Growth continues to exceed expectations
HH Global today announced financial results for the three months ended September 2017.
- Revenue was £79.9 million in the second quarter, an increase of 12.0% compared with £71.3 million in the second quarter of FY 2017.
- Gross profit was £17.9 million, or 22.4% of gross revenue in the second quarter, a 18.2% increase compared to £15.1 million, or 21.2% of gross revenue, in the same period of last year.
- Non-GAAP adjusted EBITDA was £3.3 million in the second quarter, reflecting 21.6% growth as compared to £2.7 million in the second quarter of FY 2017.
- Recapitalised the business financed by Pricoa Capital Group, infusing capital to fund growth and acquisitions.
- Completed acquisition of PostNL Print Management (PPM), the print management arm of the Dutch postal and logistic solutions provider, expanding our solution footprint in the Netherlands.
- Received commitments for expansion of existing or new enterprise contracts during the quarter bringing the fiscal year-to-date cumulative total to more than £48 million of annual gross revenue at full run-rate.
“This was an exciting quarter for us” said Robert MacMillan, Group Chief Executive Officer of HH Global. “Our recapitalisation allowed us to quickly react to a market opportunity and acquire a regional business; expanding our position in Europe. Our organic growth continues to exceed our expectations -- we are pleased by our results.”
“Our second quarter financial results do not yet reflect the impact of our acquisition of PPM and yet are in-line with our expectations,” said Edward Parsons, Group Chief Financial Officer of HH Global. “We continue to be confident in our ability to deliver to our financial plans.”