Sustainable Speedy Hire Plc Speedy Hire growth Speedy Hire Plc Annual 2021 Report and Accounts Annual Report and Accounts 2021 Speedy Hire Plc Chase House 16 The Parks Newton-le-Willows Merseyside WA12 0JQ speedyservices.com/investors 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 Financial Statements 116 Who we are IFC Chairman’s letter 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’ Responsibilities 65 Company Cash Flow Our customer value proposition 06 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 Chief Executive’s Review 14 Shareholder Information 155 Financial KPIs 17 Registered office 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 All paper from sustainable and controlled sources. Principal risks and uncertainties 45 Consolidated Cash This Annual Report is available at: www.speedyservices.com/investors Viability Statement 55 Flow Statement 115 Board engagement Designed by Engine Studio | mhpc.com with our stakeholders 56 Printed by 4-Print Limited | 4-print.co.uk OUR VISION Strategic Report Strategic 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. Governance 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 Financial Statements COMPANY FACTS 3,843 c.2,250 c.23% total employees hire product lines and of our hire fleet are ECO (3,806 FTE) approximately 300,000 products providing a range itemised assets for hire of environmental benefits 40,000 c.50,000 Customer satisfaction Information Corporate consumable products customers in the UK and Ireland, we have high levels of customer in our extensive range ranging from large national advocacy with a 92% customer contractors to local trades satisfaction score* * 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 We hire approximately 2,250 products the following categories: through our core tools and specialist Rehire businesses, which include lifting, survey, We provide a single hire destination service for customers, power, rail and powered access. offering a complete plant, accommodation and equipment range through our partnerships with the industry’s leading suppliers. Tools The latest hand tools and accessories including our extensive Testing, inspection and certification range of environmental next generation ‘Energise’ approved Through our Lloyds British business we ensure our customers ECO products. remain compliant by providing testing, inspection and certification services for a broad range of market sectors. Lifting A broad range of equipment for any lifting requirements, Powered access specialist servicing and refurbishment including hoists, winches, hydraulic cylinders and jacks supported Through our national Speedy Powered Access division, by our Lloyds British business. we provide specialist servicing and refurbishment services for powered access equipment. Survey The most technologically advanced and accurate instruments Retail sales from leading manufacturers in the industry, all fully maintained We offer c.40,000 consumable products in our extensive range and calibrated by expert teams at our approved service centres. both through a centrally managed procurement team, and at a local level through our network of Speedy Service Centres and Power within certain B&Q stores. An industry leading fleet of the latest energy efficient hybrid and solar generators, compressors and pumps for every size of project, Fuel Management alongside our fuel management service. Speedy is the only UK plant hire company with its own fully integrated fuel division, providing a competitive fuel supply Rail service. This includes low emission Green D+ HVO (Hydrotreated RISQS accredited, providing a range of industry compliant Vegetable Oil) fuel through a fully managed service, including assets that are supported by a project management service. products that can help customers reduce consumption, minimise Powered access deliveries and reduce overall costs. The newly formed ‘Speedy Powered Access’ division provides Training an industry leading range of equipment including sustainable We provide apprenticeships, NVQs, professional skills and safety hybrid boom lifts, specialist platforms and cherry pickers. training along with other progressive end-to-end training courses. *Approximate Group revenue 2 Strategic Report Speedy Hire Plc Annual Report and Accounts 2021 Image: Our network During FY2021 we opened new Regional Service Centres as part of our network Report Strategic 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: Speedy Direct Through our central call centre in the North West, with dedicated desks for our major customers Regional Hubs Governance Our regional call centres Governance are located throughout the country, with dedicated B&Q outlets staff servicing our regional Through a growing customer base number of B&Q stores across the UK CUSTOMER CONTACT Financial Statements OPTIONS Financial Statements Service Centre Network Through 200 operational centres across the UK and Ireland Customer Relationship Centre Through our central hub in South Wales, dedicated to Online servicing our SME customers Through our website Corporate Information Corporate and mobile app Information Corporate Strategic Report Speedy Hire Plc Annual Report and Accounts 2021 3 Where we operate INFRASTRUCTURE OTHER CONSTRUCTION • New Build Highways, Rail, • New Build Education, Energy, Harbours and Airports Health, Warehouses, • Frameworks in Water and Leisure and Entertainment, Sewerage (AMP7), Roads Libraries and Prisons (Highways England), Rail (CP6) and Communications RMI AND SUPPORT SERVICES* RESIDENTIAL • Building and CONSTRUCTION Asset Maintenance • New Build Housing • Facilities Management, Building Maintenance, COMMERCIAL Manufacturing, Production, CONSTRUCTION Industrial Services, • New Build Offices and Environmental Services, Retail Shopping Centres Engineering Services, Defence and Media * Repair Maintenance Improvement (housing and construction) 4 Strategic Report Speedy Hire Plc Annual Report and Accounts 2021 Strategic Report Strategic Governance Governance Financial Statements Financial Statements Corporate Information Corporate Corporate Information Corporate Strategic Report Speedy Hire Plc Annual Report and Accounts 2021 5 We offer customers a single destination to access the most Our customer innovative, safe, sustainable and compliant tools and equipment to hire or buy. In addition we have the ability to test and inspect value proposition products to maintain compliance, and provide expert training. As a result, we protect customers against commercial risk, PROVIDING A FIRST CLASS CUSTOMER enable the successful delivery of their projects and ensure EXPERIENCE IS CORE TO OUR SERVICE OFFERING their people are operating safely on-site. Hire Buy We make life easy for our customers with We provide our customers with the industry’s leading hire product range quality retail products, tools and and nationwide delivery options, ensuring accessories from market leading brands. we can support them with all their project • c.40,000 products in our needs, wherever they are working. extensive range • 2,250 product lines, including the latest • 450 essential hire accessories in sustainable ECO tools and equipment held nationally • Specialist plant and equipment hire • Available from our retail network • Available from our retail network across the UK and certain B Q stores & across the UK and certain B&Q stores • Central distribution function for • Four-hour nationwide delivery on bulk orders 350 of our most popular products HIRE BUY No capital Long term outlay ownership PRODUCTS AND SERVICES TRAIN TEST People Regulatory competence needs Train Test We provide a wide range of training We ensure equipment remains safe to programmes ensuring our customers use and is legally compliant through are confident their people are working the provision of testing, inspection and effectively and safely. certification services by Lloyds British. • More than 30 audited training • Testing