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Profits soar at HSS Hire

Published: 17 February 2011
HSS Hire Service Group has reported pre-tax profits of £39m for the year to January 1, 2011, up 33% on the previous year.
Profits soar at HSS Hire
Revenues also went up 15% to £171m, up from £149.3m last year. HSS Hire has enjoyed double-digit revenue growth in every quarter of 2010, with Q4 showing an uplift of 19%.

Pre-tax profits (EBITDA) also rose sharply in the fourth quarter, up 48% to £9.4m.

The company said it has made strong progress against its strategic development plan, reporting significant growth in key accounts, up 25% year-on-year.

Its real-time online management system, Livehire, also saw expansion, with more than 8,500 users now able to view live estimated times of arrival, as well as electronic proof of delivery and equipment photographs.

The company also reported strong growth in HSS Training, with sales bolstered by the acquisition of Hydrex Training in the second quarter.

Ceo Chris Davies said: "I am delighted with our progress in 2010. We achieved double-digit revenue growth in every quarter in a very tough market. Our strategy has customer service at its core and we work hard to attract, retain and develop quality colleagues to deliver it while maintaining strong financial control. I want to thank all our colleagues for their hard work and commitment."

He added: "We have started 2011 solidly and will retain our total focus on customers, colleagues, costs and cash in the year ahead."

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