TIDMHSS
RNS Number : 2707L
HSS Hire Group PLC
05 September 2019
HSS Hire Group Plc
Interim report: Half-year results for the 26 week period ended
29 June 2019
Improved returns; full-year expectations unchanged
HSS Hire Group plc ("HSS" or the "Group") today announces
results for the 26 week period ended 29 June 2019.
Financial Highlights(1) (Unaudited) H1 2019 H1 2018 Change
(26 weeks) (26 weeks)
Revenue GBP161.4m GBP155.4m 3.9%
----------- ----------- --------
Adjusted EBITDA(2) GBP27.0m GBP24.4m 10.9%
----------- ----------- --------
Adjusted EBITDA margin 16.7% 15.7% 1.0pp
----------- ----------- --------
Adjusted EBITA(3) GBP8.8m GBP3.3m GBP5.5m
----------- ----------- --------
Adjusted EBITA margin 5.4% 2.1% 3.3pp
----------- ----------- --------
ROCE(4) 21.7% 4.9% 16.8pp
----------- ----------- --------
Net debt leverage(5) 3.0x 3.7x 0.7x
----------- ----------- --------
Adjusted basic loss per share (0.77)p (1.88)p 1.11p
----------- ----------- --------
Other extracts
----------- ----------- --------
Operating profit / (loss) GBP4.8m GBP(3.0)m GBP7.8m
----------- ----------- --------
Profit / (loss) for the financial period GBP7.6m GBP(7.6)m GBP15.2m
----------- ----------- --------
Total Basic earnings / (loss) per share 4.44p (4.45)p 8.89p
----------- ----------- --------
The new accounting standard IFRS16 Leases will be adopted for
the financial year beginning 29(th) December 2019. IFRS16 has not
been adopted for the current period and as such all of the
financial results have been presented excluding the impact of the
standard.
Highlights for H1 19
-- Significant improvement in returns, ROCE increased to 21.7%
o Adjusted EBITDA growth of 10.9% and Adjusted EBITA increased
GBP5.5m
o Revenue growth and cost initiatives improved EBITDA margins by
1pp and EBITA margins by 3.3pp
o ROCE improved 16.8pp by leveraging insight tools, improved
price controls and growth in the capital light Services
business
-- Revenue growth of 3.9% driven by increased focus on Services,
improved availability and fleet investment
o Rental (and related) revenue growth of 1.1%
o Continued strength in Services with revenue +10.6% and
contribution +15.7%
o LTM utilisation(6) has remained high following investment in
new fleet at 51.3% in Core tool hire and 67.8% in Specialist
-- Further reduction in net debt leverage to 3.0x (H1 18: 3.7x)
o Net debt has reduced by GBP52.7m as a result of improved
EBITDA and the use of proceeds from the sale of UK Platforms
o Cash and total facility headroom greater than GBP50m as at 29
June 2019
-- Continued progress against strategic priorities
o Customer app launched and development is ongoing
o New driver technology now in place, improving efficiency
o OneCall automated platform rolled out for all suppliers
-- Self-help initiatives already implemented to manage well reported market headwinds
Outlook
-- Management confident that full year profit will be in line with market expectations
Steve Ashmore, Chief Executive Officer, said:
"I am pleased to report a solid performance for the first half
of 2019 in which the continued focus on driving profitable revenue
growth through strong price control and effective cost management
led to a significant improvement in return on capital and a further
reduction in leverage.
As set out in April, the next phase of our strategy is focused
on strengthening our commercial proposition by enhancing the
digital offer in our Rental business and transforming the customer
experience in our OneCall Services business. We are pleased with
the positive reaction to the launch of our customer app, the
roll-out of new driver technology and the completion of our new
automated OneCall system. We will continue to develop our digital
offering, further improving the customer experience, and build on
these early positive results.
The widely reported headwinds in the economy have affected the
tool hire market but HSS is well placed to manage these more
challenging conditions. We have taken additional action to further
optimise our operating cost base and have a clear strategy to build
upon our existing excellent market positions, leaving us well
placed to continue to grow share in all of our markets."
Notes
1) Results for H1 19 and H1 18 are for continuing operations and
exclude the UK Platforms business which was sold in January
2019
2) Adjusted EBITDA is defined as operating profit before
depreciation, amortisation, and exceptional items. For this purpose
depreciation includes the net book value of hire stock losses and
write offs, and the net book value of other fixed asset disposals
less the proceeds on those disposals
3) Adjusted EBITA defined as Adjusted EBITDA less depreciation
4) ROCE calculated as Adjusted EBITA for the 12 months to 29(th)
June 2019 divided by the average of total assets less current
liabilities (excluding intangible assets, cash and debt items) over
the same period
5) Net debt leverage is calculated as closing net debt divided
by adjusted EBITDA for last 12 months (LTM). H119 LTM EBITDA
excludes UK Platforms.
6) Utilisation is calculated for the 12 month period to 29(th)
June 2019 and is value weighted based on rental revenue
-Ends-
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.
Notes to editors
HSS Hire Group plc provides tool and equipment hire, re-hire and
related services in the UK and Ireland through a nationwide network
of over 240 locations and its OneCall re-hire business. It offers a
one-stop shop for all equipment through a combination of our
complementary rental and re-hire businesses 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 Main Market of the London Stock Exchange. For
more information please see www.hsshiregroup.com.
For further information, please contact:
HSS Hire Group plc Tel: 020 3757 9248 (on 5 September
2019)
Steve Ashmore, Chief Executive Thereafter, please email: Investors@hss.com
Officer
Paul Quested, Chief Financial
Officer
Greig Thomas, Head of Group
Finance
Teneo Tel: 020 3757 9248
Robert Morgan
Tom Davies
Group financial performance
The Group is working with third party specialists to develop
IFRS 16 policies along with processes and systems to manage their
successful implementation. This work will be completed by the
fourth quarter of 2019 and as such, the decision has been taken not
to adopt IFRS16 early for the financial year 30(th) December 2018
to 28(th) December 2019. The financial results are therefore
presented on a non IFRS 16 basis. All comparisons, except where
separately disclosed, are on a Continuing Operations basis.
Revenue
Revenue in H1 19 was GBP161.4m, 3.9% above the previous year (H1
18: GBP155.4m). This year on year increase reflects improved
trading in H1 19 across both our Rental and Services segments.
