Interim report: Half year results

RNS Number : 2403Z
HSS Hire Group PLC
30 August 2018
 

HSS Hire Group Plc

Interim report: Half year results for the 26 week period ended 30 June 2018

Significant progress made against strategic priorities

HSS Hire Group plc ("HSS" or the "Group") today announces results for the 26 week period ended 30 June 2018.

 

 

Financial Highlights

H1 2018

(26 weeks)

H1 2017

(26 weeks)

Change

Revenue

£169.8m

£160.5m

5.8%

Adjusted EBITDA1

£29.9m

£17.1m

74.7%

Adjusted EBITDA margin

17.6%

10.6%

7.0pp

Adjusted EBITA2

£6.8m

(£7.3m)

£14.1m

Adjusted EBITA margin

4.0%

(4.5%)

8.5pp

Adjusted loss before tax

(£0.7m)

(£14.2m)

£13.5m

Adjusted earnings per share

(0.32p)

(6.74p)

6.42p

Interim dividend

-

-

-

 

 

 

 

Reported loss before tax

(£7.1m)

(£30.1m)

£23.0m

Reported loss per share

(4.45p)

(17.81p)

13.36p

 

Highlights for H1 18

·      Adjusted EBITDA growth of 74.7%

Rental revenue growth and cost initiatives improved margins by 7.0pp to 17.6%

LTM Adjusted EBITDA of £61.7m

 

·      Revenue growth of 5.8% driven by improved availability and sales initiatives

Underlying3 revenue growth of 8.7%

Underlying3 core rental revenue growth of 3.7%

LTM utilisation4 has increased in Tool Hire to 52.3% (H1 17: 49.5%) and remained consistently high in Specialist businesses at 73.6% (H1 17: 73.6%).

Continued strength in Services with revenue +13.9% and contribution +30.8% 

 

·      Significant reduction in net leverage to 3.7x (FY17: 4.3x)

Net debt has reduced by £7.5m during the first half of the year

Cash and total facility headroom greater than £35m as at 30 June 2018

 

·      Secured successful refinancing

Appropriate facilities in place to continue delivering on our strategic priorities and the Group's full potential

 

·      Network reconfiguration implementation complete

Full implementation of new supply chain model complete with expected savings of c.£11m

 

Current Trading and Outlook

·      Trading momentum continued for the 8 weeks to 25 August 2018

Underlying3 revenue grew more than 5% against the comparable prior year period

Underlying3 core rental revenue grew more than 4% against the comparable prior year period

Continued growth in EBITDA

 

·      Secured shareholder approval for proposed sale of UK Platforms Limited

Total Enterprise Value of £60.5 million

Net cash proceeds from the Disposal will be approximately £47.5 million

At least 80% will be used to repay debt, with the balance to be invested in the tool hire business

Subject to CMA approval

 

·      Reducing Group leverage continues to be a key focus

Cash and RCF headroom increased by £18m post successful refinancing

Looking ahead, we expect further deleveraging to occur during the second half of 2018 following the continued implementation of the identified strategic actions and the use of proceeds from the proposed sale of UK Platforms Limited

 

Steve Ashmore, Chief Executive Officer of HSS Hire, said:

 

"We are eight months into our new strategy and the Group has made significant progress. In this time we transitioned seamlessly to a new distribution model, refinanced the Group giving us long-term stability and announced the sale of our UK Platforms business, allowing us to focus on the tool hire business and further reduce our debt.

 

Alongside this strong operational progress, trading has been much improved, helped by our increased focus on our tool hire business and by customer demand for our extensive range of relevant seasonal products.

 

With significant operational change behind us and continued momentum in current trading, we look forward with confidence as our attention turns to driving improved performance from the tool hire business and strengthening the Group's commercial proposition."

 

Notes

1) Adjusted EBITDA is defined as operating profit before depreciation, amortisation, and exceptional items. For this purpose depreciation includes the net book value of hire stock losses and write offs, and the net book value of other fixed asset disposals less the proceeds on those disposals.

2) Adjusted EBITA is defined as operating profit before amortisation and exceptional items

3) Underlying revenue is total revenue adjusted for the impact of business divestments in 2017

4) Utilisation calculated over the last twelve months to the end of H1 2018

 

 

-Ends-

 

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.

 

Notes to editors

HSS Hire Group plc provides tool and equipment hire and related services in the UK and Ireland through a nationwide network of over 250 locations. Focusing primarily on the maintain and operate segments of the market, over 90% of its revenues come from business customers. HSS is listed on the Main Market of the London Stock Exchange. For more information please see www.hsshiregroup.com.

 

For further information, please contact:

 

HSS Hire Group plc

Tel: 020 3757 9248 (on 30 August 2018)

Steve Ashmore, Chief Executive Officer

Thereafter, please email: Investors@hss.com

Paul Quested, Chief Financial Officer

 

Jonathan Edwards, Investor Relations, Treasury and Special Projects Manager

 

 

Teneo Blue Rubicon

Tel: 020 3757 9248

Robert Morgan

Shona Buchanan

 

 

 

Group financial performance

Revenue

Revenue in H1 18 was £169.8m, 5.8% above the previous year (H1 17: £160.5m). This year on year increase reflects improved trading in H1 18 across both our Rental and Services segments.

Rental and related revenues were £122.7m in H1 18 (H1 17: £119.3m), £3.4m or 2.9% higher than in H1 17. This was driven by improved performance in our core tool hire business delivered through focused sales initiatives, improved availability following the smooth implementation of strategic network changes moving test and repair of equipment back into our branches and the implementation of strategic profitability initiatives. Contribution was £80.5m (H1 17: £73.9m), an increase of 8.8% on H1 17 representing a 65.6% margin (H1 17: 62.0%) largely driven by improved revenues and lower operating costs following the network changes made earlier in the year.

Services revenues were £47.0m in H1 18 (H1 17: £41.3m), reflecting a strong performance in our OneCall and Training businesses with customers continuing to value the "one stop shop" service offer. Contribution increased significantly to £6.7m (H1 17: 5.2m), with margins improving to 14.3% (H1 17: 12.6%), reflecting ongoing focus on pricing discipline and effective supply chain management.

