First half improvements at CERF

19 August 2014

Canadian equipment rental and waste management company CERF has reported higher revenues and net income for the six months to 30 June, 2014.

First half revenues increased to CA$22.4 million (€15.4 million) from CA$21.5 million (€14.8 billion) for the first six months of 2013, while net income jumped to CA$1.7 million (€1.2 million) from CA$976000 (€671053) a year ago.

In May, CERF expanded its oilfields services portfolio with the acquisition of Empire Tool for CA$9.3 million (€6.3 million), while June saw the company acquire wellsite services provider Winalta’s oilfield accommodation rental business for CA$65 million (€44.7 million).

Company president Wayne Wadley said, “The additions of Empire and Winalta greatly enhance our size and scope in the oilfield rental and services space.

“Both acquisitions complement and significantly grow our equipment fleet, enabling us to service a much broader customer base. Subject to shareholder approval on August 27, 2014, we look forward to welcoming the entire Winalta team to join us in continuing to expand our business and add value for our shareholders.”

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