Rental and related revenues were GBP110.3m in H1 19 (H1 18:
GBP109.1m), GBP1.2m and 1.1% higher than in H1 18. This was a
strong performance in a tougher trading environment compared to H1
18 and strong comparators. In line with our strategy, the Group has
used new insight tools to drive focus on profitable growth combined
with improved availability post the FY18 operating model change.
Contribution was GBP73.5m (H1 18: GBP72.7m), an increase of 1.1% on
H1 18 driven by improved revenues with margin consistent at
66.7%.
Services revenues were GBP51.2m in H1 19 (H1 18: GBP46.3m),
growth of 10.6% reflecting a strong performance in our OneCall and
Training businesses with customers continuing to value the "one
stop shop" service offer. Contribution increased to GBP8.2m (H1 18:
GBP7.1m), with margins improving to 16.0% (H1 18: 15.3%),
reflecting ongoing focus on pricing discipline and effective supply
chain management.
Costs
Cost of sales grew by GBP2.4m to GBP75.9m during the period (H1
18: GBP73.5m) primarily as a result of the growth in our Services
business revenues and associated costs. Distribution costs
decreased by GBP0.4m to GBP16.7m (H1 18: GBP17.1m), as the Group
continued to control cost and benefit from network changes made in
2018. Administrative expenses decreased by GBP3.6m to GBP64.3m (H1
18: GBP67.9m) due to the benefit of cost actions taken in 2018
combined with lower exceptional costs.
Gross exceptional costs in H1 19 were lower at GBP2.8m (H1 18:
GBP3.2m) and include GBP1.7m accelerated amortisation of debt issue
costs following early repayment of debt in January post the
disposal of UK Platforms, a GBP0.5m increase in the dark stores
provision and GBP0.5m related to cost saving initiatives. This
includes third party costs following the decision to close the
cross-dock operation.
In H1 18, exceptional costs were GBP3.2m, of which GBP1.5m
related to onerous leases on closed branches and GBP0.4m was
impairment of property, plant and equipment related to those
closures. There were no branch closures in H1 19 (H1 18: 12). The
H1 18 costs are net of sub-let income on onerous leases of
GBP0.2m.
Net finance expenses were GBP4.9m higher at GBP12.1m (H1 18:
GBP7.2m) reflecting the interest rate on the term facility entered
into in July 18 and a higher level of debt issue costs as a result
of the accelerated amortisation noted above.
Profitability
Adjusted EBITDA of GBP27.0m in H1 19 was 10.9% higher than the
prior year (H1 18: GBP24.4m), with adjusted EBITDA margins
improving 1pp to 16.7% (H1 18: 15.7%). The improving profitability
was driven by increased revenues in the period and lower costs due
to continued focus on the strategic priorities including the
ongoing benefit of annualised savings from initiatives implemented
in FY18.
Adjusted EBITA increased from GBP3.3m in H1 18 to GBP8.8m in H1
18, with the margin improving to 5.4% (H1 18 -2.1%), for the
reasons described above, and reduced depreciation as a result of
investment timing.
Loss before tax reduced by 27.7% to GBP7.4m, from GBP10.2m in H1
18, despite increased finance expense. This reflects stronger
underlying performance year on year combined with lower exceptional
costs.
The basic profit per share was 4.44p in H1 19 improving from a
loss per share of 4.45p in H1 18, reflecting the improved trading
in the business and the profit from disposal of UK Platforms.
The adjusted basic and diluted loss per share was 0.77p per
share in H1 19, improving from a loss of 1.88p in H1 18. This
reflects the underlying improvement in the adjusted loss before tax
position.
Return on Capital Employed
ROCE increased to 21.7% reflecting a significant improvement
compared to H1 18 (4.9%) and in line with our 2020 performance
framework target of greater than 20%. This has been driven by the
utilisation of new insight tools to determine fleet investment,
improved pricing control driving profitability and growth in our
capital light Services business.
This improvement comes at a time when the investment in fleet
and asset book value has increased.
Sale of UK Platforms Limited
As part of the strategy to Delever the Group and Transform the
Tool Hire Business, on 11 January 2019, the Group completed the
disposal of UK Platforms Limited to Nationwide Platforms Limited, a
wholly owned subsidiary of the Loxam Group. Proceeds of disposal,
net of transaction costs, were GBP47.5m generating a profit on
disposal of GBP12.8m. Costs of GBP2.1m were recognised in FY 18 and
so the profit on sale recognised in H1 19 is GBP14.9m.
After completion, GBP38.0m of the proceeds was used to pay down
Group debt, reducing the senior finance facility from GBP220.0m to
GBP182.0m.
The Group continues to have access to the powered access fleet
through its ongoing commercial agreement with UK Platform's new
owner.
Net debt
Net debt at 29 June 2019 was GBP186.0m, GBP52.7m lower than
December 2018 (FY 18 Total Operations: GBP238.7m) through the
repayment of debt and reduction in finance lease obligations
following completion of the disposal of UK Platforms in December,
and improved Group profitability. Headroom in the Group's total
facilities including net cash was GBP52.9m.
The debt facilities consist of a GBP182.0m term loan facility,
with GBP167.0m maturing in June 2023 and GBP15.0m in December 2020,
along with a revolving credit facility of GBP25.0m maturing in
December 2022.
Accelerated amortisation of debt issue costs of GBP1.7m was
recorded in H1 19 as a result of the repayment of a portion of the
loan with proceeds from the sale of UK Platforms.
Dividend
The Board remains firmly focused on reducing net debt in line
with the clear priorities set out in our Strategic Review. As such,
it believes that the interests of the shareholders of the Group are
best served by not paying a dividend until the net debt leverage
ratio falls below 2.5x at the earliest. This is in line with the
new term loan facility agreement.
Risks and uncertainties
The principal risks and uncertainties that could have a material
impact upon the Group's performance over the remaining 26 weeks of
the 2019 financial year have not changed significantly from those
described in the Group's 2018 Annual Report and are summarised in
note 13 of this interim report.
The main risk expected to affect the Group in the remaining 26
weeks of the 2019 financial year is macro-economic conditions,
which includes the impact that the Brexit related developments
could have on the business.
Free float
The strong improvement in the Group's performance is already
leading to increased investor interest. However, the Company is
cognisant of the level of the free float of its shares, which
currently stands at c13.75%.
