HSS Hire Group PLC (HSS.L), a supplier of tool and equipment hire in the UK, Wednesday reported profit before tax of 8.98 million pounds for the full year, significantly lower than 16.53 million pounds in the previous year, primarily due to higher expenses.
Excluding one-time items, profit before tax declined to 11.79 million pounds from 18.94 million pounds last year.
Net profit decreased to 4.24 million pounds or 0.58p per share from 20.48 million pounds or 2.83p per share a year ago.
Higher revenue for the year was overshadowed by increased expenses and absence of a tax credit it received last year. Last year, the company had received a tax credit of 3.95 million pounds, while it registered a charge of 4.74 million pounds this year.
Adjusted profit was 7.05 million or 1.25p per share, down from 22.89 million pounds or 2.34p per share last year.
Revenue for the year, however, increased to 349.11 million pounds from 332.78 million pounds in the previous year.
The Board has recommended a final dividend of 0.38p per share, to be paid on July 2 to shareholders on the register on May 24.
Looking ahead, the company still expects full-year earnings before interest, taxes, and amortization or EBITA to be in line with market expectations. For the first quarter, revenue is expected to grow 3 percent driven by ProService.
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