0
80.7
309.3
Transfer to Intangible Assets3
–
–
(2.8)
(2.8)
Foreign exchange
–
(0.2)
–
(0.2)
Charged in year
4.4
32.6
3.5
40.5
Disposals
(1.3)
(24.5)
(61.2)
(87.0)
Transfers to inventory
–
(20.5)
–
(20.5)
Land and 
buildings
£m
Hire 
equipment
£m
Other
£m
Total
£m
At 31 March 2024
43.7
175.4
20.2
239.3
Net book value
At 31 March 2024
14.5
210.6
8.0
233.1
At 31 March 2023
13.9
207.9
15.9
237.7
At 31 March 2022
15.6
226.9
15.2
257.7
1	 Disposals in the year to 31 March 2023 incorrectly included an element of the exceptional write-off. This has been 
restated to correctly present cost and accumulated depreciation of hire equipment, each being £23.0m lower than 
reported in the prior period, with nil impact on hire equipment net book value reported as at 31 March 2023.
2	 See note 4.
3	 At 31 March 2023, software with a net book value of £6.7m was included in other property, plant and 
equipment. This has been transferred to Intangible Assets during the year to correct the classification.
The net book value of land and buildings is made up of improvements to short leasehold properties.
Of the £210.6m (2023: £207.9m) net book value of hire equipment, £28.1m (2023: 32.1m) 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 2024, no indicators of impairment were identified in relation to property, plant and equipment 
(2023: none).
Notes to the Financial Statements continued
for the year ended 31 March 2024
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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16  Right of use assets
Land and 
buildings
£m
Other
£m
Total
£m
Cost 
At 1 April 2022
144.4
55.6
200.0
Additions
2.1
28.1
30.2
Remeasurements
4.1
3.5
7.6
Disposals
(5.3)
(22.4)
(27.7)
At 31 March 2023
145.3
64.8
210.1
Additions
9.0
13.0
22.0
Remeasurements
17.9
0.8
18.7
Disposals
(6.7)
(11.7)
(18.4)
At 31 March 2024
165.5
66.9
232.4
Accumulated depreciation
At 1 April 2022
92.3
33.5
125.8
Charged in year
13.1
13.5
26.6
Disposals
(5.1)
(20.4)
(25.5)
At 31 March 2023
100.3
26.6
126.9
Charged in year
12.6
13.8
26.4
Disposals
(6.6)
(11.6)
(18.2)
At 31 March 2024
106.3
28.8
135.1
Net book value
At 31 March 2024
59.2
38.1
97.3
At 31 March 2023
45.0
38.2
83.2
At 31 March 2022
52.1
22.1
74.2
Included within disposals for the year ended 31 March 2023 is £0.1m (2023: £1.7m) relating to 
exceptional disposals following the restructure undertaken (see note 4).
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.
17  Inventories
31 March 2024
£m 
31 March 2023
£m
Work in progress
1.4
1.0
Finished goods and goods for resale
10.4
11.7
11.8
12.7
The amount of inventory expensed in the year amounted to £65.9m (2023: £76.5m) and is included 
within cost of sales. A provision of £0.7m (2023: £0.9m) is recorded in respect of inventory held at the 
year end.
18  Trade and other receivables
31 March 2024
£m 
31 March 2023
£m
Trade receivables
93.9
97.9
Other receivables
3.0
1.9
Prepayments
4.1
4.7
Accrued income
1.3
1.5
102.3
106.0
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 2024
£m 
31 March 2023
£m
Not past due
65.7
66.8
Past due 0-30 days
17.9
17.9
Past due 31-120 days
5.9
7.8
More than 120 days past due
4.4
5.4
93.9
97.9
Notes to the Financial Statements continued
for the year ended 31 March 2024
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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18  Trade and other receivables continued
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:
31 March 2024
£m 
31 March 2023
£m
At 1 April
3.2
3.0
Impairment provision charged to the Income Statement
3.2
4.0
Utilised in the year
(3.9)
(3.8)
At 31 March
2.5
3.2
19  Trade and other payables
31 March 2024
£m 
31 March 2023
£m
Trade payables
44.9
39.1
Other payables
12.5
11.0
Accruals
27.1
27.5
Customer rebates
11.9
11.0
96.4
88.6
20  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.
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 which 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 – not within the scope of IFRS 13; accounted for in accordance with IFRS 16.
Notes to the Financial Statements continued
for the year ended 31 March 2024
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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20  Financial instruments continued
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 2024
31 March 2023
Amortised 
cost
£m
Fair value 
through other 
comprehensive 
income
£m
Total
£m
Amortised 
cost
£m
Fair value 
through other 
comprehensive 
income
£m
Total
£m
Assets per the  
Balance Sheet
Trade and other 
receivables1
98.2
–
98.2
101.3
–
101.3
Cash and cash 
equivalents 
4.0
–
4.0
1.1
–
1.1
Derivative financial 
assets
–
0.5
0.5
–
1.2
1.2
102.2
0.5
102.7
102.4
1.2
103.6
1	 Trade and other receivables excluding prepayments. 2023 trade and other receivables restated to include 
accrued income.
31 March 2024
31 March 2023
Amortised 
cost
£m
Fair value 
through other 
comprehensive 
income
£m
Total
£m
Amortised 
cost
£m
Fair value 
through other 
comprehensive 
income
£m
Total
£m
Liabilities per the 
Balance Sheet
Bank overdraft
1.2
–
1.2
1.3
–
1.3
Borrowings
104.1
–
104.1
92.2
–
92.2
Lease liabilities – Current 
22.1
–
22.1
22.1
–
22.1
Lease liabilities –  
Non-current
75.5
–
75.5
64.0
–
64.0
Trade and other payables²
57.4
–
57.4
50.1
–
50.1
Accruals
27.1
–
27.1
27.5
–
27.5
Customer rebates
11.9
–
11.9
11.0
–
11.0
Derivative financial 
liabilities
–
0.1
0.1
–
0.6
0.6
299.3
0.1
299.4
268.2
0.6
268.8
2	 Trade and other payables excluding non-financial liabilities. 2023 restated to included both trade and other payables.
