The Modular Group publishes its financial report for the third quarter of 2021
LONDON, November 29, 2021 / PRNewswire / – Modular Group (together with its subsidiaries, the “Group”), Europe and Asia Pacific leader in business services specializing in modular infrastructure and services, is pleased to report another solid performance for the third quarter of 2021.
For the three months at September 30, 2021, the Group achieved a total turnover of 372 million euros, up 11% compared to the previous year, including acquisitions, despite some delays in the start-up of new projects, particularly commercial ones.
The utilization rate remained at 87% at the end of the third quarter (85%: Q3 2020) while rental units increased by 17% (up from 36,600 to 251,000). Rents increased by 8,700 excluding acquisitions.
Organic EBITDA increased by 8% thanks to continued progress against the Group’s strategic objectives. Including mergers and acquisitions, EBITDA increased 22% to € 123 million as recent acquisitions continued to perform well.
Cash conversion remained strong at 92% ahead of growth and non-fleet investments with discretionary growth investments supporting units on rent increases.
Net leverage reduced to c. 4.7 times the underlying pro forma EBITDA, compared to 5.1 times at the end of the third quarter of 2020.
The Group continues to have a positive dynamic through its four strategic objectives thanks to granular performance management at branch level to optimize volume and margin, an efficient cost base, efficient capital investment and a strategy of targeted acquisition.
At June 27, Modulaire announced that its shareholders have reached an agreement to sell the Group to investment funds managed by Brookfield Business Partners LP The transaction, which is subject to customary regulatory and competition clearances, is expected to be finalized in december 2021.
Mark Higson, the CEO of the Modular Group declared: “The implementation of our strategy continues to drive our strong operational and financial performance in our business.
Our data-driven business and operational focus, combined with stimulus packages announced by governments in our key markets, means we are well positioned for the future. We have a strong M&A portfolio and, with a healthy balance sheet and a proven ability to execute, we are well positioned to take advantage of these opportunities.
We are all extremely excited about the opportunities to continue to drive Modular’s growth under the Brookfield ownership. “
About the Modular Group
The Modular Group is a European leader in modular infrastructure and services. We create smart spaces for people to live, work and learn. Our company is designed to help customers find the right space solution, whatever their requirements. The Modular Group is present in 25 countries with around 288,000 modular spaces and portable storage units and 4,400 remote accommodation rooms. The company operates under the Algeco name in Europe and Scandinavia, Elliott, Advanté, Carter and Procomm in the UK, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen at The Netherlands, Tecnifor and Locabox in Italy, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.
For more information:
Investor Relations: Phil Vellacott
+44 (0) 7841 563541
Media inquiries: Tulchan Communications
+44 (0) 207 353 4200
SOURCE Modular Group