The chief executive of Manchester-based tool rental firm HSS Hire has hailed its "resilient performance" despite its pre-tax losses widening and revenue dropping.
For the 12 months to December 26, 2020, the listed company reported a revenue of £269.9m, down from £328m, while its pre-tax losses went from £5.8m to £23.6m.
In an update to the London Stock Exchange, the business added that its revenue had been growing throughout the second half of 2020, with "strong trading" reported for its fourth quarter.
Its revenue has also continued to improve during the first three months of 2021, HSS Hire said.
The figures come after the company secured a near £4m investment from CIP Merchant Capital.
Chief executive Steve Ashmore said: "HSS has delivered a resilient performance in a year of unprecedented disruption.
"The onset of the pandemic had a significant impact across our markets but decisive action to preserve cash and adapt our business supported a strong recovery in the second half of the year with EBITDA ahead of 2019 levels in the final quarter.
"During the course of the year, we took the decision to accelerate the implementation of our strategy.
"By increasing our focus on digital platforms, closing 134 of our branches, and partnering with builders merchants, we have been able to maintain national coverage while significantly reducing fixed costs.
"We are grateful for the overwhelming shareholder support for our strategy and in October successfully completed a £53m capital raise, further strengthening our balance sheet.
"This significant progress has been possible due to the hard work and dedication of our colleagues who have shown outstanding commitment during a uniquely challenging year.
"Our people are the heart of our business and our most important asset and I would like to thank them for their hard work.
"We have had an encouraging start to 2021, with EBITDA in the first quarter ahead of 2019 and 2020 levels.
"We are well positioned to capitalise on market opportunities as we continue to build on our differentiated commercial proposition to create the most advanced, customer-centric offer in the tool hire marketplace."
