21 June 2023

HSS Hire Group Plc

Trading update and AGM statement

"Continued momentum and full year outlook unchanged"

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

The Group has continued to see positive trading momentum in the first five months of FY23 and remains on track to deliver full year Adjusted EBITA¹ in line with market expectations.

HSS ProService's strategy implementation continues to progress well.  Based on the early positive results of these strategic initiatives, overhead investment will be increased to £6.5m in 2023.

A further update on the Group's strategy and performance will be provided at HSS's half year results in September 2023.

Steve Ashmore, Chief Executive Officer, commented:

"We are very pleased with the Group's progress in 2023, both in terms of financial performance and the implementation of our strategy.  While we are mindful of recent commentary regarding a slowdown in certain sectors, we are confident that our unique technology-driven proposition and flexible cost-base will enable us to manage any headwinds and deliver on market expectations for 2023."

-Ends-

Notes:                                                                                        

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

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