HSS Hire maintains momentum
By Helen Wright17 November 2014
Nine-month results for UK-based rental company HSS Hire have revealed a 28% year-on-year increase in revenues to £208 million (€260 million).
The company said the increase was due to a combination of 18.6% organic growth and 9.3% from specialist acquisitions.
Earnings before interest, taxes, depreciation and amortisation also grew 28% for the nine months to the end of September to £51.7 million (€64.7 million).
HSS Hire said its long-term investments in its branch network, fleet and strategic acquisitions had continued to deliver profitable growth.
It said its specialist businesses – ABird (generators) and UK Platforms (powered access) – also continued to perform well for the year to-date, while the 2014 acquisitions of Apex Generators and TecServ contributed an increase of 3% to Group turnover during the third quarter.
The company added that it opened 14 new HSS Local Format branches in the first nine months of 2014, with roll-out accelerating through the period.
The local branches are said to provide local trades with a core range for collection, supported by next day delivery from HSS’ national hire fleet.
CEO Chris Davies said, “The Group maintained its strong trading momentum in the third quarter with organic growth of 17%, continuing the robust trend established in the first half of the year.
“These strong results demonstrate the effectiveness of our customer-centric approach and primary focus on the maintain and operate segments of the tool hire market.
"Looking ahead, we remain confident about the potential of our long-term strategy to continue to generate strong revenue growth and high returns on capital.”
HSS Hire is owned by private equity company Exponent, which acquired the group in October 2012.