One of the biggest tool hire brands of our time, HSS Hire, has this week revealed their latest financial figures, narrowing losses substantially.
Having recently been in the news for their worrying loss levels, it appears the brand has turned a real corner. Stats show that losses for the first quarter shrunk from £10.2m to a more respectable £7.4m.
Revenue is also on the up for the firm, growing an attractive 3.9 per cent to just over £161m.
Though there are many factors that have had a bearing on this positive news, the business claims rental activity has spiked, with their improved level of service seeing people rent more, more frequently. Their service side of the business has also seen a slight boost, with activity up 10.6%.
Chief executive Steve Ashmore called this “a solid performance” for the first half, “in which the continued focus on driving profitable revenue growth through strong price control and effective cost management led to a significant improvement in return on capital and a further reduction in leverage.”
“The widely reported headwinds in the economy have affected the tool hire market but HSS is well placed to manage these more challenging conditions,” Ashmore added.
“We have taken additional action to further optimise our operating cost base and have a clear strategy to build upon our existing excellent market positions, leaving us well placed to continue to grow share in all of our markets.”
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