10.05.2011

HSS profits up 21%

Revenues for quarter were £46.9m with Earnings Before Interest, Tax, Depreciation and Amortisation of £11.2 million – over 21 percent higher than in the same period of 2010.

The company says that sales to large national accounts increased 20 percent and now accounts for 30 percent of its revenues.

The company also stepped up the investment in its rental fleet, and says that investment levels are now back to levels of early 2008. The company does not issue any further details on a quarterly basis.

Looking forward its says that the impact of a late Easter, the Royal wedding and national holidays and the expiry of a Network Rail supply contract, will result in lower growth in the second quarter and through the rest of the year. However it says that in spite of this it has not changed its outlook or expectations and continues to expect steady growth

Chief executive Chris Davies said: “We are pleased with our results for the 2011 first quarter as they clearly demonstrate the positive effects of our strategies. We are encouraged that growth is continuing across a range of markets and products. We remain focused on generating a strong revenue and cash performance, managing our portfolio and growing our business.”

“This is an exciting time for HSS Hire and a real chance to propel our business even further. This quarter we have been able to make significant investments in both our fleet and our colleague base which, together with sustained profitability and demonstrable growth, means that we are well placed for continued success over the months and years ahead.”