LONDON, May 27, 2020 /PRNewswire/ --
- Total Revenues increased by 14.7% to €252m (including acquisitions)
- Underlying EBITDA increased 19% (€11m, including €9m from acquisitions)
- Continued strong liquidity and cash generation with 57% cash conversion in Q1
Algeco Investments B.V. (together with its subsidiaries, "Algeco" or the "Group"), Europe and Asia Pacific's leading business services company specialising in modular space, today announced another resilient performance for the first quarter of 2020.
For the three months to 31 March 2020, the Group delivered total revenues of €252 million, up 14.7% versus the prior year including acquisitions. Prior to acquisitions, total revenue decreased by 3.8% due to Covid-19 related new unit sales delays at the end of March. Leasing and services revenue before M&A was flat compared to Q1 FY19 with revenue per unit growth of 6.4% offset by 3.0% fewer average units on rent. The average utilisation rate remains flat at 79%. Unit sales grew by 18.1%.
Underlying EBITDA was €67m, an increase of 19% (€11m) on the prior year, including €9m from acquisitions. Cash conversion for the quarter was improved at 57%.
Net leverage at the period was 5.4x on a pro forma basis. The liquidity position remains strong with €184 million of cash on the balance sheet at 31 March plus ABL availability and a further €103m held outside the Restricted Group.
Mark Higson, Algeco's Chief Executive Officer, said: "Algeco delivered a robust first quarter for 2020 with underlying growth amidst the start of the Covid-19 crisis. Our strategy continues to progress well and we remain confident that supported by the resilient nature of our business, we will continue to deliver value for our customers, attractive returns to investors and opportunities for our people as we emerge from Covid-19."
Algeco has posted its first quarter 2020 financial report and slide presentation to accompany the first quarter 2020 financial results conference call (scheduled for Wednesday 27 May 2020 at 3.00pm GMT, 10.00am Eastern Time) at https://www.algeco.com/investors/financial-reports.html that includes a password-protection feature. Access will be granted to existing and prospective lenders and noteholders and certain other eligible parties (including securities analysts and rating agencies) who have registered for an account. Algeco invites all interested parties to register at their earliest convenience by visiting https://www.algeco.com/investors/investor-registration.html
Algeco 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. Headquartered in London, Algeco has operations in 23 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 and BUKO Bouw & Winkels in The Netherlands, Malthus Uniteam in Norway, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.