Boels growth aided by diversification

Boels Rental has reported double digit year-on-year growth for 2024, despite what it describes as challenging conditions in key markets.

Group revenue rose by 11.6% year-on-year to €1.73 billion, which Boels said was partly due to its diversification strategy and continued investment in fleet, technology, and acquisitions.

According to the company, that offset flat construction markets in Northern Europe, Germany and the Netherlands. 

In total, Boels invested €643.5 million in capital expenditure and acquisitions during 2024, expanding from 18 to 27 countries.

Photo: Boels Rental

As well as moves for Sweden’s MG Rental AB and Dutch industrial specialist Safety Shop, the company acquired Riwal, the Netherlands-based aerial work platform specialist with annual revenues in 2023 of around €314 million.

In total, the acquisition added 65 branches across 14 countries, expanding Boels’ footprint into markets including Denmark, Spain and France, as well as, for the first time, countries outside Europe such as those in the Middle East and South Asia.

At the end of 2024 the company also confirmed that it had merged its own fleet of aerial work platforms with that of Riwal.

The company said the merger, which took effect on December 1, combined the strengths of the respective companies, while also creating the largest aerial work platform provider in the Netherlands.

Pierre Boels, CEO, Boels Group, said, “In 2024, we have pushed boundaries. Figuratively and literally, with the access to new markets, including non-European countries for the first time. Even though some markets faced various challenges, we can continue to report positive results.

“We always aim at strengthening our position and the acquisition of Riwal was an important milestone. I am most proud of their swift and seamless integration. This would not have been possible without the matching DNA and the collective efforts of every colleague involved.”

Elsewhere, Boels said its ongoing strategy of combining general and specialist rental is paying off, supported by investments in digital platforms, customer portals and IoT-enabled equipment.

It also reported that 79.2% of its engine-driven equipment is now electric, and that it is working with customers to help meet emissions regulations.

Looking ahead, CFO René Olsthoorn said Boels remains confident; “The structural shift from equipment ownership to rental remains strong, due to higher purchasing prices and macro-economic volatility.

“Our steady growth in a challenging year such as 2024 confirms that we have a resilient business model based on a foundation of proven strategic choices and investments in special rental. Overall, we are confident of continuing our growth strategy and remain committed to adding value to our customers and stakeholders in the years to come.”