Costs

Cost of sales grew by £2.8m to £78.8m during the period (H1 17: £76.0m) primarily as a result of the growth in our rehire revenues and associated costs. Distribution costs decreased by £2.7m to £20.7m (H1 17: £23.4m) benefiting from increased efficiency following the strategic network changes made earlier in 2018. Administrative expenses decreased by £14.8m to £70.1m (H1 17: £84.9m) due to the benefit of cost actions taken in 2017 and 2018 combined with lower exceptional costs. 

Gross exceptional costs in H1 18 were considerably lower at £3.3m (H1 17: £12.6m), including £1.6m of costs which relate to onerous leases on branch closures, £0.5m impairment of fixed assets associated with these closures, £0.7m relating to the implementation of the cost reduction programme across the Group and £0.7m of third party costs to complete the strategic review. In H1 17, exceptional costs were £12.6m, of which £6.2m related to the impairment of property, plant and equipment and £5.0m related to onerous leases. Exceptional income during H1 18 was £0.2m (H1 17: £0.5m) and related to fully or sub-let non-trading stores. This decrease was as a result of sub-let agreements coming to the end of their tenure.

Net finance expenses were £0.5m higher at £7.4m (H1 17: £6.9m) reflecting a higher level of drawdown on the revolving credit facility.

Profitability

Adjusted EBITDA of £29.9m in H1 18 was 74.7% higher than the prior year (H1 17: £17.1m), with adjusted EBITDA margins improving 7.0pp to 17.6% (H1 17: 10.6%).  The improving profitability was driven by increased revenues in the period and lower costs due to actions taken in 2017 and 2018, including the successful implementation of the network changes which is expected to realise around £11m of annualised ongoing cost benefit as well as improved availability.

Adjusted EBITA increased from a loss of £7.3m in H1 17 to a profit of £6.8m in H1 18, with the margin improving to 4.0% (H1 17 -4.5%), for the reasons described above, and is in line with management expectations.

Loss before tax reduced by 76.5% to £7.1m, from £30.1m in H1 17, reflecting stronger underlying performance year on year, together with lower exceptional costs. 

The basic and diluted loss per share improved to a loss of 4.45p in H1 18 from 17.81p in H1 17, reflecting the lower loss before tax during H1 18.

The adjusted basic and diluted earnings per share saw a small loss of 0.32p per share in H1 18, improving from a loss of 6.74p in H1 17. This reflects an improvement in the adjusted loss before tax position in H1 18 of £0.7m, compared to a loss of £14.2m in H1 17. 

Net debt

Net debt at 30 June 2018 was £225.2m, £7.5m lower than December 17 (FY 17: £232.7m) through improved Group profitability and continued focus on working capital efficiency.  Headroom in the Group's total facilities including net cash was £35.4m.

On 10 July 2018 the Group successfully refinanced with £245m of new debt facilities replacing the existing senior secured notes and revolving credit facility.

The new debt facilities consist of a £220m term loan facility, with £200m maturing in June 2023 and £20m in December 2020, along with a new revolving credit facility of £25m maturing in December 2022.

In connection with the provision of this new term facility, on 20 June 2018 the Company granted 8,510,300 warrants to subscribe for new ordinary shares to the lenders under the facility, exercisable at £0.01 per share.  The fair value of the warrants at the date of grant was £2.7m. 

Total other lender and advisory fees incurred in respect of the new facilities amount to around £11m and have been included in accruals at 30 June 2018. These costs and the fair value of the warrants have been deferred in the balance sheet and will be reclassified to debt issue costs in H2 2018.  They will then be amortised to the income statement over the life of the facility.  Debt issue costs of £1.5m were written off in H2 2018 in relation to the facilities that these arrangements replaced.

Proposed sale of UK Platforms Limited

On 19 July 2018, the Group announced that it had entered into a conditional agreement with Nationwide Platforms Limited for the sale of UK Platforms Limited for a total Enterprise Value of £60.5m and expected net cash proceeds of £47.5m, the majority of which will be used to pay down debt.

HSS shareholder approval for the transaction was granted on 7 August 2018.

Completion of the disposal, contingent upon confirmation that the proposed transaction is not referred to the Competition and Mergers Authority and retention of key managers, is expected to occur in Q4 2018.

Dividend

The Board remains firmly focused on reducing net debt in line with the clear priorities set out in our Strategic Review. As such, it believes that the interests of the shareholders of the Group are best served by not paying a dividend until the net debt leverage ratio falls below 2.5x at the earliest.  This is in line with the new term loan facility agreement.

Risks and uncertainties

The principal risks and uncertainties that could have a material impact upon the Group's performance over the remaining 26 weeks of the 2018 financial year have not changed significantly from those described in the Group's 2017 Annual Report and are summarised in note 14 of this interim report. 

Responsibility Statement

We confirm to the best of our knowledge that:

(a)   the condensed interim set of financial statements has been prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the European Union;

(b)   the Interim Report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and

(c)   the Interim Report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).

By order of the Board

 

Steve Ashmore

Director

30 August 2018

 

 

 

HSS Hire Group plc  

Unaudited condensed consolidated income statement

 

 

 

 

26 weeks ended 30 June 2018

52 weeks ended 30 December 2017

26 weeks ended 1 July 2017

 

Note

 

£000s

£000s

£000s

 

 

 

 

 

 

Revenue

3

 

169,772

335,780

160,538

 

 

 

 

 

 

Cost of sales

 

 

(78,794)

(154,289)

(76,000)

 

 

 

 

 

 

Gross profit

 

 

90,978

181,491

84,538

 

 

 

 

 

 

Distribution costs

 

 

(20,669)

(46,140)

(23,423)

Administrative expenses

 

 

(70,142)

(207,652)

(84,866)

Other operating income

4

 

182

882

525

 

 

 

 

 

 

Operating profit / (loss)

 

 

349

(71,419)

(23,226)

 

 

 

 

 

 

Adjusted EBITDA(1)

3, 17

 

29,864

48,944

17,095

Less: Adjusted depreciation (1)

 

 

(23,111)

(47,159)

(24,394)

Adjusted EBITA(1)

17

 

6,753

1,785

(7,299)

Less: Exceptional items

4

 

(3,335)

(66,567)

(12,643)

Less: Amortisation(1)

7

 

(3,069)

(6,637)

(3,284)

 

 

 

 

 

 

Operating profit / (loss)

