21st Nov 2019 10:37
(Alliance News) - HSS Hire Group PLC said Thursday it has delivered strong growth in the third quarter despite more challenging conditions and expects its full-year profit to be in line with market expectations.
For the 39 weeks to September 28, the equipment suppliers revenue rose 2.3% to GBP246.8 million from GBP241.4 million in the comparative period a year ago.
Adjusted earnings before interest, tax, depreciation and amortization in the quarter increased 7.9% to GBP47.2 million from GBP43.7 million a year ago.
The Manchester-based company said its net debt has been reduced by GBP58 million since December 2018, as a result of improved Ebitda and the use of proceeds from the sale of UK Platforms. The lifts rental unit was sold to Loxam Group for GBP60.5 million, with deal completing early in 2019.
HSS Hire reiterated its confidence that full-year profit will be in line with market expectations.
Steve Ashmore, chief executive officer, said: "I am pleased to announce another quarter of strong growth against the backdrop of more challenging conditions. In the third quarter we delivered a significant improvement in profitability including a second successive quarter of return on capital above our 20% target range."
"We have made a solid start to the fourth quarter and whilst market headwinds persist, we are confident that we will deliver full-year profit in line with market expectations," Ashmore said.
HSS Hire shares were up 1.6% in London at 35.25 pence each on Thursday.
By Loreta Juodagalvyte; [email protected]
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