28.03.2022

52% jump for Mills Rental

Brazilian rental company Mills has published its full year results for 2021 following two postponements.

The access and telehandler rental division - which makes up 85 percent of total group revenues - achieved revenues of R642.9 million ($135.1 million) a 52.2 percent increase on 2020 on a pro-forma basis but almost double last year’s result in real terms. Operating profit came in at R185.5 million ($39 million).

The group as a whole saw revenues climb 45.8 percent to R738.1 million ($155.1 million), while pre-tax profit for the year was R141.2 million ($29.7 million) compared to just R2.6 million ($546,000) last year.

In the fourth quarter the company acquired SK Rental, which completed in November, and its 300 unit fleet for R$ 89.1 million ($18.8 million) along with the equipment fleet of Altoplat for which it paid R.8 million ( million) in December. Earlier in the year it acquired low level sales and rental company Nest Rental.

Vertikal Comment

The recovery at Mills is clearly gaining momentum, and it looks as though the company has learnt a great deal from its over expansion in the lead up to 2014. The company survived several tough years of trading and has now chosen to work on consolidating the aerial lift rental business. Its main problem now is an aging fleet with the average age in the region of eight years. It has finally started ordering new equipment after several years of freezing capital investment during its survival mode.
All the indications are that the company looks on track for several years of solid growth.