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LONDON (Alliance News) - HSS Hire Group PLC said Thursday its annual loss narrowed markedly after costs and charges plummeted and revenue rose amid significant changes at the equipment rental firm.
For the financial year that ended December 29, pretax loss improved to GBP4.5 million from GBP85.2 million the year prior. This was as revenue rose 5.0% to GBP352.5 million from GBP335.8 million the year before.
Financial performance was helped by a sharp fall in exceptional charges to GBP6.6 million from GBP66.6 million the year prior. Administrative costs also were cut to GBP136.9 million from GBP207.7 million the year before.
"In 2018 we made significant progress against our strategic priorities and delivered the highest adjusted Ebitda in the group's history," HSS Chief Executive Officer Steve Ashmore said.
Adjusted earnings before interest, taxes, depreciation and amortisation widened to GBP71.3 million from GBP48.9 million the year prior.
"Over the year we made a series of important strategic and operational changes including the seamless transition to a new distribution model which significantly reduces costs, the successful refinancing of the group giving us long-term stability, and the sale of UK platforms, allowing us to focus on the Tool Hire business and further reduce debt", Ashmore added.
In July 2018, HSS sold its UK platform business for GBP47.5 million. Of these proceeds, its used GBP32 million to reduce its term debt facility.
"Alongside these changes we have maintained trading momentum with good underlying revenue growth," Ashmore continued. "Our increased focus on improving profitability has also proved successful with margins enhanced across both our Rental and Services segments combined with a material reduction in our cost base."
HSS did not propose a dividend in 2018, in line with the year prior.
"While the broader economic outlook remains uncertain, our leaner operating model, excellent market positions and clear strategy leave us well placed to continue to grow market share in any market," Ashmore explained.
Shares in HSS were 2.6% higher at 36.00 pence on Thursday.
