WesternOne Inc. posted consolidated revenue of $103.2 million for the second quarter, compared to $57.4 million in the second quarter of 2012, a 79.8-percent hike. Revenue for the first six months was $180.2 million compared to $109.3 million last year, a 64.9-percent leap. Adjusted EBITDA for the quarter increased from $12 million a year ago to $14.8 million, a 23.3-percent jump, while EBITDA increased 10.9 percent for the first six months of 2013, compared to the same period a year ago.
WesternOne Rentals & Sales recorded normalized organic growth in revenue and adjusted EBITDA of 16 percent and 5 percent respectively, compared with the second quarter last year. The growth was driven by higher fleet utilization and incremental fleet investments, because of strong demand for aerial equipment and construction heating and power services in Western Canada’s commercial construction, infrastructure and film-production segments.
WesternOne’s Britco division achieved 101-percent and 48-percent growth in revenue and adjusted EBITDA respectively, compared with the second quarter last year because of strong manufacturing activity and increased site-related transportation and installation work in the workforce accommodation and infrastructure and utility sectors in North America. In response to the demand, Britco increased its manufacturing workforce and achieved higher production output at its four manufacturing facilities in Canada and the United States.
“We are pleased with the solid financial results from our two operating platforms, driven by strong business activity in the key industry sectors that we operate in,” said Darren Latoski, CEO. “This in turn generates sustainable growth in the operating cash flow, which will allow us to facilitate further business growth and deliver consistent dividends at a low payout ratio.”
WesternOne Inc. is based in Vancouver, B.C., Canada. Its WesternOne Rental & Sales division is No. 48 on the RER 100.