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May 23, 2019

Positive start from HSS

Filed under: Latest News — EHN Team @ 12:10 pm

HSS has today announced an update on group performance for the 13-week period ended 30 March 2019, indicating a positive start to the year with growth in revenue and profit, and reduction in leverage.

The company reports adjusted EBITDA growth of 18.6%, with margins improved by 1.6 percentage points to 15.9%, and revenue growth of 6.5%, with like-for-like hire and services revenue increasing 1.5% and 8.0% respectively

HSS also states there has been a reduction in net debt leverage to 2.9x (compared to 4.2x in Q1 of 2018) through improved trading and the disposal of its UK Platforms powered access hire business.

Steve Ashmore, Chief Executive Officer, said, “As we set out in April, the next phase of our strategy is focused on strengthening our customer proposition. We are pleased with the reaction to the recent launch of the customer app in our Rental business and the transformation of our OneCall Rehire business is proceeding to plan.

“While the broader economic outlook remains uncertain, our leaner operating model, excellent market positions and clear strategy leave us well placed to continue to grow share in any market.”

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