UK rental company HSS Hire has said its year-on-year second quarter revenues were marginally up, citing an improved rental revenue trend in its business as a key factor.
It said its results – accounting for 13 weeks ending 1 July, 2017 – were testament to its sales initiatives implemented in March, which gained momentum with its target customers.
It also said that progress had been made with its cost reduction initiatives, announced in May this year, with approximately £10 million (€11.40 million) implemented by the end of the second quarter.
The company’s new operating model is also said to be delivering improved fleet availability across its network, which is driving greater capital efficiency, according to the company.
The company said it expected its full-year capital expenditure to be between £36 million (€41.03 million) and £38 million (€43.30 million), representing a decrease of between £4 million (€4.56 million) and £6 million (€6.84 million) compared to 2016.
Alan Peterson, HSS Hire chairman, said, “Our clear focus during the second quarter has been on translating our market-leading fleet availability into sales growth within our rental business.
“We are therefore pleased to see underlying core hire sales momentum building month by month across the quarter as initiatives targeting smaller and medium-sized customers have begun to have an impact.”
Steve Ashmore, the company’s CEO, said, “Having only joined the group towards the end of the quarter, I have spent the last few weeks familiarising myself with its operations and meeting the team.
“While this process is ongoing, it is already clear to me that we have a fundamentally strong business with the building blocks in place to deliver improved customer experience and shareholder returns.”
HSS Hire will announce its interim results for the 26-week period, ending 1 July 2017, on 30 August 2017.