Tool rental firm HSS Hire surged back into the black as its revenue passed £300m in 2021, new figures have confirmed.
The Manchester-headquartered group has reported a pre-tax profit of £6.1m for the 12 months to January 1, 2022, up from a loss of £29.6m in 2020.
The listed group's revenue also increased from £250.1m to £303.3m over the same period.
During the year HSS Hire sold Laois for £10m and All Seasons Hire for £54.3m.
Chief executive Steve Ashmore said: "2021 was a year of significant progress for HSS with successful implementation of a number of transformational strategic projects.
"Trading returned to pre-pandemic levels, our EBITA margin almost doubled, and we delivered strong operating profit while significantly strengthening our balance sheet.
"This performance is testament to the effectiveness of our new, technology-led, capital light, low-cost operating model which provides us with the agility and flexibility to adapt and respond to changing market conditions.
"In 2022 our focus will be to further invest in and enhance our digital capabilities, and we have a clear technology roadmap ahead of us which will be largely implemented by the end of the year.
"This technology provides an unparalleled, easy-to-use service, further differentiating us in the market and will be a key enabler of our continued profitable growth.
"Supporting this growth is our new structure based around two complementary divisions: HSS ProService and HSS Operations.
"By simplifying the business with one division wholly focused on sales and the other on service, we have further improved our efficiency and effectiveness.
"We have started 2022 well, carrying over the momentum achieved in 2021.
"We will continue to build on this and position ourselves as the most technologically advanced company with the most comprehensive customer offering in the sector."
