Modulaire Group releases third quarter 2020 Financial Report: Another strong financial performance driven by continued progress against strategic objectives
- Organic EBITDA increased 11% (€8m); including acquisitions EBITDA grew 34% to €101m
- Total Revenues increased by 29% to €335m (including acquisitions)
- Continued strong liquidity and cash generation with 82% year to date cash conversion before growth capex and deleveraging during 2020
LONDON (17th November 2020) – Modulaire Group (together with its subsidiaries, the “Group”), Europe and Asia Pacific’s leading business services company specialising in modular space, today announces a strong performance for the third quarter of 2020.
For the three months to 30 September 2020, the Group delivered total revenues of €335 million, up 29% versus the prior year including acquisitions. Prior to acquisitions, total revenue grew by €17 million (6.5%) driven by both growth in modular space leasing and sales.
Utilisation rose to 85% at the end of the third quarter while units on rent increased by 11,600 excluding acquisitions. Units on Rent were 17.1% higher including acquisitions. Organic revenue per unit grew by 5.6% and by 10% including acquisitions. Organic EBITDA increased 11% (€8m) driven by continued progress against the Group’s strategic objectives. Including M&A EBITDA grew 34% to €101m, as the integration of recent acquisitions continues to progress well. Cash conversion remained strong at 53% the year to date, with growth capex deferred from the second quarter, and 82% before growth capex.
Net leverage at the period end was 5.1x on a pro forma basis and has reduced during 2020. The liquidity position remains strong with €259 million of cash on the balance sheet at 30 September alongside €105 million ABL availability and a further €103 million held outside the Restricted Group.
The Group continues to have positive momentum across its four strategic objectives through an efficient cost base, a focus on optimising sales and granular management of branch level performance, effective capital investment and a targeted acquisition strategy.
Mark Higson, Modulaire Group’s Chief Executive Officer, said: “Modulaire Group delivered another strong quarter. The team remains focused on executing our strategy which continues to drive growth in the business and value for all of our stakeholders.
We were delighted to further strengthen our presence in the Nordics after the quarter end by welcoming Temporary Space Nordics into the business and we look forward to the opportunities that this presents for all of our stakeholders as we integrate under the Algeco brand. Elsewhere, we maintain an active M&A pipeline and, supported by our proven and resilient business model, we are well placed to take advantage of future market opportunities.”
About Modulaire Group
Modulaire Group is the world’s leading business services company specialising in modular space. 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 250,000 modular space and portable storage units and 3,400 remote accommodations rooms. The company operates as Algeco in Europe, Elliott in the United Kingdom, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Malthus Uniteam, Wexus and Temporary Space Nordics in Scandinavia, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.
For further information
Investor relations: Phil Vellacott
0207 353 4200