By Joe Hoppe
HSS Hire Group PLC said Wednesday that it expects its full-year earnings to slightly exceed market expectations.
The company said that its performance since its first half results continues to be strong, and it now expects full-year earnings before interest, taxes, depreciation and amortization to be slightly ahead of market expectations.
The company didn’t provide a figure, but a forecast from two analysts and taken from FactSet puts full-year Ebitda at 70.7 million pounds ($95.8 million), up from GBP69.4 million a year prior.
The tool and equipment hire company said it entered a new GBP70 million term loan facility and a GBP25 million revolving credit facility.
In the year ended Dec. 26, the company’s senior finance facility interest charge was GBP16.3 million. Alongside a changed operating model and equity placing in late 2020, the new refinancing will significantly reduce the current annual interest charge to around GBP3.0 million, the company said.
The facilities will be provided by HSBC Bank PLC and National Westminster Bank PLC and will mature in November 2025.
Shares at 0820 GMT were up 1.2 pence, or 6.8%, at 18.9 pence.
Write to Joe Hoppe at joseph.hoppe@wsj.com
