Coates half-year revenues up 28%
By Murray Pollok29 February 2012
Coates Hire revenues for the six months to 31 December were up 28% to A$637 million, reported Seven Group in its half-yearly results.
Coates was delisted from the Australian stock exchange when its part-owner, National Hire Group, was acquired by Seven Group last year. Seven has extensive media interests and also owns WesTrac, a major Caterpillar dealer in Australia and China.
Although providing no detailed financials on the Coates business, Seven said both National Hire Group and Coates Hire continued to trade strongly during the period.
The Allight Sykes business, wholly owned by National Hire, reported revenues of A$101.7 million during the period, including an A$37.6 million contribution from the Sykes pump business that National Hire acquired in 2010. The remaining Allight business, mainly comprising an FG Wilson distributor and sales of lighting towers, saw revenues increase by around 29% to A$64.1 million.
Seven's WesTrac businesses performed well, with Chinese revenues up 32% to A$321.9 million, while revenues in Australia rose by 29% to A$1514 million. Seven said prospects for the Australian business continued to be very good, and that in China growth was likely to continue but at a slower rate.