Offsetting arrangements
Under the terms of the Group’s banking facilities, net indebtedness is permitted up to the net 
limit of £5m. The Group has both the right to set off and the intention to settle these balances net. 
Current settlements are made on a net basis. The relevant accounts have therefore been presented 
net in the Balance Sheet, the effect of which is detailed below.
31 March 2024
31 March 2023
Gross 
amounts
£m
Gross 
amounts offset 
in the Balance 
Sheet
£m
Net 
amounts 
presented 
in the 
Balance 
Sheet
£m
Gross 
amounts
£m
Gross amounts 
offset in the 
Balance Sheet
£m
Net 
amounts 
presented 
in the 
Balance 
Sheet
£m
Financial assets
Cash and cash 
equivalents
14.6
(10.6)
4.0
5.8
(4.7)
1.1
Financial liabilities
Bank overdraft
10.8
(9.6)
1.2
4.6
(3.3)
1.3
Borrowings
105.1
(1.0)
104.1
93.6
(1.4)
92.2
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.
Notes to the Financial Statements continued
for the year ended 31 March 2024
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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20  Financial instruments continued
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 2024, the Group had a banking facility amounting to £180.0m (2023: £180.0m), as 
detailed in note 21. The cash and undrawn availability on this facility as at 31 March 2024 was £56.7m 
(2023: £83.5m) based on the Group’s eligible hire equipment and trade receivables. 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.
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 2024
2025
£m
2026
£m
2027
£m
2028  
and later
£m
Total
£m
Asset based finance 
facility 
–
–
104.1
–
104.1
Overdraft
1.2
–
–
–
1.2
Lease liability (principal 
and interest)
29.6
22.4
19.1
45.1
116.2
Bank interest payments
8.1
7.1
2.3
–
17.5
Trade payables
57.4
–
–
–
57.4
Accruals
27.1
–
–
–
27.1
Customer rebates
11.9
–
–
–
11.9
Derivative financial liabilities
–
0.1
–
–
0.1
135.3
29.6
125.5
45.1
335.5
Undiscounted cash flows – 31 March 2023
2024
£m
2025
£m
2026
£m
2027  
and later
£m
Total
£m
Asset based finance facility 
–
92.9
–
–
92.9
Overdraft
1.3
–
–
–
1.3
Lease liability (principal 
and interest)
27.9
19.6
15.4
36.0
98.9
Bank interest payments
8.0
2.3
–
–
10.3
Trade payables
39.1
–
–
–
39.1
Accruals
27.5
–
–
–
27.5
Customer rebates
11.0
–
–
–
11.0
Derivative financial liabilities
0.4
0.1
0.1
–
0.6
115.2
114.9
15.5
36.0
281.6
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 1.7% (2023: 1.3%) 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 2024, if sterling had weakened or strengthened by 10% against the Euro and USD with 
all other variables held constant, post-tax profit for the year would have been £0.3m (2023: £0.8m) 
higher or lower respectively.
Notes to the Financial Statements continued
for the year ended 31 March 2024
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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20  Financial instruments continued
Interest rate risk
The Group is exposed to a risk of a change in cash flows due to changes in interest rates as a 
result of its use of variable rate borrowings. The Group’s policy is to review regularly the terms of its 
borrowing facilities, to assess and manage the long-term borrowing commitment accordingly, and to 
put in place interest rate hedges to reduce the Group’s exposure to significant fluctuations in interest 
rates. The Group adopts a policy of ensuring that between 40% and 80% of its net borrowings are 
covered by hedging instruments.
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 2024
31 March 2023
Fair value
£m
Notional 
amount1
£m
Fair value
£m
Notional 
amount
£m
Designated as cash flow hedges
Fixed interest rate swaps
0.4
110.0
1.0
120.0
1	 £25.0m of the notional amount is not yet in force.
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.
The weighted average interest rate on the fixed interest rate swaps is 4.2% (2023: 3.2%) and the 
instruments are for a weighted average period of 8 months (2023: 13 months). The maximum 
contractual period is 36 months (2023: 24 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 year¹, there is an economic relationship. No hedge ineffectiveness identified 
for the year ended 31 March 2024 (2023: 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 2024 it is estimated that an increase of 1% in interest rates would decrease the Group’s 
profit before tax by approximately £0.1m (2023: £0.7m). 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 21, 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 2024
£m 
31 March 2023
£m
31 March 2022
£m
Net debt
101.3
92.4
67.5
Total equity
175.7
184.6
216.4
At 31 March 
277.0
277.0
283.9
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 that 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.
Notes to the Financial Statements continued
for the year ended 31 March 2024
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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21  Borrowings
31 March 2024
£m 
31 March 2023
£m
Current borrowings
Bank overdraft
1.2
1.3
Lease liabilities1
22.1
22.1
23.3
23.4
Non-current borrowings 
Maturing between two and five years
  – Asset based finance facility
104.1
92.2
  – Lease liabilities1
75.5
64.0
Total non-current borrowings
179.6
156.2
Total borrowings
202.9
179.6
Less: cash
(4.0)
(1.1)
Exclude lease liabilities
(97.6)
(86.1)
Net debt2
101.3
92.4
1	 See note 31.
2	 Key performance indicator – excluding lease liabilities.
Reconciliation of financing liabilities and net debt
1 April 2023
£m
Non-cash
movement
£m
Cash flow
£m
31 March 2024
£m
Bank borrowings
(92.2)
0.5
(12.4)
(104.1)
Lease liabilities
(86.1)
19.5
(31.0)
(97.6)
Liabilities arising from financing activities
(178.3)
20.0
(43.3)
(201.7)
Cash and cash equivalents
1.1
–
2.9
4.0
Bank overdraft
(1.3)
–
0.1
(1.2)
Net debt
(178.5)
20.0
(40.4)
(198.9)
The Group has a £180m asset based finance facility 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 £5m.
