Strong trading performance continues momentum
- Organic EBITDA increased by 11% to €87m; including acquisitions EBITDA grew 19% to €116m
- Total revenues increased by 16% to €370m including acquisitions
LONDON, June 14, 2022 /PRNewswire/ -- Modulaire Group ("Modulaire" or "Group"), Europe and Asia Pacific's leading business services company specialising in modular services and infrastructure, is pleased to announce another strong performance for the first quarter of 2022.
For the three months to 31 March 2022, the Group delivered total revenues of €370, up 16% versus the prior year including acquisitions. Prior to acquisitions, total revenue grew by 9% driven by growth in both modular space leasing and sales.
Average utilisation remained strong at 86% for the first quarter (Q1, 2021: 85%) while units on rent increased by approximately 27,000 (12%) including acquisitions. Units on Rent increased by approximately 8,000 (4%) excluding acquisitions. Revenue per unit grew by 5%.
Organic EBITDA increased 11% to €87m, driven by continued progress against the Group's strategic objectives. Including M&A, EBITDA grew 19% to €116m, as the integration of recent acquisitions continues to progress well.
The liquidity position remains strong with €388m of available funding as a combination of cash on hand and undrawn RCF facility. Net leverage remains consistent with levels reported at the time of the Term B Loan extension of c. 5.7 times Pro-Forma Underlying EBITDA.
Mark Higson, Modulaire Group's Chief Executive Officer, said: "We are pleased with another good performance for our first quarter, delivering strong organic revenue and EBITDA growth. Once again, our operational and financial performance is a result of our relentless focus on executing our strategic priorities of safety, ESGS & people, organic growth, operational excellence and a targeted acquisition strategy."
Management will host a conference call for investors on 15 June 2022, details of which are available at https://www.modulairegroup.com/investors/financial-reports.
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About Modulaire Group
Modulaire is a leader in European modular services and infrastructure. We create smart spaces for people to work, learn and live. Our business is designed to help customers find the right space solution, no matter what their requirements. Modulaire has operations in 25 countries with over 290,000 modular space and portable storage units and 4,400 remote accommodations rooms. The company operates as Algeco, its largest brand, across much of Europe and the United Kingdom. Other operating brands include Advanté in the United Kingdom, Algeco Chengdong in China, Ausco in Australia, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Portacom in New Zealand, and Tecnifor and Locabox in Italy.
For further information
Investor relations: Phil Vellacott
investorrelations@modulairegroup.com
07841 563541
Media enquiries:
Tulchan Communications
modulairegroup@tulchangroup.com
0207 353 4200
