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December 7, 2017

HSS completes strategic review

Filed under: Latest News — EHN Team @ 12:53 pm

HSS Hire Group states it has completed a strategic review of the business, which was initiated following the appointment of Steve Ashmore as Chief Executive Officer in June.

It says the review has looked across every aspect of HSS’s business with the aim of returning the Group to historic levels of performance, examining the profitability of each customer, product and depot.

Its three priorities are to substantially reduce leverage and drive profitable growth, having identified £10m-£14m of additional savings, following the £13m of savings announced in the third quarter of this year; to repair the core tool hire business; and to strengthen its commercial proposition across the Group with “targeted sales plans based on customer segmentation” to focus on new opportunities.

HSS says it expects these priorities to significantly improve business performance and it has set out several financial targets to achieve by 2020, including: revenue growth in line with the market, an EBITDA margin above 20% and an EBITA margin above 9%, leverage of less than 3x, and a return on assets above 20%.

HSS previously reported its half-year results for the 26-week period ended 1 July 2017, showing the Group made a loss before tax of £30.1m, compared to a loss of £7.8m in the same period last year.

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