(b)	 An asset based finance facility of up to £175m, based on the Group’s itemised hire equipment 
and trade receivables balance. The cash and undrawn availability of this facility as at 
31 March 2024 was £56.7m (2023: £83.5m), based on the Group’s eligible hire equipment 
and trade receivables.
The facility is for £180m, reduced to the extent that any ancillary facilities are provided, and is 
repayable in July 2026, with no prior scheduled repayment requirements. An additional uncommitted 
accordion of £220m is in place.
Interest on the facility is calculated by reference to SONIA (previously LIBOR) applicable to 
the period drawn, plus a margin of 155 to 255 basis points, depending on leverage and on the 
components of the borrowing base. During the year, the effective margin was 1.92% (2023: 1.82%).
The facility is secured by fixed and floating charges over the Group’s itemised hire fleet assets and 
trade receivables.
The facility has a Minimum Excess Availability covenant: At any time, 10 percent of the Total 
Commitments.
Where availability falls below the Minimum Excess Availability, the financial covenants (below) are 
required to be tested. Covenants are not required to be tested where availability is above Minimum 
Excess Availability.
•	
Leverage in respect of any Relevant Period shall be less than or equal to 3:1;
•	
Fixed Charge Cover in respect of any Relevant Period shall be greater than or equal to 2.1:1.
Notes to the Financial Statements continued
for the year ended 31 March 2024
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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22  Lease liabilities
Land and 
buildings
£m
Other
£m
Total
£m
At 1 April 2022
53.2
23.5
76.7
Additions
2.1
28.1
30.2
Remeasurements
4.1
3.5
7.6
Repayments
(15.5)
(14.5)
(30.0)
Unwinding of discount rate
1.8
1.7
3.5
Terminations
(0.5)
(1.4)
(1.9)
At 31 March 2023
45.2
40.9
86.1
Additions
9.0
13.0
22.0
Remeasurements
14.8
0.8
15.6
Repayments
(15.5)
(15.5)
(31.0)
Unwinding of discount rate
2.5
2.5
5.0
Terminations
(0.1)
–
(0.1)
At 31 March 2024
55.9
41.7
97.6
Included within terminations for the year ended 31 March 2024 is £0.1m (2023: £0.8m) 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 2024
£m 
31 March 2023
£m
Payable within one year
22.1
22.1
Payable in more than one year
75.5
64.0
At 31 March
97.6
86.1
23  Provisions
Dilapidations
£m
Training 
provision
£m
Total
£m
At 1 April 2022
14.2
0.7
14.9
Additional provision recognised
2.9
–
2.9
Provision utilised in the year
(1.6)
(0.7)
(2.3)
Unwinding of the discount
0.1
–
0.1
At 31 March 2023
15.6
–
15.6
Additional provision recognised
2.1
–
2.1
Provision utilised in the year
(1.3)
–
(1.3)
At 31 March 2024
16.4
–
16.4
Of the £16.4m provision at 31 March 2024 (2023: £15.6m), £8.8m (2023: £9.3m¹) is due within one year 
and £7.6m (2023: £6.3m1) 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 a 
change in the method of estimating the provision.
The movement in the prior year on the training provision is settlement of the costs within the 
provision previously set up relating to the Geason Training business.
Notes to the Financial Statements continued
for the year ended 31 March 2024
1	 Restated: see note 31.
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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24  Deferred tax
Property,  
plant and 
equipment
£m
Intangible 
assets
£m
Share-based 
payments
£m
Other items
£m
Total
£m
At 1 April 2022
11.0
(0.1)
(0.1)
(1.5)
9.3
Recognised in the year
(3.1)
0.8
0.1
0.3
(1.9)
At 31 March 2023
7.9
0.7
–
(1.2)
7.4
Recognised in the year
0.6
0.3
–
0.4
1.3
At 31 March 2024
8.5
1.0
–
(0.8)
8.7
Approximately £2.0m (2023: £1.7m) of the deferred tax liability relating to property, plant and 
equipment and nil (2023: £0.3m) 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 nil (2023: £0.3m) of the deferred tax asset relating to other items is expected to 
reverse within 12 months as the tax spreading adjustment in relation to the IFRS 16 transitional 
adjustment unwinds.
The Group has gross trading losses carried forward at 31 March 2024 amounting to approximately 
£3.9m (2023: £5.3m). No deferred tax asset has been recognised in respect of these losses. The 
Group also has gross capital losses carried forward at 31 March 2024 amounting to approximately 
£1.4m (2023: £1.4m). No deferred tax asset has been recognised in respect of these losses.
25  Share capital
31 March 2024
31 March 2023
Number
m
Amount
£m
Number
m
Amount
£m
Authorised, allotted, called-up 
and fully paid
Opening balance (ordinary shares 
of 5 pence each)
517.0
25.8
518.2
25.9
Exercise of Sharesave Scheme options
–
–
0.2
–
Purchase and cancellation of own shares
–
–
(1.4)
(0.1)
Total
517.0
25.8
517.0
25.8
In January 2022 the Company commenced a share buyback programme. By resolutions passed at 
the 9 September 2021 AGM, the Company’s shareholders generally authorised the Company to make 
market purchases of up to 52,831,110 of its ordinary shares. A further resolution was then passed 
in June 2022, authorising the Company to make further market purchases up to a maximum of 
50,613,543 of its ordinary shares.
In the year ended 31 March 2022, a total of 11,114,363 ordinary shares were purchased and cancelled. 
A further 401,186 shares were acquired immediately prior to the year ended 31 March 2022 and 
cancelled in April 2022. In the year ended 31 March 2023, a total of 1,051,228 ordinary shares were 
purchased and subsequently cancelled, with a further 55,146,281 shares repurchased and placed 
in treasury.
