Canadian Equipment Rental Fund posted a 13.5-percent year-over-year revenue increase in 2010, with CA$14.9 million (about U.S. $15.6 million) in total revenue, compared with CA$13.1 million in 2009. CERF operates as 4-Way Equipment Rentals, based in Edmonton, Alberta, Canada.
“We started to see an increase in activity levels by the third quarter of 2010,” said CEO Wayne Wadley. “Since then, the demand for our services has rapidly increased. Major construction projects, previously put on hold, have begun to unfold. These projects, coupled with heavy snowfall and cold weather, increased the need for a large cross section of our equipment fleet. This stimulus has increased our fourth-quarter revenues and we have achieved a strong financial position for the year end.
“Our strategy of staff retention and minimal fleet reduction safeguarded those values. Early in 2010, we sensed that the Edmonton and northern Alberta rental market would be among the first markets in North America to see a rebound. The increase in oil prices has driven the economic recovery facilitating a surge in construction activity. In the third quarter of 2010, our efforts paid off and the demand for our services rebounded.”
Wadley expressed confidence that 2011 would be a strong year for CERF with increasing demand related to the Alberta oil sands industry. “Robust investment and increasing oil exports are expected to drive Alberta’s economic growth through much of 2011-2015,” he said.