LONDON, June 3, 2014 /PRNewswire/ --
Acquisitions, organic growth and operational initiatives combine to deliver strong results
HSS Hire Group ("HSS" or "the Group") today announced financial results for the quarter ended 29 March 2014.
- 29.4% increase in revenue to £62.9m (2013: £48.6m)
- 31.9% increase in EBITDA to £13.6m* (2013: £10.3m)
Chris Davies, Chief Executive Officer at HSS Hire Group, said:
"We've completed another solid quarter of growth and I'm encouraged to see the positive trend our strategy promoted throughout 2013 continue, with £62.9m in revenue, up 29.4% year-on-year. This is a strong start to the year achieved by organic growth across all customer groups, businesses and geographies, complemented by contributions from our recent acquisitions and improving market conditions.
"We will continue to invest in our core fleet to meet rising customer demand against improving economic conditions and to promote the growth of our business throughout 2014."
Developments after the reporting period
HSS completes acquisition of Apex Generators
On March 31 2014, HSS acquired Scottish generator hire company, Apex Generators Ltd, to strengthen the Group's existing specialist power division - enabling service to a wider geographical area and greater ability to fufill national power solutions contracts.
A conference call for Senior Secured Notes investors will be held at 14:00hrs on BST Tuesday 03 June 2014. If you would like to participate in this call, please register by email using the following email address: firstname.lastname@example.org.
For further information please visit: http://www.hsshiregroup.com. Download HSS's full Q1 2014 Report at http://www.hsshiregroup.com/financial-results. If you would like to be added to our distribution list for announcements relating to the Senior Secured Notes, please email: email@example.com.
Notes to Editors:
HSS Hire Group provides tools, equipment and related services in the UK and Ireland through a nationwide network of over 250 locations. HSS was acquired by Exponent Private Equity in October 2012. For more information please see http://www.hsshiregroup.com.
* EBITDA adjusted to remove certain exceptional costs.
Acquisitions made by the Group during 2013 include:
- Specialist powered access business, UK Platforms
- Visual signboard provider, MTS in Ireland
- Cleaning equipment technical services provider, TecServ
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SOURCE HSS Hire Services Group