Following Speedy Hire’s trading update on 2 April 2026, we have downgraded FY26E EBITDA from £102m to £90m (as detailed in the update) and FY27E from £122m to £115m. Market conditions worsened through 4Q with uncertainty around the UK budget in November and the recent geopolitical events in the Middle East. In addition, some customer delays had an impact. While these delays are expected to shift activity and profit into FY27E, the wider (and growing) macro uncertainty is now expected to postpone ....
