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Interim Results

HSS Hire revenues up

31 August 2016 07:35

HSS Hire Group's revenues rose by 13.5% to £166.2m in the six months to 2 July driven by key accounts and services revenue (HSS OneCall and Training).

Adjusted EBITA rose by 64.4% to £7.4m reflecting delivery of planned cost savings and positive impact of accretive services revenue growth.

The group said the reported loss before tax of £9.8m (down from £14.1m) was mainly due to exceptional costs associated with strategy execution.

Chief executive John Gill said: "I'm pleased to report strong revenue and underlying profit growth in the first half of the year reflecting the positive impacts of our revised strategy.

"Customers are increasingly seeing HSS as a single source provider of tools, equipment and related services and our trading growth reflects this. Our focus on capital and operational efficiency shows through in our utilisation rates and our EBITA margin, both of which have continued to improve through Q2 16.

"We are confident our new National Distribution and Engineering Centre will position us well for scale and volume growth and, combined with our e-commerce platform and national branch footprint, will further enhance our customer proposition by transforming availability within our sector.

"The Board believes we are well positioned to take advantage of, and continues to look for, opportunities to increase scale for the benefit of customers and shareholders."

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