21st Nov 2018 11:11
LONDON (Alliance News) - HSS Hire Group PLC said Wednesday that it expects annual earnings to be "marginally ahead" of the current market view after a rise in third-quarter revenue.
For the 13 weeks to September 29, the equipment supplier's revenue rose 4.5% to GBP93.6 million from GBP89.6 million in the comparative period a year ago, driven by improved availability and good performance of the firm's seasonal product range.
Adjusted earnings before interest, taxes, depreciation and amortisation in the quarter increased 24% to GBP22.2 million from GBP17.9 million a year ago.
The company said the good trading momentum has continued in the first seven weeks of the fourth quarter, with Ebitda for the year expected ahead of market views.
Chief Executive Officer Steve Ashmore said: "I am pleased to report another good quarter with continued positive trading. Strong delivery against our strategic priorities has enabled us to achieve profitable growth and a further reduction in leverage.
"We look ahead with confidence with the company now operating with a more sustainable cost base, enabling us to drive profitable growth as we strengthen our commercial proposition and realise benefits resulting from greater focus on our Tool Hire business."
HSS shares were trading down 0.3% at 33.0 pence each.
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