HSS Hire revenue up 5% to £349m but profit falls

HSS Hire Group plc, the Manchester-based tool and equipment rental firm, said its 2023 revenue grew 4.9% to £349.1 million but adjusted profit before tax fell 43% to £11.9 million.

Total dividend for the year will rise 4% to 0.56p.

HSS CEO 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 focussed 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.

“We continue to make good progress embedding our ESG agenda in everything we do and are on track to deliver our SBTi validated Net Zero action plan.

“During the year we have been working alongside both customers and suppliers to enhance reporting to help ensure effective ESG decisions are being made across the whole supply chain and will shortly be launching new technology enabling customers to make product decisions based on carbon emissions.

“I was delighted that all of this progress was recognised by EcoVadis with the award of their gold medal sustainability rating. 

“We are more confident than ever in our strategy and the strength of our technology platforms. We are well placed to take full advantage when the market recovers”.