Rental company HSS Hire claims it has raised £13 million (€15.30 million) via a share pricing, giving it added financial power to invest in its fleet.
The company, which provides tool and equipment hire and related services, has conditionally placed 15.45 million new ordinary shares at 83.88 pence per share with a number of its existing shareholders.
HSS Hire said it had continued to increase its market share over the first nine months of the year, with revenue growing 11%. The company’s adjusted earnings before interest, taxes and amortization (EBITA) grew 6% to £14.6 million (€17.94 million) with EBITA margin improving 5.7%.
The company said it was on course to complete its change programme in early 2017, and insisted that placing new shares would be the most efficient method in terms of cost, time and management resource.
The company has recently struck a unique mini-excavator supply deal with Kubota, whereby 200 new Kubota mini-excavators will be made available by HSS with next-day delivery within the Greater London, UK, area.