Strategic Review

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[{"type":"text","content":"\n \nRNS Number : 6199Y HSS Hire Group PLC 07 December 2017  \n\n07 December 2017\n \nHSS Hire Group plc \n \nStrategic Review: Returning the business to historic levels of performance\n \nHSS Hire Group plc (\"HSS\" or \"the Group\"), is hosting an event in London today, 7 December 2017, where management will update bondholders and equity investors on the outcome of the Group's Strategic Review. HSS Hire Group presented its third quarter trading update on 29 November 2017. \n \nSince the arrival of Steve Ashmore, Chief Executive Officer, in June 2017, the Group has undertaken an extensive review, looking across every aspect of HSS's business with the aim of returning the Group to historic levels of performance. The analysis examined in great detail, the profitability of each customer, product and branch in a way that has never been done before.\n \nThe conclusions of the review have been used to define three new strategic priorities for the Group which are as follows:\n \n1.   To delever the Group\n \nTaking the £13m delivered savings announced in the third quarter of this year, HSS Hire has identified £10m - £14m of additional savings that will enable the Group to substantially reduce leverage and create a more resilient platform from which to drive profitable growth. \n \n2.   To repair the tool hire business\n \nThe review has identified significant potential for improved profits in the heritage tool hire business by focusing on profit opportunities in relation to customers, products and branches. Whilst the Group will focus on the tool hire business, management will ensure its valuable specialist Rental and Services businesses continue to perform well. \n \n3.   To strengthen the commercial proposition\n \nHSS has identified several actions to strengthen its commercial proposition across the Group. Targeted sales plans based on customer segmentation will provide focus on the most profitable opportunities and the prioritisation of local markets, with the Group continuing to build on its digital competitive advantage. \n \nLooking ahead, HSS expects these priorities to deliver significantly improved business performance. The Group sets out today the following financial targets to achieve by 2020:\n \n·    &n...

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