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CIP Merchant Capital invests in HSS Hire Group
StockMarketWire.com
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Guernsey based investment firm CIP Merchant Capital has acquired approximately 3.6% of equipment hire firm HSS Hire Group.
The transaction is worth approximately £3.9 million, acquired through 25,000,000 ordinary shares.
For its financial year ended 28 December 2019, HSS achieved revenue of £328.0 million, a gross profit of £178.3 million, an operating profit of £16.8 million and a net profit of £8.7 million.
For its half year ended 27 June 2020, HSS reported revenue of £125.8 million, a gross profit of £62.2 million, an operating loss of £0.7 million and a loss before tax of £12.9 million, with such results having been adversely impacted by the COVID-19 pandemic.
In its statement to shareholders, CIP stated that although HSS 'operates outside of the core target investment sectors', the deal meets a number of the company's other key investment criteria in line with its investing policy and represents a 'strong opportunity to create shareholder value in line with its strategic objectives.'
At 2:32pm: (LON:CIP) Cip Merchant Capital Limited Ord Npv share price was 0p at 45.5p
Story provided by StockMarketWire.com
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