Modulaire Group Full Year Results for the financial year ended 31 December 2020
Delivery against strategy objectives drives strong financial performance and operational momentum
London (31st March 2021) – Modulaire Group (together with its subsidiaries, the “Group”), Europe and Asia Pacific’s leading business services company specialising in modular services and infrastructure, is pleased to announce its financial results for the full year ended 31 December 2020.
- Group revenue of €1.2bn, up +24% over the prior year
- Organic revenue, excluding acquisitions, +3% for the year and +7% in Q4
- Underlying EBITDA increased 32% in the year to €350m. Acquisitions delivered c. €60m of Underlying EBITDA; pro-forma for full year impact acquired EBITDA amounted to c. €103m
- Organic EBTIDA growth for the year (excluding acquisitions) increased 10% for the year and 18% for the fourth quarter
- Excluding acquisitions:
- Fleet utilisation was 85% at the year-end and units on rent increased by 14,000 units over the year. Units on rent at the year-end of 191,000 was 5,000 units higher than the average over 2020
- Revenue per unit per month for the year was 6% higher than the prior year. Revenue per unit per month for the fourth quarter was €243 which was 5% higher than the average rate for the year
The Group continues to execute its strategy with a focus on the day-to-day business, continuous efficiency improvement, disciplined capital deployment and accretive M&A. This has improved performance across all markets despite the operational challenges relating to Covid-19 restrictions, leading to increasing quarterly EBITDA growth throughout 2020 . Over the year, the Group saw particularly strong growth in commercial metrics in German and the UK, and margin improvement in Australia, after successful completion of restructurings in those markets.
Modulaire Group made six acquisitions in 2020 as part of its focus to deploy capital into highly accretive M&A. In addition, the Group completed the acquisition of Carter Accommodation Group Ltd (“Carter”) in January 2021, and announced that it has agreed to acquire Tecnifor S.p.A and the business and operations of Locabox S.r.l and F.A.E. S.p.A. in March 2021. Carter generated c. €8m of EBITDA over the 12 months ended 31 December 2020.
Continued strong cash generation across Modulaire Group reduced net leverage at the end of the year to c. 4.7 times Pro-Forma Underlying EBITDA, down from 5.1 times at the end of the third quarter of 2020 and 5.3 times at the end of 2019. Pro-forma net leverage is stated after adjusting for the acquisition of Carter and after the return, in advance of the year end, of €103m of cash held outside of the Restricted Group.
Mark Higson, Modulaire Group’s Chief Executive Officer, said: “Our relentless focus on delivering against our strategic objectives has driven strong organic, operational and financial results.
“We have also strengthened our presence across our markets, in the Nordics and UK in particular with the acquisitions and successful integration of new businesses. We are pleased that our diverse range of customers continue to engage so positively with our sustainable solutions, high-quality service and flexible proposition.
“Modulaire is ideally positioned for further substantial progress, supported by long-term macroeconomic and consumer trends. We continue to have a healthy pipeline of highly accretive, actionable bolt-on M&A opportunities in what is a fragmented market and we are confident for the future and look forward to the opportunities ahead.”
About Modulaire Group
Modulaire Group is the leader in European modular services and infrastructure. We create smart spaces for people to live, work and learn. Our business is designed to help customers find the right space solution, no matter what their requirements. Modulaire Group has operations in 25 countries with approximately 259,000 modular space and portable storage units and 3,400 remote accommodations rooms. The company operates as Algeco in Europe and Scandinavia, Elliott, Advanté and Carter in the United Kingdom, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.
For further information
Investor relations: Phil Vellacott
0207 353 4200