In the six months to 2nd July 2022 HSS made a pre-tax profit of £6.5m on revenue of £159.9m.
The pre-tax profit was down slightly on the £6.8m made in the first half of 2021, while revenue was up 9% from £146.3m last time. However, the 2021 result included one extra trading week and Covid-related support. On a like-for-like basis, revenue was up by more than 11%, the company said.
Chief executive Steve Ashmore said: “Despite inflationary pressures and uncertainty created by the war in Ukraine, we have seen resilience across the broad range of end markets our business is exposed to. Whilst uncertainty remains, the construction output forecasts in the market continue to point to growth in 2023 and 2024. We are confident that should the outlook worsen, our flexible, low-cost business model and strong balance sheet puts us in the best possible position to outperform the sector.
“We have continued to invest in our digital capabilities, achieving key milestones on our technology roadmap ahead of schedule, which will underpin the future growth of our two businesses: HSS ProService and HSS Operations. The roadmap includes the rollout of our new portal for larger customers - a self-service platform where all hire requirements can be efficiently managed in one place. Our first customer is already being onboarded with significant expansion to come in the next 12 months.”
2021 was the first year that HSS made a profit since its 2015 stock market listing. [See previous report here.]
Got a story? Email news@theconstructionindex.co.uk
.gif)