The Board and its advisors believe that:
(a) the market in the Company's shares operates properly, with a
greater level of liquidity than many companies of its size;
(b) the excellent progress in the Group's turnaround will
continue to lead to increased interest in the Company's shares from
investors, both institutional and retail, thereby improving the
level of free float.
The Company has been in dialogue with the FCA and agreed a
modification of listing rule 9.2.15R, which would otherwise require
a free float of at least 25%, until 21 August 2020. The Board
expects to extend the free float in the Company's shares during
this time; however the Board is also able to consider multiple
other options.
Responsibility Statement
We confirm to the best of our knowledge that:
(a) the condensed interim set of financial statements has been
prepared in accordance with IAS 34 "Interim Financial Reporting" as
adopted by the European Union;
(b) the Interim Report includes a fair review of the information
required by DTR 4.2.7R (indication of important events during the
first six months and description of principal risks and
uncertainties for the remaining six months of the year); and
(c) the Interim Report includes a fair review of the information
required by DTR 4.2.8R (disclosure of related parties' transactions
and changes therein).
By order of the Board
Steve Ashmore
Director
5 September 2019
HSS Hire Group plc
Unaudited condensed consolidated income statement
26 weeks 26 weeks
ended 29 ended 30
June 2019 June 2018
Note GBP000s GBP000s
Revenue 3 161,436 155,369
Cost of sales (75,892) (73,504)
Gross profit 85,544 81,865
--------------------------------------- ----- ----------- -----------
Distribution costs (16,719) (17,126)
Administrative expenses (64,339) (67,888)
Other operating income 268 182
Operating profit / (loss) 4,754 (2,967)
--------------------------------------- ----- ----------- -----------
3,
Adjusted EBITDA(1) 15 27,038 24,376
Less: Adjusted depreciation
(1) 8 (18,276) (21,090)
--------------------------------------- ----- ----------- -----------
Adjusted EBITA(1) 15 8,762 3,286
Less: Exceptional items 4 (1,018) (3,207)
Less: Amortisation(1) 7 (2,990) (3,046)
--------------------------------------- ----- ----------- -----------
Operating profit / (loss) 4,754 (2,967)
--------------------------------------- ----- ----------- -----------
Net finance expense 5 (12,124) (7,230)
Adjusted loss before tax (1,623) (3,944)
Less: Exceptional items (non-finance) 4 (1,018) (3,207)
Less: Exceptional items (finance) 4 (1,739) -
Less: Amortisation 7 (2,990) (3,046)
--------------------------------------- ----- ----------- -----------
Loss before tax (7,370) (10,197)
--------------------------------------- ----- ----------- -----------
Income tax charge (109) (502)
Loss from continuing operations (7,479) (10,699)
--------------------------------------- ----- ----------- -----------
Profit on disposal of discontinued
operations 14 14,869 -
Profit from discontinued operations,
net of tax 14 162 3,126
Profit/(loss) for the financial
period 7,552 (7,573)
--------------------------------------- ----- ----------- -----------
Total earnings/(loss) per
share (pence)
Basic earnings/(loss) per
share 6 4.44 (4.45)
Diluted earnings/(loss) per
share 6 3.80 (4.45)
(1) Adjusted EBITDA is defined as operating profit before
depreciation, amortisation, and exceptional items. For this
purpose
depreciation includes the net book value of hire stock losses
and write offs, and the net book value of other fixed asset
disposals less the proceeds on those disposals. Adjusted EBITA is
defined as operating profit before amortisation and exceptional
items.
The notes form part of these condensed consolidated financial
statements.
HSS Hire Group plc
Unaudited condensed consolidated statement of comprehensive
income
26 weeks 26 weeks
ended 29 ended 30
June 2019 June 2018
GBP000s GBP000s
Profit/(loss) for the financial
period 7,552 (7,573)
Items that may be reclassified
to profit or loss:
Foreign currency translation
differences arising on consolidation
of foreign operations 516 (51)
Losses arising on cash flow hedges (344) -
Other comprehensive profit/(loss)
for the period, net of tax 172 (51)
------------------------------------------ ----------- -----------
Total comprehensive profit/(loss)
for the period 7,724 (7,624)
========================================== =========== ===========
The notes form part of these condensed consolidated financial
statements.
HSS Hire Group plc
Unaudited condensed consolidated statement of financial
position
29 June 29 December
2019 2018
Note GBP000s GBP000s
ASSETS
Non-current assets
Intangible assets 7 161,693 163,657
Property, plant and equipment 8 109,257 109,129
Deferred tax assets 2,500 2,500
Derivative financial instruments 39 405
273,489 275,691
Asset associated with assets classified
as held for sale - 46,716
Current assets
Inventories 3,683 4,333
Trade and other receivables 9 93,685 93,981
Cash 15,329 17,832
---------- ------------
112,697 116,146
Total assets 386,186 438,553
LIABILITIES
Current liabilities
Trade and other payables 10 (74,412) (71,011)
Borrowings and finance lease
liabilities 11 (5,808) (19,304)
Provisions 12 (7,929) (10,284)
Current tax liabilities (1,204) (101)
---------- ------------
(89,353) (100,700)
Liabilities associated with assets classified
as held for sale - (13,544)
Non-current liabilities
Borrowings and finance lease
liabilities 11 (182,884) (217,630)
Provisions 12 (33,372) (34,048)
Deferred tax liabilities (1,136) (1,168)
(217,392) (252,846)
Total liabilities (306,745) (367,090)
Net assets 79,441 71,463
------------------------------------------ ----- ---------- ------------
EQUITY
Share capital 1,702 1,702
Merger reserve 97,780 97,780
Warrant reserves 2,694 2,694
Foreign exchange translation
reserve 696 180
Cash flow hedging reserve (506) (162)
Retained deficit (22,925) (30,731)
Total equity 79,441 71,463
------------------------------------------ ----- ---------- ------------
The notes form part of these condensed consolidated financial
statements.
