Earnings at HSS increase by a third

HSS Hire Services Group has announced increases in both earnings and revenues in the year to January 1.

The company said that revenues were up 15% to £171m, while earnings before interest, tax, depreciation and amortisation were a third higher at £39.1m.

The Trafford Park-based company said that it had achieved double-digit growth in every quarter of last year and had experienced strong growth in HSS Training – its safety training business which was bolstered by the acquisition of competitor Hydrex Training during the second quarter of the year.

The firm’s chairman, former Asda chief executive Archie Norman, said: “The HSS team under Chris Davies’ strong leadership has delivered another year of change and growth despite very challenging market conditions.”

“This demonstrates that our model of focus on customer service built around a unique network of large branches and fully integrated logistics is capable of delivering real competitive advantage and better results for customers.”

CEO Chris Davies said that growth had been achieved through winning key accounts in the facilities management, airports, retail and utilities sectors, as opposed to the construction market.

“We remain a very focused business concentrating on stable parts of the market that afford better growth prospects in these difficult times,” he said.

He added that conditions would continue to be “challenging” this year, but said that it would continue to invest in training apprentices, improving its fleet and logistics networks and on keeping its costs low.

“We have started 2011 solidly and will retain our total focus on customers, colleagues, costs and cash in the year ahead.”