HSS Hire raises €15 million via shares boost

By Joe Malone22 December 2016

Rental company HSS Hire claims it has raised £13 million (€15.30 million) via a share pricing, giving it added financial power to invest in its fleet.

The company, which provides tool and equipment hire and related services, has conditionally placed 15.45 million new ordinary shares at 83.88 pence per share with a number of its existing shareholders.

HSS Hire said it had continued to increase its market share over the first nine months of the year, with revenue growing 11%. The company’s adjusted earnings before interest, taxes and amortization (EBITA) grew 6% to £14.6 million (€17.94 million) with EBITA margin improving 5.7%.

The company said it was on course to complete its change programme in early 2017, and insisted that placing new shares would be the most efficient method in terms of cost, time and management resource.

The company has recently struck a unique mini-excavator supply deal with Kubota, whereby 200 new Kubota mini-excavators will be made available by HSS with next-day delivery within the Greater London, UK, area.

MAGAZINE
NEWSLETTER
Delivered directly to your inbox, Access International Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Loxam accelerates environmental shift
Equipment rental company aims to halve direct emissions by 2030 and cut indirect emissions by 30%
10 ways to join the hydrogen power revolution
Interest in the use of hydrogen has soared over the past few years as the construction industry races to reduce its carbon footprint. We roundup some recent initiatives
Sinoboom agrees TVH deal
Deal will see parts and service supplied to all Sinoboom’s geographical operations.
CONNECT WITH THE TEAM
Euan Youdale Editor, Access International Tel: +44 (0)1892 786 214 E-mail: euan.youdale@khl.com
Ollie Hodges Sales Manager Tel: +44 (0)1892 786253 E-mail: ollie.hodges@khl.com
CONNECT WITH SOCIAL MEDIA