Sunbelt sees potential to double US network

24 April 2008

“We are pleased to report a strong performance in our seasonally weak third quarter,” said chief executive George Burnett about a revenue increase of 32% to £162 (€237) million. Nine–month revenues were up 19.6% to £476.3 (€691) million and pre–tax profits rose to €62.5 (€91) million, three times last year's level. Sunbelt added 21 locations during the period – five greenfield sites and 16 acquisitions – as it continued its strategy of clustering stores in major metropolitan areas. Mr Burnett recently told analysts that Sunbelt could in the mid–term double its current number of depots through greenfield openings and acquisitions. It currently has 207 locations in the US.

Revenues at Sunbelt for the nine months rose 22% to US$616 million (€513 million) on the back of a 10% larger fleet, average rental rate increases of 10%, a store network expansion, and an improvement in equipment utilisation of 1%. The company said the rise was across all regions and all major product areas and that hurricane recovery and rising non–residential construction continue to provide market impetus.

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