HSS Hire Group PLC on Tuesday said it anticipates 2022 profit to be in line with market expectations as it continues to ‘effectively’ manage macroeconomic challenges.

The Manchester-based tool and equipment rental firm said it expects 2022 adjusted earnings before interest, tax, and amortisation to be in line with market expectations of £30.5 million to £32.7 million. This compares to £31.7 million in 2021.

HSS Hire added that its ‘technology-led capital-light operating model’ has driven year-on-year revenue growth of 10% in the second quarter of 2022.

Chief Executive Steve Ashmore said: ‘We are very pleased with the group’s progress in 2022, both in terms of financial performance and the implementation of our technology roadmap. While we continue to be mindful of the ongoing macroeconomic risks, the impact on our business is being well managed.’

Shares in HSS Hire were up 1.5% to 15.30 pence each in London on Tuesday morning.

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