HSS Hire Service Group, U.K. national supplier of tool and equipment rental and outsourcing services, posted fiscal first-half 2011 revenue of £89.5 million (about U.S. $146 million). Revenue grew 9.2 percent compared with the same period of 2010. EBITDA for the first half was £19.5 million, a 10.4-percent year-over-year increase, driven by revenue growth and increased productivity.
Second-quarter revenue was £42.6 million (about U.S. $68.7 million), a 6.5-percent increase compared to last year’s second quarter.
HSS Hire invested in its rental equipment fleet with a capex spend of £10.9 million in the first half, more than doubling last year’s first-half spend of £4.7 million.
In the first half, HSS launched HSS Outsource Cleaning, an outsourcing service for cleaning contractors.
HSS remains focused on organic growth, particularly through regional and key accounts.
“We have delivered another quarter of sustained growth,” said HSS Hire chief executive Chris Davies. “This is an encouraging performance given the challenging economic and competitive environment and confirms our strategy of customer-centric propositions in primarily the ‘maintain and operate’ sectors. It is also encouraging to see growth in all the U.K. and Ireland regions. EBITDA has been maintained whilst making significant investments in the logistic network and transitioning to a 24-hour maintenance operation, reducing cycle times and supporting higher utilization.”
HSS Hire is based in London.