Western Canadian rental company WesternOne Equity Income Fund posted 21 percent organic growth, a 26 percent leap in gross profit and a 55 percent jump in EBITDA during the fourth quarter of 2010, compared to the same period in 2009. The company’s annual revenue jumped 21 percent for the full year, with gross profit climbing 24 percent and EBITDA 14 percent compared to 2009.
Total revenue climbed 43.5 percent in the fourth quarter, from CA $10.3 million in 2009 to CA $14.8 million (about U.S. $15 million) in Q410. For the full year 2010, revenue was CA $50.3 million, a 20.6 percent hike compared with $41.7 million in 2009.
The company also integrated its British Columbia and Alberta branches with the name WesternOne Rentals & Sales.
“In 2010, we recorded significant year-over-year growth in revenue, gross profit and EBIDTA through executing our integration and market expansion strategies and the completion of an accretive acquisition,” said CEO Darren Latoski. “The business conditions in our major markets in Q4 continued to improve. In Albert, our operating results benefited from a strong construction market and an early arrival of winter, while in British Columbia a robust filming sector maintained a strong demand for our specialty aerial equipment and related services.
“Going forward, we see the improving market conditions continuing, taking into account positive factors such as the low interest rate environment, recent strength in Western Canada’s resource-based economy, and favorable government policies in areas such as film production, tax credit and infrastructure project roll-outs. With our integrated network of 12 operations and our unified branding strategy, we seek future organic growth through efficient fleet mobilization and effective cross-selling of our equipment rental and fuel distribution services. We continue to actively seek external growth through identifying accretive acquisition opportunities in the construction and infrastructure services sector.”
WesternOne Rentals & Sales is based in Vancouver, B.C., and is No. 73 on the RER 100.
