Shares in tool hire company HSS Hire have soared after results showed its turnaround plan had cut pre-tax losses to £7m.
The equipment hire firm saw its shares jumped by 15 per cent in early trading after posting its half-year results.
It reported a pre-tax loss of £7.1m – down from a £30.1m loss in the same period in 2017.
Chief executive Steve Ashmore announced a new strategy in December, which has since seen the company re-finance corporate debt, re-negotiate its agreement with Unipart – the operator of its national distribution centre, and sold its platforms business.
Ashmore said: “We are eight months into our new strategy and the group has made significant progress.
“In this time we transitioned seamlessly to a new distribution model, refinanced the group giving us long-term stability and announced the sale of our UK platforms business, allowing us to focus on the tool hire business and further reduce our debt.”
It share price closed up 4 per cent.