WesternOne Equity Income Fund posted 197-percent growth in consolidated revenue in the second quarter, with $43 million of the $57.4 million in revenue coming from the acquired Britco, a manufacturer of modular structures. WesternOne Rentals & Sales generated year-over-year organic growth of 15 percent for revenue and 63 percent adjusted EBITDA.
The robust construction and film production segments in Western Canada have led to higher fleet utilization and rental rates, and opportunities for fleet expansion.
WEIF acquired Britco on June 11, 2011. Gross profit for WEIF jumped 169 percent from $6 million in the second quarter of 2011 to $16 million in the recently concluded frame. Adjusted EBITDA jumped 178 percent from $4.3 million a year ago to $12 million. The increases in revenue and adjusted EBITDA are the result of the full quarter of operations in 2012 as well as increased production output through accelerated growth in manufacturing workforce and recent geographical expansions into Edmonton, Alberta, and Waco, Texas.
For the first six months of 2012, total revenue jumped from $36.3 million to $109.3 million, a 201.5-percent hike.
â€śWe are delighted with the strong growth in our operating results for Q2 and year-to-date,â€ť said Darren Latoski, CEO. â€śWesternOne stands to benefit from continuous capital investments in the construction and infrastructure and resource sectors. We will continue to capitalize on this positive economic trend through executing disciplined growth initiatives.â€ť
WEIF is based in Vancouver, B.C., Canada. WesternOne Rentals & Sales is No. 50 on the RER 100.