HSS reports 11% growth in first quarter revenue
24 May 2010
HSS Hire in the UK posted an 11% increase in like-for-like revenues to £41.9 million for the first quarter of 2010. The company, which reported 26% increase in EBITDA profits to £9.3 million, said the results were "strongly ahead of market performance".
HSS said the increase in revenues - despite a tough operating environment - was driven by a mix of seasonal growth and a strong performance in its key accounts business.
Chris Davies, chief executive at HSS Hire, said; "We are pleased with our results for the 2010 first quarter as they clearly demonstrate the positive effects of our strategies. We are encouraged that growth is continuing across a range of markets and products...
"Having demonstrated both increased profitability and strong growth HSS is well placed for continued success as the market improves over the months and years ahead."
The company said it remains focused on organic growth, particularly through regional and key accounts. It opened 12 new stores in 2008 and 2009 and in the first quarter of this year has opened locations in Brighton and Oxford.
Meanwhile, HSS has boosted its training division with the acquisition of the training business of rental company Hydrex. The company has also announced that it will start to offer training throughout Ireland.
HSS Training will deliver courses in Ireland at purpose built ‘centres of excellence' in Dublin, Cork, Limerick and Galway as well as Belfast in Northern Ireland. Courses will also be offered at customer locations.
Mark Winfield, HSS Training Director, said; "Over the past 18 months or so, we've been really concentrated on growing the training part of the HSS group. By investing in new training centres, in new courses and in our fantastic team of trainers, we've enhanced our reputation as a leading provider of health and safety and technical training courses."