



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



Colleagues (at 31 March 2024)



Customers



in the UK and Ireland, ranging from large

national contractors to local trade and retail

Consumable products



in our extensive range

Hire product lines



with ECO products accounting for 55% of

our revenue, demonstrating our customers’

increasing demand and our commitment to

reducing carbon emissions

Supply chain partners



from global leading tool, plant and

equipment brands

Adjusted EBITDA



Net book value

(of property, plant and equipment)



Service Centre and on-site locations



in the UK and Ireland, including industry-leading

low and zero carbon facilities

In-store drop ship vendor digital model



Website visits



Electric and hybrid commercial vehicles



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:

speedyhire.com/investors

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Speedy Hire Plc Annual Report and Accounts 2024

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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.





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:

speedyhire.com/investors

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Governance Financial Statements

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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:

speedyhire.com/investors

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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:

speedyhire.com/investors

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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:

speedyhire.com/investors

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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:

speedyhire.com/investors

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Speedy Hire Plc Annual Report and Accounts 2024

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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

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 KPIsGrowth 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:

speedyhire.com/investors

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Speedy Hire Plc Annual Report and Accounts 2024

Strategic Report

BACK

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.



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



Grow EBITDA margins to



Maintain sustainable leverage



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:

speedyhire.com/investors

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Speedy Hire Plc Annual Report and Accounts 2024

Strategic Report

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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 profit

of £14.7m (FY2023:

£30.7

), 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.”



of revenue from new multi-year contracts



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

tax

decreased to £14.7m (FY2023: £30.7m

Adjusted earnings per share

were 2.35 pence

(FY2023: 4.96 pence

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.”



Investment in commercially sustainable

hire equipment



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:

speedyhire.com/investors

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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:

speedyhire.com/investors

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Chief Executive’s review continued

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

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speedyhire.com/investors

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Chief Executive’s review continued

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:

speedyhire.com/investors

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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 flow

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 EBITDA

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 debt

has increased to £101.3m as at

31 March 2024 representing leverage

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 debt

covered by EBITDA

. This

metric excludes the impact of IFRS 16.



Free Cash Flow



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 sales

(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 profit

was £230.0m (FY2023: £239.4m), a decrease of 3.9%. The gross margin

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 EBITDA

decreased by 6.8% to £96.8m (FY2023: £103.9

), however margins were held

broadly flat at 23%.

Adjusted profit before taxation

decreased to £14.7m (FY2023: £30.7m

), 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. ROCE

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 debt

), 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

For more information, visit:

speedyhire.com/investors

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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 margin

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 margin

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 costs

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 overheads

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 leverage

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 share

was 2.35 pence (FY2023: 4.96 pence

). Basic earnings per share

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 debt

covered by EBITDA

. 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 flow

increased to £23.5m (FY2023: £10.6m), as cash

disciplines across the business were reinforced.

Net debt

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, leverage

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 debt

covered by EBITDA

. 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:

speedyhire.com/investors

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Digitally and data driven…

…powered by our people and partners

Our

network

Our

logistics

Our Transformation Programme

Our

assets



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

For more information, visit:

speedyhire.com/investors

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Corporate InformationFinancial StatementsGovernance

Speedy Hire Plc Annual Report and Accounts 2024

Strategic Report

BACK

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.

























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:

speedyhire.com/investors

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Speedy Hire Plc Annual Report and Accounts 2024

Strategic Report

BACK



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.



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

HOME

Strategic Report Governance Financial Statements Corporate Information

Speedy Hire Plc Annual Report and Accounts 2024

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

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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speedyhire.com/investors

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

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.



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

For more information, visit:

speedyhire.com/investors

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

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



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

For more information, visit:

speedyhire.com/investors

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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





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

For more information, visit:

speedyhire.com/investors

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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.”

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

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

HOME

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Speedy Hire Plc Annual Report and Accounts 2024

Strategic Report

BACK



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

For more information, visit:

speedyhire.com/investors

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9.9%

14.0%

1.5x

1.3x

£69.0m

£51.9m

2.35p

4.96p

£421.5m

£440.6m

0.59p

0.25p

£96.8m

103.9m

£14.9m

£3.8m

Financial KPIs

Earnings per share

(pence)

A measure of the return generated

for the holder of each of our

ordinary shares.