 

 

349

(71,419)

(23,226)

 

 

 

 

 

 

Net finance expense

5

 

(7,420)

(13,743)

(6,915)

 

 

 

 

 

 

Loss before tax

 

 

(7,071)

(85,162)

(30,141)

 

 

 

 

 

 

Adjusted loss before tax

 

 

(667)

(11,958)

(14,214)

Less: Exceptional items

4

 

(3,335)

(66,567)

(12,643)

Less: Amortisation

7

 

(3,069)

(6,637)

(3,284)

 

 

 

 

 

 

Loss before tax

 

 

(7,071)

(85,162)

(30,141)

 

 

 

 

 

 

Taxation

 

 

(502)

5,240

(175)

 

 

 

 

 

 

Loss for the financial period

 

 

(7,573)

(79,922)

(30,316)

 

 

 

 

 

 

Loss per share

 

 

 

 

 

Basic and diluted loss per share

6

 

(4.45)

(46.96)

(17.81)

Adjusted basic and diluted loss per share(2)

6

 

(0.32)

(5.68)

(6.74)

 

(1)   Adjusted EBITDA is defined as operating profit before depreciation, amortisation, and exceptional items.  For this purpose depreciation includes the net book value of hire stock losses and write offs, and the net book value of other fixed asset disposals less the proceeds on those disposals. Adjusted EBITA is defined as operating profit before amortisation and exceptional items.

(2)   Adjusted earnings per share is defined as profit before tax with amortisation and exceptional costs added back less tax at the prevailing rate of corporation tax divided by the weighted average number of ordinary shares.

 

The notes form part of these condensed consolidated financial statements.

 

 

HSS Hire Group plc  

Unaudited condensed consolidated statement of comprehensive income

 

 

 

 

26 weeks ended 30 June 2018

52 weeks ended 30 December 2017

26 weeks ended 1 July 2017

 

 

 

£000s

£000s

£000s

 

 

 

 

 

 

Loss for the financial period

 

 

(7,573)

(79,922)

(30,316)

 

 

 

 

 

 

Items that may be reclassified to profit or loss:

 

 

 

 

 

Foreign currency translation differences arising on consolidation of foreign operations

 

 

(51)

104

144

 

 

 

 

 

 

Other comprehensive loss for the period, net of tax

 

 

(51)

104

144

 

 

 

 

 

 

Total comprehensive loss for the period

 

 

(7,624)

(79,818)

(30,172)

 

 

 

 

 

 

Attributable to owners of the Company

 

 

(7,624)

(79,818)

(30,172)

 

 

The notes form part of these condensed consolidated financial statements.

 

 

HSS Hire Group plc  

Unaudited condensed consolidated statement of financial position

 

 

 

30 June
2018

30 December 2017

1 July
2017

 

Note

£000s

£000s

£000s

 

 

 

 

 

ASSETS

 

 

 

 

Non-current assets

 

 

 

 

Intangible assets

7

170,201

172,509

177,277

Property, plant and equipment

8

136,464

150,915

161,945

Deferred tax assets

 

358

358

532

 

 

307,023

323,782

339,754

 

 

 

 

 

Asset held for resale

 

-

1,500

-

 

 

 

 

 

Current assets

 

 

 

 

Inventories

 

6,153

5,519

7,817

Trade and other receivables

9

110,192

96,503

97,874

Cash

 

10,056

2,151

7,070

 

 

126,401

104,173

112,761

 

 

 

 

 

Total assets

 

433,424

429,455

452,515

 

 

 

 

 

LIABILITIES

 

 

 

 

Current liabilities

 

 

 

 

Trade and other payables

10

(93,263)

(82,452)

(83,209)

Borrowings

11

(74,000)

(69,000)

(68,500)

Provisions

12

(10,303)

(16,684)

(6,236)

Current tax liabilities

 

(47)

(90)

(500)

 

 

(177,613)

(168,226)

(158,445)

 

 

 

 

 

Non-current liabilities

 

 

 

 

Trade and other payables

10

(12,110)

(14,105)

(17,185)

Borrowings

11

(134,470)

(134,242)

(133,733)

Provisions

12

(37,522)

(36,510)

(12,032)

Deferred tax liabilities

 

(3,036)

(2,800)

(7,911)

 

 

(187,138)

(187,657)

(170,861)

 

 

 

 

 

Total liabilities

 

(364,751)

(355,883)

(329,306)

 

 

 

 

 

Net assets

 

68,673

73,572

123,209

 

 

 

 

 

EQUITY

 

 

 

 

Share capital

 

1,702

1,702

1,702

Merger reserve

 

97,780

97,780

97,780

Warrant reserves

 

2,694

-

-

Foreign exchange translation reserve

 

374

425

321

Retained earnings

 

(33,877)

(26,335)

23,406

Total equity attributable to owners of the group

 

68,673

73,572

123,209

 

 

The notes form part of these condensed consolidated financial statements.

 

 

HSS Hire Group plc  

Unaudited condensed consolidated statement of changes in equity

 

 

 

 

 

 

Share capital

 

 

 

Merger reserve

 

 

 

Warrant reserve

Foreign exchange translation reserve

 

 

 

Retained earnings

 

 

 

Total equity

 

Note

£000s

£000s

£000s

£000s

£000s

£000s

At 30 December 2017

 

1,702

97,780

425

(26,335)

73,572

Total comprehensive loss for the period

 

 

 

 

 

 

 

Loss for the period

 

(7,573)

(7,573)

Foreign currency translation differences arising on consolidation of foreign operations

 

(51)

(51)

Total comprehensive loss for the period

 

(51)

(7,573)

(7,624)

Transactions with owners recorded directly in equity

 

 

 

 

 

 

 

Transfer to warrant reserve

15

2,694

2,694

Share based payment

 

31

31

At 30 June 2018

 

1,702

97,780

2,694

374

(33,877)

68,673

 

 

 

 

 

 

 

 

 

 

Share capital

Merger reserve

Warrant reserve

Foreign exchange translation reserve

Retained earnings

Total equity

 

 

£000s

£000s

£000s

£000s

£000s

£000s

At 1 January 2017

 

1,702

97,780

321

53,583

153,386

 

 

 

 

 

 

 

 

Loss for the period

 

(30,316)

(30,316)

