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Annual Report and Financial Statements 2017

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Annual Report and Financial Statements 2017 HSS Hire Group plc Annual Report and Financial 2017 Statements HSS Hire Group plc Annual Report and Financial Statements 2017 The HSS Hire Group is a leading The conclusions of our Strategic Review have provider of tools, equipment and been used to define three new strategic related services in the UK and Ireland. Our nationwide network priorities for the Group which are as follows: ensures easy access to an extensive range that has grown Delever to include specialist capabilities including power solutions business, ABird and powered the Group access provider, UK Platforms. Read more p7 Focused on delivering Safety, Value, Availability and Support, we work predominantly with ‘business-to- Repair the business’ customers in the ‘fit-out, maintain and operate’ sectors. Tool Hire business We are dedicated to helping them Read more p8 all work safely, efficiently and cost-effectively. In addition to our financial Strengthen performance, this Report provides you with an overview of our Strategic the Group’s Review which was undertaken and presented during 2017. This has commercial allowed us to develop a clear plan going forward, which will restore proposition the business to historic levels of performance, delever the Group Read more p8 and make us more resilient. Rental Services Our Rental segment comprises rental Our Services segment directly income earned from HSS owned tools and complements our Rental offering and equipment and directly related revenue comprises income from the Group’s e.g. resale, transport and other ancillary third party supplier rehire business (HSS revenues. Through our core HSS brand OneCall) and HSS Training. In addition to and specialist brands of ABird, All Seasons trading directly with customers, together Hire, Apex and UK Platforms, we can offer with our Rental offering, these businesses customers access to a wide range of allow us to provide a true one-stop-shop owned equipment categories which can tool and equipment hire and related be delivered or picked up nationwide service offering to our customers across from our national network of Customer the UK. Distribution Centres (CDCs) and local branches. HSS Hire Group plc Annual Report and Financial Statements 2017 1 Strategic Report Strategic Highlights Decisive management action returned Group to profit in H2 after challenging H1 Governance Corporate Revenue Adjusted EBITDA Adjusted EBITA £335.8m £48.9m £1.8m Statements Financial FY16: £342.4m FY16: £68.6m FY16: £20.5m Operating loss Reported EPS (basic and diluted) Adjusted EPS (diluted) (£71.4)m (49.96)p (5.68)p FY16: (£2.7)m FY16: loss of (11.18)p FY16: earnings of 2.94p Information Additional Core utilisation (LTM) Specialist utilisation (LTM) Find out more in our Financial Review on page 18 50% 73% FY16: 50% FY16: 75% Strategic Report Corporate Governance Financial Statements Our Business and Our Performance Governance 56 Independent Auditor’s Report 1 Highlights and Contents 28 Chairman’s Introduction 61 Consolidated Income Statement 2 Our Business at a Glance 30 Board of Directors 62 Consolidated Statement 4 Chairman’s Statement 32 Corporate Governance of Comprehensive Income 6 Chief Executive Officer’s Strategic Review 37 Audit Committee Report 63 Consolidated Statement of Financial Position 10 Our Business Model 40 Market Disclosure Committee Report 64 Consolidated Statement of Changes in Equity 12 Our Key Performance Indicators 40 Nomination Committee Report 65 Consolidated Statement of Cash Flows 14 Principal Risks and Uncertainties 42 Directors’ Remuneration Report 66 Notes to the Consolidated Financial Statements 18 Financial Review 50 Other Statutory Disclosures 104 Company Statement of Financial Position 22 Corporate Responsibility 53 Directors’ Responsibility Statement 105 Company Statement of Changes in Equity 106 Notes to the Company Financial Statements 109 Three Year Summary Additional Information 110 Shareholder Information 111 Company Information 112 Definitions and Glossary This Report contains certain forward-looking statements with respect to the operations, strategy, performance, financial condition and growth opportunities of the Group. By their nature, these statements involve uncertainty and are based on assumptions and involve risks, uncertainties and other factors that could cause actual results and developments to differ materially from those anticipated. The forward-looking statements reflect knowledge and information available at the date of preparation of this Report and, other than in accordance with its legal and regulatory obligations, HSS Hire Group plc undertakes no obligation to update these forward-looking statements. Nothing in this Report should be construed as a profit forecast. 2 HSS Hire Group plc Annual Report and Financial Statements 2017 Strategic Report Our Business at a Glance Our story % by revenue The HSS Hire Group is a leading provider of tools, Key accounts equipment and related services in the UK and Ireland. Our nationwide network ensures easy £135.8m access to an extensive range that has grown to Other B2B accounts include specialist capabilities including power solutions business, ABird and powered access £175.9m 40 provider, UK Platforms. 