Net debt

to EBITDA

(times)

A measure of how leveraged the

balance sheet is.

ROCE

(%)

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 EBITDA

(£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 debt

), for the last 12 months. See note 12 to the

Financial Statements.

5 See note 10 to the Financial Statements.

2.60p

Utilisation

(%)

A measure of how many of our

itemised assets are on hire to

customers by net book value.

52.4%

54.4%

Adjusted earnings per

(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

For more information, visit:

speedyhire.com/investors

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

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%

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

ñýõñþùþ÷öąüôùĭõĂõþóõ

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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Speedy Hire Plc Annual Report and Accounts 2024

Strategic Report

BACK

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

HOME

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Speedy Hire Plc Annual Report and Accounts 2024

BACK

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



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

HOME

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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.



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.



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 tCO

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.



of revenue generated from eco products.



litres of HVO D+ supplied to customers,

reducing customer carbon emissions by

109,000 tCO



of our hire fleet transitioned to eco

alternatives to achieve our target of 70%

eco products by 2027.



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

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

HOME

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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 ćùĄøùþįõõĄćùĄø

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

õóÿþÿýĉįù÷øĄăòĉ

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

OMOPĆùñăĄñĭ

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



reduction in carbon emissions per

employee since FY2020.



reduction in scope 1 and 2 carbon

emissions since FY2020 baseline, placing

us well on track to achieve our 2030 goal.



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:





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 2,454tCO

e 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

HOME

Strategic Report Governance Financial Statements Corporate Information

Speedy Hire Plc Annual Report and Accounts 2024

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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:

speedyhire.com/investors

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Speedy Hire Plc Annual Report and Accounts 2024

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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

HOME

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Speedy Hire Plc Annual Report and Accounts 2024

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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.



of Speedy Hire colleagues said they

are motivated to do their best work

(4% above external benchmark).



Received ‘We invest in apprentices’ gold

accreditation from Investors in People.



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 sectors

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.





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

HOME

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Speedy Hire Plc Annual Report and Accounts 2024

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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

HOME

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Speedy Hire Plc Annual Report and Accounts 2024

BACK

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

HOME

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Speedy Hire Plc Annual Report and Accounts 2024

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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.



of social value created.



Donated to charity, representing 1% of

profit; our goal is to invest 1% of profit in

charitable and community programmes

by 2025.



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’).





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

HOME

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BACK

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

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speedyhire.com/investors

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



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 tCO

e 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

tCO

e and a 21.42% reduction from financial

year 2023 total footprint of 363,572.51 tCO

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 tCO

e 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 CO

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:

speedyhire.com/investors

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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 tCO

e in FY2024.

A detailed breakdown is shown in the below.

Our carbon emissions are reported in tonnes

of CO

e which is aggregated from all direct

and indirect emissions of carbon dioxide (CO

methane (CH

), nitrous oxide (N

O) and other

relevant greenhouse gases.

Tonnes of CO

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

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speedyhire.com/investors

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Tonnes of CO

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 (tCO

e) 12,297.84 12,768.77 19,854.60

Scope 2 emissions (tCO

e) (market-based) 121.00 225.28 4,411.68

Total Scope 1 and 2 emissions (tCO

e) 12,418.84 12,994.05 24,266.22

Emission intensity Scope 1 & 2 (tCO

e/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

• kgCO

e 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

For more information, visit:

speedyhire.com/investors

HOME

Strategic Report Governance Financial Statements Corporate Information

Speedy Hire Plc Annual Report and Accounts 2024

BACK





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.

b. Describe management’s role in assessing and managing

climate-related risks and opportunities.

Strategy a. Describe the climate-related risks and opportunities the

organisation has identified over the short, medium, and long

term.

b. Describe the impact of climate-related risks and opportunities

on the organisation’s businesses, strategy, and financial

planning.

c. Describe the resilience of the organisation’s strategy, taking

into consideration different climate-related scenarios,

including a 2°C or lower scenario.

Risk Management a. Describe the organisation’s processes for identifying

and assessing climate-related risks.

b. Describe the organisation’s processes for managing

climate-related risks.

c. Describe how processes for identifying, assessing and

managing climate-related risks are integrated into the

organisation’s overall risk management.

