LONDON, April 15, 2020 /PRNewswire/ -- Algeco Investments B.V. (together with its subsidiaries, "Algeco" or the "Group"), Europe and Asia Pacific's leading business services company specialising in modular space, today announced a continued resilient financial performance for the fourth quarter of 2019.
For the year ended 31 December 2019, the Group delivered total revenues of €975m, 2.2% higher versus the prior year. Modular space leasing revenues grew with a 5.4% increase in revenue per unit more than offsetting 4.8% fewer units on rent. The average utilisation rate was 79%. New unit sales grew by 16% because of strong performances in France and ENSE.
Underlying EBITDA was €266 million in FY19, €2m lower than the prior year. Cash conversion for the year was stable at 52%.
Net leverage at the period end was 5.3x. Our cash position remains strong with €199 million on the balance sheet at 31 December and a further €103m held outside the Restricted Group.
Mark Higson, Algeco's Chief Executive Officer, said: "Algeco delivered a solid performance in 2019 despite some challenging market conditions. We are pleased that our new strategy is starting to deliver further value as demonstrated in Q4 with the acquisition of BUKO. This has continued into FY20 with units on rent growth and three more acquisitions.
In the current unprecedented circumstances we are focused on the safety of our people, cash management and liquidity whilst playing an important role for our customers in the efforts against Covid-19. Our business is resilient and we are confident that we will continue to deliver value for customers, returns to investors and opportunities for our people"
Algeco has posted its FY19 financial report and slide presentation to accompany the fourth quarter 2019 financial results conference call (scheduled for 15 April 2020 at 3.00pm BST, 10:00 a.m. Eastern Time) at https://www.algeco.com/investors/financial-reports.html that includes a password-protection feature. Access will be granted to existing and prospective lenders and noteholders and certain other eligible parties (including securities analysts and rating agencies) who have registered for an account. Algeco invites all interested parties to register at their earliest convenience by visiting https://www.algeco.com/investors/investor-registration.html
Algeco is the world's leading business services company specialising in modular space. We create smart spaces for people to live, work and learn. Our business is designed to help customers find the right space solution, no matter what their requirements. Headquartered in London, Algeco has operations in 23 countries with approximately 250,000 modular space and portable storage units and 3,400 remote accommodations rooms. The company operates as Algeco in Europe, Elliott in the United Kingdom, BUKO Huisvesting and BUKO Bouw & Winkels in The Netherlands, Malthus Uniteam in Norway, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.
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