HSS Hire Service Group, one of the U.K.’s largest rental companies, reported a 14-percent increase in revenue to £44.6m (about U.S. $72.2 million) for the third quarter. EBITDA rose 31 percent from £9.2 million (U.S. $14.9 million) in last year’s third quarter to £12.1 million (U.S. $19.6 million) this year.
HSS’ revenues for the first nine months of 2010, ended Oct. 2, rose 13 percent from £111.9 million (U.S. $181.0 million) last year to £126.6 million (U.S. $204.8 million) this year, with EBITDA leaping for the nine-month stretch by 29.4 percent to £29.8 million (U.S. $48.2 million).
Capital expenditures totaled £12.3 million (U.S. $19.9 million), including £2 million (U.S. $3.2 million) brought forward from 2011 to support customer growth.
"The company continues to make very good progress in challenging conditions,” said HSS Hire chief executive Chris Davis. “This has been achieved by focusing on customers, colleagues, costs and cash. Although we remain cautious on the outlook for the rest of the year and into next, our progress has prompted us to bring forward investment in the business from next year into this."
HSS Hire has more than 230 locations in the U.K.