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.

b. Disclose scope 1, scope 2 and, if appropriate, scope 3

greenhouse gas (‘GHG’) emissions and the related risks.

c. Describe the targets used by the organisation to manage

climate-related risks and opportunities and performance

against targets.

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

(2024)

(2024-2027)

(2027-2032)

(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

(2024)

(2024-2027)

(2027-2032)

(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

(2024)

(2024-2027)

(2027-2032)

(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

(2024)

(2024-2027)

(2027-2032)

(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

(2024)

(2024-2027)

(2027-2032)

(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

(2024)

(2024-2027)

(2027-2032)

(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

(2024)

(2024-2027)

(2027-2032)

(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

(2024)

(2024-2027)

(2027-2032)

(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

(2024)

(2024-2027)

(2027-2032)

(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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speedyhire.com/investors

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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

(2024)

(2024-2027)

(2027-2032)

(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

(2024)

(2024-2027)

(2027-2032)

(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

For more information, visit:

speedyhire.com/investors

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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

(2024)

(2024-2027)

(2027-2032)

(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

(2024)

(2024-2027)

(2027-2032)

(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

For more information, visit:

speedyhire.com/investors

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BACK

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

(2024)

(2024-2027)

(2027-2032)

(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

For more information, visit:

speedyhire.com/investors

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Speedy Hire Plc Annual Report and Accounts 2024

BACK

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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Speedy Hire Plc Annual Report and Accounts 2024

BACK

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

For more information, visit:

speedyhire.com/investors

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Speedy Hire Plc Annual Report and Accounts 2024

BACK

Risk management

We have developed a comprehensive list of

climate-related risks to assess our exposure.

These risks are included in the Company risk

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 FY2040

. 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)

• 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

For more information, visit:

speedyhire.com/investors

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BACK

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)

Targ et s 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 (tCO

e) 19,841.43 12,768.80 12,297.84

Scope 2 emissions (tCO

e) (market-based) 4,411.68 225.30 121

Scope 3 emissions (tCO

e) 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)

Targ et s 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 (tCO

e) 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)

Targ et 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 guidance

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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speedyhire.com/investors

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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

For more information, visit:

speedyhire.com/investors

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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

For more information, visit:

speedyhire.com/investors

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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 CO

• 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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speedyhire.com/investors

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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

For more information, visit:

speedyhire.com/investors

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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

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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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Strategic Report

BACK

Board of Directors

1. David Shearer 2. Dan Evans 3. Paul Rayner 4. David Garman

78526143

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

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.

Audit & Risk Committee

Nomination Committee

Remuneration Committee

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

S A

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.

Audit & Risk Committee

Nomination Committee

Remuneration Committee

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 Rayner

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 position

, 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

management

Percentage of

executive

management

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

management

Percentage

ofexecutive

management

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)

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 Hire

22.2% 6.5% 3.4% 7.2% 9.1% 35.3%

Diversity Survey

29.1% 13.6% 2.8% 2.04% 7.7% 31.0%

Diversity Survey (Tier 2)

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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Directors’ Remuneration Policy Report continued

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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Directors’ Remuneration Policy Report continued

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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Directors’ Remuneration Policy Report continued

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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Directors’ Remuneration Policy Report continued

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 LTI P 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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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 Shearer

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

£’000

Pension

£’000

Total fixed

remuneration

£’000

Annual

bonus

£’000

Value of

long-term

incentives

£’000

Total variable

remuneration

£’000

Total

remuneration

£’000

Executive Directors

Dan Evans

2024 473 5 14 492000492

2023 225 4 7 236000236

Paul Rayner

2024 263 13 0 276000276

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 Down

2023 223 7 27 257000257

James Bunn

2023 198 0 6 204 0 – 0 204

Totals 2024 1,159 18 14 1,1910001,191

2023 1,036 11 40 1,0870001,087

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 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 PBT

50% £34.0m £38.9m £14.7m 0%

Free Cash Flow

20% £11.5m £14.4m £23.5m 0%

Strategic (Customers,

Stock, Training) 15% 15% – – 0%

ESG (CO

per employee,

Diversity, Safety) 15% 15% – – 0%

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 CO

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

under

award

Face value

of awards

Performance

period

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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Annual Report on Remuneration continued

