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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Hss Hire Group Plc | HSS | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 6.11 | 08:00:21 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 6.11 |
| Industry Sector |
|---|
| GENERAL RETAILERS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 24/09/2024 | Interim | GBP | 0.0018 | 03/10/2024 | 04/10/2024 | 06/11/2024 |
| 01/05/2024 | Final | GBP | 0.0038 | 23/05/2024 | 24/05/2024 | 02/07/2024 |
| 28/09/2023 | Interim | GBP | 0.0018 | 05/10/2023 | 06/10/2023 | 03/11/2023 |
| 27/04/2023 | Final | GBP | 0.0037 | 08/06/2023 | 09/06/2023 | 14/07/2023 |
| 29/09/2022 | Interim | GBP | 0.0017 | 06/10/2022 | 07/10/2022 | 02/11/2022 |
| Top Posts |
|---|
Posted at 24/1/2025 08:55 by rossgellar HSS have laid off over 100+ employees in its head office due to what it claims is restructuring and the poor performance of some of its sales teams |
Posted at 07/1/2025 17:56 by diku observer???...more like a right hand man on behalf of second largest shareholder?...eyes and ears...Ernst Kastner is appointed as a non-executive Director of HSS. Ernst has been an observer on HSS's Board on behalf of HSS's second largest shareholder since 2020 and now steps up into a non-executive Director role. For the purposes of the QCA Corporate Governance Code, Ernst is not considered independent. |
Posted at 03/1/2025 09:34 by mjneish Looking at the state of my portfolio, I could only agree with you on this.The dividend yield should at least limit the downside from here, unless of course it's cut. |
Posted at 02/1/2025 21:19 by mjneish I wish I had bailed as well. I've never been good at managing stop losses.Having said that, the interim dividend was maintained, and the retrospective dividend yield is now 9.7%. The question is of course whether this can be maintained. The annual dividend (0.56p) is costing them just shy of £4 million, and at the time of the interims they had £38.2 million in cash, so I believe that they can easily maintain it if they want to, but of course this is only my opinion. So this is starting to look like an income play until market conditions improve, if they ever do. |
Posted at 06/12/2024 14:33 by kingston78 The CMA has given the green light for Vodafone and Three to merge. I sense that the CMA may allow a larger group to take over HSS as the plant hire industry is quite fragmented. |
Posted at 02/12/2024 11:36 by mjneish I haven't read the details, but SDY's results announced on Friday seem to have been mediocre, so we may be seeing a knock-on effect on HSS. |
Posted at 25/9/2024 16:37 by mjneish I don't know how secure the dividend is, but the interim dividend has been maintained. If the final one is too, the yield is now 8.9%. |
Posted at 24/9/2024 06:16 by diku Solid performance, strong balance sheet· Solid revenue performance in challenging markets with H1 24 revenue growth +3.2% o HSS ProService ("ProService") marketplace business like for like growth of 3.4%, ahead of market9, with double digit Services10 increase somewhat offset by seasonal product11 weakness o HSS Operations ("Operations") maintained utilisation at 56% through efficient fleet management · Seasonal product weakness impacted H1 24 profitability o Adjusted EBITDA and EBITA excluding this impact broadly in line with H1 23 o Targeted cost action creating operational efficiency to mitigate demand softness in certain end markets o Continued strong returns with ROCE above the Group's cost of capital · Robust balance sheet with non-IFRS16 leverage6 maintained at 1.0x (H1 23: 1.0x) o Net proceeds of £20m from sale of Power businesses used to reduce debt and further strengthen the Group balance sheet o HSS continues to deliver consistently high returns ahead of cost of capital o Material liquidity headroom of £75m to support ongoing strategy development · Interim dividend maintained at 0.18 pence per share12 |
Posted at 16/7/2024 16:57 by kingston78 The rentals business is big and fragmented in the UK. There are thousands of small rental companies serving their local communities.The big rental companies obviously want to win big long term contracts with large companies, but these tend to be low margin in my opinion, but nevertheless is good to have. Anyway, I don't understand why HSS has sunk from 11 p to 7 p whilst during the same period Speedy Hire has risen from 24 p to 40 p. Granted, Speedy Hire has somehow managed to pinch a contract with Amey from HSS. That should not be a fatal blow. The market has over-punished HSS for the loss of that Amey contract. |
