Speedy Hire's profits have been dented following an investigation into the disappearance of equipment worth over £20m.
The Newton-le-Willows-headquartered company ruled out fraud in May when it announced the £20.4m asset write off.
As a result the firm's pre-tax profits were slashed from £29.1m to £1.8m in the 12 months to March 31, 2023.
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However, Speedy Hire's revenue surged from £386.8m to £440.6m over the same period.
In a statement to the London Stock Exchange, the company said it remains "vigilant to the continuing challenges of the macro-economic climate".
Chief executive Dan Evans said: "I am pleased to report results that reflect the strong performance we have achieved this year.
"We are excited about executing on our new growth strategy, Velocity, which provides clear direction for the business and we expect it to deliver long term benefits to our customers, our people and our investors.
"We have made an encouraging start to FY2024 with a strong pipeline of new customer and project based opportunities."
Speedy hire has also announced the appointment of Paul Rayner as its new chief financial officer from July 1.
