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HSS Hire Group PLC - Manchester-based tool and equipment hire firm - Says it will permanently close 134 branches and enters into consultation with 300 employees as first half loss significantly widens. For 26 weeks ended June 27, posts pretax loss of GBP14.9 million from GBP7.4 million the year prior. This is as revenue falls 22% to GBP125.8 million from GBP161.4 million, reflecting the impact of the Covid-19 pandemic and associated lockdowns in the UK and Ireland.
States the pandemic did, however, force investment in digital platform and cut out the need for many of its physical sites. Adds it is planning further investment in digital platforms to be "a more agile, technology-driven business and allow the business to reduce its physical footprint to a leaner branch structure."
Turning to current trading, HSS Notes revenue now above 90% of financial 2019 levels recovering from 63% in the second quarter.
Cash held as at June 27 of GBP62.7 million, up from GBP22.7 million at December 28.
Current stock price: 20.99; up 5.2% on Thursday
Year-to-date change: down 46%
By Ife Taiwo; ifetaiwo@alliancenews.com
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