HSS performing to par

HSS Hire Group has reported trading in line with expectations in its Q1 trading update for the period ending March 28.

The national tool hire company which the majority of its workforce based at a customer service centre in Trafford Park, Manchester, saw revenue rise 15.3% to £72.5m (Q1 2014: £62.9m) with organic growth of 13.2%.

Adjusted EBITDA rose 9.2% to £15.4m (Q1 2014: £14.1m) while net debt fell to £167.3m at the end of Q1 2015, in line with expectations post IPO (Q1 2014: 214.2m).

Chief Executive Chris Davies said: “HSS delivered double digit revenue growth in both the core and specialist businesses through Q1.

“This performance leads us to believe that we are successfully taking market share from our competitors, both local and national.

“In addition to customer demand-led investment in our hire fleet, we have continued to invest in our platforms for growth; opening new local branches, recruiting and training new sales colleagues, developing larger account relationships and growing specialist businesses that enhance our ability to serve our customer base.”

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