Tool firm turnaround

LOSSES at tool hire group HSS widened last year, but the firm insisted that a turnaround strategy is beginning to bear fruit.

The company booked a full-year loss of £85.2m in the year to December 31, compared with a £17.4m loss in 2016.

Revenue dipped 1.9pc to £335.8m, but HSS insisted that trading in 2018 has been ‘solid’.

HSS has issued a string of profit warnings and embarked on a management overhaul since floating in 2015. It has been slashing costs and closing branches to save £13m a year. Shares rose with the wider market and were up 4.5pc, or 1.3p, to 30.3p.