Sales and earnings increase at HSS
TRAFFORD Park-based tool and equipment hire firm HSS Hire announced that like-for-like sales in the first half of 2011 increased by 9.2% as it posted sales of £89.5m.
Earnings before interest, tax, depreciation and amortisation (ebitda) also increase by 10.4% to £19.5m.
The company said that it had continued to build on last year’s strong figures and had outperformed the market.
A new nationwide logistics and maintenance programme offering a 24-hour services has also begun its roll-out and a new outsourcing division offering equipment for cleaning and facilities management companies.
The company said that its plan was to continue growing organically through new service offers and by targeting both regional and key accounts.
It added that it expected to continue reporting positive full-year growth despite the loss of a Network Rail supply contract, lower-than-average cooling product revenues due to the poor summer and the general economic climate.
Chief executive Chris Davies said: “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 whilst making significant investments in the logistic network and transitioning to a 24 hour maintenance operation, reducing cycle times and supporting higher utilisation.
“Our priority remains generating a strong revenue and cash performance through growing our business and continuing to focus on customers, colleagues, cash and costs.”
