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Ardent Hire reinvests £58m in business restructure

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Ardent Hire Solutions has published its latest financial results following a business restructure and major investment in its fleet. 

Credit: Ardent Hire Solutions.

Turnover for the year ended 31 March 2024 was £70 million, down slightly from the £75.1 million achieved in the previous financial period, generating a pre-tax profit of £2.7 million (FY2023: £8.1 million).               

The company’s revenue decreased by 7 per cent versus the prior year due to a restructuring programme initiated in January. 

Ardent Hire’s fleet size also reduced during the restructure, by 14 per cent. 

The Bedfordshire-headquartered plant hire and sales business reported an operating profit this year of £13 million, compared to £14.6 million recorded in the prior year.      

At the year end, Ardent Hire’s balance sheet had net assets and total equity of £59.7 million, compared to £83.4 million recorded the year before, with cash reserves of £438,000 (FY2023: £128,000). 

“During the financial year, the company invested £58 million in new and replacement assets, in addition to a new HGV delivery fleet, with a total capex value of £7 million,” the business said.  

“Fleet management continues to be a fundamental part of the company’s strategy and capital is allocated to high returning assets.” 

Ardent Hire posted profit for the year of £1.3 million, down from £7.4 million the year prior.   

No dividend was declared or paid during the year (FY2023: £Nil). 

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