US-based rental company Neff Corp has reported 9.5% growth in rental revenues for the first three months of 2016 to US$81.2 million (€70 million). Overall revenues were up 6.5% year-on-year to US$89.6 million (€77.4 million).
CEO Graham Hood said the strong results had been achieved despite ongoing headwinds from oil and gas activities.
“Outside of our branches directly affected by oil and gas activities, our rental revenues were up 17.5% and Adjusted EBITDA increased by 17.6%, reflecting the ongoing strength in the construction markets we serve. We expect this strength to continue for the remainder of 2016,” he said.
The company reported an increase in time utilisation to 65.1% from 63.7% in the first quarter of 2015, while it said rental rates decreased 1.3%. Adjusted EBITDA increased 6.2% to US$41.4 million (€36 million) in the first quarter.