Pre-close Trading Update

About this update from Proservice Building Services Marketplace Plc

[{"type":"text","content":"\n \n \n \n \n \n \n \n \n  \n \n \n \n \n 2 March 2023\n \n \n \n \n  \n \n \n \n \n HSS Hire Group Plc\n \n \n \n \n Pre-close Trading Update\n \n \n \n  \n \n \n \n \"Double digit growth, momentum continuing into 2023\"\n \n \n \n  \n \n \n HSS Hire Group plc (\"HSS\" or the \"Group\") provides the following trading update ahead of its results for the full year 2022, expected to be announced in April 2023.\n \n \n  \n \n \n The Group's capital-light, technology-led operating model has delivered strong growth in 2022. Unaudited like-for-like1 revenues were approximately 10% ahead of the prior year, driven by good results through our Rental business and the continued excellent performance of our Services business.\n \n \n  \n \n \n As a result, Adjusted EBITA2 for the full year is now expected to be marginally ahead of market expectations. Strong cash generation has resulted in net debt leverage on a non-IFR16 basis remaining below 1.0x.\n \n \n  \n \n \n Following the successful legal restructuring of the Group in 2022, strategy implementation across both HSS ProService3 and HSS Operations3 is progressing well. \n \n \n  \n \n \n Delivery of HSS ProService's technology roadmap remains ahead of plan. Our initial rollout has seen four large customers successfully transition to our self-service platform, HSS Pro. This enables our customers to manage all their hire requirements in one place, therefore significantly improving efficiency for both customers and HSS. With positive results and strong customer feedback to date, we have a healthy pipeline of customers to roll this platform out to over the coming year.\n \n \n  \n \n \n Trading momentum, underpinned by effective strategy execution, has continued into 2023 with like-for-like revenue growth for the first 8 weeks of c12%.\n \n \n  \n \n \n Steve Ashmore, Chief Executive, commented:\n \n \n  \n \n \n \"We are extremely pleased with the progress made in 2022, both in terms of financial performance and the implementation of our technology roadmap. Our strong focus on execution continues to underpin our momentum with a very positive start to the new financial year. While we remain mindful of the macroeconomic environment, HSS is well positioned for the year ahead.\"\n \n \n  \n \n \n  \n \n \n \n -Ends-\n \n \...

More updates from Proservice Building Services Marketplace Plc