Foreign currency translation differences arising on consolidation of foreign operations

 

144

144

Total comprehensive loss for the period

 

(30,172)

(30,172)

Transactions with owners recorded directly in equity

 

 

 

 

 

 

 

Share based payment

 

(5)

(5)

At 1 July 2017

 

1,702

97,780

321

23,406

123,209

 

 

 

 

 

 

 

 

 

 

Share capital

Merger reserve

Warrant reserve

Foreign exchange translation reserve

Retained earnings

Total equity

 

 

£000s

£000s

£000s

£000s

£000s

£000s

At 1 January 2017

 

1,702

97,780

321

53,583

153,386

 

 

 

 

 

 

 

 

Loss for the period

 

(79,922)

(79,922)

Foreign currency translation differences arising on consolidation of foreign operations

 

104

104

Total comprehensive loss for the period

 

104

(79,922)

(79,818)

Transactions with owners recorded directly in equity

 

 

 

 

 

 

 

Share based payment charge

 

4

4

At 30 December 2017

 

1,702

97,780

425

(26,335)

73,572

 

 

The notes form part of these condensed consolidated financial statements.

 

 

HSS Hire Group plc  

Unaudited condensed consolidated statement of cash flows

 

 

26 weeks ended 30 June 2018

52 weeks ended 30 December 2017

26 weeks ended 1 July 2017

Cash flows from operating activities

 

£000s

 

£000s

 

£000s

 

Loss before tax

 

(7,071)

(85,162)

(30,141)

Adjustments for:

 

 

 

 

- Amortisation

 

3,069

6,637

3,284

- Depreciation

 

17,462

37,006

18,894

- Net book value of hire stock losses and write offs

 

5,474

10,066

5,500

- Impairment of property, plant and equipment

 

450

11,230

6,225

- Impairment of intangible assets

 

-

1,239

-

- Loss on disposal of property, plant and equipment

 

175

87

-

- Loss on disposal of intangible assets

 

-

3

-

- Loss on disposal of subsidiary

 

-

4,919

-

- Share based payment charge

 

31

4

(5)

- Net finance expense

 

7,420

13,743

6,915

Changes in working capital (excluding the effects of disposals and exchange differences on consolidation):

 

 

 

 

- Inventories

 

(634)

804

81

- Trade and other receivables

 

(11,001)

6,560

5,853

- Trade and other payables

 

14,187

(5,764)

(3,350)

- Provisions

 

(5,586)

31,504

984

Net cash flows from operating activities before changes in hire equipment

 

23,976

32,876

14,240

Purchase of hire equipment

 

(5,837)

(22,787)

(11,852)

 

 

 

 

 

Cash generated from operating activities

 

18,139

10,089

2,388

Net interest paid

 

(6,902)

(12,494)

(6,884)

Tax paid

 

(240)

(59)

(219)

Net cash generated from / (used in) operating activities

 

10,997

(2,464)

(4,715)

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

Proceeds on disposal of businesses, net of cash disposed of

 

-

1,138

-

Proceeds on disposal of assets held for sale

 

1,500

-

-

Purchases of non-hire property, plant, equipment and software

 

(2,862)

(7,260)

(4,114)

Net cash used in investing activities

 

(1,362)

(6,122)

(4,114)

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

Bank arrangement fees

 

(400)

-

-

Share issue costs

 

-

-

(226)

Proceeds from borrowings (third parties)

 

8,000

18,000

3,500

Repayments of borrowings

 

(3,000)

(15,000)

(1,000)

Cash received from refinancing hire stock

 

-

5,030

5,030

Capital element of finance lease payments

 

(6,330)

(12,504)

(6,616)

Net cash received from financing activities

 

(1,730)

(4,474)

688

 

 

 

 

 

Net increase / (decrease) in cash

 

7,905

(13,060)

(8,141)

Cash at the start of the period

 

2,151

15,211

15,211

Cash at the end of the period

 

10,056

2,151

7,070

 

 

The notes form part of these condensed consolidated financial statements.

 

 

HSS Hire Group plc  

Notes forming part of the condensed consolidated financial statements

 

1.         General information

 

The Company is a public limited company which is listed on the London Stock Exchange and is incorporated and domiciled in the United Kingdom. The address of the registered office is Oakland House, 76 Talbot Road, Old Trafford, Manchester, England, M16 0PQ.

 

The condensed consolidated financial statements as at, and for the 26 weeks ended 30 June 2018 comprise the Company and its subsidiaries (the 'Group').

 

The Group is primarily involved in providing tool and equipment hire and related services in the United Kingdom and the Republic of Ireland.

 

The condensed consolidated financial statements were approved for issue by the Board on 29 August 2018.

 

The condensed consolidated financial statements do not comprise Statutory Accounts within the meaning of Section 434 of the Companies Act 2006. The comparative financial information for the 26 weeks ended 30 June 2018, and the 52 weeks ended 30 December 2017, do not constitute statutory accounts for those periods, respectively. Statutory Accounts for the year ended 30 December 2017 were approved by the Board on 5 April 2018 and delivered to the Registrar of Companies. The auditor's report on those accounts was unqualified, did not include a reference to any matter by way of emphasis and did not contain a statement under Section 498(2) or (3) of the Companies Act 2006.

 

2.         Basis of preparation

 

The condensed consolidated financial statements for the 26 weeks ended 30 June 2018 have been prepared in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority and relevant International Financial Reporting Standards ('IFRS') as adopted by the European Union (including IAS 34 Interim Financial Reporting). The condensed consolidated financial statements should be read in conjunction with the Group's Annual Report and Accounts for the year ended 30 December 2017, which were prepared in accordance with IFRS as adopted by the European Union.

 

IFRS 9 Financial instruments and IFRS 15 Revenue from contracts with customers have been adopted in these condensed consolidated financial statements but neither these IFRS nor any IFRIC Interpretations that are effective for the first time for this interim period have had a material impact on the Group. The accounting policies and judgements and estimates, applied in the condensed consolidated financial statements are therefore consistent with those set out in the Group's Annual Report and Accounts for the year ended 30 December 2017.

 

For the year ending 28 December 2019, the Group will adopt IFRS 16 Leases. Having performed an initial review of this standard, the Directors expect it will have a material impact on reported assets and liabilities, EBITDA, operating profit and interest expense as more assets (called right of use assets) are capitalised on to the balance sheet in relation to the lease contracts the Group has entered into.

