Q1 19 Trading Update

About this update from Proservice Building Services Marketplace Plc

[{"type":"text","content":"\n \nRNS Number : 9165Z HSS Hire Group PLC 23 May 2019  \n\n23 May 2019\nHSS Hire Group plc\nQ1 19 Trading Update\nQ1 results for the 13 week period ended 30 March 2019\nHSS Hire Group plc (\"HSS\" or the \"Group\"), today announces an update on the performance of the Group for the 13 week period ended 30 March 2019.\nPositive start to the year\n\n\n\n\nFinancial Highlights - Q11\n(Unaudited)\n\n\nQ1 19 \n(13 weeks)\n\n\nQ1 18\n(13 weeks)\n\n\nChange\n\n\n\n\nRevenue\n\n\n£82.2m\n\n\n£77.2m\n\n\n6.5%\n\n\n\n\nAdjusted EBITDA2,3\n\n\n£13.1m\n\n\n£11.0m\n\n\n18.6%\n\n\n\n\nAdjusted EBITDA margin\n\n\n15.9%\n\n\n14.3%\n\n\n1.6pp\n\n\n\n\nAdjusted EBITA3,4\n\n\n£3.4m\n\n\n£0.3m\n\n\n£3.1m\n\n\n\n\nAdjusted EBITA margin\n\n\n4.2%\n\n\n0.3%\n\n\n3.9pp\n\n\n\n\nNet debt leverage5\n\n\n2.9x\n\n\n4.2x\n\n\n1.3x\n\n\n\n\n \nTo aid comparison with Q1 18 Q1 19 results are presented excluding the impact of implementing IFRS16 Leases\n \nGood growth in revenue and profit with significant reduction in leverage\n \n·      Adjusted EBITDA growth of 18.6%, margins improved 1.6pp to 15.9%\n \n·      Revenue growth of 6.5%, with like-for-like Rental and Services revenue increasing 1.5% and 8.0% respectively6 \n \n·      Significant reduction in net debt leverage to 2.9x (Q1 18 4.2x) through improved trading and UK Platforms disposal5\n \n·      Trading in line with expectations for the first seven weeks of Q2 19\n \n·      Expect full year EBITDA to be in line with market expectations\n \nSteve Ashmore, Chief Executive Officer of HSS Hire Group plc, said:\n\"I am pleased to report a good start to the year with growth in revenue and profit which, with the disposal of UK Platforms, resulted in a significant reduction in leverage. \n \nAs we set out in April the next phase of our strategy is focused on strengthening our customer proposition. We are pleased with the reaction to the recent launch of the customer app in our Rental business and the transformation of our OneCall Rehire business is proceeding to plan. \n \nWhile the broader economic outlook remains uncertain, our leaner operating model, excellent market positions and clear strategy leave us well placed to con...

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