Speedy Hire : 2021 ANNUAL REPORT (PDF)

Sustainable growth

Speedy Hire Plc

Annual Report and Accounts 2021

trust us to deliver

Speedy is the UK's leading provider of tools and equipment hire, and services to the construction, infrastructure and industrial markets.

Our hire and services business operates from 200 locations in the UK and Ireland.

We also operate internationally through a joint venture in Kazakhstan.

CONTENTS
Strategic Report		Governance		Notes to the	116
Who we are	IFC	Chairman's letter		Financial Statements
	Company Balance Sheet	147
What we do	02	to shareholders	61
Company Statement
Our network	03	Directors' Report	62
of Changes in Equity	148
Where we operate	04	Statement of Directors'
65	Company Cash Flow
Our customer value proposition	06	Responsibilities
Statement	149
Board of Directors	66
Why invest in Speedy	07
Notes to the Company
Corporate Governance	68
Our ESG strategy	08
Financial Statements	150
Audit & Risk Committee Report	74
Chairman's statement	10	Five-year summary	154
COVID-19: Supporting		Nomination Committee Report	78
colleagues and customers		Remuneration Report	80	Corporate Information
through the pandemic	12
Independent auditor's report	101	Shareholder Information	155
Chief Executive's Review	14
		Registered office
Financial KPIs	17	Financial Statements
	and advisers	156
Our strategy	18
Consolidated Income
Simplify	19
Statement	111
Standardise	20	Consolidated Statement of
Grow	21	Comprehensive Income	112
Speedy and B&Q trial new outlets	22	Consolidated Balance Sheet	113
ESG Report	24	Consolidated Statement
Financial Review	40	of Changes in Equity	114
Principal risks and uncertainties	45	Consolidated Cash	115
Viability Statement	55	Flow Statement
Board engagement
with our stakeholders	56

OUR VISION

Trusted to be the best company in our sector to do business with and the best to work for.

OUR MISSION

To provide safe, reliable products and services to enable successful delivery of customer projects.

OUR VALUES

'Safe' the first priority in everything we do

'As One' working together to collectively achieve our goals 'Innovative' to continuously improve

'Driven' to deliver a first class customer experience

COMPANY FACTS

Report Strategic

Governance

Statements Financial

3,843	c.2,250
total employees	hire product lines and
(3,806 FTE)	approximately 300,000
	itemised assets for hire

40,000	c.50,000
consumable products	customers in the UK and Ireland,
in our extensive range	ranging from large national
	contractors to local trades

c.23%

of our hire fleet are ECO products providing a range of environmental benefits

Customer satisfaction

we have high levels of customer advocacy with a 92% customer satisfaction score*

Information Corporate

*Based on average monthly responses to customer surveys

Strategic Report Speedy Hire Plc Annual Report and Accounts 2021 1

What we do

Services Hire

41%* 59%*

Our services revenues fall into the following categories:

Rehire

We provide a single hire destination service for customers, offering a complete plant, accommodation and equipment range through our partnerships with the industry's leading suppliers.

Testing, inspection and certification

Through our Lloyds British business we ensure our customers remain compliant by providing testing, inspection and certification services for a broad range of market sectors.

Powered access specialist servicing and refurbishment Through our national Speedy Powered Access division, we provide specialist servicing and refurbishment services for powered access equipment.

Retail sales

We offer c.40,000 consumable products in our extensive range both through a centrally managed procurement team, and at a local level through our network of Speedy Service Centres and within certain B&Q stores.

Fuel Management

Speedy is the only UK plant hire company with its own fully integrated fuel division, providing a competitive fuel supply service. This includes low emission Green D+ HVO (Hydrotreated Vegetable Oil) fuel through a fully managed service, including products that can help customers reduce consumption, minimise deliveries and reduce overall costs.

Training

We provide apprenticeships, NVQs, professional skills and safety training along with other progressive end-to-end training courses.

We hire approximately 2,250 products through our core tools and specialist businesses, which include lifting, survey, power, rail and powered access.

Tools

The latest hand tools and accessories including our extensive range of environmental next generation 'Energise' approved ECO products.

Lifting

A broad range of equipment for any lifting requirements, including hoists, winches, hydraulic cylinders and jacks supported by our Lloyds British business.

Survey

The most technologically advanced and accurate instruments from leading manufacturers in the industry, all fully maintained and calibrated by expert teams at our approved service centres.

Power

An industry leading fleet of the latest energy efficient hybrid and solar generators, compressors and pumps for every size of project, alongside our fuel management service.

Rail

RISQS accredited, providing a range of industry compliant assets that are supported by a project management service.

Powered access

The newly formed 'Speedy Powered Access' division provides an industry leading range of equipment including sustainable hybrid boom lifts, specialist platforms and cherry pickers.

*Approximate Group revenue

2 Strategic Report Speedy Hire Plc Annual Report and Accounts 2021

Our network	During FY2021 we
	Image:
	opened new Regional
	Service Centres as
	part of our network
	upgrade programme

Our aim is to make it easy for customers to do business with us, through providing a choice of different contact options to suit their needs:

Report Strategic

B&Q outlets

Through a growing number of B&Q stores across the UK

Speedy Direct

Through our central call centre in the North West, with dedicated desks for our major customers

CUSTOMER

CONTACT

OPTIONS

Regional Hubs

Our regional call centres are located throughout the country, with dedicated staff servicing our regional customer base

Governance

Service

Centre

Network

Through 200 operational centres across the UK and Ireland

Online

Through our website and mobile app

Customer

Relationship

Centre

Through our central hub in South Wales, dedicated to servicing our SME customers

Statements Financial

Information Corporate

Strategic Report Speedy Hire Plc Annual Report and Accounts 2021 3