 

Going concern

 

The Directors have reviewed the Group's current performance, forecasts and projections, taking account of reasonably possible changes in trading performance and considering senior debt and interest repayments, combined with expenditure commitments.  In particular the directors have considered the adequacy of the Group's debt facilities with specific regard to the following factors:

 

-     the financial covenants relating to the new  term loan facility of £220 million and revolving credit facility of £25 million secured by the Group

-     the maturity of the term loan facility (£20m in December 2020, £200m in June 2023) and revolving credit facility in December 2022

 

After reviewing the above, taking into account current and future developments and principal risks and uncertainties, and making appropriate enquiries, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future.  Accordingly they continue to adopt the going concern basis in preparing these condensed consolidated interim financial statements.

 

3.         Segmental reporting

 

The Group's operations are segmented into the following reportable segments:

 

-       Rental and related revenue.

-       Services.

 

Rental and related revenue comprises the rental income earned from owned tools and equipment, including powered access, power generation, cleaning and HVAC assets, together with directly related revenue such as resale (fuel and other consumables) transport and other ancillary revenues.

 

Services comprise the Group's rehire business (HSS OneCall) and HSS Training. HSS One Call provides customers with a single point of contact for the hire of products that are not typically held within HSS' fleet and are obtained from approved third party partners; HSS Training provides customers with specialist safety training across a wide range of products and sectors.

 

Contribution is defined as segment operating profit before branch and selling costs, central costs, depreciation, amortisation and exceptional items.

 

All segment revenue, operating profit, assets and liabilities are attributable to the principal activity of the Group being the provision of tool and equipment hire and related services in, and to customers in, the United Kingdom and the Republic of Ireland. Revenue from one customer exceeded 10% of Group turnover in the period ending 30 June 2018 (26 week ending 1 July 2017: one).

 

 

 

26 weeks ended 30 June 2018

 

 

Rental (and related revenue)

Services

Central

Total

 

 

£000s

£000s

£000s

£000s

 

 

 

 

 

 

 

122,740

47,032

-

169,772

 

 

 

 

 

 

80,459

6,749

-

87,208

 

 

 

 

 

 

 

 

(43,237)

(43,237)

 

 

 

(14,107)

(14,107)

 

 

 

 

29,864

 

-

-

(3,335)

(3,335)

 

(20,888)

(81)

(5,211)

(26,180)

 

 

 

 

349

 

 

 

 

(7,420)

 

 

 

 

(7,071)

 

 

 

 

 

 

 

 

 

 

 

6,894

46

2,324

9,264

 

-

124

635

759

 

 

 

 

 

 

106,050

224

30,190

136,464

 

134,974

365

34,860

170,199

 

 

 

 

 

 

 

 

358

358

 

 

 

126,401

126,401

 

 

 

(177,613)

(177,613)

 

 

 

(187,138)

(187,138)

 

 

 

 

68,671

 

 

 

 

26 weeks ended 1 July 2017

 

 

Rental (and related revenue)

Services

Central

Total

 

 

£000s

£000s

£000s

£000s

 

 

 

 

 

 

Total revenue from external customers

 

119,252

41,286

-

160,538

 

 

 

 

 

 

Contribution

 

73,930

5,158

-

79,088

 

 

 

 

 

 

Branch and selling costs

 

-

-

(41,315)

(41,315)

Central costs

 

-

-

(20,678)

(20,678)

Adjusted EBITDA

 

 

 

 

17,095

Less: Exceptional items

 

-

-

(12,643)

(12,643)

Less: Depreciation and amortisation

 

(21,499)

(164)

(6,028)

(27,678)

Operating loss

 

 

 

 

(23,226)

Net finance expenses

 

 

 

 

(6,915)

Loss before tax

 

 

 

 

(30,141)

 

 

 

 

 

 

Additions to non-current assets

 

 

 

 

 

Property, plant and equipment

 

11,623

18

2,289

13,930

Intangibles

 

-

109

1,697

1,806

Non-current assets net book value

 

 

 

 

 

Property, plant and equipment

 

125,611

343

35,991

161,945

Intangibles

 

168,336

549

8,392

177,277

Unallocated corporate assets

 

 

 

 

 

Non-current deferred tax assets

 

 

 

532

532

Current assets

 

 

 

112,761

112,761

Current liabilities

 

 

 

(158,445)

(158,445)

Non-current liabilities

 

 

 

(170,861)

(170,861)

Net assets

 

 

 

 

123,209

 

4.         Exceptional items

 

Items of income or expense have been shown as exceptional either because of their size or nature or because they are non-recurring. An analysis of the amount presented as exceptional items in the consolidated income statement is given below.

 

During the period ended 30 June 2018, the Group has recognised net exceptional costs as follows:

 

 

Included in administrative expenses

Included in other operating income

26 weeks ended 30 June 2018

 

£000s

£000s

£000s

Onerous leases

1,634

-

1,634

Impairment of property, plant & equipment

450

-

450

Cost reduction programme

711

-

711

Strategic review

722

-

722

Sub-let rental income on onerous leases

-

(182)

(182)

Exceptional items

3,517

(182)

3,335

 

During the period ended 30 December 2017, the Group has recognised net exceptional costs as follows:

 

Included in cost of sales

Included in distribution costs

Included in administrative expenses

Included in other operating income

   Year ended 30 December 2017

 

£000s

£000s

£000s

£000s

£000s

Onerous leases

-

-

6,903

-

6,903

Impairment of property, plant and equipment

-

-

8,279

-

8,279

Business divesture

-

-

4,919

-

4,919

Cost reduction programme

176

131

3,432

-

3,739

Senior management changes

-

-

1,031

-

1,031

Strategic review

-

-

1,172

-

1,172

Network reconfiguration

-

-

40,692

-

40,692

Preparatory refinancing cost

-

-

714

-

714

Sub-let rental income on onerous leases

-

-

-

(882)

(882)

Exceptional items

176

131

67,142

(882)

66,567

 

During the period ended 1 July 2017, the Group has recognised net exceptional costs as follows:

 

Included in cost of sales

Included in distribution costs

Included in administrative expenses

Included in other operating income

26 weeks ended
1 July 2017

 

