WesternOne Inc., parent company of WesternOne Rental & Sales, posted fourth quarter consolidated revenue of $88.2 million (about U.S. $69.9 million), compared to $83.6 million in 2013, a 5.5-percent increase. For the full year, however, revenue grew 27.9 percent from $292.4 million a year ago to $373.0 million this year.
WIS, WesternOne’s infrastructure services division, recorded Q4 revenue of $28 million and adjusted EBITDA of $8.5 million, for year-over-year growth of 18.3 percent and 13.1 percent respectively. The growth was driven by contribution from the acquisition of the flameless heater business in late September 2014, increased dollar contribution from fuel sales because of higher margins, and deployment of a larger fleet of aerial equipment. The increase was partially offset by lower construction heater rentals because of unseasonably mild weather in the fourth quarter in Alberta.
Revenue for Britco, WesternOne’s modular construction and modular space rental division, increased 0.5 percent in the fourth quarter to $60.2 million.
“We are pleased with the solid operating performance in the fourth quarter, contributed by the larger rental fleet, and the newly acquired flameless heater business for WIS, and improved operating margins for Britco,” said Peter Blake, CEO. “We believe these factors have led to strong operating cash flow for 2014 and will better position us as we move forward in 2015. For 2015, our goals are preservation of cash from sustainable operations, cost management, and orderly servicing and repayment of debt. We strive to achieve these goals through executing on a prudent and conservative capital strategy, including redeploying existing capital to opportunities that deliver higher returns.”
WesternOne Rental & Sales, based in Vancouver, B.C., is No. 44 on the RER 100.