HSS Hire grows revenue to £332m as profit soars 95%

Shares of Manchester-based tool and equipment rental firm HSS Hire Group plc rose about 7% on Thursday after it reported that its 2022 revenue grew 9.7% to £332.8 million and adjusted profit before tax soared 95% to £21 million.

HSS said it has reinstated a progressive dividend policy and is recommending a final dividend of 0.37p, making 0.54p for the full year.

On current trading and outlook, HSS said Q1 23 revenue growth, EBITDA and EBITA are in line with management expectations, and that capex investment forecast in 2023 is expected to be £34 million-£38 million.

HSS said management remains confident that full year EBITA will be in line with market expectations.

HSS Hire Group CEO Steve Ashmore said: “The business has been restored to full health, supported by motivated and engaged colleagues who are fully embracing our innovative customer-offering.

“We continue to deploy new technologies across both HSS ProService and HSS Operations with all these initiatives remaining on track or ahead of plan.

“In ProService, our digital self-serve portal – HSS Pro – is delivering stronger than anticipated results.

“Our growing pipeline of customers waiting to be onboarded to the portal reflects the significant need and demand that exists for our evolving marketplace proposition and differentiates HSS in the fragmented building services market.

“For HSS Operations, our technology has enabled enhancement to the service we offer while efficiently managing our well invested fleet.

Our systems are also working to support our ESG agenda, allowing both HSS and our customers to make data driven choices on carbon emissions.

“We have started 2023 well, building on the previous year’s momentum, and our focus remains firmly on sustaining our growth and upholding our position as the technology frontrunner in our sector.”