HSS Hire Group has announced audited results for the year ended 27 December 2014 for its holding company Hampshire Topco.
Highlights for 2014 include:
- Revenue increasing 25.5% to £284.6m
- Operating profit up 10.3% to £23.6m
- A strong increase in hire fleet utilisation, delivering a return on assets of 26.6%
- 23 new branches being opened
- The successful development of larger key accounts, enabling the capture of a greater share of customer spend.
There has also been an encouraging start to 2015, as the company has already opened 13 local branches in Q1, averaging one per week, and is on track to open 50 new local branches this year.
Chris Davies, chief executive officer of HSS, explained: “2014 was a year of excellent progress as we continued to deliver strong growth across both our core and specialist businesses. This performance reflects both our focus on the less cyclical and higher value-added ‘maintain’ and ‘operate’ segments of the market, and a deliberate customer demand-led approach to investment in our hire fleet.
“We have made an encouraging start to 2015 and trading is in line with our expectations. The roll-out of our local branches is continuing to plan, with new branches opening at the rate of one a week, and the customer response continues to be positive.
“Our new equipment refurbishment facility, which opens in Q4 2015, will help us extend the life of our asset base and improve the service we provide to customers, and we are continuing to capitalise on the trend to outsourcing by further developing our larger key accounts. In addition, we continue to review a number of potential specialist acquisition targets.”
Mr Davies concluded: “Our growth aspirations are based on a disciplined approach, a clear strategy and solid financial foundations. 2015 will see us continue to strengthen the business and create new ways to exceed our customers’ expectations. While the forthcoming UK General Election creates an element of short-term uncertainty for our customers, HSS is in good shape and we look to the future with confidence.”