HSS Hire Group PLC Trading Update (4950D)
30 Giugno 2021 - 8:00AM
UK Regulatory
TIDMHSS
RNS Number : 4950D
HSS Hire Group PLC
30 June 2021
30 June 2021
HSS Hire Group Plc
Trading update and AGM statement
"EBITA expected to be materially ahead of expectations"
HSS Hire Group plc ("HSS" or the "Group") provides the following
trading update ahead of its Annual General Meeting later today.
Building on the encouraging momentum in Q1 2021, trading has
continued to improve since the Group reported its 2020 year end
results, with underlying(1) revenues in Q2 2021 at 102% of FY19
levels.
Q2 2021 EBITDA(2) and EBITA(2) remain ahead of the comparable
FY19 levels with the Group's digitally-led, lower cost operating
model delivering further margin expansion. Based on the performance
in the second quarter, EBITDA(2) for 2021 is expected to be
slightly ahead of market expectations and EBITA(2) is now expected
to be materially ahead of expectations, including the benefit of
reduced depreciation following the change in operating model.
Cash collection has also remained strong throughout the quarter
and, combined with improved profitability, we expect to achieve our
net debt leverage(2) 2021 exit rate target of below 2x at the
half-year.
The Board will provide further details on Group performance at
HSS' 2021 half year results update, expected to be held in
September 2021.
Steve Ashmore, Chief Executive, commented:
"We are very pleased with how the Group has continued to
perform. Our strong operating profit performance, ahead of 2019
levels, is testament to the effectiveness of our digital strategy.
Our embedded technology platforms combined with our partnership
with builders merchants has allowed us to maintain national
coverage while significantly lowering fixed costs and improving
margins. Supported by very strong cash collection, we anticipate
achieving our 2021 net debt leverage target of below 2x six months
ahead of schedule. This strong performance has given us further
confidence in our digital-focused model as we continue to build on
our differentiated commercial proposition and capitalise on the
market opportunities ahead of us."
-Ends-
Notes:
1) Underlying excludes impact of loss of Services volume
associated with FY19 announced change to one managed service
contract and Laois Hire, disposed of 7(th) April 2021.
2) Pre-IFRS16 basis
Enquiries:
HSS Hire Group plc Tel: 020 3757 9248
Steve Ashmore, Chief Executive Officer Email: Investors@hss.com
Paul Quested, Chief Financial Officer
Greig Thomas, Head of Group Finance
Numis Securities Tel: 020 7260 1000
Stuart Skinner / George Price
Teneo (Public Relations Adviser) Tel: 075 5749 1860
Tom Davies / Charles Armitstead
Notes to editors:
HSS Hire Group plc provides tool and equipment hire and related
services in the UK and Ireland through a nationwide network and its
OneCall rehire business. It offers a one-stop shop for all
equipment through a combination of its complementary rental and
re-hire business to a diverse, predominantly B2B customer base
serving a range of end markets and activities. Over 90% of its
revenues come from business customers. HSS is listed on the AIM
Market of the London Stock Exchange. For more information please
see www.hsshiregroup.com .
Disclaimer:
This announcement contains forward-looking statements relating
to the business, financial performance and results of HSS Hire
Group plc and the industry in which HSS Hire Group plc operates.
These statements may be identified by words such as "expect",
"believe", "estimate", "plan", "target", or "forecast" and similar
expressions, or by their context. These statements are made on the
basis of current knowledge and assumptions and involve risks and
uncertainties. Various factors could cause actual future results,
performance or events to differ materially from those described in
these statements and neither HSS Hire Group plc nor any other
person accepts any responsibility for the accuracy of the opinions
expressed in this presentation or the underlying assumptions. No
obligation is assumed to update any forward-looking statements.
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END
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