Healthy growth at HSS
27 April 2023
HSS Hire has reported a 138 per cent increase in pre-tax profits in its annual results to 31 December 2022 announced today, posting £18.9 million compared with £8.0 million.
Like-for-like revenue grew by 9 per cent with fleet utilisation of 57 per cent, while net debt fell to £41.5 million compared against £45.4 million the previous year.
The company’s training business also performed strongly with 16 per cent growth and record profit levels.
HSS also now has a presence at 63 builders’ merchant locations, up from 55, with 22 per cent growth reported on a same-store basis.
Steve Ashmore, Chief Executive Officer, said: "HSS achieved a second consecutive year of double-digit revenue growth in 2022 with our technology-led strategy continuing to deliver strong results. 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 on-boarded 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 [the company’s asset-owning fulfilment business], our technology has enabled enhancement to the service we offer while efficiently managing our well invested fleet.”
He went on to add: “Whilst the UK economy faces headwinds in 2023, we believe our team is in great shape and we have the right organisational structure to create clarity of direction for our colleagues. In a challenging market our one-stop shop proposition aimed at reducing customers' procurement costs will be particularly attractive, continuing to differentiate us from peers.”
HSS has also agreed a two-year extension to the managed service contract it has had with its largest customer, Amey, since 2016.
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