London-based HSS Hire Group, one of the largest equipment rental companies in the United Kingdom, posted £62.9 million (about U.S. $105.3 million) in revenue in the fiscal quarter ended March 29, compared to £48.6 million for the same period a year ago, a 29.4-percent increase. HSS posted a 31.9-percent increase in EBITDA, from £10.3 million in the year-ago period to £13.6 million.
“We’ve completed another solid quarter of growth and I’m encouraged to see the positive trend our strategy promoted throughout 2013 continue, with £62.0 million in revenue,” said CEO Chris Davies. “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.”
Acquisitions made by HSS during 2013 include specialist powered access business, UK Platforms; visual signboard provider, MTS in Ireland; and cleaning equipment technical services provider TecServ.
On March 31, two days after the end of the reporting period, HSS acquired Scottish generator rental company Apex Generators to strengthen the Group’s existing specialist power division by enabling service to a wider geographic area and greater ability to fulfill national power solutions contracts.