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HSS Hire FY earnings fall amid increased focus on cost-cutting efforts
(Sharecast News) - Equipment rental services business HSS Hire Group warned on Monday that annual revenue and earnings had fallen as it focussed on cost-cutting efforts amid a "challenging market backdrop". HSS Hire said it had delivered "a resilient top-line performance" in the FY24, with like-for-like, excluding its power business, down 2% on year-on-year at £333.0m.
Gross margins declined by 180bps to 45.2%, reflecting a change in sales mix with more rehire business, combined with a reduced contribution from seasonal products.
HSS said it had made "strong progress" on executing its transformation programme in FY24, in reorganising its activities around two more focused businesses. As a result, operating costs increased by 3% year-on-year.
It also noted that the reduction in gross profits, together with the net increase in costs over the prior year, had resulted in underlying earnings of roughly £48.5m in FY24.
As of 0955 GMT, HSS shares were down 4.53% at 5.83p.
Reporting by Iain Gilbert at Sharecast.com
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