Revenue and profit growth in the half year for HSS Hire
Published:  04 August, 2011

LONDON: HSS Hire Service Group (HSS Hire), the national supplier of tool and equipment and outsourcing services, today announced fiscal 2011 first half year revenue of £89.5m and EBITDA of £19.5m.

Revenue grew 9.2% on a like-for-like basis over the same period of 2010. These results are ahead of market performance and the group continues to build on the strong performance in 2010.

The new national logistic and maintenance programme incorporating full national 24-hour operation commenced roll out to plan and HSS Outsource Cleaning launched.

Chris Davies, chief executive at HSS Hire commented: “We have delivered another quarter of sustained growth. This is an encouraging performance given the challenging economic and competitive environment and confirms our strategy of customer-centric propositions in primarily the ‘maintain and operate’ sectors. It is also encouraging to see growth in all the UK and Ireland regions.

“EBITDA has been maintained while making significant investments in the logistic network and transitioning to a 24 hour maintenance operation, reducing cycle times and supporting higher utilisation. This additional investment will continue in H2 2011 to enable the full network transformation to be completed - positioning the business for further efficiency gains in 2012

“This quarter we also launched HSS Outsource Cleaning, a completely new time/money saving proposition for cleaning and FM contractors. It takes our business into a significant equipment sector where rental penetration is less than 5%.

“Our priority remains generating a strong revenue and cash performance through growing our business and continuing to focus on customers, colleagues, cash and costs."

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