HSS Hire Group plc
Unaudited condensed consolidated statement of changes in
equity
Share Merger Warrant Foreign Retained Total equity
capital reserve reserve exchange Cash flow deficit
translation hedging
reserve reserve
GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s
At 29 December
2018 1,702 97,780 2,694 180 (162) (30,731) 71,463
Total
comprehensive
income for the
period
Profit for the
period - - - - - 7,552 7,552
Foreign
currency
translation
differences
arising on
consolidation
of foreign
operations - - - 516 - - 516
Cash flow
hedge - - - - (344) - (344)
Total
comprehensive
income for
the period - - - 516 (344) 7,552 7,724
------------- ------------- ------------- ------------ ------------ ------------- -------------
Transactions
with owners
recorded
directly in
equity
Share based
payment - - - - - 254 254
At 29 June
2019 1,702 97,780 2,694 696 (506) (22,925) 79,441
============= ============= ============= ============ ============ ============= =============
Foreign
exchange Cash flow
Share Merger Warrant translation hedging Retained
capital reserve reserve reserve reserve deficit Total equity
GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s
At 30 December
2017 1,702 97,780 - 425 - (26,335) 73,572
Total
comprehensive
loss for the
period
Loss for the
period - - - - - (7,573) (7,573)
Foreign
currency
translation
differences
arising on
consolidation
of foreign
operations - - - - - (51) (51)
Total
comprehensive
loss for the
period - - - - - (7,624) (7,624)
------------- ------------- ------------- ------------ ------------ ------------- -------------
Transactions
with owners
recorded
directly in
equity
Transfer to
warrant
reserve - - 2,694 - - - 2,694
Share based
payment - - - - - 31 31
At 30 June
2018 1,702 97,780 2,694 425 - (33,928) 68,673
============= ============= ============= ============ ============ ============= =============
The notes form part of these condensed consolidated financial
statements.
HSS Hire Group plc
Unaudited condensed consolidated statement of cash flows
Note 26 weeks ended 29 June 2019 26 weeks ended 30 June 2018
Cash flows from operating activities GBP000s GBP000s
Profit/(loss) after tax 7,552 (7,573)
Adjustments for:
- Taxation charge 109 502
- Amortisation 7,14 2,993 3,069
- Depreciation 8,14 14,231 17,462
- Accelerated depreciation relating to hire
stock customer losses,
hire stock write-offs 8 4,194 5,474
- Impairment of property, plant and equipment - 450
- Loss on disposal of property, plant and
equipment - 175
- Profit on disposal of subsidiary 14 (14,869) -
- Share based payment charge 254 31
- Foreign exchange losses on operating 541
activities -
- Net finance expense 5 12,124 7,420
Changes in working capital (excluding the
effects of disposals and exchange differences
on
consolidation):
- Inventories 641 (634)
- Trade and other receivables (73) (11,001)
- Trade and other payables 2,743 14,187
- Provisions 12 (3,032) (5,586)
Net cash flows from operating activities before
changes in hire equipment 27,408 23,976
Purchase of hire equipment 8 (10,738) (5,837)
Cash generated from operating activities 16,670 18,139
---------------------------- ----------------------------
Net interest paid (9,803) (6,902)
Tax paid 962 (240)
Net cash generated from operating activities 7,829 10,997
---------------------------- ----------------------------
Cash flows from investing activities
Proceeds on disposal of businesses, net of cash 46,123 -
disposed of
Proceeds on disposal of assets held for sale - 1,500
Purchases of non-hire property, plant, equipment
and software 7,8 (3,315) (2,862)
Net cash generated from/(used in) investing
activities 42,808 (1,362)
---------------------------- ----------------------------
Cash flows from financing activities
Bank arrangement fees - (400)
Proceeds from borrowings (third parties) - 8,000
Repayments of borrowings 11 (51,018) (3,000)
Finance lease payments (4,197) (6,330)
Net cash used in financing activities (55,215) (1,730)
---------------------------- ----------------------------
Net (decrease)/increase in cash (4,578) 7,905
Cash at the start of the period 19,907 2,151
Cash at the start of the period - continuing
operations 17,832 2,151
Cash at the start of the period - discontinued 2,075 -
operations
----------------------------
Cash at the end of the period 15,329 10,056
Cash at the end of the period - continuing
operations 15,329 9,099
Cash at the end of the period - discontinued
operations - 957
----------------------------
The notes form part of these condensed consolidated financial
statements
HSS Hire Group plc
Notes forming part of the condensed consolidated financial
statements
1. General information
The Company is a public limited company which is listed on the
London Stock Exchange and is incorporated and domiciled in the
United Kingdom. The address of the registered office is Oakland
House, 76 Talbot Road, Old Trafford, Manchester, England, M16
0PQ.
The condensed consolidated financial statements as at, and for
the 26 weeks ended 29 June 2019 comprise the Company and its
subsidiaries (the 'Group').
The Group is primarily involved in providing tool and equipment
hire and related services in the United Kingdom and the Republic of
Ireland.
The condensed consolidated financial statements were approved
for issue by the Board on 4 September 2019.
The condensed consolidated financial statements do not
constitute the Statutory Accounts within the meaning of Section 434
of the Companies Act 2006. Statutory Accounts for the year ended 29
December 2018 were approved by the Board on 3 April 2019 and
delivered to the Registrar of Companies. The auditor's report on
those accounts was unqualified, did not include a reference to any
matter by way of emphasis and did not contain a statement under
Section 498(2) or (3) of the Companies Act 2006.
2. Basis of preparation
The condensed consolidated financial statements for the 26 weeks
ended 29 June 2019 have been prepared in accordance with the
Disclosure Guidance and Transparency Rules of the United Kingdom's
Financial Conduct Authority and relevant International Financial
Reporting Standards ('IFRS') as adopted by the European Union
(including IAS 34 Interim Financial Reporting). The condensed
consolidated financial statements should be read in conjunction
with the Group's Annual Report and Accounts for the year ended 29
December 2018, which were prepared in accordance with IFRS as
adopted by the European Union.
IFRS16 Implementation
IFRS 16 Leases is mandatory for periods beginning on or after 1
January 2019. The Group is working with third party specialists to
develop IFRS 16 policies along with processes and systems to manage
their successful implementation. This work is now expected to be
completed by the fourth quarter of 2019 and, as such the decision
has now been taken not to adopt IFRS16 early for the financial year
30th December 2018 to 28th December 2019 as had been planned and
noted in the Annual Report and Financial Statements 2018. The date
of initial application will now be for the financial year starting
29th December 2019. By taking the time allowed by the standard it
gives management the opportunity to perform a full review of its
lease portfolio and accurately assess the impact of IFRS 16 and the
required disclosure.
