Buy
Sell
Share Name Share Symbol Market Type Share ISIN Share Description
Hss Hire Group Plc LSE:HSS London Ordinary Share GB00BVFD4645 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.50 -2.62% 18.60 18.60 19.40 18.70 18.40 18.50 162,520 16:35:21
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Retailers 269.9 -23.6 -12.0 - 130

HSS Hire Group PLC Sale of Laois Hire Services Limited

07/04/2021 7:00am

UK Regulatory (RNS & others)


Hss Hire (LSE:HSS)
Historical Stock Chart


From Feb 2021 to Aug 2021

Click Here for more Hss Hire Charts.

TIDMHSS

RNS Number : 5912U

HSS Hire Group PLC

07 April 2021

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement

7(th) April 2021

HSS Hire Group plc

("HSS" or the "Group")

Sale of Laois Hire Services Limited

HSS announces that it has entered into an unconditional agreement to sell Laois Hire Services Limited ("Laois"), the Group's Irish large plant hire business, to Briggs Equipment Ireland Limited ("Briggs"), for a cash consideration of EUR11.2 million (the "Disposal").

The proceeds will be used to invest in the core Tool Hire business in line with the Group's strategy. With Laois representing around 4% of Group revenue for the year ended 28 December 2019, the Directors believe that the consideration represents an attractive valuation for shareholders.

As part of this transaction, HSS has entered into a commercial agreement with Briggs for the cross hire of equipment to ensure the broadest possible distribution of, and customer access to, the parties existing fleets.

HSS expects to report its 2020 full year results week commencing 26(th) April 2021 and confirms that trading for the year was in line with management expectations. The Group has seen encouraging momentum during the first three months of 2021 and EBITDA for the period to 3(rd) April 2021 is comfortably ahead of the comparable prior year period.

Steve Ashmore, Chief Executive, commented:

"Over the last four years, we have made substantial progress against all three of our strategic priorities: to delever the Group, transform the Tool Hire business and strengthen our commercial proposition. During this time we have transformed HSS to a modern, agile, technology-driven business, improving trading, reducing cost and increasing the overall profitability of the Group. Today's announcement is another step forward on our strategy, enabling us to increase focus on our core Tool Hire business.

Laois has made a good contribution to the Group over recent years and I would like to thank the team for their commitment. I am very pleased that the business will be joining Briggs who recognise its value and whose expertise will help it reach its full potential.

Given HSS's existing partnership with Briggs, we will continue to provide our customers in the Republic of Ireland with all of their large plant requirements."

Notes:

Enquiries:

 
HSS Hire Group plc                               Tel: 020 3757 9248 
Steve Ashmore, Chief Executive Officer               Email: Investors@hss.com 
Paul Quested, Chief Financial Officer 
Greig Thomas, Head of Group Finance 
 
Numis Securities                                 Tel: 020 7260 1000 
 Stuart Skinner / George Price 
Teneo (Public Relations Adviser)                 Tel: 020 3757 9248 
Tom Davies / Charles Armitstead 
 
 

Notes to editors:

About HSS Hire

HSS Hire Group plc provides tool and equipment hire and related services in the UK and Ireland through a nationwide network and its OneCall rehire business. It offers a one-stop shop for all equipment through a combination of its complementary rental and re-hire business 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

About Laois

Laois Hire Services Limited specialises in the sale and hire of small plant equipment, including excavators, rollers, dumpers and large pumps, across the Republic of Ireland serving a wide multitude of sectors from Construction to Traffic Management. Laois was acquired in 2005. As at 27(th) June 2020, Laois had total gross assets of EUR10.6 million and made a loss before tax of EUR1.8 million for the year ended 28 December 2019.

About Briggs Equipment

Briggs Equipment is an engineering services and asset management specialist that has transformed the contract hire of industrial machinery. Operating throughout the UK & Ireland, Briggs has a wide ranging proposition that extends beyond materials handling. In addition to being the Hyster-Yale Group's exclusive UK distributor, Briggs has many other strategic partnerships with suppliers that provide industrial cleaning, aerial access, groundworks, plant and machinery. For more information please visit briggsequipment.co.uk

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

DISFLFFASVIRIIL

(END) Dow Jones Newswires

April 07, 2021 02:00 ET (06:00 GMT)

1 Year Hss Hire Chart

1 Year Hss Hire Chart

1 Month Hss Hire Chart

1 Month Hss Hire Chart
ADVFN Advertorial
Your Recent History
LSE
HSS
Hss Hire
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20210801 20:55:03