£000s

£000s

£000s

£000s

£000s

Branch and distribution centre closure onerous leases

-

-

4,969

-

4,969

Impairment of property, plant and equipment

-

-

6,225

-

6,225

Cost reduction programme

95

162

1,717

-

1,974

Sub-let rental income on onerous leases

-

-

-

(525)

(525)

Exceptional items

95

162

12,911

(525)

12,643

 

Onerous leases: branch and distribution centre closures

 

The number of branches has been reduced to remove less profitable locations with activity centralised into fewer locations. 12 branches were closed during the 26 weeks ended 30 June 2018 (26 weeks ending 1 July 2017: 50; 52 weeks ended 30 December 2017: 55). An exceptional cost of £1.6 million relating to dark stores and onerous leases has been recorded in the period (26 weeks ending 1 July 2017: £5.0 million; 52 weeks ended 30 December 2017: £6.9 million). Sub-let rental income on onerous leases for the period amounted to £0.2 million (52 weeks ended 30 December 2017: £0.9 million; 26 weeks ending 1 July 2017: £0.5 million).

 

Cost reduction programme and network reconfiguration

 

Following the Strategic Review in the second half of the 2017 financial year, the Group has embarked upon a plan to deliver annual cost savings estimated to be between £10 million and £14 million. Principal to this were annual savings of between £7 million and £10 million to be achieved through the reconfiguration of the Group's supply chain model by moving the testing and repair of all fast moving products closer to our customers. In order to realise these benefits, network reconfiguration costs of £40.7 million was recognised in the year ended 30 December 2017 including the impairment, totalling £7.6m, of certain assets. 

 

The annual cost savings also include a reduction in central overhead estimated to be between £3 million and £4 million.  To realise these benefits, largely relating to redundancy costs, an exceptional item of £0.7 million has been recorded during the 26 weeks ended 30 June 2018.

 

The Group announced plans in the first half of the financial year 2017 to deliver significant cost reductions primarily by reducing head office headcount by redundancy and restructuring costs at the NDEC to drive operational efficiencies in the supply chain.  These initiatives gave rise to exceptional items of £3.7 million and £2.0 million for the 52 weeks ended 30 December 2017 and 26 weeks ended 1 July 2017 respectively.

 

Strategic review

 

Non-recurring third party consultancy costs of £0.7 million were incurred by the Group towards its strategic review. (52 weeks ended 30 December 2017: £1.2 million; 26 weeks ending 1 July 2017: £nil)

 

Impairment of closed branch property, plant and equipment

 

Following the branch closures management conducted an impairment review of property plant and equipment in closed branches to determine what can be reused across the network. During the 26 weeks ended 30 June 2018 an impairment of £0.5m was recorded in relation to branches closed in the period (26 weeks ended 1 July 2017: £6.2 million; year ended 30 December 2017 £8.3 million).

 

Business divesture

 

The Group sold businesses not considered core to the strategy during the 52 weeks ended 30 December 2017.  The Reintec branded fleet of cleaning machines and the associated Tecserv equipment maintenance business were sold on 16 November 2017 for a consideration of £1.5 million.  After transaction costs net proceeds were £1.2 million.   This gave rise to a loss of £4.9 million including goodwill written off of £0.8 million.

 

5.         Finance income and expense

 

 

 

 

26 weeks ended 30 June 2018

52 weeks ended 30 December 2017

26 weeks ended 1 July 2017

 

 

 

£000s

£000s

£000s

 

 

 

 

 

 

Interest received on cash deposits

 

 

-

-

(1)

Finance income

 

 

-

-

(1)

 

 

 

 

 

 

Bank loans and overdrafts

 

 

1,658

2,118

1,020

Senior secured notes

 

 

4,577

9,155

4,577

Finance leases

 

 

511

1,392

761

Interest unwind on discounted provisions

 

 

46

31

38

Debt issue costs

 

 

628

1,047

520

Finance expense

 

 

7,420

13,743

6,916

 

 

 

 

 

 

Net finance expense

 

 

7,420

13,743

6,915

 

6.         Earnings per share

 

 

Basic and diluted earnings per share

 

Loss after tax

Weighted average
number of
shares

Loss per share

 

£000s

000s

pence

26 weeks ended 30 June 2018

(7,573)

170,207

(4.45)

26 weeks ended 1 July 2017

(30,316)

170,207

(17.81)

52 weeks ended 30 December 2017

(79,922)

170,207

(46.96)

 

 

Basic loss per share is calculated by dividing the result attributable to equity holders by the weighted average number of ordinary shares in issue for that period.

Diluted loss per share is calculated using the loss for the year divided by the weighted average number of shares outstanding assuming the conversion of its potentially dilutive equity derivatives outstanding, being nil cost share options (LTIP shares) and Sharesave Scheme options, as disclosed in note 21 in the Annual Report and Financial Statements for the year ended 30 December 2017 and share warrants as disclosed in note 15 of this report.

All of the Group's potentially dilutive equity derivatives (the LTIP shares, Sharesave Scheme options and warrants) were anti-dilutive for the periods ended 30 June 2018 and 1 July 2017, and the year ended 30 December 2017, respectively, for the purpose of calculating the weighted average number of shares and hence the diluted loss per share.

The following is a reconciliation between the basic loss per share and the adjusted basic loss per share.

 

 

 Basic and diluted earnings per share

 52 weeks ended
30 December 2017

 26 weeks ended
1 July 2017

 

 

 

 

Basic and diluted loss per share (pence)

(4.45)

(46.96)

(17.81)

Add back:

 

 

 

Exceptional items per share (1)

1.96

39.11

7.43

Amortisation per share (2)

1.80

3.90

1.93

Tax charge per share

0.29

(3.08)

0.10

Charge:

 

 

 

Tax at prevailing rate

0.08

1.35

1.61

Adjusted basic and diluted loss per share (pence)

(0.32)

(5.68)

(6.74)

 

(1)   Exceptional items per share are calculated as total finance and non-finance exceptional items divided by the weighted average number of shares in issue through the period.

(2)   Amortisation per share is calculated as the amortisation charge divided by the weighted average number of shares in issue through the period.

