IN BRIEF: HSS Hire reports lower sales in 'challenging' markets
HSS Hire Group PLC - Manchester, England-based tool and equipment hire, composed of Hire Services Co and the HSS ProService digital marketplace - Reports resilient top-line performance in the financial year to December. Says like-for-like revenue for the year, excluding the Power business sold in March 2024, is down 2% on prior year at £333 million. Gross margin has declined by 180 basis points to 45.2% from 47.0%, reflecting a change in sales mix with more rehire business, combined with a reduced contribution from seasonal products.
Steve Ashmore, executive chair, HSS ProService and Director, HSS Hire Group said: ‘Whilst market conditions remained challenging in the second half of 2024, following the well-executed restructuring and streamlining of our core operations, HSS is now better positioned to deliver sustainable growth as market conditions improve.’
‘We are excited for the group’s future, with re-invigorated leadership teams better equipped to develop their respective businesses from solid and sustainable foundations. We look forward to updating shareholders on the progress and opportunities of ProService and THSC in due course.’
Current stock price: 6.48 pence, up 6.1% in London on Monday
12-month change: down 27%
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