52 Cash accounts Focused on delivering Safety, Value, Availability and Support, we work predominantly with ‘business-to-business’ customers in the ‘fit-out’, maintain and operate sectors. We are dedicated £24.1m 7 to helping them all work safely, efficiently and cost-effectively. Our team of HSSers are the reason we are able to deliver a hire experience that, we believe, is the best in the industry so we are committed to making sure they have the skills and support they Sales Key accounts need to flourish. Cash We take a responsible approach to the way we conduct all £335.8m Other B2B accounts business activities and we are ISO 9001, ISO 14001, OHSAS 18001, CHAS and SafeHire Certified. We are delighted to share our story with you. Our network: Locations UK and Ireland During 2017 we closed a >250 number of branches across the network due to lower Rental revenue growth and a loss of focus on our Tool Hire business. We now have branches in more than 250 locations, and following recent network reconfiguration changes, we will now be able to provide a greater availability of services to our CDC customers across the UK and Ireland. This will include the expansion of test and run into all HSS branches and customer distribution centres (CDCs) and more intensive repair into a number of strategically located workshop CDCs. In addition the workshop CDCs will link to a national cross dock centre in Oxford that will enable the overnight movement kit Branch to service our customers delivery CDC (Customer distribution centres) requirements between all of our CDCs in England and Wales. HSS Hire Group plc Annual Report and Financial Statements 2017 3 Strategic Report Strategic Our products Core businesses Provides an extensive range of tools and equipment for hire across over 1,600 product lines. Governance Corporate Our sourcing division works with over 300 approved hire partners, providing a range of specialist equipment. Offers training on over 260 industry-accredited courses throughout the UK and Ireland through one of our Centres of Excellence. Specialist businesses Statements Financial Specialist powered access providers operating on a national basis, supplying the latest technology in access platforms to the construction, facilities management and service sectors. Our specialist generator hire businesses are leading providers of temporary power equipment and operate throughout the UK. Operating on a national basis, specialising in the supply and installation of temporary, large-scale heating and cooling Information Additional equipment across a wide range of business sectors. Our values Colleagues Across the business we have committed employees who live our core values, they are how we do business. They support the delivery of our culture and strategy throughout the organisation. c.2,900 Safety Value Safety is our priority and we work hard to ensure To make sure our customers receive value from the safety of our customers and the equipment their hire, we work with them to drive down ‘the we hire to them as well as supporting their own true cost of hire’ – providing reliable equipment progress towards ‘Zero Harm’ and ‘Target Zero’ and an excellent service as well as helping them goals. We drive safer product design throughout to understand, manage and control their costs. our supply chain – such as the unique anti- We continue to invest in our fully transactional entrapment system Activ’Shield on our UK Platform e-commerce platform and Remote Fleet diesel booms – and we ensure that every single bit Management systems, which help customers of kit is robustly maintained and tested through to better manage hire volumes and durations strictly controlled processes before every hire so as well as saving them time. In 2017, we continued it is always safe to use. Our dedicated training to underpin our commitment to value with a division, HSS Training, offers over 260 industry- simplified pricing structure. recognised technical and safety courses that cover equipment operation and safe working practices. Availability Support Making sure our customers have ready availability Supporting our customers is about making life of the kit they need, when and where they need easier for them. We offer a range of hire-related it is key to our service offering, enabling us to services to help our customers and which guarantee that they can order by 7pm and get by includes a Managed Service Provider offer that noon the next day. We have a multi-channel offer enables us to manage the complex supply chains that includes online and call centre ordering for of some of our larger customers. We also support delivery or collection as well as a strategically our customers by ensuring that – from recruiting positioned branch network, stocked with the the right people to providing them with ongoing most popular kit ready to take away. training and development – our colleagues are better equipped with the skills and knowledge they need to provide an excellent hire service.
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