A further £10mln- £14mln in cost savings have been identified, on top of the £13mln of annualised savings announced in the third quarter trading update in November.
HSS will focus on the tool hire business and more profitable opportunities in local markets, while continuing to improve its digital offering.
The company said these actions will deliver a “significantly improved business performance”.
By 2020, the group aims to achieve revenue growth in line with the market, an increase in rental revenue ahead of the market, an underlying earnings (EBITDA) margin higher than 20%, leverage of less than three times and return on assets above 20%.
“Our strategic review, the most detailed in the company's history, has provided us with deep insights on HSS's trading performance and enabled us to devise a clear and actionable set of priorities,” said chief executive Steve Ashmore.
“We have made progress over the past six months to return the business to operating profitability, providing us with a platform from which to make further improvements.”
The third quarter trading update revealed the group had enjoyed its fifth successive month of positive EBITA while underlying rental revenue was flat.
Shares rose 5.58% to 30.75p in morning trading.