Posted at 07/4/2022 20:16 by cravencottage For those that haven't seen the IC Article from Last set of numbers...A cheery sequel for HSS Overhaul of branch network and move into builders' merchants provides a lower-cost route to market November 18, 2021 By Michael Fahy The slew of private equity-backed companies that have come to market this year suggests investors remain willing to buy into a well-presented growth story. Building equipment hire company HSS is a reminder that such stories do not always have happy endings. However, investors may be set to enjoy an altogether more cheery sequel. IC TIP: Buy Tip style VALUE Risk rating HIGH Timescale MEDIUM TERM Bull points Costs cut Debt cut Interest bill cut Bear points Uncertain end markets Disposals reduce scale All too often, companies that are brought to market by private equity players prove to have debt levels that fuelled past performance but impinge future progress. HSS Hire (HSS) falls into this category. The prospectus for its IPO in January 2014 cited a compound annual growth rate of 17 per cent between 2011 and September 2014, with an earnings growth rate of 19 per cent over the same period. The float at 210p per share valued the company at £325m. The prospectus pledged to use £85m to repay some of the debt that had been loaded onto the business, with the company carrying £275m of loans and other borrowings. Most of the rest of its £419m of total liabilities were trade payables relating to money owed equipment bought to hire out. HSS:LSE HSS Hire Group PLC 1mth Today change 2.76%Price (GBP) 15.80 Getting borrowings, and the accompanying substantial interest bill, under control proved difficult. The company’s revenue increased only marginally over the four years before the pandemic and fell back below pre-IPO levels last year. Although HSS has made an operating profit in all but two of the years since float, the burden of servicing its debt meant it has declared a pre-tax loss from continuing operations every year. By 2017, net debt (£234m excluding leases) stood at a hairy 4.8 times cash profits in 2017. But some breathing room was won in 2018 with the £60.5m sale of its UK Platforms business and at the end of last year it managed to raise a very welcome £53m by selling new shares at 10p a pop. Cutting back Although Covid-19 presented challenges, with revenue declining by 18 per cent as HSS was forced to close many branches, it also provided the opportunity to step up transformation plans. HSS decided to close 134 out of its 234 branches last year and lay off 300 staff. This led to it incurring £7.4m in property-related costs and £4.6m of associated charges, including £1.6m of redundancy expenses. However, the company estimates the move will reduce its overheads by £15m a year. It is also confident of being able to substitute sales lost through shuttered branches. It has improved its online offer, with remote sales teams driving more business to click-and-collect locations. A trial that began in 2019 to house HSS concessions within builders’ merchants was also stepped up, with 24 concessions operating at the end of last year. By the end of the third quarter of 2020, sales had returned to 90 per cent of pre-pandemic levels with just a fifth of its pre-Covid branch network open. As a result, it managed to generate positive adjusted earnings throughout the year. The builders’ merchants’ trial has been extended this year to 43 locations by the end of the first half. Operating profit for the six months came in at £22.6m compared with a £700,000 loss last year and revenue grew by 22 per cent to £150.5m. Online revenue grew by 75 per cent year on year and stood at 24 per cent of total transactions. The increased profit and the sale of an Irish business unit, Laois Hire, for £10m after expenses (on which it made a £3.2m profit) helped to bring its net borrowings down to £98m, or 1.7 times last year’s cash profits. The debt reduction has continued apace with the sale of All Seasons Hire at the end of September for £55m. Adjusted for the lost profits associated with the disposal, this puts the company's net debt-to-cash profit ratio at just one times. That's a major transformation of the balance sheet (see graph). Profit without the kit HSS has agreed deals with the companies it has sold off to continue to offer their equipment for hire through its online platform. Although rehire agreements won’t be as profitable, it means the company can still make some money from these businesses without having the same hefty capital commitments. Utilisation rates for specialist kit such as access platforms and lifting gear is also typically higher than for smaller tools, but they’re also a much bigger drain on profits when not being used. By