Details of the Executive Directors’ interests in share-based awards

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 2017

2,3

23,883 – – – 23,883 nil Jun 2020 – Jun 2027

PSP 2018

2,3

60,148 – – – 60,148 nil May 2021 – May 2028

PSP 2020

2,4

342,765 – – 342,765 – nil Nov 2023 – Nov 2030

PSP 2021

2,5

338,120 – – – 338,120 nil Jun 2024 – Jun 2031

PSP 2022

2,6

604,528 – – – 604,528 nil Jun 2025 – Jun 2032

PSP 2023

– 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 withheld

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

purchase

price

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 Rayner

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.

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) 593 107 409 757 667

1,278

683 790 735 257 236 492

Annual bonus (% of max) 60.0% – – 97.4% 54.8% 54.9% – 70.54%

66.9% 0% 0% 0%

PSP vesting (% of max) – – – – 33.0% 96.4%

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 Evans

n/a n/a n/a n/a n/a n/a n/a n/a n/a 30% (24%) n/a

Paul Rayner

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 Bartlett

4%n/an/a 4%n/an/a 5%n/an/a 17%n/an/a

Shatish Dasani

n/a n/a n/a 3% n/a n/a 4% n/a n/a 5% n/a n/a

Carol Kavanagh

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 rights

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 rights

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

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

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
			Non-
		Underlying	underlying		Underlying	Non-underlying
		performance	items1	Tota l	performance	items1	Total
	Note	£m	£m	£m	£m	£m	£m
Revenue	2	421 .5	–	421. 5	440. 6	–	440. 6
Cost of sales		(1 9 1 . 5)	–	(19 1 . 5)	(2 01 . 2)	(2 0 . 4)	(2 2 1. 6)
Gross profit		230.0	–	230.0	239.4	(20.4)	219 .0
Distribution and administrative costs		(2 0 2 . 9)	(9. 0)	(21 1 . 9)	(2 0 3 . 1)	(8 . 1)	(2 1 1. 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)	1 7 .8	38.9	(28.5)	1 0.4
Net financial expense	8	(1 2 . 7)	–	(1 2 . 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	2 3 . 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			10 3 . 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	Year ended
	31 March 2024	31 March 2023
	£m	£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

			31 March 2023
		31 March 2024	Restated
	Note	£m	£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	10 2 . 3	10 6 . 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	12 1. 3
Total assets		500.2	47 6. 4
LIABILITIES
Current liabilities
Bank overdraft	21	(1 . 2)	(1. 3)
Lease liabilities	22	(2 2 . 1)	(2 2 . 1)
Trade and other payables	19	(96 . 4)	(8 8 . 6)
Derivative financial liabilities	20	(0. 1)	(0 . 6)
Provisions	23	(8 . 8)	(9 . 3)
		(1 2 8 . 6)	(12 1. 9)

			31 March 2023
		31 March 2024	Restated
	Note	£m	£m
Non-current liabilities
Borrowings	21	(1 0 4 . 1)	(9 2 . 2)
Lease liabilities	22	(75. 5)	(6 4 . 0)
Provisions 1	23	(7.6)	(6 . 3)
Deferred tax liability	24	(8 .7)	(7.4)
		(195.9)	(16 9 . 9)
Total liabilities		(3 2 4 . 5)	(2 91 . 8)
Net assets		175 . 7	18 4 .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	15 6 . 2
Total equity		175 . 7	18 4 .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

				Capital
			Share	redemption	Merger	Hedging	Translation	Retained
		Share capital	premium	reserve	reserve	reserve	reserve	Earnings	Total equity
	Note	£m	£m	£m	£m	£m	£m	£m	£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		–	–	–	–	–	–	(1 0 . 9)	(1 0 . 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	–	–	–	(2 4 . 0)	(2 4 . 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)	(1 1 . 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)	1 4 7. 6	17 5 . 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

		Year ended	Year ended
		31 March 2024	31 March 2023
	Note	£m	£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		(4 1 . 3)	(5 4 . 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		(1 2 . 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	(2 0 . 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		(2 4 . 2)	(3 . 4)
Net cash flow before financing activities		28.4	37 .0

