First quarter revenues slip at Algeco Scotsman

Modular space provider Algeco Scotsman reported revenues for the three months to 31 March, 2014, of US$404 million (€297 million), down 7.1% year-on-year on a constant currency basis.

Of this, rental and services revenues stood at $320 million (€235 million), stable year-on-year with a 0.2% difference compared to 2013.

Algeco Scotsman said the decrease in overall revenues was driven by falls from its Asia Pacific and Europe, Middle East and Africa (EMEA) regions, partially offset by an increase from the Americas region.

It said the Americas region was boosted by the effect of last year’s Target Logistics acquisition – fuelling growth in remote accommodation revenues.

On a constant currency basis, Algeco Scotsman said gross profit increased 5.9% year-on-year to $157 million (€115 million) for the first quarter, driven by growth in the EMEA and Americas region.

Algeco Scotsman’s rental fleet consists of approximately 302000 modular and storage units. It said fleet utilisation increased to 73.4% in the first quarter, compared to 73.2% for the same three months in 2013, driven by growth in Germany and the US.