First half results jump at HSS Hire
11 September 2014
UK-based rental company HSS Hire has reported a 33% increase in revenues and 34% rise in earnings before interest, taxes, depreciation and amortisation (EBITDA) for the first half of 2014, fuelled by organic growth and acquisitions.
First half revenues stood at £131 million (€164 million), while adjusted EBITDA reached £28.9 million (€36.3 million).
HSS Hire said the revenue increase was driven primarily by 19% organic growth and 13% by increases from its acquisitions of UK Platforms, TecServ and Apex Generators.
CEO Chris Davies said, “The Group is performing well and on track to deliver against management expectations for the full year.”
During the first half, HSS Hire said it strengthened its branch network with the addition of eight new HSS local operations – providing local trades with a range of kit for collection and next day delivery from HSS’s national hire fleet.
The company also said it had expanded UK Platforms, the specialist powered access provider acquired in June 2013, into Scotland. Meanwhile, its said its Powered Access and Power Solutions businesses had been expanded into Ireland.
HSS Hire invested £38.8 million (€48.7 million) in its fleet in the first half, up from £14.1 million (€17.7 million) for the same six months in 2013.
It said this jump in investment was a response to strong customer demand observed during the end of 2013 and through the first half of 2014.
Finally, the company said it had established a partnership with Unipart Group to optimise its engineering services capabilities and further improve logistics operations.
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