		Year ended	Year ended
		31 March 2024	31 March 2023
	Note	£m	£m
Cash flow from financing activities
Payments for the principal element of leases		(2 6 . 0)	(2 6 . 5)
Drawdown of loans		574.3	595.6
Repayment of loans		(5 6 1 . 9)	(57 2.3)
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		(2 5 . 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		Effective date (periods
(‘IAS’)/IFRS		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	1 January 2023
	arising from a Single Transaction
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		Effective date (periods
(IAS)/IFRS		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	1 January 2024
	or Non-current
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	1 January 2027
	of Financial Statements

* 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	• over the shorter of the lease period and 50 years
improvements	straight-line
Short leasehold property improvements	• over the period of the lease
Fixtures and fittings and office	• 25% per annum straight-line
equipment (excluding IT)
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		UK and	Corporate
	disposals	Services	Ireland 1	items	Tota l
	£m	£m	£m	£m	£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 EBITDA			99.5	(2.7)	96.8
Depreciation			(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
Amortisation			(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		UK and	Corporate
	disposals	Services	Ireland	items	Tota l
	£m	£m	£m	£m	£m
Intangible assets			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 revised

	Hire
	excluding		UK and	Corporate
	disposals	Services	Ireland 1	item	Total
	£m	£m	£m	£m	£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 EBITDA			105.8	(1.9)	103.9
Depreciation			(69.3)	(0.3)	(69.6)
Loss on planned disposals of hire equipment			(0.2)	–	(0.2)

	Hire
	excluding		UK and	Corporate
	disposals	Services	Ireland	item	Total
	£m	£m	£m	£m	£m
Operating profit/(loss) before amortisation
and non-underlying items			36.3	(2.2)	34.1
Amortisation			(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 assets			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
		Non-current		Non-current
	Revenue	assets	Revenue	assets
	£m	£m	£m	£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	Year ended
	31 March 2024	31 March 2023
	£m	£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	Fair value
	acquisition	adjustment	Fair value
	£m	£m	£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	Year ended
	31 March 2024	31 March 2023
	£m	£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	Year ended
		31 March 2024	31 March 2023
		£m	£m
Amortisation of intangible assets
– 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 equipment		2.4	0.2
Loss/(profit) on other disposals of hire equipment		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	Year ended
	31 March 2024	31 March 2023
	£m	£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	Year ended
	31 March 2024	31 March 2023
	£m	£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	Year ended
	31 March 2024	31 March 2023
	£’000s	£’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	Year ended
	31 March 2024	31 March 2023
	£m	£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	Year ended
	31 March 2024	31 March 2023
	£m	£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	Year ended
	31 March 2024	31 March 2023
	£m	£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	Year ended
	31 March 2024	31 March 2023
	£m	£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	Year ended
	31 March 2024	31 March 2023
	£m	£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 earnings	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 share	2.35	4.96
Dilutive shares and options	(0.02)	(0.04)
Adjusted diluted earnings per share	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	Year ended
	31 March 2024	31 March 2023
	£m	£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
	Year ended	31 March 2023
	31 March 2024	Restated
	£m	£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 equipment	2.4	0.2
Adjusted EBITDA	96.8	103.9
Profit before tax	5.1	1.8
Add back: amortisation of acquired intangibles	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 items	27.4	39.3
Average gross capital employed	277.0	280.5
ROCE	9.9%	14.0%

1, 2

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

					Internally
		Acquired			generated
				Total		Total
		Customer		acquired	IT	intangible
	Goodwill	lists	Brands	intangibles	development	assets
	£m	£m	£m	£m	£m	£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:

