Canada slowdown hits Finning’s rental business

14 February 2020

Finning’s rental revenues declined by 14% to C$55 million in the final quarter of 2019, mainly the result of a softening of the Canadian construction market, where rental and used equipment sales fell by 20% in the quarter.

Finning

Rental revenues for the full year were 3% up at C$246 million. Finning, which is one of Caterpillar’s largest dealers, has rental operations in Canada, the UK and in South America (Chile, Argentina and Bolivia.)

Total group revenues in the final quarter were up 4% to C$1911 million, with pre-tax profits 6% higher year-on-year at C$97 million.

Sales in the UK fell by 17% in the final quarter of 2019, hit by a 24% decrease in new equipment sales, driven by the power systems business. Sales of new equipment to construction in the UK were slightly below the same period in 2018, “reflecting continued uncertainty related to Brexit and slower economic growth”

Latest News
Venpa gets €15m private investment
QCapital is to invest €15 million in rental company Venpa for a 42.5% shareholding
CE Barometer results for March 2021
A slight levelling off of Europe’s recovery predicted by latest survey responses
Material hoists on mast climbers
Mounting a material hoist onto a mast climber can increase productivity explains Kevin O’Shea, director of safety and training, AGF Access Group