London, 3 June 2014
HSS Hire Group announces first quarter 2014 results
Acquisitions, organic growth and operational initiatives combine to deliver strong results
HSS Hire Group (“HSS” or “the Group”) today announced financial results for the quarter ended 29 March 2014.
Financial Highlights
- 29.4% increase in revenue to £62.9m (2013: £48.6m)
- 31.9% increase in EBITDA to £13.6m* (2013: £10.3m)
Chris Davies, Chief Executive Officer at HSS Hire Group said:
“We’ve completed another solid quarter of growth and I’m encouraged to see the positive trend our strategy promoted throughout 2013 continue, with £62.9m in revenue, up 29.4% year-on-year. This is a strong start to the year achieved by organic growth across all customer groups, businesses and geographies, complemented by contributions from our recent acquisitions and improving market conditions.
“We will continue to invest in our core fleet to meet rising customer demand against improving economic conditions and to promote the growth of our business throughout 2014.”
Developments after the reporting period
HSS completes acquisition of Apex Generators
On March 31 2014, HSS acquired Scottish generator hire company, Apex Generators Ltd, to strengthen the Group’s existing specialist power division – enabling service to a wider geographical area and greater ability to fufill national power solutions contracts.
Conference call
A conference call for Senior Secured Notes investors will be held at 14:00hrs on BST Tuesday 03 June 2014. If you would like to participate in this call, please register by email using the following email address: investors@hss.com.
Further information
For further information please visit: www.hsshiregroup.com. Download HSS’s full Q1 2014 Report at www.hsshiregroup.com/financial-results. If you would like to be added to our distribution list for announcements relating to the Senior Secured Notes, please email: investors@hss.com.
Further enquiries:
Fiona McFadden, Head of PR, Founded
fiona.mcfadden@founded.com +44 (0)7786 736 706 / +44 (0)20 3747 3800
Robert Halls, Corporate Development Manager, HSS Hire
rhalls@hss.com / +44(0)7792 153 525
Notes to Editors:
HSS Hire Group provides tools, equipment and related services in the UK and Ireland through a nationwide network of over 250 locations. HSS was acquired by Exponent Private Equity in October 2012. For more information please see www.hsshiregroup.com.
* EBITDA adjusted to remove certain exceptional costs.
Acquisitions made by the Group during 2013 include:
- Specialist powered access business, UK Platforms
- Visual signboard provider, MTS in Ireland
- Cleaning equipment technical services provider, TecServ
Cautionary statement
The information contained in this release does not constitute investment, legal, accounting, regulatory, taxation or other advice and the information does not take into account your investment objectives or legal, accounting, regulatory, taxation or financial situation or particular needs. You are solely responsible for forming your own opinions and conclusions on such matters and the market and for making your own independent assessment of the information. Investors and prospective investors in the securities of any issuer within the HSS Group should make their own independent investigation and appraisal of the business and financial condition of such issuer and the nature of the securities. Any decision to purchase securities of the HSS Group or any issuer within the HSS Group should be made solely on the basis of your own evaluation of the merits, risks and suitability of such investment based on the information you have, including publicly available information about the HSS Group and its affiliates, without relying on the HSS Group or any other person or on this release.
The inclusion of financial information in this release or any related document should not be regarded as a representation or warranty by the HSS Group or any issuer within the HSS Group or any of their respective affiliates, advisors or representatives or any other person as to the accuracy or completeness of such information’s portrayal of the financial condition or results of operations by the HSS Group or any issuer within the HSS Group and should not be relied upon when making an investment decision. Certain statements in this announcement are forward-looking. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions which could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements contained in this announcement regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The HSS Group nor any issuer within the HSS Group undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date of this announcement.