HSS Hire has reported it made a pre-tax loss of £85.2 million for the year ended 30 December 2017.

In its final results, the tool hire firm revealed despite revenue rising slightly from £342.4m to £335.8m, the company was hit by £66m in 'exceptional costs' due to a cost-cutting programme implemented by new Chief Executive, Steve Ashmore.

Ms Ashmore said: "Overall 2017 was a difficult year for HSS, mainly due to the impact of operational changes made in 2016.

"We have addressed this by focusing on the core rental business and reducing our cost base and I am pleased with how the business responded in the second half of the year.

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"When I arrived in June, I instigated a thorough strategic review process, the results of which have given us clear direction and an ambition to restore the business to historic levels of performance.

"Whilst we are only a few months into implementing the strategy, early signs are encouraging, and we are pleased with the results of the changes made to our network and the associated cost savings. I have been particularly pleased with how the organisation has embraced and responded to the new strategic direction, and remain confident that we will be successful in delivering on our strategic priorities set out in December.

"Looking ahead the positive trading momentum has continued into the first quarter. This strong start to 2018 and good progress made on our strategic priorities gives me growing confidence the business can deliver on its full potential."

(LM/MH)