Revenues were up 12% in the first quarter of 2011, on a like-for-like basis, up to £46.9m.
Earnings before interest, taxation, depreciation and amortisation (EBITDA) were £11.2m, a 21% increase.
The company says that the market-beating performance reflected the continued success of its transformation strategy “built on high service, logistics management and investment core fleet and infrastructure for sustained growth”.
Revenue from large national accounts is up 20% year-to-date and now accounts for 30% of the total.
Hire fleet investment is back up to levels of early 2008 before the market collapsed in 2009. Capital investment in new kit was up £2.1m on the same period of 2010.
The company said that growth would slow in the second and subsequent quarters this year because of “the combined impact of a late Easter, the Royal wedding and national holidays, in addition to the impact of the expiry of a Network Rail supply contract”.
However, there has been no change in outlook or expectations and the group continues to expect to report steady growth for the full year.
Chief executive Chris Davies said: “We are pleased with our results for the 2011 first quarter as they clearly demonstrate the positive effects of our strategies. We are encouraged that growth is continuing across a range of markets and products. We remain focused on generating a strong revenue and cash performance, managing our portfolio and growing our business.
“This is an exciting time for HSS Hire and a real chance to propel our business even further. This quarter we have been able to make significant investments in both our fleet and our colleague base which, together with sustained profitability and demonstrable growth, means that we are well placed for continued success over the months and years ahead.”
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