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HSS Hire Group has reported a decline in its annual profit, due to higher costs, though it noted that 2023’s result still was its second best since it’s listing on the London Stock Exchange.
It has also announced that its chief financial offer, Paul Quested, will depart in September; he has been at the company for almost eight years.
Steve Ashmore, chief executive at HSS Hire Group, said: “I am pleased to report another year of significant strategic progress alongside resilient financial performance, delivering revenue growth ahead of the market despite a more challenging macro-environment.
“We have made big strides implementing clear focussed strategies for our two divisions ProService and Operations, with early positive results providing the confidence to accelerate strategic investment to evolve HSS into a leading marketplace for equipment services. Customers are engaging with our marketplace platform at an exponential rate, valuing the ease it brings and resulting in significant revenue growth.
“We are more confident than ever in our strategy and the strength of our technology platforms. We are well placed to take full advantage when the market recovers.”
The listed company reported revenue of £349.1m for the 52 week period ended 30 December 2023, up from £332.8m in 2022.
Ashmore added: “On behalf of the whole HSS team, I extend our heartfelt thanks to Paul for his dedication and invaluable contribution over the past nearly eight years. I will miss his tireless efforts and good humour but he leaves with our very best wishes for him and his family.”
