HSS Hire Group鈥檚 revenue was up 5% in 2023 to 拢349.1m (2022: 拢332.8m); pre-tax profit was down 45% at 拢9.0m (2022: 拢16.5m).
It was, however, the company鈥檚 second biggest profit since its 2015 stock market flotation and continues a run of what have now been three consecutive profitable years for HSS,聽having broken a run of five consecutive loss-making years in 2021
Part of turnaround is down to repositioning the business as a service provider and not just a tool hire shop.
In 2023, rental revenues increased by 0.5% to 拢207.3m (2022: 拢206.2m) and accounted for 59% of group revenue (2022: 62%). By contrast, services revenues increased by 12% to 拢141.8m (2022: 拢126.6m), accounting for 41% (2022: 38%) of group revenue.
Operating profit decreased by 拢4.5m to 拢19.9m. This was attributed mainly to strategic investment during the year.
Net debt increased by 拢17.3m during the year to 拢111.6m.
HSS sold its power generator operations ABird and Apex to CES Global in March 2024 for an enterprise value of 拢23.25m. The proceeds of this were used to reduce debt and strengthen the balance sheet.
Chief executive Steve Ashmore said: "I am pleased to report another year of significant strategic progress alongside resilient financial performance, delivering revenue growth ahead of the market despite a more challenging macro-environment. We have made big strides implementing clear focused strategies for our two divisions ProService and Operations, with early positive results providing the confidence to accelerate strategic investment to evolve HSS into a leading marketplace for equipment services. Customers are engaging with our marketplace platform at an exponential rate, valuing the ease it brings and resulting in significant revenue growth.鈥�
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