Modulaire continues growth path

Modulaire Group - the Europe and Asia Pacific based modular space specialist - has confirmed a strong performance for the first quarter of 2022, largely driven by acquisitions. 

A sustainable module from Modulaire. (Photo: Modulaire Group website.)

For the three months to 31 March 2022, the Group delivered total revenues of €370m, up 16% versus the prior year including acquisitions. Prior to acquisitions, total revenue grew by 9% driven by growth in both modular space leasing and sales.

Average utilisation held steady at 86% for the first quarter compared to 85% in the previous corresponding period, while units on rent increased by approximately 27,000 (12%) including acquisitions; excluding acquisitions units on rent increased by approximately 8,000, or 4%. Revenue per unit grew by 5%.

Mark Higson, Modulaire Group’s Chief Executive Officer, said the first quarter performance reflected operational and financial strength that was “a result of our relentless focus on executing our strategic priorities of safety, ESGS & people, organic growth, operational excellence and a targeted acquisition strategy.”

Last November, Modulaire acquired Spanish company Alquibalat, one of a number of acquisitions that also included Italian company Technifor, acquired in August 2021. 

Modulaire has operations in 25 countries, operating as Algeco in Europe and Scandinavia, Elliott, Advanté, Carter and Procomm in the United Kingdom, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Tecnifor and Locabox in Italy, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.