Profits boost for HSS Hire

Trafford-based tool hire firm HSS Hire Service Group, has announced improved pre-tax profits in its first half and second quarter results for the period to July 3rd 2010.

Profits at the firm for the first half of the year hit £17.7m, up 27 per cent on the same period last year, against a turnover of £81.9m, up 13 per cent from £72.6m.

For the second quarter, pre-tax profits increased by 29 per cent to £8.4m against the same period last year. Turnover jumped by 15 per cent to £40m.

The firm said the encouraging results were down to a “robust” business model which had also seen it invest in its hire fleet, systems and training arm.

Chris Davies, chief executive of HSS Hire, said: “These results demonstrate a resilient performance in the face of difficult market conditions and are a testament to the strength of the group and the people who work within it.

“Our investment in market leading systems is helping drive efficiencies through the business and the diversity of sectors that we serve help insulate us from the trends of any particular industry sector.”

2009 results for H1 are adjusted for a 53rd week to allow for a correct like for like comparison with 2010.