The share buyback programme was completed on 8 March 2023, at which point all shares for which 
there was an obligation to buyback from the broker had been repurchased by Speedy Hire. In the 
year ended 31 March 2023, the average price paid was 42p (2022: 54p) with a total consideration 
(inclusive of all costs) of £24.0m (2022: £6.2m). Related costs incurred totalled £0.2m.
During the year, nil ordinary shares of 5 pence were issued on exercise of options under the Speedy 
Hire Sharesave Schemes (2023: 0.2m).
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 and 55,632 (2023: 73,970) shares were transferred to employees during the year. At 
31 March 2024, the Trust held 4,106,820 (2023: 4,162,452) shares.
Notes to the Financial Statements continued
for the year ended 31 March 2024
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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26  Share incentives
The Group operates a number of share-based payment schemes, details of which are provided in the 
Directors’ Remuneration Report.
At 31 March 2024, options and awards over 23,613,896 shares (2023: 20,581,043) were outstanding 
under employee share schemes. The Group operates two share incentive schemes. During the year 
no ordinary shares of 5 pence were issued on exercise of options under the Speedy Hire Sharesave 
Schemes (2023: 184,004).
As at 31 March 2024, options to acquire 12,603,136 (2023: 11,963,956) Speedy Hire Plc shares were 
outstanding under the Speedy Hire Sharesave Schemes. These options are exercisable by employees  
of the Group at prices between 27 and 56 pence (2023: 32 and 56 pence) at dates between April 2024 
and July 2027 (2023: April 2023 and July 2026). At 31 March 2024, options to acquire 11,010,761 shares 
(2023: 8,647,854) under the Performance Share Plans were outstanding. These options are exercisable at 
nil cost between April 2024 and June 2033 (2023: April 2023 and June 2032). The weighted average fair 
value of the PSP awards granted in the year was 30 pence (2023: 30 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 2024
31 March 2023
WAEP  
pence
Number
WAEP  
pence1
Number
Outstanding at 1 April
26
20,581,043
22
16,077,113
Granted
16
12,352,775
22
7,627,615
Exercised
–
–
46
(255,247)
Lapsed
33
(9,319,922)
17
(2,868,438)
Outstanding at 31 March
18
23,613,896
26
20,581,043
Exercisable at 31 March
14
3,697,740
16
4,737,225
1	 Weighted average exercise price at 31 March 2023 revised.
Options and awards outstanding at 31 March 2024 have weighted average remaining contractual 
lives as follows:
2024
Years 
2023
Years
Exercisable at nil pence
1.7
1.4
Exercisable at 27 pence
2.8
–
Exercisable at 32 pence
1.8
2.8
Exercisable at 55 pence
–
0.8
Exercisable at 56 pence
0.8
1.8
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 condition) 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).
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  
2023
December  
2022
December  
2021
December  
2020
Exercise price
27p
32p
56p
55p
Share price volatility
34.7%
33.5%
31.7%
31.2%
Option life
3.25 years
3.25 years
3.25 years
3.25 years
Expected dividend yield
8.1%
5.6%
3.6%
1.1%
Risk-free interest rate
3.6%
3.3%
0.5%
(0.1%)
Performance Share Plan
July  
2023
June  
2022
June  
2021
November  
2020
Exercise price
Nil
Nil
Nil
Nil
Share price volatility
33.7%
32.4%
32.6%
31.8%
Option life
3 years
3 years
3 years
3 years
Expected dividend yield
Nil
Nil
Nil
Nil
Risk-free interest rate
4.7%
2.5%
0.1%
(0.0%)
Notes to the Financial Statements continued
for the year ended 31 March 2024
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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27  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.
28  Contingent liabilities
There are no contingent liabilities as at the 31 March 2024 (2023: none).
29  Commitments
The Group had contracted capital commitments amounting to £9.0m (2023: £5.3m) at the end of the 
financial year for which no provision has been made. These related to hire fleet equipment on order 
(2023: hire fleet equipment on order).
The Group is also party to two contractual supply agreements. One agreement covers a period of 4 
years, for a minimum order of hire fleet equipment each year at an approximate total cost of £10.0m 
per annum (2023: nil). The other agreement covers a 3 year period, for a minimum order of hire fleet 
equipment at an approximate total cost of £6.4m per annum (2023: nil). No provision has been made 
for the remaining contracted units.
30  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 7.
In the prior year, Paul Rayner was a member of key management personnel but not a statutory 
Director of Speedy Hire Plc and so was excluded from the Directors’ Remuneration Report. This 
individual was appointed a statutory Director on 1 July 2023 and so is included in the Directors’ 
Remuneration Report from this date for the year ended 31 March 2024. This individual’s total salary 
and benefits paid in the year ended 31 March 2024 total £273,000 (2023: £142,000) and share based 
payments £nil (2023: £nil). 
In addition to salaries, the Group also provides non-cash benefits to Executive Directors and 
contributes to approved pension schemes on their behalf. 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 2024 are given in the Directors’ Remuneration Report.
Notes to the Financial Statements continued
for the year ended 31 March 2024
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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31  Prior period adjustment
The presentation of the dilapidations provision at 31 March 2023, between current and non-current 
liabilities, has been reassessed. Provisions have been classified as current where the end of the lease 
term is within 12 months of the balance sheet date. A summary of the affected accounts and the 
restatements made as at 31 March 2023 is as follows:
Reported
£m
Adjustment
£m
Restated
£m
Current liabilities:
Provisions
(3.6)
(5.7)
(9.3)
Non-current liabilities:
Provisions
(12.0)
5.7
(6.3)
Net assets
184.6
–
184.6
The related adjustment on the beginning of the proceeding period, 1 April 2022, has been assessed 
with no material impact identified.
The definition of adjusted profit has been amended to profit before tax, amortisation of acquired 
intangible assets and non-underlying items. It is determined to be more appropriate to exclude 
amortisation on internally generated intangibles as these form part of, and support, the underlying 
operations of the business. This is a change from all intangible asset amortisation having been 
previously added back in the calculation of adjusted profit. 
