Australia's SSH Group cuts debt by $7.5M
Key points
- SSH Group lowered hire purchase debt to $12.8 million as of Oct. 31.
- The debt drop occurred alongside fleet maintenance and integration of Elphinstone Mechanical Services.
- The business continues to expand its mining services footprint with partner Cavalier Resources.
SSH Group (ASX:SSH) cut its hire purchase debt by $7.5 million, representing a 37% reduction to $12.8 million as of Oct. 31.
The debt reduction marks operational progress for the group following its previous acquisition of Elphinstone Mechanical Services.
"Phase 1 of the EMS integration is completed, consolidating operational teams and introducing refreshed branding while targeting cost savings and operational efficiencies," stated the announcement.
During the period, SSH Group maintained a rental fleet of over 250 assets alongside secondary hire equipment.
Following the announcement, the SSH Group share price was unchanged at $0.12.
The company stated that SSH Mining continues to advance its Mining Services Agreement with Cavalier Resources (ASX:CVR).
Additionally, the business appointed Dipal Raithatha as CFO while continuing due diligence on potential acquisitions.
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