		Customer		IT
	Goodwill	lists	Brands	development	Tota l
	£m	£m	£m	£m	£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	Terminal value	Pre-tax	Terminal value
	discount rate	growth rate	discount rate	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 –	Pre-tax
	1% decrease	discount rate –
	per annum	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		Turner & Hickman
	Solutions Limited		Limited
	Equity	Equity	Loan
	investment	investment	advances
	£m	£m	£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	Year ended
	31 December	31 December
	2023	2022
	£m	£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	Year ended
	31 December	31 December
	2023	2022
	£m	£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	Hire
	buildings	equipment	Other	Tota l
	£m	£m	£m	£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
Disposals	(2.0)	(22.2)	(0.6)	(24.8)
Exceptional write-off	–	(33.0)	–	(33.0)
Transfers to inventory	–	(23.6)	–	(23.6)
At 31 March 2023 restated 1	54.5	395.9	96.6	547.0
Transfer to Intangible Assets	–	–	(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
Disposals	(1.4)	(11.9)	(0.5)	(13.8)
Exceptional write-off	–	(12.6)	–	(12.6)
Transfers to inventory	–	(17.4)	–	(17.4)
At 31 March 2023 restated 1	40.6	188.0	80.7	309.3
Transfer to Intangible Assets	–	–	(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	Hire
	buildings	equipment	Other	Tota l
	£m	£m	£m	£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	Other	Tota l
	£m	£m	£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	31 March 2023
	£m	£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	31 March 2023
	£m	£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	31 March 2023
	£m	£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	31 March 2023
	£m	£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	31 March 2023
	£m	£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.

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
		Fair value			Fair value
		through other			through other
	Amortised	comprehensive		Amortised	comprehensive
	cost	income	Tota l	cost	income	Total
	£m	£m	£m	£m	£m	£m
Assets per the Balance Sheet
Trade and other receivables	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
		Fair value			Fair value
		through other			through other
	Amortised	comprehensive		Amortised	comprehensive
	cost	income	Tota l	cost	income	Total
	£m	£m	£m	£m	£m	£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
			Net			Net
			amounts			amounts
		Gross	presented			presented
		amounts offset	in the		Gross amounts	in the
	Gross	in the Balance	Balance	Gross	offset in the	Balance
	amounts	Sheet	Sheet	amounts	Balance Sheet	Sheet
	£m	£m	£m	£m	£m	£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
				2028
	2025	2026	2027	and later	Tota l
	£m	£m	£m	£m	£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
				2027
	2024	2025	2026	and later	Tota l
	£m	£m	£m	£m	£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
		Notional		Notional
	Fair value	amount 1	Fair value	amount
	£m	£m	£m	£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	31 March 2023	31 March 2022
	£m	£m	£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	31 March 2023
	£m	£m
Current borrowings
Bank overdraft	1.2	1.3
Lease liabilities	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 liabilities	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 debt	101.3	92.4

1 See note 31.

2 Key performance indicator – excluding lease liabilities.

Reconciliation of financing liabilities and net debt

		Non-cash
	1 April 2023	movement	Cash flow	31 March 2024
	£m	£m	£m	£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	Other	Tota l
	£m	£m	£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	31 March 2023
	£m	£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

		Training
	Dilapidations	provision	Tota l
	£m	£m	£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: £6.3m

) 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	Intangible	Share-based
	equipment	assets	payments	Other items	Tota l
	£m	£m	£m	£m	£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	Amount	Number	Amount
	m	£m	m	£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		WAEP
	pence	Number	pence	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	2023
	Years	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	December	December	December
	2023	2022	2021	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	June	June	November
	2023	2022	2021	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	Adjustment	Restated
	£m	£m	£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

capital

£m

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 –––––0.10.1

Other comprehensive expense ––––0.5–0.5

Total comprehensive income ––––0.50.10.6

Dividends –––––(10.9)(10.9)

Equity-settled share-based payments –––––1.11.1

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 –––––1.91.9

Other comprehensive income ––––(0.5)0.1(0.4)

Total comprehensive income ––––(0.5)2.01.5

Dividends –––––(11.8)(11.8)

