UK machinery specialist Speedy Hire said its 2023 results would be lower than initial expectations as softer demand and warmer-than-expected weather hit. In a trading update, the group said total group revenue for the 2023 trading year was £420m, down around five per cent from the previous year. Alongside the fuel and weather contingencies, the company said its regional base underperformed by around six per cent year-on-year, hit by cost inflation and softer demand across the construction sector. However, the group said it has secured additional annual turnover in excess of £40m across multi-year contracts with new and existing customers.

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