 

7.         Intangible assets

 

 

 

Goodwill

Customer relationships

Brands

Software

Total

 

 

£000s

£000s

£000s

£000s

£000s

Cost

 

 

 

 

 

 

At 30 December 2017

 

128,991

26,744

24,102

20,481

200,318

Additions

 

-

-

-

761

761

At 30 June 2018

 

128,991

26,744

24,102

21,242

201,079

 

 

 

 

 

 

 

Amortisation

 

 

 

 

 

 

At 30 December 2017

 

-

13,346

526

13,937

27,809

Charge for the period

 

-

1,326

71

1,672

3,069

At 30 June 2018

 

-

14,672

597

15,609

30,878

 

 

 

 

 

 

 

Net book value

 

 

 

 

 

 

At 30 June 2018

 

128,991

12,072

23,505

5,633

170,201

 

 

 

 

 

 

 

At 30 December 2017

 

128,991

13,398

23,576

6,544

172,509

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost

 

 

 

 

 

 

At 31 December 2016

 

129,744

27,482

24,142

19,968

201,336

Additions

 

-

-

-

1,806

1,806

At 1 July 2017

 

129,744

27,482

24,142

21,774

203,142

 

 

 

 

 

 

 

Amortisation

 

 

 

 

 

 

At 31 December 2016

 

-

10,940

391

11,250

22,581

Charge for the period

 

-

1,388

72

1,824

3,284

At 1 July 2017

 

-

12,328

463

13,074

25,865

 

 

 

 

 

 

 

Net book value

 

 

 

 

 

 

 

 

 

 

 

 

 

At 1 July 2017

 

129,744

15,154

23,679

8,700

177,277

 

 

 

 

 

 

 

At 31 December 2016

 

129,744

16,542

23,751

8,718

178,755

 

8.         Property, plant and equipment

 

 

 

Land & Buildings

Plant & Machinery

Materials & Equipment held for hire

Total

 

 

£000s

£000s

£000s

£000s

Cost

 

 

 

 

 

At 30 December 2017

 

71,771

60,282

237,498

369,551

Foreign exchange differences

 

(7)

(26)

(293)

(326)

Additions

 

676

1,694

6,894

9,264

Disposals

 

(571)

(70)

(14,339)

(14,980)

At 30 June 2018

 

71,869

61,880

229,760

363,509

 

 

 

 

 

 

Accumulated depreciation

 

 

 

 

 

At 30 December 2017

 

48,115

51,585

118,936

218,636

Foreign exchange differences

 

-

(20)

(152)

(172)

Charge for the period

 

2,323

1,348

13,791

17,462

Impairment loss

 

-

450

-

450

Disposals

 

(432)

(34)

(8,865)

(9,331)

At 30 June 2018

 

50,006

53,329

123,710

227,045

 

 

 

 

 

 

Net book value

 

 

 

 

 

At 30 June 2018

 

21,863

8,551

106,050

136,464

 

 

 

 

 

 

 

 

 

 

 

 

At 30 December 2017

 

23,656

8,697

118,562

150,915

 

 

 

 

 

 

 

 

 

 

 

 

Cost

 

 

 

 

 

At 31 December 2016

 

69,187

58,673

247,295

375,155

Foreign exchange differences

 

10

41

396

447

Additions

 

1,132

1,175

11,623

13,930

Disposals

 

(759)

(49)

(14,817)

(15,625)

At 1 July 2017

 

69,570

59,840

244,497

373,907

 

 

 

 

 

 

Accumulated depreciation

 

 

 

 

 

At 31 December 2016

 

37,095

46,214

113,373

196,682

Foreign exchange differences

 

-

30

244

274

Charge for the period

 

2,359

1,949

14,586

18,894

Impairment loss

 

6,225

-

-

6,225

Disposals

 

(758)

(38)

(9,317)

(10,113)

At 1 July 2017

 

44,921

48,155

118,886

211,962

 

 

 

 

 

 

Net book value

 

 

 

 

 

At 1 July 2017

 

24,649

11,685

125,611

161,945

 

 

 

 

 

 

 

 

 

 

 

 

At 31 December 2016

 

32,092

12,459

133,922

178,473

 

9.         Trade and other receivables

 

 

 

 

30 June
2018

30 December 2017

 

1 July
2017

 

 

£000s

£000s

£000s

 

 

 

 

 

Gross trade receivables

 

81,413

85,270

77,575

Less provision for impairment

 

(4,284)

(4,429)

(3,879)

Net trade receivables

 

77,129

80,841

73,696

 

 

 

 

 

Other debtors

 

836

271

417

Prepayments and accrued income

 

19,043

15,391

23,761

Prepaid finance fees on loan facility

 

13,184

Total trade and other receivables

 

110,192

96,503

97,874

 

 

 

 

 

 

 

 

 

 

 

 

 

30 June
2018

30 December 2017

 

1 July
2017

Movements in provision

 

£000s

£000s

£000s

 

 

 

 

 

Balance at the beginning of the period

 

(4,429)

(3,740)

(3,740)

Movement in provision

 

145

(689)

(139)

Balance at the end of the period

 

(4,284)

(4,429)

(3,879)

 

10.       Trade and other payables

 

 

30 June
2018

30 December 2017

1 July
2017

 

£000s

£000s

£000s

Current

 

 

 

Obligations under finance leases

9,174

11,892

12,126

Trade payables

39,694

39,729

43,550

Other taxes and social security costs

5,128

5,792

6,831

Other creditors

1,003

916

1,936

Accrued interest on borrowings

3,910

3,904

3,844

Accruals and deferred income

34,354

20,219

14,922

 

93,263

82,452

83,209

 

 

 

 

 

 

 

 

Non-current

 

 

 

Obligations under finance lease

12,110

14,105

17,185

 

11.       Borrowings

 

 

 

 

30 June
2018

30 December 2017

 

1 July
2017

 

 

£000s

£000s

£000s

 

 

 

 

 

Current

 

 

 

 

Revolving credit facility

 

74,000

69,000

68,500

 

 

 

 

 

Non-current

 

 

 

 

6.75% Senior secured notes

 

134,470

134,242

133,733

 

The interest rates on the Group's variable interest loans are as follows:

 

 

 

 

30 June
2018

30 December 2017

 

1 July
2017

 

 

% above LIBOR

% above LIBOR

% above LIBOR

 

 

 

 

 

Revolving credit facility

 

2.50%

2.50%

2.50%

 

The following table shows the fair value of the Group's Senior Secured Notes:

 

 

 

30 June
2018

30 December 2017

1 July
2017

 

 

£000s

£000s

£000s

Financial liabilities

 

 

 

 

6.75% Senior secured notes

 

135,603

128,778

134,980

 

The Group has undrawn committed borrowing facilities of £25.3 million at 30 June 2018 (1 July 2017: £28.3 million) under its facilities in place at that date (see note 15). Including net cash balances, the Group had access to £35.4 million of combined liquidity from available cash and undrawn committed borrowing facilities at 30 June 2018.

