09.03.2015

Western One doubles profits

Canadian aerial lift, heat and site hut rental group Western One has reported a strong uplift in profitability for 2014.

Total 2014 revenues were C$373.9 million, almost 28 percent higher than in 2013, while pre-tax profits more than doubled to $30.7 million from $15.1 million the prior year. The aerial lift and equipment rental division posted total revenues of $91.9 million over 23 percent higher than in 2013, with an operating profit of $27.4 million 15 percent higher than the previous year.

In the fourth quarter total revenues increased just over five percent to $88.2 million, The company’s bottom line results also include a charge from losses incurred with its ill-fated excursion into the Australian modular space market, which was ended in 2013. Today 85 percent of the company’s revenue comes from Canada with the balance in the USA.

Chief Executive Peter Blake said: “We are pleased with the solid operating performance in the fourth quarter, contributed by the larger rental fleet, and the newly acquired flameless heater business for WIS, and improved operating margins for Britco. We believe these factors have led to strong operating cash flow for 2014 and will better position us as we move forward in 2015. For 2015, our goals are preservation of cash from sustainable operations, cost management, and orderly servicing and repayment of debt. We strive to achieve these goals through executing on a prudent and conservative capital strategy, including redeploying existing capital to opportunities that deliver higher returns.”

“We will also continue to assess WesternOne’s operating performance and its business environment, and implement appropriate capital allocation, financial and operational strategies as we navigate the current business environment”.