WesternOne Rentals & Sales posted revenue of CDN $15.7 million (about U.S. $15 million) in the third quarter, a 19.7-percent year-over-year organic increase compared to the same period last year. EBITDA increased 13.6 percent to $4.8 million. The growth was driven by higher fleet utilization and rental rates, as well as incremental fleet investments in aerial and construction heating equipment, and continued demand for equipment and related services in Western Canada’s construction and infrastructure sectors.
Britco, WesternOne’s modular construction and leasing division, recorded revenue and adjusted EBITDA of $77.8 million and $5.9 million respectively. Totaled, the company posted CDN $93.6 million in revenue (about U.S. $89.6 million), compared with $54 million for the same period a year ago, a 73.3-percent leap.
In the fourth quarter, Britco is beginning work on a contract for about $100 million to design and build accommodations for a large workforce housing project in Northern Alberta. The accommodations will comprise more than 1,500 rooms and is scheduled to be completed in December of 2015.
“The third-quarter operating results reflect strong organic growth in our WRS platform, the ramp-up related to the execution of approximately $300 million worth of work by Britco for projects in Northern Alberta and Northern Manitoba, and our ongoing effort to secure workforce housing projects in North America and in Australia,” said Rob King, CEO. “WesternOne is well positioned for growth from the continued demand for WRS and Britco products and services in the energy, construction and infrastructure sectors.”
Based in Vancouver, B.C., Canada, WesternOne Rentals and Sales is No. 48 on the RER 100.