The definition of adjusted EBITDA has been amended to operating profit before depreciation, 
amortisation and non-underlying items, 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). Such disposals relate to auction sales which are planned divestment, hence do 
not form an underlying part of the trading business.
Both these measures have been revised to more accurately reflect the underlying performance of the 
business.
Prior period comparatives have been revised for the year ended 31 March 2023 for consistency, 
as follows:
Reported
Restated
Adjusted profit before tax (£m)
32.1
30.7
Adjusted EBITDA (£m)
103.7
103.9
Adjusted earnings per share (pence)
5.25
4.96
Adjusted diluted earnings per share (pence)
5.21
4.92
Return on capital employed (%)
14.5%
14.0%
Notes to the Financial Statements continued
for the year ended 31 March 2024
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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Company Balance Sheet
as at 31 March 2024
Note
31 March 2024
£m 
31 March 2023 
£m
ASSETS
Non-current assets
Investments
33
93.5
93.5
Trade and other receivables
34
195.2
105.9
288.7
199.4
Current assets
Trade and other receivables
34
82.8
79.6
Current tax receivable
2.7
2.0
Cash and cash equivalents
37
9.4
1.0
Derivative financial assets
36
0.5
1.2
95.4
83.8
Total assets
384.1
283.2
LIABILITIES
Current liabilities
Trade and other payables
35
(114.2)
(14.8)
Derivative financial liabilities
36
(0.1)
(0.2)
(114.3)
(15.0)
Non-current liabilities
Borrowings
37
(105.1)
(93.6)
Deferred tax liability
38
(0.1)
(0.2)
(105.2)
(93.8)
Total liabilities
(219.5)
(108.8)
Net assets
164.6
174.4
EQUITY
Share capital
39
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
0.1
0.6
Retained earnings
133.8
143.1
Total equity
164.6
174.4
The Company profit for the year was £1.9m (2023: £0.1m profit). 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 157 to 164 were approved by the Board of Directors on 
18 June 2024 and were signed on its behalf by:
DAN EVANS
Director
Company registered number: 00927680
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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Company Statement of Changes in Equity
for the year ended 31 March 2024
Share  
capital
£m
Share 
premium
£m
Capital 
redemption 
reserve
£m
Merger 
reserve
£m
Hedging 
reserve
£m
Retained 
Earnings 
£m
Total equity
£m
At 1 April 2022
25.9
1.8
0.6
2.3
0.1
176.8
207.5
Loss for the financial year
–
–
–
–
–
0.1
0.1
Other comprehensive expense
–
–
–
–
0.5
–
0.5
Total comprehensive income
–
–
–
–
0.5
0.1
0.6
Dividends
–
–
–
–
–
(10.9)
(10.9)
Equity-settled share-based payments
–
–
–
–
–
1.1
1.1
Purchase of own shares for cancellation or placement in treasury 
(0.1)
–
0.1
–
–
(24.0)
(24.0)
Issue of shares under the Sharesave Scheme
–
0.1
–
–
–
–
0.1
At 31 March 2023
25.8
1.9
0.7
2.3
0.6
143.1
174.4
Loss for the financial year
–
–
–
–
–
1.9
1.9
Other comprehensive income
–
–
–
–
(0.5)
0.1
(0.4)
Total comprehensive income
–
–
–
–
(0.5)
2.0
1.5
Dividends
–
–
–
–
–
(11.8)
(11.8)
Equity-settled share-based payments
–
–
–
–
–
0.5
0.5
At 31 March 2024
25.8
1.9
0.7
2.3
0.1
133.8
164.6
The accompanying notes form part of the financial statements.
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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Company Cash Flow Statement
for the year ended 31 March 2024
Notes to the Company Financial Statements
for the year ended 31 March 2024
Note
Year ended  
31 March 2024
£m 
Year ended  
31 March 2023 
£m
Cash generated from operating activities
Profit before tax 
2.6
1.0
Net financial income
(3.2)
(3.0)
(Increase)/decrease in trade and other receivables
(89.5)
199.8
Increase/(decrease) in trade and other payables
99.0
(185.7)
Equity-settled share-based payments
0.5
1.1
Cash generated from operations
9.4
13.2
Interest paid
(0.4)
(5.0)
Interest received
3.0
8.3
Tax paid
(3.6)
(2.6)
Net cash flow from operating activities
8.4
13.9
Cash flow from financing activities
Drawdown of loans
574.3
595.6
Repayment of loans
(562.5)
(585.5)
Proceeds from the issue of Sharesave Scheme shares
–
0.1
Purchase of own shares for cancellation or placement in 
treasury
25
–
(24.0)
Dividends paid
11
(11.8)
(10.9)
Net cash flow used in financing activities
–
(24.7)
Increase/(decrease) in cash and cash equivalents
8.4
(10.8)
Cash at the start of the financial year
1.0
11.8
Cash at the end of the financial year
9.4
1.0
The accompanying notes form part of the financial statements.
32  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.
At 31 March 2024, the expected credit loss provision was £44.0m (2023: £43.9m) against a receivable 
balance of £275.6m (2023: £183.3m). Further detail is provided in note 34. The Company’s estimated 
expected credit losses are 16.0% (2023: 23.9%) of intercompany receivables. A change of 1% in this 
assumption would result in an increase to the provision of £2.8m (2023: £1.8m).
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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Notes to the Company Financial Statements continued
for the year ended 31 March 2024
33  Investments
Investments 
in related 
undertakings
£m
Cost
At 1 April 2022 and 31 March 2023 and 31 March 2024
113.3
Provisions
At 1 April 2022 and 31 March 2023 and 31 March 2024
(19.8)
Net book value
At 1 April 2022 and 31 March 2023 and 31 March 2024
93.5
An impairment test has been performed on the Company’s carrying value of investments in related 
undertakings and no impairment has been made (2023: £nil). The recoverable amount of the 
investments has been determined based on a value in use calculation which involves assumptions. 
