WesternOne Equity Income Fund, which includes WesternOne Rentals & Sales, posted year-over-year consolidated revenue growth of 59 percent in the third quarter, gross profit hike of 57 percent and adjusted EBITDA increase of 72 percent. WesternOne Rentals & Sales recorded organic growth in revenue and adjusted EBITDA of 8 percent and 17 percent, respectively, as the construction and infrastructure industry in British Columbia and Alberta continued to fuel demand for rental equipment and related services in Western Canada. The strong demand resulted in high rental fleet utilization and increase in related services revenues.
Total revenue for the quarter was $54 million, compared to $33.9 million for the third quarter of 2011, a 59.3-percent hike. For the nine months ended Sept. 30, total revenue was $163.3 million, compared to $70.2 million a year ago, a 132.6-percent jump.
WesternOne’s Britco division achieved growth in revenue and adjusted EBITDA of 88 percent and 127 percent respectively, compared to the third quarter of 2011, because of strong manufacturing activity in the workforce accommodation and infrastructure sectors. In response to strong demand, Britco increased its production output through accelerating growth in manufacturing workforce at its four plants in Agassiz and Penticton, B.C.; Edmonton, Alberta; and Waco, Texas.
In August, WesternOne Rentals & Sales opened new branches in Prince George and Kelowna, B.C.
“The solid growth that WesternOne has achieved in the third quarter reflects our ability to execute growth in key strategic areas in the construction and infrastructure services sectors,” said Darren Latoski, WesternOne CEO. “We will continue to identify and execute disciplined growth initiatives in conjunction with ongoing assessments of the domestic and global economic environment.”
Based in Vancouver, B.C., Canada, WesternOne Rentals and Sales is No. 50 on the RER 100.