Coates Hire Ltd., Australia’s largest equipment rental company, last week reported a 54 percent increase in net profit after taxes for its recently completed fiscal year. Coates said revenue rose from AU $527.6 million in the previous year (about U.S. $401.4 million) to AU $715 million (about U.S. $545 million) in the recently completed fiscal year.
EBITDA was 22.2 percent, topping 20 percent for the first time.

Coates officials said the company expects the current growth trend to continue, providing further acquisition and expansion opportunities.

Coates achieved record performances in each of its business units, aided by strong construction, a nationwide focus on infrastructure and an overall strong Australian economy. The company said its specialty hoist business, Coates Conrent, had a strong year despite a softer market.

Coates Offshore benefited from a strong oil and gas market, and Coates Indonesia topped the previous year’s results.

In July 2005 Coates completed an AU $128 million purchase of Allied Equipment, which specializes in heavy earthmoving equipment rental to miners in Western Australia and Queensland.