These assumptions are disclosed in note 13. No reasonable possible change in these assumptions 
would result in an impairment.
The Company’s related undertakings are as follows:
Registered 
Number
Incorporation 
and operation
Principal 
activity
Ordinary 
share 
capital 
held
Allen Contracts Limited1
01617643
UK
Dormant
100%
Allen Investments Limited1
01354530
UK
Dormant
100%
Bucks Access Rentals Limited1,2
05249533 
UK
Dormant
100%
Chestview (North East) Limited1
02935264
UK
Dormant
100%
Crewe Plant Hire Limited1,2
08590447
UK
Dormant
100%
Drain Technology (1985) Limited3
SC036329
UK
Dormant
100%
Drain Technology Limited3
SC090054
UK
Dormant
100%
Green Power Hire Limited1,2
13588088
UK
Hire services
100%
Hire-A-Tool Limited1
01354100
UK
Dormant
100%
Lifterz Holdings Limited1,2
10215607
UK
Holding 
company
100%
Lifterz Limited1,2,
05995339
UK
Dormant
100%
Lifterz (Scot) Limited1,2
10981353
UK
Dormant
100%
OHP Limited1,2
09392490
UK
Holding 
company
100%
Platform Sales & Hire Limited1,2
03845635
UK
Dormant
100%
Prolift Access Limited1,2
07067785
UK
Dormant
100%
Rail Hire (UK) Limited1,2
06758009
UK
Dormant
100%
SHH 501 Limited1,2
08666700
UK
Dormant
100%
Speedy Asset Leasing Limited1
04621481
UK
Dormant
100%
Speedy Asset Services Limited1
06847930
UK
Hire services
100%
Speedy Engineering Services Limited1
06440025
UK
Dormant
100%
Speedy Hire (Ireland) Limited4,10
NI048108
UK
Hire services
100%
Speedy Hire (Ireland) Limited2,5
409718
Ireland
Hire services
100%
Speedy Hire (UK) Limited1
00245380
UK
Dormant
100%
Speedy Hire Centres (Midlands) Limited1
01048492
UK
Dormant
100%
Speedy Hire Centres Limited1
06207105
UK
Dormant
100%
Speedy Hire Direct Limited1,2
00974324
UK
Dormant
100%
Speedy Hydrogen Solutions Limited1,2
15264396
UK
Hire services
50%
Speedy Industrial Services Limited1
01105942
UK
Dormant
100%
Speedy International Asset Services (Holdings) Limited1,10
07174616
UK
Holding 
company
100%
Speedy International Asset Services LLC (Egypt)2,6
Egypt
Dormant
100%
Speedy International Leasing Limited1,2
07174944
UK
Dormant
100%
Speedy LCH Generators Limited3
SC068997
UK
Dormant
100%
Speedy LGH Limited1
05436955
UK
Dormant
100%
Speedy Lifting Limited1
04529136
UK
Dormant
100%
Speedy Plant Hire Limited1
02036670
UK
Dormant
100%
Speedy Power Limited1
03923249
UK
Dormant
100%
Speedy Pumps Limited1
04663170
UK
Dormant
100%
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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Registered 
Number
Incorporation 
and operation
Principal 
activity
Ordinary 
share 
capital 
held
Speedy Rail Services Limited1
04016794
UK
Dormant
100%
Speedy Safemaker Limited1,2
05628930
UK
Dormant
100%
Speedy Services Limited1
04529126
UK
Dormant
100%
Speedy Space Limited1
01157713
UK
Dormant
100%
Speedy Support Services Limited1,10
02479218
UK
Provision 
of group 
services
100%
Speedy Survey Limited1
03845497
UK
Dormant
100%
Speedy Transport Limited1,10
04408263
UK
Provision 
of group 
services
100%
Speedy Zholdas LLP7
Kazakhstan
Hire services
45%
Speedyloo Limited1
03244814
UK
Dormant
100%
Stockton Investments (North East) Limited1
05064013
UK
Dormant
100%
Tidy Group Limited1
01227264
UK
Dormant
100%
Turner & Hickman Limited2,7,8
SC318140
UK
Holding 
company
50%
Waterford Hire Services Limited1,9
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 2024, 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 2024 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.
Amounts owed by other Group undertakings are repayable on demand. Interest is not payable on 
balances outstanding as a result of routine intercompany trading. Other intercompany loans bear 
interest on the same basis as external bank borrowings.
34  Trade and other receivables
31 March 2024
£m 
31 March 2023
£m
Current
Amounts owed by Group undertakings
80.4
77.4
Other receivables
2.4
2.2
82.8
79.6
Non-current
Amounts owed by Group undertakings
195.2
105.9
195.2
105.9
Amounts owed by other Group undertakings are repayable on demand. Interest is not payable on 
balances outstanding as a result of routine intercompany trading. Intercompany loans bear interest 
on the same basis as external bank borrowings.
The valuation of intercompany receivables and calculation of expected credit losses (‘ECLs’) is 
explained in the Significant judgements and estimates section within note 32 Summary of material 
accounting policy information. The related loss allowance can be analysed as follows:
31 March 2024
£m 
31 March 2023
£m
At 1 April
43.9
43.9
Impairment provision charged to the Income Statement
0.1
–
Utilised in the year
–
–
At 31 March
44.0
43.9
Notes to the Company Financial Statements continued
for the year ended 31 March 2024
33  Investments continued
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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35  Trade and other payables
31 March 2024
£m 
31 March 2023
£m
Amounts owed to Group undertakings
113.4
12.7
Accruals
0.8
2.1
114.2
14.8
Amounts due to other Group undertakings are repayable on demand. Interest is not payable on 
balances outstanding as a result of routine intercompany trading. Intercompany loans bear interest 
on the same basis as external bank borrowings.
36  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 20.
