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August 31, 2018

HSS turnaround progresses

Filed under: Latest News — EHN Team @ 8:36 am

In its interim results released yesterday for the six months to 30 June 2018, HSS Hire reported a loss before tax of £7.1m, compared with a £30.1m loss for the same period in 2017.

Revenue grew by 5.8% to £169.8m, as against £160.5m the previous year. Net debt reduced by £7.5m during the first half of the year, from £232.7m to £225.2m. Twelve branches were closed during this period.

Subject to approval by the Competition and Markets Authority (CMA), the proposed sale of the UK Platforms operation to Nationwide Platforms for £60.5m is expected to generate £47.5m net cash, at least 80% of which would be used to repay debt and the balance invested in the tool hire business, says the company.

Chief Executive Officer, Steve Ashmore, said: “We are eight months into our new strategy and the Group has made significant progress. In this time we transitioned seamlessly to a new distribution model, refinanced the Group giving us long-term stability and announced the sale of our UK Platforms business, allowing us to focus on the tool hire business and further reduce our debt.

“Alongside this strong operational progress, trading has been much improved, helped by our increased focus on our tool hire business and by customer demand for our extensive range of relevant seasonal products.”

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