the end of last year, the number of product lines HSS offered had been slimmed down to around 1,000. Utilisation rates stood at 56.5 per cent in the first half of this year. HSS’s reduced borrowing requirement has allowed the company to refinance its remaining debt. It agreed a new £70m term loan and £25m revolving credit facility with HSBC (HSBA) and NatWest (NWG) earlier this month. It will be charged interest rates of between 275 and 350 basis points over the interbank rate, which means last year’s interest charge of £16.3m should fall to about £3m. A £12.7m saving on top of the £15m taken out of operating cost. HSS’s share price is up almost 75 per cent since the start of this year – just after the company completed the equity raise. Most of the gains were in the first few months of the year, though, and the share price has remained largely flat over the past six months. It’s easy to understand why investors who endured years of losses and declining valuations may be reluctant to buy back in. HSS’s move from the main market onto Aim in January this year will preclude some from doing that. There’s also no guarantee that the positive momentum experienced by the company over the past 18 months or so will be maintained. The home improvement market has witnessed double-digit growth this year, but this rate is likely to slow in 2022, according to the Construction Products Association. Other sectors, such as the fit-out market for retail and hospitality sectors as well as infrastructure and energy services, are likely to post stronger growth, though. A crowded market HSS estimates the size of the UK hire industry to be around £4bn, and prior to this year's disposals it had a share of about 8 per cent. That concurs with estimates by Ashtead (AHT) , which regards its Sunbelt Rentals brand as the market leader with a 9 per cent share, ahead of Speedy Hire’s (SDY) 7 per cen and VP Group (VP) at 6 per cent. This shows how fragmented the market is, with the remaining 72 per cent split between independent operators. The four big national players enjoy some competitive advantage given their nationwide coverage, but their pricing power is limited. The Office for National Statistics said there were 4,165 companies registered in the sector last year, with a lack of differentiation leaving most firms to compete on price. The annual growth rate for hire services was 1.5 per cent in the third quarter, which was well below the overall construction output price index growth of 5.1 per cent – the highest since records began in 2014. The sector is therefore unlikely to provide runaway growth, but HSS’s reduction in overheads and significantly lower finance costs should provide the opportunity for better returns. Recent forecast upgrades bode well. Broker Numis last week upgraded its earnings forecast for next year by 147 per cent, to 2.6p a share. By this metric, HSS’s shares trade at only seven times next year’s earnings – below peers such as Speedy Hire and VP and significantly below high-flying Ashtead, which now makes most of its money from the US market. Numis also increased its price target on HSS’s shares from 28p to 33p. The company is in much better financial shape now than when it floated, but with investors losing faith over many years, its valuation has sunk – its current market capitalisation stands at £125m, which is only just above its net asset value of £121m. Exponent Private Equity, the firm that brought HSS onto the London Stock Exchange, is still its biggest shareholder with a stake of almost 34 per cent. If the company’s share price continues to languish below peers, it wouldn’t be such a shock if either its biggest backer or one of its peers sees an opportunity to take it out of shareholders’ hands. Last IC View, Sell at 31p, 6 April 2018 Company Details Name Mkt Cap Price 52-Wk Hi/Lo HSS Hire (HSS) £129m 19p 25.0p / 9.5p Size/Debt NAV per share* Net Cash / Debt(-) Net Debt / Ebitda Op Cash/ Ebitda 15p -£151m - 61% Valuation Fwd PE (+12mths) Fwd DY (+12mths) FCF yld (+12mths) EV/Sales 10 - - 1.0 Quality/ Growth EBIT Margin ROCE 5yr Sales CAGR 5yr EPS CAGR - 6.3% -2.9% - Forecasts/ Momentum Fwd EPS grth NTM Fwd EPS grth STM 3-mth Mom 3-mth Fwd EPS change% 510% 20% -2.6% 45.5% Year End 31 Dec Sales (£m) Profit before tax (£m) EPS (p) DPS (p) 2018 353 5.1 2.39 nil 2019 328 3.1 1.65 nil 2020 270 -6.3 -2.03 nil f'cst 2021 292 6.8 0.63 nil f'cst 2022 303 19.2 1.99 nil change (%) +4 +182 +216 – Source: FactSet, adjusted PTP & EPS figures NTM = Next 12 months STM = Second 12 months (ie, one year from now) *Includes intangible assets of £696m, or 23p a share |
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