Full-year growth for Mobile Mini

US-based portable storage rental company Mobile Mini has reported year-on-year rental revenue growth for 2015, thanks to strong demand.

The company said full-year revenues grew 19% year-on-year to US$531 million (€476 million), of which rental revenues stood at US$495 million (€443 million), up from US$410 million (€367 million) in 2014.

However net income for the 12 months to the end of December, 2015, stood at US$5.57 million (€4.99), down from US$44.4 million (€39.8 million) for the same period in 2014.

Mobile Mini said the company had focussed on high-return, low-maintenance assets during the year by divesting its wood mobile office business, integrating its ETS acquisition. It said it had also invested US$57.9 million (€51.8 million) in net fleet capital expenditure to target areas of high demand.

Portable storage rental rates increased 4.5% year-on-year in 2015, according to the company.

CEO Erik Olsson said, “We continued to generate momentum in the fourth quarter, with North American core activations up 7% year-over-year, and portable storage year-end units on rent up 4.3% over last year-end.

“Demand in our construction, industrial and diversified sectors remains strong, and we are well-situated to capitalise on our existing Mobile Mini footprint to expand our downstream specialty containment market in 2016.

“Throughout the second half of 2015, we have gained traction and are well positioned to leverage our investments for mid to high single-digit rental revenue growth in 2016.”