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Annual Results

HSS Hire revenues rise

05 April 2017 07:14

HSS Hire Group's revenues rose to £342.4m in the 53 weeks to the end of December - up from £312.3m in the 52 weeks of 2015.

The group said it was a year of significant operational change and investment when the foundations were laid for sustainable profit growth.

Adjusted EBITA rose by 1% to £20.5m and adjusted pre-tax profits were flat at £5.8m.

On a statutory basis, the group reported an operating loss of £2.7m against a profit of £6.8m last time.

Chief executive John Gill said: "2016 was a year of significant operational change and investment for the Group.

"The result is an enhanced operating platform that will enable us to deliver superior fleet availability to customers right across our network, creating the foundation for future sustainable profit growth.

"While we made good progress in key accounts, specialist rental and our fast-growing Services business during the year, this was not matched by revenue growth in our core Rental business and re-establishing momentum in this area is our primary focus in 2017 and beyond.

"With our new platform in place that we can now optimise and then leverage, we are firmly focused on pressing home our competitive advantage to drive growth in Rental revenues, particularly in our smaller and medium sized accounts.

"In particular, we appointed a Chief Commercial Officer in early 2017, with the objective of strengthening our customer proposition throughout our network.

"While we remain at the start of this journey, there are some encouraging initial signs that this strategy is beginning to gain traction in key markets such as London.

"In tandem, we will continue to grow our capital-light Services businesses, One-Call and HSS Training, where we are seeing strong demand from both existing and new customers.

"We expect to see the benefits of these activities deliver margin improvement in H2 17

"Our markets remain competitive on price, but the initiatives implemented over the last 12 months - and the ongoing programme of network optimisation - have strengthened our capabilities and leave the Group well positioned to continue to serve our existing and future customers."

Story provided by StockMarketWire.com

Related Company: HSS

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