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 
Group’s financial assets and financial liabilities are set out below:
31 March 2024
31 March 2023
Amortised 
cost
£m
Fair value 
through other 
comprehensive 
income
£m
Total
£m
Amortised 
cost
£m
Fair value 
through other 
comprehensive 
income
£m
Total
£m
Assets per the 
Balance Sheet
Trade and other 
receivables1
278.0
–
278.0
185.5
–
185.5
Cash and cash 
equivalents 
9.4
–
9.4
1.0
–
1.0
Derivative financial assets
–
0.5
0.5
–
1.2
1.2
287.4
0.5
287.9
186.5
1.2
187.7
1	 Trade and other receivables excluding prepayments.
Interest income of £10.8m (2023: £8.3m) was received in relation to amounts owed by Group 
undertakings, accruing at an effective interest rate of 6.0% per annum (2023: 4.5%).
31 March 2024
31 March 2023
Amortised 
cost
£m
Fair value 
through other 
comprehensive 
income
£m
Total
£m
Amortised 
cost
£m
Fair value 
through other 
comprehensive 
income
£m
Total
£m
Liabilities per the 
Balance Sheet
Borrowings
105.1
–
105.1
93.6
–
93.6
Trade and other payables1
113.4
–
113.4
12.7
–
12.7
Accruals
0.8
–
0.8
2.1
–
2.1
Derivative financial 
liabilities
–
0.1
0.1
–
0.2
0.2
219.3
0.1
219.4
108.4
0.2
108.6
1	 Trade and other payables excluding non-financial liabilities.
Risks in relation to financial instruments are as discussed for the Group in note 20, 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 and arises principally from the 
Company’s receivables from Group undertakings and the intra-group financial guarantee contract in 
place under the asset based finance facility.
Transactions involving derivative financial instruments are undertaken with counterparties within the 
syndicate of banks that provide the Company’s asset based finance facility. 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.
Liquidity risk
The banking facilities of the Group detailed in note 20 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.
Notes to the Company Financial Statements continued
for the year ended 31 March 2024
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
Financial Statements
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36  Financial instruments continued
Undiscounted cash flows – 31 March 2024
2025
£m
2026
£m
2027
£m
2028  
and later
£m
Total
£m
Asset based finance facility 
–
–
105.1
–
105.1
Bank interest payments
8.1
7.1
2.3
–
17.5
Trade and other payables
113.4
–
–
–
113.4
Accruals
0.8
–
–
–
0.8
Derivative financial liabilities
–
0.1
–
–
0.1
122.3
7.2
7.4
–
236.9
Undiscounted cash flows – 31 March 2023
2024
£m
2025
£m
2026
£m
2027  
and later
£m
Total
£m
Asset based finance facility 
–
92.9
–
–
92.9
Bank interest payments
8.0
2.3
–
–
10.3
Trade and other payables
12.7
–
–
–
12.7
Accruals
2.1
–
–
–
2.1
Derivative financial liabilities
–
0.1
0.1
–
0.2
22.8
95.3
0.1
–
118.2
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 37, 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.
31 March 2024
£m 
31 March 2023
£m
Net debt
95.7
92.6
Total equity
164.6
174.4
At 31 March 
260.3
267.0
37  Borrowings
31 March 2024
£m 
31 March 2023
£m
Non-current borrowings 
Maturing between two and five years
  – Asset based finance facility
105.1
93.6
Total borrowings
105.1
93.6
Less: cash
(9.4)
(1.0)
Net debt1
95.7
92.6
1	 Key performance indicator – excluding lease liabilities.
Both the overdraft and asset based finance facility are secured by a fixed and floating charge over all 
the itemised hire fleet assets and trade receivables of the Group and are rated pari passu.
Reconciliation of financing liabilities and net debt
1 April 2023
£m
Non-cash 
movement
£m
Cash flow
£m
31 March 2024
£m
Bank borrowings
(93.6)
0.3
(11.8)
(105.1)
Liabilities arising from financing activities
(93.6)
0.3
(11.8)
(105.1)
Cash and cash equivalents
1.0
–
8.4
9.4
Net debt
(92.6)
0.3
(3.4)
(95.7)
38  Deferred tax
Total
£m
Opening at 1 April 2022 
(0.1)
Recognised in income
(0.1)
At 31 March 2023
(0.2)
Recognised in income
0.1
At 31 March 2024
(0.1)
Notes to the Company Financial Statements continued
for the year ended 31 March 2024
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
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39  Share capital and share incentives
The Company share capital is stated in accordance with note 25.
40  Contingent liabilities and commitments
There are no contingent liabilities nor capital commitments for the Company at the year end date.
41  Related party disclosures
Intercompany funding and cross guarantees
The amount outstanding from Group undertakings at 31 March 2024 totalled £275.6m (2023: £183.3m). 
Amounts owed to Group undertakings as at 31 March 2024 totalled £113.4m (2023: £12.7m).
The Company and certain subsidiary undertakings have entered into cross guarantees of bank loans 
and overdrafts to the Company, as disclosed in note 21.
Provision of Group services
The Company paid £0.9m in respect of Group services provided by its wholly owned subsidiary, 
Speedy Support Services Limited (2023: £0.8m).
Directors’ remuneration is borne by Speedy Support Services Limited with no recharge, the 
remuneration of whom is disclosed in note 7. Full details of Executive and Non-Executive Director 
compensation and interests in the share capital of the Company as at 31 March 2024 are given in the 
Directors’ Remuneration Report.
