Modulaire Group releases first quarter 2021 Financial Report
Focused execution of strategy driving continued strong growth
- Organic EBITDA increased 28% to €78m; including acquisitions EBITDA grew 44% to €97m
- Total revenues increased by 27% to €320m including acquisitions
- Continued strong liquidity and cash generation with 82% year to date cash conversion before growth capex and non-fleet capex
LONDON (26 May 2021) – Modulaire Group (together with its subsidiaries, the “Group”), Europe and Asia Pacific’s leading busines services company specialising in modular services and infrastructure, is pleased to announce another strong performance for the first quarter of 2021.
For the three months to 31 March 2021, the Group delivered total revenues of €320 million, up 27% versus the prior year including acquisitions. Prior to acquisitions, total revenue grew by 14% driven by growth in both modular space leasing and sales.
Utilisation rose to 86% at the end of the first quarter (79%: Q1, 2020) while units on rent increased by 15% to 29,900 including acquisitions. Units on Rent increased by 17,200 excluding acquisitions. Organic revenue per unit grew by 8%, and by 13% including acquisitions.
Organic EBITDA increased 28% to €78m, driven by continued progress against the Group’s strategic objectives. Including M&A EBITDA grew 44% to €97m, as the integration of recent acquisitions continues to progress well. Cash conversion remained strong at 82% before growth and non-fleet capex.
Net leverage reduced to c. 4.8 times Pro-Forma Underlying EBITDA, down from 5.4 times at the end of the first quarter of 2020. The liquidity position remains strong with €156 million of cash on the balance sheet at 31 March 2021, alongside €95 million ABL availability.
The Group continues to have positive momentum across its four strategic objectives through granular management of branch level performance to optimise volume and margin, an efficient cost base, effective capital investment and a targeted acquisition strategy.
Mark Higson, Modulaire Group’s Chief Executive Officer, said: “Our relentless focus on delivering against our strategic objectives continues to drive robust growth and strong results, both operationally and financially.
“Additionally, joining the United Nations Global Compact in March was an important step for us as we strengthen our commitment and take action in support of the UN’s Sustainable Development Goals. As our customers will know, sustainability is core to our operations and the value proposition of our products and services. We have also launched our first Sustainability & ESG Report..
“Supported by long-term macroeconomic and consumer trends, we remain ideally positioned for further substantial progress. We have a strong pipeline of highly accretive, actionable bolt-on M&A opportunities, and, with our proven ability to execute and integrate, 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