Equity-settled share-based payments –––––0.50.5

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

capital

held

Allen Contracts Limited

01617643 UK Dormant 100%

Allen Investments Limited

01354530 UK Dormant 100%

Bucks Access Rentals Limited

1,2

05249533 UK Dormant 100%

Chestview (North East) Limited

02935264 UK Dormant 100%

Crewe Plant Hire Limited

1,2

08590447 UK Dormant 100%

Drain Technology (1985) Limited

SC036329 UK Dormant 100%

Drain Technology Limited

SC090054 UK Dormant 100%

Green Power Hire Limited

1,2

13588088 UK Hire services 100%

Hire-A-Tool Limited

01354100 UK Dormant 100%

Lifterz Holdings Limited

1,2

10215607 UK Holding

company

100%

Lifterz Limited

1,2,

05995339 UK Dormant 100%

Lifterz (Scot) Limited

1,2

10981353 UK Dormant 100%

OHP Limited

1,2

09392490 UK Holding

company

100%

Platform Sales & Hire Limited

1,2

03845635 UK Dormant 100%

Prolift Access Limited

1,2

07067785 UK Dormant 100%

Rail Hire (UK) Limited

1,2

06758009 UK Dormant 100%

SHH 501 Limited

1,2

08666700 UK Dormant 100%

Speedy Asset Leasing Limited

04621481 UK Dormant 100%

Speedy Asset Services Limited

06847930 UK Hire services 100%

Speedy Engineering Services Limited

06440025 UK Dormant 100%

Speedy Hire (Ireland) Limited

4,10

NI048108 UK Hire services 100%

Speedy Hire (Ireland) Limited

2,5

409718 Ireland Hire services 100%

Speedy Hire (UK) Limited

00245380 UK Dormant 100%

Speedy Hire Centres (Midlands) Limited

01048492 UK Dormant 100%

Speedy Hire Centres Limited

06207105 UK Dormant 100%

Speedy Hire Direct Limited

1,2

00974324 UK Dormant 100%

Speedy Hydrogen Solutions Limited

1,2

15264396 UK Hire services 50%

Speedy Industrial Services Limited

01105942 UK Dormant 100%

Speedy International Asset Services (Holdings) Limited

1,10

07174616 UK Holding

company

100%

Speedy International Asset Services LLC (Egypt)

2,6

Egypt Dormant 100%

Speedy International Leasing Limited

1,2

07174944 UK Dormant 100%

Speedy LCH Generators Limited

SC068997 UK Dormant 100%

Speedy LGH Limited

05436955 UK Dormant 100%

Speedy Lifting Limited

04529136 UK Dormant 100%

Speedy Plant Hire Limited

02036670 UK Dormant 100%

Speedy Power Limited

03923249 UK Dormant 100%

Speedy Pumps Limited

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

capital

held

Speedy Rail Services Limited

04016794 UK Dormant 100%

Speedy Safemaker Limited

1,2

05628930 UK Dormant 100%

Speedy Services Limited

04529126 UK Dormant 100%

Speedy Space Limited

01157713 UK Dormant 100%

Speedy Support Services Limited

1,10

02479218 UK Provision

of group

services

100%

Speedy Survey Limited

03845497 UK Dormant 100%

Speedy Transport Limited

1,10

04408263 UK Provision

of group

services

100%

Speedy Zholdas LLP

Kazakhstan Hire services 45%

Speedyloo Limited

03244814 UK Dormant 100%

Stockton Investments (North East) Limited

05064013 UK Dormant 100%

Tidy Group Limited

01227264 UK Dormant 100%

Turner & Hickman Limited

2,7,8

SC318140 UK Holding

company

50%

Waterford Hire Services Limited

1,9

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

Tota l

£m

Amortised

cost

£m

Fair value

through other

comprehensive

income

£m

Total

£m

Assets per the

Balance Sheet

Trade and other

receivables

278.0 – 278.0 185.5 – 185.5

Cash and cash

equivalents 9.4 – 9.4 1.0 – 1.0

Derivative financial assets –0.50.5–1.21.2

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

Tota l

£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 payables

113.4 – 113.4 12.7 – 12.7

Accruals 0.8 – 0.8 2.1 – 2.1

Derivative financial

liabilities –0.10.1–0.20.2

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

Tota l

£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

Tota l

£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 debt

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

Tota l

£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

Financial Statements

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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

Financial Statements

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2024

£m

2023

£m

2022

£m

2021

£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 EBITDA

96.8 103.9 100.1 90.6 103.4

Adjusted profit before tax

14.7 30.7 29.6 17.5 40.9

Balance Sheet

Hire equipment – original cost

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 share

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 employed

9.9 14.0 13.1 8.4 12.8

EBITDA margin

23.0 23.2 25.9 27.3 25.4

In ratios

Net debt/EBITDA (excluding impact of IFRS 16)

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-

• 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

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

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

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Corporate Information

Five-year summary 165

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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