Having shared a series of financial forecasts, many of which make for rather depressing reading, HSS Hire are reportedly on the up! This week, the tool hire company said that figures for the first half of the year are on schedule to be better than initially thought, eager to regain investor confidence in the company’s ability to turn a profit.
Last year, the national firm cut around 300 jobs as well as its fleet of vehicles, going to drastic measures to put the brand back in the green. Losing its Chief Executive and receiving a series of profit warnings, many analysts has dubbed HSS Hire a lost cause, steering investors away from buying shares in the business.
However, they now seemed to have turned a corner, reporting a healthy growth in its service division of the business. Claiming pre-tax profits to be well ahead of expectations, up 7% from the previous year, are the dark days finally over?
Seeing the business pay off some debt as a result, net debt for the first 6 months of the year has now dropped to £70m. Whilst still a high figure, this is down from £85.4m a year previously.
Rahim Karim, analyst at Liberum, said:
“We believe that the first-half trading update provides confirmation that the group’s strategy remains on-track,” and hailed the “impressive” reduction in debt.
“[This update] provides a clear sense of the continued momentum being delivered by management,” he added.
Tool hire with AFH
Here at Anything for Hire, we offer another way to hire tools. Whether you are a DIY enthusiast, or a construction worker in need of a piece of equipment sharpish, our website/app can help. Simply type in your request and your area and we will present you with a string of hire options. From there you can compare and book the hire service that best suits you.
Though highly regarded foe tool hire, we also offer:
- Car hire
- Clothing hire
- Wedding hire
- and much more!