Venta de Negocios de Generadores de Energía
Cierta información contenida en este anuncio se habría considerado información privilegiada a efectos del artículo 7 del Reglamento (UE) n.º 596/2014 hasta la publicación de este anuncio.
7 de marzo de 2024
HSS Hire Group Plc
Venta de Negocios de Generadores de Energía
HSS Hire Group Plc ("HSS" or "the Group") announces that it has entered into an unconditional agreement to sell ABird Limited and APEX Generators Limited (together, "Power"), the Group's power solution providers, to CES Global ("CES") for an enterprise value of £23.25 million (the "Disposal"), subject to customary transaction adjustments. The cash proceeds from the Disposal will further strengthen the Group's balance sheet.
Following the Disposal, net debt on a non-IFRS16, pro-forma basis as at 30 December 2023 will reduce to approximately £37 million. The combination of a stronger balance sheet and a more streamlined business will enable greater focus on the Group's transformational strategy to become a leading marketplace for equipment services through a technology-driven, lower-cost operating model.
As part of this transaction, HSS has entered into a commercial agreement with CES for the cross-hire of power generators and related services to ensure the broadest possible distribution of, and customer access to, both parties' existing fleets. This follows the successful implementation of similar commercial agreements following the disposal of the Group's Aerial Work Platform business to Nationwide Platforms Limited in 2019 and heating, ventilation and air-conditioning business to Cross Rental Services in 2021.
Power represented £34 million of Group revenues and £6 million of Group operating profit for the year ended 31 December 2022. Around £20 million of this revenue was through the Group's marketplace business which will continue to be provided under the commercial agreement.
HSS confirms that trading for 2023 was in line with market expectations with year-on-year revenue growth of 5%. Whilst we have continued to see some demand softness in certain customer segments, implementation of the Group's marketplace proposition is progressing well with self-service platform adoption accelerating with around 650 customers now having transacted on the platform. The Board remain confident that this transformational strategy positions the Group well to take full advantage of the market when it recovers. HSS will report 2023 full year results during May 2024.
Steve Ashmore, Chief Executive, commented:
"Over the past three years, HSS has undergone a radical transformation, evolving to become a modern, agile marketplace business. Today's announcement will increase our focus on driving our strategy forward and delivering value for all our stakeholders.
Power has made an important contribution to the Group and I would like to thank the team for their commitment over the years. I am very pleased that they will be joining CES, who recognise the business's value and will help it reach its full potential. HSS will continue to work with Power to provide our UK customers with all of their power solution hire requirements."
-Fin-
Notas para los editores
About HSS Hire
HSS Hire Group plc provides tool and equipment hire and related services in the UK and Ireland through a nationwide network of Group companies and third-party suppliers. It offers a one-stop shop for all equipment through its marketplace technology platform 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 ABird and APEX
ABird and APEX ("Power") are leading UK providers of power solutions. Power specialises in designing both short and long terms generator solutions ranging from 20KVa to 1260KVa, underpinned by remote fleet management technology that provides complete visibility of all hire equipment for customers across a wide range of end markets. ABird and APEX were acquired in 2012 and 2014 respectively for a combined cash consideration of £10.5m. As at 31 December 2022 Power had total gross assets of £23.1m and made a profit before tax of £3.9m for the year ended 31 December 2022. Taking account of the customary transaction adjustments, cash consideration for the Disposal is expected to be £20 million.
About CES Global
CES Global ("CES") is a renowned leader providing temporary power and HVAC solutions for large-scale events and industrial applications. CES has a strong reputation built over 35 years based on performance excellence, quality, reliability and innovation. With this commitment to innovation, CES has recently expanded its offering to include Wi-Fi, CCTV, interactive site mapping and sustainable power solutions. Further, CES continues its footprint expansion to service customers' needs in Europe and beyond.
Para más información, por favor póngase en contacto con:
HSS Hire Group plc | Tel: 07557 491 860 (on 7 March 2024) |
Steve Ashmore, director ejecutivo | A partir de entonces, envíe un correo electrónico a: GME@dhr-rgv.com |
Paul Quested, director financiero | |
Phil Golding, director de finanzas del grupo |
téneo |
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Tom Davies Carlos Armitstead | Tel: 07557 491 860 Tel: 07703 330 269 |
Numis Securities (Asesor designado y Broker) | Tel: 020 7260 1000 |
Estuardo Desollador Precio de George | |
Cláusula de exención de responsabilidades:
Este anuncio contiene declaraciones prospectivas relacionadas con el negocio, el desempeño financiero y los resultados de HSS Hire Group plc y la industria en la que opera HSS Hire Group plc. Estas declaraciones pueden identificarse con palabras como "esperar", "creer", "estimar", "planificar", "objetivo" o "pronóstico" y expresiones similares, o por su contexto. Estas declaraciones se realizan sobre la base del conocimiento y las suposiciones actuales e implican riesgos e incertidumbres. Diversos factores podrían causar que los resultados, el rendimiento o los eventos futuros reales difieran materialmente de los descritos en estas declaraciones y ni HSS Hire Group plc ni ninguna otra persona acepta responsabilidad alguna por la exactitud de las opiniones expresadas en esta presentación o las suposiciones subyacentes. No se asume ninguna obligación de actualizar ninguna declaración prospectiva.
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