19.11.2010

Western One up 45%

Western One Equity the Canadian rental company operator has reported third quarter revenues and earnings up 45 percent.

Nine month revenues grew 14 percent to $24 million, while EBITDA fell just over six percent. However in the third quarter revenues climbed 45 percent, thanks to acquisitions, to $11.2 million, while EBIDA also grew 45 percent to $2.4 million

Chief executive Darren Latoski said: "The execution of our integration and market expansion strategies, along with the improved market condition in Western Canada, gave rise to an organic revenue growth of 11 percent within our existing network of operations. Additional year-over-year growth was achieved due to incremental earnings from the acquisition of On*Site Equipment in April 2010."

"Through expanding our construction heat market into the commercial sector in Southern Alberta, we anticipate our operation will benefit from the higher demand for related products and services in this coming winter. In BC, we have seen a gradual improvement in fleet utilisation from an oversupply market due to the growth in construction activity. Along with a strong film and production sector, we anticipate the physical demand for rental equipment will continue to improve, therefore leading to higher rental rates and margins."