ProService reports slow start to Speedy agreement, but improving

ProService Building Services Marketplace, the UK digital rental marketplace, said it expected annual revenues to be around £248 million for the year to 31 March.

It said its rental supply agreement with Speedy Hire had started more slowly than expected, with operational challenges around the scale of volumes and the mobilisation. It added that volumes were now “trending towards the targets set at the time of entering into the supply agreement.”

ProService said the business delivered a “resilient” performance despite a difficult market environment, with macroeconomic pressures, particularly in construction, impacting on demand across its end markets.

The ProService App allows customers to source equipment from 400 suppliers.

“As previously announced, FY27 is expected to be a transitional year and this is now set against an uncertain macro-economic backdrop which is having an impact on both our buyers and sellers”, said the company in its stock exchange release.

It expects underlying EBITDA to be at breakeven for the 2025/26 financial year, and between £9 million and £12 million for the current financial year.

The group’s net debt on 31 March 2026 was £27.2 million. Its debt facilities are due to expire in September 2026 and discussions on refinancing are ongoing with a number of parties.

“Wider macroeconomic and geopolitical issues have resulted in discussions taking longer than previously guided”, said ProService, “with completion of the refinancing now expected by the end of August, ahead of the relevant maturity date.”

ProService is now a digital only business. It split off its HSS physical shops in the UK late last year, and that business now operates under the Hire Supply Company name.