Growth continues at HH Global in Q1

By Richard Stuart-Turner, Friday 17 August 2018

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HH Global has posted continued growth in its financial results for the three months ended June 2018.

robert-macmillan

MacMillan: "Fiscal year 2019 is off to a great start"

The Leatherhead-headquartered business achieved Q1 revenue of £87.8m, up 20.1% compared with the £73.1m it recorded in the same period last year.

The firm’s gross profit in the period was £20.9m, or 23.8% of gross revenue, a 23.7% increase compared to the £16.9m, or 23.1% of gross revenue, recorded in the equivalent period last year.

Non-GAAP adjusted EBITDA was £4m in Q1, reflecting 56.5% growth compared to the £2.5m recorded in the same period last year.

Business highlights in Q1 included received commitments for the renewal or expansion of existing or new enterprise contracts with the collective total of approximately £81m of annual gross revenue at full run rate.

The business saw continued programme expansion with existing clients in Latin America, the most significant of which is with an unspecified multinational food and beverage company operating in Argentina, Brazil, Ecuador, Colombia, Chile and Ecuador.

The group also opened a Central Sourcing Office in Shenzhen, China to support a broad range of product sourcing categories including POS materials, promotional products and secondary packaging.

Finally, the company was included on the ninth annual Sunday Times HSBC International Track 200, which recognises rapid growth in international markets, during the period.

HH Global group chief executive officer Robert MacMillan said: “Fiscal year 2019 is off to a great start, with all of our regions posting solid growth.

“We are pleased by recent renewals and solution expansion by many of our clients, reflecting a very high level of satisfaction with our services.”

Attributing the continued growth to “great quality people in the business", HH Global group chief financial officer Edward Parsons told PrintWeek: “We had a significant win in North America last year that was implemented and went live at the beginning of this year that's really helped us.

“And we've also seen an uptick in volumes with a couple of other clients that were slightly underperforming last year, which has also helped.”

He added: “Our LATAM business is performing very well, particularly Mexico. And there are a couple of other clients that we've won in South America that we're waiting to go live with as well, particularly in Brazil. So we've got a lot of opportunity in LATAM - it's turning into a really good region for us.”

The positive Q1 results follow the record profits and revenues achieved by the company for the full-year ended 31 March 2018.

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