Going concern
The Directors have reviewed the Group's current performance,
forecasts and projections, taking account of reasonably possible
changes in trading performance and considering senior debt and
interest repayments, combined with expenditure commitments. In
particular the directors have considered the adequacy of the
Group's debt facilities with specific regard to the following
factors:
- the financial covenants relating to the term loan facility of
GBP182 million and revolving credit facility of GBP25 million
secured by the Group
- the maturity of the term loan facility (GBP15m in December
2020, GBP167m in June 2023) and revolving credit facility in
December 2022
After reviewing the above, taking into account current and
future developments and principal risks and uncertainties, and
making appropriate enquiries, the directors have a reasonable
expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future. Accordingly they
continue to adopt the going concern basis in preparing these
condensed consolidated interim financial statements.
3. Segmental reporting
The Group's operations are segmented into the following
reportable segments:
- Rental and related revenue.
- Services.
Rental and related revenue comprises the rental income earned
from owned tools and equipment, including powered access, power
generation and HVAC assets, together with directly related revenue
such as resale (fuel and other consumables) transport and other
ancillary revenues.
Services comprise the Group's HSS OneCall rehire business and
HSS Training. HSS OneCall provides customers with a single point of
contact for the hire of products that are not typically held within
HSS' fleet and are obtained from approved third party partners; HSS
Training provides customers with specialist safety training across
a wide range of products and sectors.
Contribution is defined as segment operating profit before
branch and selling costs, central costs, depreciation, amortisation
and exceptional items.
All segment revenue, operating profit, assets and liabilities
are attributable to the principal activity of the Group being the
provision of tool and equipment hire and related services in, and
to customers in, the United Kingdom and the Republic of Ireland.
Revenue from one customer exceeded 10% of Group turnover in the
period ending 29 June 2019 (26 weeks ending 30 June 2018: one).
26 weeks ended 29 June 2019
Rental
(and related
revenue) Services Central Total
GBP000s GBP000s GBP000s GBP000s
Total revenue from external
customers 110,267 51,169 - 161,436
-------------- --------- ---------- ----------
Contribution 73,505 8,164 - 81,669
Branch and selling costs - - (42,610) (42,610)
Central costs - - (12,021) (12,021)
Adjusted EBITDA 27,038
Less: Exceptional items - - (1,018) (1,018)
Less: Depreciation and
amortisation (16,313) (110) (4,843) (21,266)
Operating profit 4,754
Net finance expenses (12,124)
Loss before tax (7,370)
----------
As at 29 June 2019
Non-current assets net
book value
Intangibles 129,314 258 32,121 161,693
Property, plant and equipment 81,045 183 28,029 109,257
Unallocated corporate
assets
Non-current deferred tax
assets 2,500 2,500
Derivative financial instruments 39 39
Current assets 112,697 112,697
Current liabilities - -
Non-current liabilities (217,392) (217,392)
----------
Net assets 168,794
----------
26 weeks ended 30 June 2018
Rental
(and related
revenue) Services Central Total
GBP000s GBP000s GBP000s GBP000s
Total revenue from external
customers 109,108 46,261 - 155,369
-------------- --------- ---------- ----------
Contribution 72,734 7,058 - 79,792
Branch and selling costs - - (41,308) (41,308)
Central costs - - (14,107) (14,107)
Adjusted EBITDA 24,376
Less: Exceptional items - - (3,207) (3,207)
Less: Depreciation and
amortisation (19,022) (81) (5,034) (24,136)
Operating loss (2,967)
Net finance expenses (7,230)
Loss before tax (10,197)
----------
As at 29 December 2018
Non-current assets net
book value
Intangibles 158,420 324 4,913 163,657
Property, plant and equipment 76,691 377 29,061 109,129
Unallocated corporate
assets
Non-current deferred tax
assets 2,500 2,500
Derivative financial instruments 405 405
Assets held for sale (net) 33,172 33,172
Current assets 116,146 116,146
Current liabilities (100,700) (100,700)
Non-current liabilities (252,846) (252,846)
----------
Net assets 71,463
----------
4. Exceptional items
Items of income or expense have been shown as exceptional
because of their size and nature or because they are non-recurring.
An analysis of the amount presented as exceptional items in the
consolidated income statement is given below.
During the period ended 29 June 2019, the Group has recognised
net exceptional costs as follows:
Included Included Included Included 26 weeks
in cost in distribution in administrative in finance ended 30
of sales costs expenses expense June 2019
GBP000s GBP000s GBP000s GBP000s GBP000s
Onerous leases - - 483 - 483
Cost reduction
programme 13 396 126 - 535
Accelerated amortisation
of debt issue costs - - - 1,739 1,739
Exceptional items
- continuing operations 13 396 609 1,739 2,757
========== ================= =================== ============ ===========
During the period ended 30 June 2018, the Group recognised net
exceptional costs as follows:
Included
Included in other 26 weeks
in administrative operating ended 30
expenses income June 2018
GBP000s GBP000s GBP000s
Onerous leases 1,518 - 1,518
Impairment of property, plant
and equipment 439 - 439
Cost reduction programme 710 - 710
Strategic review 722 - 722
Sub-let rental income
on onerous leases - (182) (182)
Exceptional items - continuing
operations 3,389 (182) 3,207
-------------------------- ----------- ----------------------
Exceptional items - discontinued
operations 128 - 128
-------------------------- ----------- ----------------------
Exceptional items
total 3,517 (182) 3,335
========================== =========== ======================
Exceptional items incurred in 2019 and 2018
Onerous leases: branch closures
In 2017 and 2018 the number of branches was reduced to remove
less profitable locations with activity centralised into remaining
locations. During the 26 weeks ended 29 June 2019 no additional
branches were closed (26 weeks ended 30 June 2018: 12).
An exceptional charge of GBP0.5 million has been recognised in
the 26 weeks ended 29 June 2019 (26 weeks ended 30 June 2018:
GBP1.5 million) and relates to a revision of the existing dark
store and onerous lease provision. The onerous lease provision
charge is shown net of GBP0.3 million of sublet rental income. This
is a change from prior periods, where the sublet rental income was
disclosed separately and included in other operating income GBP0.2
million for the 26 weeks ending 30 June 2018.
Cost reduction programme
In light of headwinds emerging in the market, the Group has
undertaken initiatives in Q2 2019 to reduce costs. These include
internal restructuring, the closure of a centre used for hire fleet
refurbishment and exiting contracts related to operation of the
cross-dock facility used to redistribute assets across the network.
