Newly-renamed, slimmer HSS Hire reports weaker interim figures
By Josh White
Date: Friday 19 Dec 2025
(Sharecast News) - ProService Building Services Marketplace, formerly HSS Hire Group, reported weaker interim results on Friday as it completed its transition to an asset-light, pure-play marketplace and executed a series of transformational transactions.
For the six months ended 30 September 2025, revenue from continuing operations fell 13.9% to £135.6m, compared with £157.4m in the prior period, reflecting challenging trading conditions and disruption linked to strategic changes.
Gross profit declined to £62.5m from £70.0m, although the gross margin improved to 46.1% from 44.5%.
The statutory loss before tax widened to £6.2m from £3.1m, while losses per share increased to 1.11p from 0.43p.
On an underlying basis, EBITDA fell £9.1m to £14.2m, driven by lower revenue and higher costs incurred in the run-up to completing the disposal of the Hire Service Company and the commercial agreement with Speedy Hire.
Underlying EBITA eased to £4.8m from £5.4m, while the underlying loss before tax was £1.1m, compared with £0.6m a year earlier.
Since the period ended, the group completed the disposal of the Hire Service Company and began trading under its new commercial supply agreement with Speedy Hire on 17 November.
The company also formally changed its name to ProService Building Services Marketplace on 28 November.
Management said early trading under the Speedy Hire agreement had been positive, although integration-related disruption was expected to persist for the remainder of the financial year as high equipment volumes transition through the platform.
New rehire, resale and training arrangements with Speedy Hire had started but remained in the early stages of ramp-up, with associated costs not yet offset by new revenues.
ProService said trading conditions remain weak, with a subdued commercial environment continuing to weigh on performance.
The disruption to the core hire business and the execution of strategic transactions have adversely affected revenues and margins in the current financial year, alongside additional post-completion costs.
It said it now expected 2026 revenue of around £260m from continuing operations, excluding the Hire Service Company, with underlying EBITDA around break-even.
The 2027 financial year was expected to be a transitional year, with the board indicating results should be in line with market expectations despite no clear improvement in market conditions.
Debt refinancing discussions were ongoing and expected to conclude in the first half of 2026.
"Our transformation to an asset-light, pure-play marketplace is now complete," said Alan Peterson, non-executive chairman.
"The final step in this journey was renaming our group to ProService Building Services Marketplace and we are now very much looking forward to the next phase of growth.
"This milestone follows the successful completion of our commercial agreement with Speedy Hire and the disposal of THSC."
He added that the company's exclusive contract to supply rehire, certain resale, and training services to Speedy Hire's customers represented a "material revenue growth opportunity".
"Operational integration is progressing with systems and processes being put in place to facilitate a smooth provision of services between Speedy Hire and ProService."
Peterson said early trading since completion had been encouraging.
"The board remains confident that once fully operational, the Speedy Hire supply agreement will enhance ProService's net margins and be earnings-accretive in the financial year ending March 2027."
At 0901 GMT, shares in ProService Building Services Marketplace were down 9.64% at 7.5p.
Reporting by Josh White for Sharecast.com.
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