21 June 2022

HSS Hire Group Plc

Trading update and AGM statement

"Trading momentum continues"

HSS Hire Group plc ("HSS" or the "Group") provides the following trading update ahead of its Annual General Meeting later today.

Building on the strong start to the year, our technology-led capital-light operating model continues to drive growth with Q2 2022 revenue to date 10% above 2021 levels.

The Group continues to manage the ongoing macroeconomic challenges effectively and Adjusted EBITA1 for the full year is expected to be in line with market expectations2.

The Board will provide further details on Group performance at HSS' 2022 half year results, expected to be held in September 2022.

Steve Ashmore, Chief Executive, commented:

"We are very pleased with the Group's progress in 2022, both in terms of financial performance and the implementation of our technology roadmap. While we continue to be mindful of the ongoing macroeconomic risks, the impact on our business is being well managed." 

-Ends-

Notes:                                                                                        

1)        Adjusted EBITA is defined as operating profit before amortisation, and exceptional items.

2)     Adjusted EBITA market range £30.5m-£32.7m

Enquiries:

Notes to editors:

HSS Hire Group plc provides tool and equipment hire and related services in the UK and Ireland through a nationwide network and its extensive supply chain of rehire partners. It offers a one-stop-shop for all equipment through a combination of its complementary Rental and Services 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 AIM Market of the London Stock Exchange. For more information please see www.hsshiregroup.com.

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