This has resulted in an exceptional charge of GBP0.5 million.
In 2018 the Group carried out restructuring as it implemented
plans to reduce central overhead, with most of the
GBP0.7 million cost being redundancy.
Accelerated amortisation of debt issue costs
During 2019 an element of proceeds from the UK Platforms
disposal was used to repay debt. The early repayment resulted in
accelerated amortisation of debt issue costs of GBP1.7 million.
Exceptional items incurred in 2018
Strategic review
Following the appointment of the new Chief Executive Officer in
2017, a thorough Strategic Review was carried out by the Group.
Non-recurring third party consultancy costs of GBP0.7 million were
incurred for the period ended 30 June 2018 as part of this
review.
Impairment of closed branch property, plant and equipment
Following the branch closures in 2018 management conducted an
impairment review of property plant and equipment in closed
branches to determine what can be reused across the network. During
the 26 weeks ended 30 June 2018, an impairment of GBP0.4 million
was recorded.
5. Finance income and expense
26 weeks 26 weeks
ended 29 ended 30
June 2019 June 2018
GBP000s GBP000s
Interest received on cash deposits (8) -
Bank loans and overdrafts 212 1,615
Interest on Financial instruments 22 -
Term facility 8,431 -
Senior secured notes - 4,577
Finance leases 365 373
Interest unwind on discounted
provisions 109 37
Debt issue costs 1,254 628
Accelerated amortisation of debt 1,739 -
issue costs (note 4)
Net finance expense continuing
operations 12,124 7,230
----------- -----------
Net finance expense discontinued
operations - 190
Net finance expense 12,124 7,420
=========== ===========
6. Earnings per share
26 weeks ended 26 weeks ended
29 June 2019 30 June 2018
Basic (loss)/earnings per Continuing Total Continuing Total
share operations operations
(Loss)/profit for the year
and earnings used in basic
EPS 'GBP000 (7,479) 7,552 (10,699) (7,573)
Weighted average number of
shares '000s 170,207 170,207 170,207 170,207
------------ -------- ------------ --------
Basic (loss)/earnings per
share (pence) (4.39) 4.44 (6.29) (4.45)
Basic (loss)/earnings per share is calculated by dividing the
result attributable to equity holders by the weighted average
number of ordinary shares in issue for that period.
Diluted (loss)/earnings per share is calculated using the
(loss)/profit for the year divided by the weighted average number
of shares outstanding assuming the conversion of its potentially
dilutive equity derivatives, being nil-cost share options (LTIP
shares), Sharesave Scheme share options, Market value options and
warrants.
26 weeks 26 weeks
ended 29 June ended 30 June
2019 2018
000s 000s
Weighted average number of shares
Basic weighted average number of shares 170,207 170,207
Dilutive effect of issued equity instruments 28,497 10,273
Diluted weighted average number of shares 198,704 180,480
===================== ====================
All of the Group's potentially dilutive equity derivatives were
anti-dilutive for the periods ended 29 June 2019 and 30 June 2018
for the purpose of calculating the weighted average number of
shares and hence the diluted loss per share on a continuing
operations basis.
At a Total level the Group's potentially dilutive equity
instruments were dilutive for the 26 weeks ended 29 June 2019 and
anti-dilutive for the 26 weeks ended 30 June 2018.
26 weeks 26 weeks
ended 29 ended 30
June 2019 June 2018
Diluted (loss)/earnings per share Total Total
(Loss)/profit for the year
and earnings used in basic
EPS 'GBP000 7,552 (7,573)
Weighted average number of
shares '000s 198,704 170,207
------------ ------------
Diluted (loss)/earnings per
share (pence) 3.80 (4.45)
The following is a reconciliation between basic loss per share
from continuing operations and adjusted basic loss per share from
continuing operations.
26 weeks 26 weeks
ended 29 ended 30
June 2019 June 2018
Basic loss per share (pence) (4.39) (6.29)
Add back:
Exceptional items per share
(1) 1.62 1.88
Amortisation per share (2) 1.76 1.79
Tax charge per share 0.06 0.29
Charge:
Tax at prevailing rate 0.18 0.45
Adjusted basic and diluted loss
per share (pence) (0.77) (1.88)
============ ============
(1) Exceptional items per share are calculated as total finance
and non-finance exceptional items
divided by the weighted average number of shares in issue through the period.
(2) Amortisation per share is calculated as the amortisation
charge divided by the weighted average number of shares in issue
through the period.
