Focus on execution of strategy continues to drive strong growth
- Organic EBITDA increased 8%; including acquisitions EBITDA grew 22% to €123m
- Total revenues increased by 11% to €372m including acquisitions
- Continued strong liquidity and cash generation with 87% year-to-date cash conversion before growth capex and non-fleet capex
LONDON, Nov. 29, 2021 /PRNewswire/ -- 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 another strong performance for the third quarter of 2021.
For the three months to 30 September 2021, the Group delivered total revenues of €372 million, up 11% versus the prior year including acquisitions, despite some delays to new project starts, particularly for sales.
Utilisation was sustained at 87% at the end of the third quarter (85%: Q3 2020) while units on rent increased by 17% (up 36,600 to 251,000). Units on Rent increased by 8,700 excluding acquisitions.
Organic EBITDA increased 8% driven by continued progress against the Group's strategic objectives. Including M&A, EBITDA grew 22% to €123 million, as recent acquisitions continue to trade well.
Cash conversion remained strong at 92% before growth and non-fleet capex with discretionary growth capex supporting the units on rent increases.
Net leverage reduced to c. 4.7 times Pro-Forma Underlying EBITDA, down from 5.1 times at the end of the third quarter of 2020.
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.
On June 27, Modulaire announced that its shareholders have entered into an agreement to sell the Group to investment funds managed by Brookfield Business Partners L.P. The transaction, which is subject to customary regulatory and competition clearances, is expected to close in December 2021.
Mark Higson, Modulaire Group's Chief Executive commented: "Executing against our strategy continues to drive our strong operational and financial performance in our business.
Our data-led commercial and operational focus combined with the stimulus packages announced by Governments in our key markets, means that we are well placed for the future. We have a healthy pipeline of M&A and, with a healthy balance sheet and proven ability to execute are well positioned to capitalise on these opportunities.
We are all hugely excited about the opportunities to continue driving Modulaire's growth under the ownership of Brookfield."
About Modulaire Group
Modulaire Group is a 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 288,000 modular space and portable storage units and 4,400 remote accommodations rooms. The company operates as Algeco in Europe and Scandinavia, Elliott, Advanté, Carter and Procomm in the United Kingdom, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Tecnifor and Locabox in Italy, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.
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