HSS Hire slumps to a loss, shuts 134 sites and lays off hundreds of staff
Tool rental firm HSS Hire today reported a full year loss of £23.6m after Covid restrictions caused “unprecedented disruption”.
Delivering its results for the year ended 26 December 2020, the company said it had shut down 134 of its 234 locations and laid off 300 employees during those 12 months.
Revenue also plummeted 18 per cent to £269.9m, as its markets felt the strain of unrelenting Covid restrictions.
HSS Hire has failed to make a profit since it was floated on the London Stock Exchange in 2015.
However, investors cheered the results and change in strategy, with shares up seven per cent to 21.4p
Despite a year of disruption, CEO Steve Ashmore remains confident in the company’s outlook for the rest of the year.
“We have had an encouraging start to 2021, with earnings before interest in the first quarter ahead of 2019 and 2020 levels.
“We are well positioned to capitalise on market opportunities as we continue to build on our differentiated commercial proposition to create the most advanced, customer-centric offer in the tool hire marketplace.”
Following the full year update, shares in HSS Hire rose 0.5 per cent as markets opened.