7. Intangible assets
Customer
Goodwill relationships Brands Software Total
GBP000s GBP000s GBP000s GBP000s GBP000s
Cost
At 29 December
2018 124,877 26,744 23,222 22,228 197,071
Additions - - - 1,026 1,026
At 29 June 2019 124,877 26,744 23,222 23,254 198,097
--------- --------------- -------- --------- --------
Amortisation
At 29 December
2018 - 15,996 427 16,991 33,414
Charge for the
period - 1,349 73 1,568 2,990
At 29 June 2019 - 17,345 500 18,559 36,404
--------- --------------- -------- --------- --------
Net book value
At 29 June 2019 124,877 9,399 22,722 4,695 161,693
========= =============== ======== ========= ========
Cost
At 30 December
2017 128,991 26,744 24,102 20,481 200,318
Additions - - - 761 761
At 30 June 2018 128,991 26,744 24,102 21,242 201,079
--------- --------------- -------- --------- --------
Amortisation
At 30 December
2017 - 13,346 526 13,937 27,809
Charge for the
period - 1,326 71 1,672 3,069
At 30 June 2018 - 14,672 597 15,609 30,878
--------- --------------- -------- --------- --------
Net book value
At 30 June 2018 128,991 12,072 23,505 5,633 170,201
========= =============== ======== ========= ========
Cost
At 31 December
2017 128,991 26,744 24,102 20,481 200,318
Additions - - - 1,844 1,844
Transferred to
assets held for
sale (4,114) - (880) (97) (5,091)
At 29 December
2018 124,877 26,744 23,222 22,228 197,071
--------- --------------- -------- --------- --------
Amortisation
At 31 December
2017 - 13,346 526 13,937 27,809
Charge for the
year - 2,650 100 3,151 5,901
Transferred to
assets held for
sale - - (199) (97) (296)
At 29 December
2018 - 15,996 427 16,991 33,414
--------- --------------- -------- --------- --------
Net book value
At 29 December
2018 124,877 10,748 22,795 5,237 163,657
========= =============== ======== ========= ========
8. Property, plant and equipment
Materials
& Equipment
Plant & held for
Land & Buildings Machinery hire Total
GBP000s GBP000s GBP000s GBP000s
Cost
At 29 December 2018 73,286 61,934 161,748 296,968
Foreign exchange differences - (14) (11) (25)
Additions - 2,287 16,142 18,429
Disposals - - (12,148) (12,148)
At 29 June 2019 73,286 64,207 165,731 303,224
----------------- ----------- ------------- ---------
Accumulated depreciation
At 29 December 2018 52,628 53,154 82,057 187,839
Charge for the period 917 2,538 10,627 14,082
Disposals - - (7,954) (7,954)
At 29 June 2019 53,545 55,692 84,730 193,967
----------------- ----------- ------------- ---------
Net book value
At 29 June 2019 19,741 8,515 81,001 109,257
================= =========== ============= =========
Cost
At 30 December 2017 71,771 60,282 237,498 369,551
Foreign exchange differences (7) (26) (293) (326)
Additions 676 1,694 6,894 9,264
Disposals (571) (70) (14,339) (14,980)
At 30 June 2018 71,869 61,880 229,760 363,509
----------------- ----------- ------------- ---------
Accumulated depreciation
At 30 December 2017 48,115 51,585 118,936 218,636
Foreign exchange differences - (20) (152) (172)
Charge for the period 2,323 1,348 13,791 17,462
Impairment loss - 450 - 450
Disposals (432) (34) (8,865) (9,331)
At 30 June 2018 50,006 53,329 123,710 227,045
----------------- ----------- ------------- ---------
Net book value
At 30 June 2018 21,863 8,551 106,050 136,464
================= =========== ============= =========
Cost
At 31 December 2017 71,771 60,282 237,498 369,551
Foreign exchange differences - - 115 115
Additions 4,983 2,421 22,578 29,982
Transferred to assets
held for sale (2,304) (649) (69,907) (72,860)
Disposals (1,164) (120) (28,536) (29,820)
At 29 December 2018 73,286 61,934 161,748 296,968
----------------- ----------- ------------- ---------
Accumulated depreciation
At 31 December 2017 48,115 51,585 118,936 218,636
Charge for the year 6,090 2,241 18,492 26,823
Impairment loss - - 533 533
Transferred to assets
held for sale (1,159) (557) (37,144) (38,860)
Disposals (418) (115) (18,760) (19,293)
At 29 December 2018 52,628 53,154 82,057 187,839
----------------- ----------- ------------- ---------
Net book value
At 29 December 2018 20,658 8,780 79,691 109,129
================= =========== ============= =========
9. Trade and other receivables
29 June 29 December
2019 2018
GBP000s GBP000s
Gross trade receivables 75,518 78,026
Less provision for impairment (4,130) (3,819)
-------- ------------
Net trade receivables 71,388 74,207
Other debtors 4,410 3,477
Prepayments 11,807 6,997
Accrued income 6,080 9,300
Total trade and other receivables 93,685 93,981
======== ============
The following table details the movements in the provision for
impairment of trade receivables:
29 June 29 December
2019 2018
GBP000s GBP000s
Balance at the beginning of the
period (3,819) (4,429)
Movement in provision (311) 324
Balance related to discontinued
operations - 286
Balance at the end of the period (4,130) (3,819)
======== ============
The provision for impairment of trade receivables is comprised
as follows:
29 June 29 December
2019 2018
GBP000s GBP000s
Bad debt provision (2,188) (1,885)
Credit note provision (1,942) (1,934)
(4,130) (3,819)
======== ============
The bad debt provision based on expected credit losses and
applied to trade receivables, all of which are current,
is as follows:
Categories Current 0-60 61-365 1 - 2 years Total
days days
Contract assets 63,025 8,223 8,530 1,820 81,598
Expected loss rate 0% 0.9% 20.9% 18.0% 2.7%
Provision for impairment
charge 7 74 1,780 327 2,188
10. Trade and other payables
29 June 29 December
2019 2018
GBP000s GBP000s
Current
Trade payables 43,895 43,139
Other taxes and social security
costs 4,177 4,104
Other creditors 1,157 368
Accrued interest on borrowings 3,750 4,557
Accruals 21,257 18,623
Deferred income 176 220
74,412 71,011
======== ============
11. Borrowings and lease liabilities
29 June 29 December
2019 2018
GBP000s GBP000s
Current
Obligations under finance leases 5,808 6,304
Revolving credit facility - 13,000
5,808 19,304
======== ============
Non-current
Obligations under finance leases 9,767 9,468
Senior finance facility 173,117 208,162
182,884 217,630
======== ============
The nominal value of the Group's loans at each reporting period
date is as follows:
29 June 29 December
2019 2018
GBP000s GBP000s
Senior finance facility 181,982 220,000
Revolving credit facility - 13,000
181,982 233,000
======== ============
The interest rates on the Group's borrowings are as follows:
29 June 29 December
Interest rate type 2019 2018
Senior finance %age above
facility Floating LIBOR 8.00% 8.00%
%age above
Finance leases Floating LIBOR 2.75% 3.10%
Revolving credit %age above
facility Floating LIBOR - 3.00%
------------------- ------------
The weighted average interest rate on the Group's borrowings are
as follows:
29 June 29 December
2019 2018
Weighted average interest rate
on borrowings 8.98% 7.00%
Weighted average interest rate
on leases 4.99% 5.70%
-------- ------------
The Group's leases and borrowings have the following maturity
profile:
29 June 2019 29 December 2018
GBP000s GBP000s
Finance Finance
leases Borrowings leases Borrowings
Less than one year 6,483 - 6,927 13,000
Two to five years 10,316 245,484 9,993 306,158
-------- ----------- -------- -----------
16,799 245,484 16,920 319,158
Less interest cash flows:
Senior finance facility - (63,502) - (86,158)
Finance leases (1,224) - (1,148) -
Total principal cash flows 15,575 181,982 15,772 233,000
======== =========== ======== ===========
The maturity profile, excluding interest cash flows, of the
Group's finance leases is as follows:
29 June 29 December
2019 2018
Less than one year 5,808 6,295
Two to five years 9,767 9,477
------------
15,575 15,772
======== ============
The Group has undrawn committed borrowing facilities of GBP37.6
million at 29 June 2019 (29 December 2018: GBP27.1 million) under
its facilities in place at that date. Including net cash balances,
the Group had access to GBP52.9 million at 29 June 2019 (20
December 2018: GBP44.7 million) of combined liquidity from
available cash and undrawn committed borrowing facilities.
