Accommodation rental and leasing specialist Algeco saw revenues increase by 23.5% to €279 million in the three months to 30 June, with sales up by 1.1% even after excluding acquisitions made over the past year.
The results before acquisitions were driven by a 15% increase in modular space leasing offset by lower delivery and installation income as a result of Covid‐19 restrictions. Including acquisitions, EBITDA profits grew 32% to €84 million. Algeco said the integration of recent acquisitions was progressing well.
Utilisation rose to 83% at the end of the second quarter while units on rent increased by 4,200 (excluding acquisitions).
Mark Higson, Algeco’s Chief Executive Officer, said: “Algeco delivered a strong second quarter for 2020, despite tough market conditions. Progress made against our strategy continues to drive value for all of our stakeholders, as we delivered an increase in organic EBITDA of 10% and total revenue up 23.5% in the period.
”We were delighted to add to our presence in the Nordics by welcoming Wexus into the business in the second quarter, and we maintain an active pipeline of future M&A opportunities supporting our potential for further growth.”
Algeco is the world’s largest modular space business, with operations in 24 countries and approximately 250,000 modular space and portable storage units and 3,400 remote accommodations rooms.
Its trading brands are Algeco in Europe, Elliott in the United Kingdom, BUKO Huisvesting and BUKO Bouw & Winkels in The Netherlands, Malthus Uniteam and Wexus in Norway, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.