 

12.       Provisions

 

 

Onerous leases

Dilapidations

Onerous Contracts

Total

 

£000s

£000s

£000s

£000s

 

 

 

 

 

At 30 December 2017

6,607

13,975

32,612

53,194

Additions

1,508

65

1,573

Utilised during the period

(1,889)

(546)

(6,560)

Unwind of provision

13

32

45

Released

(427)

-

(427)

At 30 June 2018

5,812

13,526

28,487

47,825

 

 

 

 

 

Of which:

 

 

 

Current

2,176

2,641

10,303

Non-current

3,636

10,885

23,001

37,522

 

5,812

13,526

28,487

47,825

 

 

 

 

At 31 December 2016

5,398

11,745

-

17,143

Additions

4,353

160

4,513

Utilised during the period

(2,018)

(1,052)

(3,070)

Unwind of provision

16

23

39

Released

(104)

(253)

(357)

At 1 July 2017

7,645

10,623

-

18,268

 

 

 

 

 

Of which:

 

 

 

 

Current

3,617

2,619

6,236

Non-current

4,028

8,004

-

12,032

 

7,645

10,623

-

18,268

 

13.       Commitments and contingencies

 

The Group's commitments under non-cancellable operating leases are set out below:

 

 

 

 

30 June
2018

30 December 2017

 

1 July
2017

 

 

£000s

£000s

£000s

Land and buildings

 

 

 

 

Within one year

 

14,810

15,030

15,972

Between two and five years

 

44,119

45,316

48,550

After five years

 

31,457

33,084

34,920

 

 

90,386

93,430

99,442

Other

 

 

 

 

Within one year

 

8,574

9,074

9,162

Between two and five years

 

14,762

15,263

14,451

After five years

 

-

7

56

 

 

23,336

24,344

23,669

 

 

 

 

 

 

 

113,722

117,774

123,111

 

14.       Risks and uncertainties

 

The principal risks and uncertainties which could have a material impact upon the Group's performance over the remaining 26 weeks of the 2018 financial year have not changed significantly from those set out on pages 14 to 17 of the Group's 2017 Annual Report, which is available at www.hssannualreport2017.com. These risks and uncertainties include, but are not limited to the following:

 

1)    Macroeconomic conditions;

2)    Competitor challenge;

3)    Distribution Network;

4)    IT infrastructure;

5)    Insufficient liquidity headroom;

6)    Equipment supply, maintenance & availability;

7)    Customer retention and brand reputation;

8)    Outsourcing of services;

9)    Inability to attract and retain personnel; and

10)  Legal and regulatory requirements

The main risk expected to affect the Group in the remaining 26 weeks of the 2018 financial year is macroeconomic conditions, which includes the impact that the Brexit related developments could have on the prevailing demand from new and existing customers within the numerous and diverse market sectors which HSS serves.

 

15.       New finance arrangements and share warrants

 

HSS Hire Group plc entered into a new five year, £220 million term loan facility, provided by HPS Investment Partners on 20 June 2018 and which completed on 10 July 2018.  In connection with this term loan facility, the Company granted the lenders under the facility, 8,510,300 Warrants on 20 June 2018 to subscribe for new ordinary shares in the Company exercisable at a price of £0.01 per share and valued at £2.7m.  The warrants can be exercised for five years subject to certain conditions that include full repayment of the term loan facility itself.  Total lender and advisory fees incurred in respect of the new facility amount to c£11m and have been included in accruals at 30 June 2018.  The warrant valuation and prepaid finance fees on loan facility, together totalling £13.2m net of amounts already accrued, have been deferred in the balance sheet and will be reclassified to debt issue costs in H2 2018; they will be amortised to the income statement over the life of the facility.  Debt issue costs of £1.5m were written off in H2 2018 in relation to the facility that these arrangements replaced.

 

16.       Post balance sheet event

 

On 19 July 2018, the Group announced the proposed sale of UK Platforms Limited to Nationwide Platforms Limited, a wholly-owned subsidiary of Loxam Group, for an enterprise value of £60.5m.  The proposed disposal, which was not highly probable as at 30 June 2018, is subject to Competition and Markets Authority approval and is expected to complete in quarter 4 of 2018.  The Group will use at least 80% of any proceeds from the sale to pay down debt and UK Platforms Limited will be treated as a discontinued operation in the results for the year ending 29 December 2018.

 

17.       Adjusted EBITDA and Adjusted EBITA

 

Adjusted EBITDA is calculated as follows:

 

26 weeks ended 30 June 2018

52 weeks ended 30 December 2017

26 weeks ended 1 July 2017

 

£000s

£000s

£000s

Operating profit / (loss)

349

(71,419)

(23,226)

Add: Depreciation of property, plant and equipment

17,462

37,006

18,894

Add: Net book value of hire stock losses and write offs

5,649

10,153

5,500

Add: Amortisation

3,069

6,637

3,284

EBITDA

26,529

(17,623)

4,452

Add: Exceptional items

3,335

66,567

12,643

Adjusted EBITDA

29,864

48,944

17,095

 

Adjusted EBITA is calculated as follows:

 

26 weeks ended 30 June 2018

52 weeks ended 30 December 2017

26 weeks ended 1 July 2017

 

£000s

£000s

£000s

Operating profit / (loss)

349

(71,419)

(23,226)

Add: Amortisation

3,069

6,637

3,284

EBITA

3,418

(64,782)

(19,942)

Add: Exceptional items

3,335

66,567

12,643

Adjusted EBITA

6,753

1,785

(7,299)

 


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.
 
END
 
 
IR URUVRWOAWORR
UK 100

Latest directors dealings