12. Provisions
Onerous Onerous
leases Dilapidations Contracts Total
GBP000s GBP000s GBP000s GBP000s
At 29 December 2018 4,745 16,779 22,808 44,332
-------- -------------- ----------- ---------
Additions 505 - - 505
Utilised during the period (1,345) (200) (1,902) (3,447)
Unwind of discount 10 23 76 109
Released (198) - - (198)
At 29 June 2019 3,717 16,602 20,982 41,301
======== ============== =========== =========
Of which:
Current 1,623 2,919 3,387 7,929
Non-current 2,094 13,686 17,592 33,372
-----------
3,717 16,605 20,979 41,301
======== ============== =========== =========
At 31 December 2017 6,607 13,975 32,612 53,194
-------- -------------- ----------- ---------
Additions 1,508 65 - 1,573
Utilised during the period (1,889) (546) (4,125) (6,560)
Unwind of discount 13 32 - 45
Released (427) - - (427)
At 30 June 2018 5,812 13,526 28,487 47,825
======== ============== =========== =========
Of which:
Current 2,176 2,641 5,486 10,303
Non-current 3,636 10,885 23,001 37,522
-------- -------------- -----------
5,812 13,526 28,487 47,825
======== ============== =========== =========
At 31 December 2017 6,607 13,975 32,612 53,194
-------- -------------- ----------- ---------
Transferred to assets held for
sale - (573) - (573)
Additions 2,054 5,841 - 7,895
Utilised during the period (3,254) (1,312) (9,918) (14,484)
Unwind of discount 11 44 114 169
Released (673) (1,196) - (1,869)
At 29 December 2018 4,745 16,779 22,808 44,332
======== ============== =========== =========
Of which:
Current 3,234 3,488 3,562 10,284
Non-current 1,511 13,291 19,246 34,048
-----------
4,745 16,779 22,808 44,332
======== ============== =========== =========
13. Risks and uncertainties
The principal risks and uncertainties which could have a
material impact upon the Group's performance over the remaining 26
weeks of the 2019 financial year have not changed significantly
from those set out on pages 24 to 27 of the Group's 2018 Annual
Report, which is available at
http://www.hsshiregroup.com/wp-content/uploads/2019/04/HSS-Annual-Report-2018.pdf.
These risks and uncertainties were:
1) Macroeconomic conditions;
2) Competitor challenge;
3) Strategy execution;
4) Customer service;
5) Third party service levels;
6) IT infrastructure;
7) Financial risk;
8) Inability to attract and retain personnel; and
9) Safety, legal and regulatory requirements
The main risk expected to affect the Group in the remaining 26
weeks of the 2019 financial year is macroeconomic conditions, which
includes the impact that the Brexit related developments could have
on the prevailing demand from new and existing customers within the
numerous and diverse market sectors which HSS serves.
14. Business disposal and discontinued operations
On 11 January 2019, the Group completed the disposal of UK
Platforms Limited to Nationwide Platforms Limited, a wholly owned
subsidiary of the Loxam Group, as part of the strategy to delever
the group and transform the Tool Hire business. After completion of
the sale GBP38.0 million of the net proceeds was used to pay down
Group debt, reducing the senior finance facility from GBP220.0
million outstanding to GBP182.0 million. The table below shows the
assets and liabilities disposed of and the calculation of the
profit on disposal.
GBP000s
Description of assets and liabilities
Intangible assets (incl Goodwill) 4,749
Property, plant and equipment 30,725
Current assets, excluding cash 6,454
Cash 2,373
Debt - finance leases (5,253)
Current liabilities, excluding debt (2,943)
Deferred tax liabilities (1,375)
Net assets disposed of 34,730
Proceeds of disposal less transaction costs 47,519
Total profit from disposal of UK Platforms Limited 12,789
========
Costs incurred on disposal of discontinued operations in 2018 (2,080)
Profit on disposal of discontinued operations in 2019 14,869
Total profit from disposal of UK Platforms Limited 12,789
========
The post-tax gain on the disposal of discontinued operations was
determined as follows:
26 weeks 26 weeks
ended 29 ended 30
June 2019 June 2018
Result of discontinued
operations GBP000s GBP000s
Revenue 1,115 14,403
Expenses other than finance costs, amortisation
and depreciation (801) (9,043)
Amortisation (3) (23)
Depreciation (149) (2,021)
Finance costs - (190)
----------- -----------
Profit from discontinued operations,
net of tax 162 3,126
Profit on disposal of discontinued -
operations in 2019 14,869
Profit for the period 15,031 3,126
=========== ===========
15. Adjusted EBITDA and Adjusted EBITA
Adjusted EBITDA is calculated as follows:
26 weeks
26 weeks ended 30
ended 29 June
June 2019 2018
GBP000s GBP000s
Operating profit / (loss) 4,754 (2,967)
Add: Depreciation of property,
plant and equipment 14,082 15,441
Add: Accelerated depreciation
relating to hire stock customer
losses, hire stock write offs
and other asset disposals 4,194 5,649
Add: Amortisation 2,990 3,046
EBITDA 26,020 21,169
Add: Exceptional items 1,018 3,207
Adjusted EBITDA 27,038 24,376
=========== ==========
Adjusted EBITA is calculated as follows:
26 weeks 26 weeks
ended 29 ended 30
June 2019 June 2018
GBP000s GBP000s
Operating profit / (loss) 4,754 (2,967)
Add: Amortisation 2,990 3,046
EBITA 7,744 79
Add: Exceptional items 1,018 3,207
Adjusted EBITA 8,762 3,286
=========== ===========
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR MMGGLRDDGLZM
(END) Dow Jones Newswires
September 05, 2019 02:00 ET (06:00 GMT)
Hss Hire (LSE:HSS)
Historical Stock Chart
From Apr 2024 to May 2024
Hss Hire (LSE:HSS)
Historical Stock Chart
From May 2023 to May 2024