15.08.2024

Progress at Mills

Brazilian rental company Mills has posted its half year results, with solid revenue growth.

Year To Date

Revenues for the six months to the end of June, came in at BR602.8 million ($110.4 million), an 11 percent improvement on the same period last year. Most of the revenue was pure rental with a small contribution from sales of equipment. Pre-tax profit for the period was BR 190.9 million ($35 million), up 4.2 percent on last year.
Capital expenditure over the six months was BR 327.1 million ($60 million) down 15.9 percent on last year. The company also made an acquisition in June, with the purchase of industrial fork truck rental company JM Empilhadeiras for BR310 million ($56.8 million).
Net debt at the end of June more than double to BR 797.2 ($146 million) - largely due to the acquisition.

Second Quarter

Second quarter revenues were BR 305.4 million ($56 million), an 8.9 percent improvement on last year, while pre-tax profit improved 10.3 percent to BR97.6 million ($17.9 million).

The company statement said: “We continued to make determined progress with its strategy, achieving important milestones that reinforce our leadership position in the equipment and machinery rental market in Brazil. With a continued focus on diversifying our portfolio and creating sustainable value, we have taken decisive steps to expand our business and strengthen our operations.”

"To strengthen relationships with our customers and explore new opportunities, we acquired JM Empilhadeiras. This acquisition not only expands our portfolio, but also opens up new cross-selling opportunities, increases the resilience of our business and provides higher cash flow predictability as a result of to the long term of its agreements.”