Algeco Scotsman's first half dip

Modular space rental company Algeco Scotsman has reported lower revenues and gross profit for the six months to 30 June, 2014, reflecting declines from its Asia Pacific and EMEA operations.

On a constant currency basis, first half revenues stood at US$832 million (€626 million), down 4.5% year-on-year, while gross profit decreased 0.5%, to US$316 million (€238 million).

The company’s Asia Pacific and Europe, Middle East and Africa (EMEA) operations both reported reduced revenues, offset to some extent by increases in the Americas region.

The company said this increase was partially fuelled by its acquisition of Target Logistics in the first quarter of 2013.

In the Americas, Algeco Scotsman said the continued US recovery as well as the US and Canadian energy and natural resources sectors remained strong, but it said results in Brazil had been disappointing.

In the Asia Pacific, the company said it had seen a continued slow-down in new unit sales due to the energy and natural resources sector, as well as softening in remote accommodations.

And for EMEA, Algeco Scotsman said economic conditions were stable to improving, with Germany and the UK improving, France stable, and southern Europe stabilising.