Good start for HSS
By Thomas Allen24 May 2019
HSS Hire has reason to feel positive about the year ahead after reporting robust growth in revenue and profits in the first quarter of 2019.
The UK-based rental company’s revenue rose by 6.5% to £82.2 million, compared to £77.2 million in the same period of 2018. Within that, like-for-like Rental and Services revenue increased by 1.5% and 8% respectively.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was up 18.6% on the first quarter of the previous year, reaching £13.1 million, while the adjusted EBITDA margin improved 1.6 percentage points to 15.9%.
The improvements in revenue and profit, along with the disposal of UK Platforms, resulted in a significant reduction in leverage, from 4.2x to 2.9x.
Steve Ashmore, CEO of HSS Hire, said, “As we set out in April, the next phase of our strategy is focused on strengthening our customer proposition. We are pleased with the reaction to the recent launch of the customer App in our Rental business and the transformation of our OneCall Rehire business is proceeding to plan.”
He added, “While the broader economic outlook remains uncertain, our leaner operating model, excellent market positions and clear strategy leave us well placed to continue to grow share in any market.”