Notes to the Company Financial Statements continued
for the year ended 31 March 2024
Financial Statements
Consolidated Income Statement
122
Consolidated Statement
123 
of Comprehensive Income
Consolidated Balance Sheet
124
Consolidated Statement
125 
of Changes in Equity
Consolidated Cash Flow Statement
126
Notes to the Financial Statements
127
Company Balance Sheet
157
Company Statement
158 
of Changes in Equity
Company Cash Flow Statement
159
Notes to the Company 
159 
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2024
£m
20232
£m
20221
£m
20211
£m
2020
£m
Income Statement
Revenue
421.5
440.6
386.8
332.3
406.7
Gross profit
230.0
219.0
221.1
184.9
224.2
Operating profit
14.9
3.8
31.6
12.5
14.0
Share of results of joint ventures
2.9
6.6
3.2
1.2
2.8
Net financial expense 
(12.7)
(8.6)
(5.7)
(5.4)
(7.0)
Financial income/(expense) – exceptional 
–
–
–
–
10.9
Total net financial (expense)/income
(12.7)
(8.6)
(5.7)
(5.4)
3.9
Profit before taxation
5.1
1.8
29.1
8.3
20.7
Non-GAAP performance measures
Adjusted EBITDA2
96.8
103.9
100.1
90.6
103.4
Adjusted profit before tax2
14.7
30.7
29.6
17.5
40.9
Balance Sheet
Hire equipment – original cost3
386.0
395.9
422.7
386.6
408.1
Hire equipment – net book value
210.6
207.9
226.9
207.2
227.1
Total equity
175.7
184.6
216.4
210.8
211.5
Cash Flow
Cash generated from operations
69.0
51.9
28.6
72.9
64.5
Net cash flow before financing activities
28.4
37.0
5.5
69.7
45.2
Purchase of hire equipment 
(41.3)
(54.2)
(71.5)
(36.4)
(53.6)
(Loss)/profit on disposal of hire equipment
(2.6)
1.7
0.5
(1.0)
0.8
Free cash flow
23.5
10.6
(18.5)
46.6
21.2
In pence 
Dividend per share (interim and final dividend)
2.60
2.60
2.20
1.40
0.70
Adjusted earnings per share2
2.35
4.96
4.24
2.68
5.54
Net assets per share
34.0
35.7
41.8
39.9
40.1
In percentages
Return on capital employed2
9.9
14.0
13.1
8.4
12.8
EBITDA margin2
23.0
23.2
25.9
27.3
25.4
In ratios
Net debt/EBITDA (excluding impact of IFRS 16)2
1.5
1.3
0.9
0.5
0.9
Net debt/net tangible fixed assets
0.31
0.29
0.20
0.11
0.31
In numbers
Average employee numbers
3,409
3,524
3,501
3,875
4,071
Depot numbers
147
183
207
180
216
1	 2021 and 2022 presented for continuing operations only.
2	 2023 and earlier revised to reflect change in adjusted EBITDA and adjusted profit before tax definitions 
disclosed in note 31.
3	 2023 restated, see note 15.
Five-year summary
Shareholder information 
Annual General Meeting 
The Annual General Meeting (‘AGM’) will be held at the offices of Liberum, Ropemaker Place, 
25 Ropemaker Street, London, EC2Y 9LY on 5 September 2024 at 11.00am. 
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 all 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’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. 
Corporate Information
Five-year summary 
165
Shareholder information 
165
Registered office and advisers 
167
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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: 
•	
get the name of the person and organisation contacting you; 
•	
search the list of unauthorised firms to avoid at fca.org.uk/consumers/using-financial-services-
register to ensure they are authorised; 
•	
only use the details on the FCA Register to contact the firm; and 
•	
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.
Shareholder information continued
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.
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
Corporate Information
Five-year summary 
165
Shareholder information 
165
Registered office and advisers 
167
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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 advisers 
NM Rothschild & Sons Limited  
New Court  
St. Swithin’s Lane  
London  
EC4N 8AL 
Stockbrokers 
Liberum Capital Limited  
Ropemaker Place  
Level 12  
25 Ropemaker Street  
London  
EC2Y 9LY 
Peel Hunt LLP 
100 Liverpool Street 
London 
EC2M 2AT
Legal Advisers 
Pinsent Masons LLP  
1 Park Row  
Leeds  
LS1 5AB 
Addleshaw Goddard LLP  
One St Peter’s Square  
Manchester  
M2 3DE 
Auditors 
PricewaterhouseCoopers LLP  
No 1 Spinningfields  
1 Hardman Square  
Manchester  
M3 3EB 
Registered office and advisers
Bankers 
ABN AMRO  
Asset Based Finance N.V.,  
UK Branch 5  
Aldermanbury Square  
London  
EC2V 7HR 
Barclays Bank PLC  
1st Floor  
3 Hardman Street  
Spinningfields  
Manchester  
M3 3AP 
HSBC Invoice Finance (UK) Ltd  
21 Farncombe Road  
Worthing  
West Sussex  
BN11 2BW 
HSBC Bank Plc  
8 Canada Square  
Canary Wharf  
London  
E14 5HQ
RBS Invoice Finance Limited  
250 Bishopsgate  
London  
EC2M 4AA 
Wells Fargo Capital Finance (UK) Limited  
Bow Bells House  
1 Bread Street  
London  
EC4M 9BE 
Public relations 
MHP Communications  
60 Great Portland Street  
London  
W1W 7RT 
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
Corporate Information
Five-year summary 
165
Shareholder information 
165
Registered office and advisers 
167
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Printed by a Carbon Neutral Operation (certified: CarbonQuota) under the PAS2060 standard. 
Printed on material from well-managed, FSC™ certified forests and other controlled sources. This publication 
was printed by an FSC™ certified printer that holds an ISO 14001 certification. 
100% of the inks used are HP Indigo ElectroInk which complies with RoHS legislation and meets the chemical 
requirements of the Nordic Ecolabel (Nordic Swan) for printing companies, 95% of press chemicals are 
recycled for further use and, on average 99% of any waste associated with this production will be recycled and 
the remaining 1% used to generate energy. 
The paper is Carbon Balanced with World Land Trust, an international conservation charity, who offset 
carbon emissions through the purchase and preservation of high conservation value land. Through protecting 
standing forests, under threat of clearance, carbon is locked-in, that would otherwise be released. 
CBP025876
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Five-year summary 
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Shareholder information 
165
Registered office and advisers 
167
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Speedy Hire Plc
Chase House 
16 The Parks 
Newton-le-Willows 
Merseyside,  
WA12 0JQ
www.speedyhire.com
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