Premier Modular to invest in rental fleet

Premier Modular is set to invest in its rental fleet of modular buildings, as it releases financial results showing a 35 % rise in profit.

The company’s results for the financial year to the end of June 2020 report a 23 per cent increase in turnover to £65.3m (€72.5m) and a 35 per cent rise in profit to £10.6m (€11.7m).

Premier Modular Managing Director David Harris

Premier Modular Managing Director David Harris confirmed the company has earmarked £12m (€13.3m) to invest in its modular building rental fleet. Operating cashflow has increased by nearly 400 per cent to £5.5m (€6m), providing a solid platform for growth.

Harris also said the company’s construction site accommodation business, previously focused on London, was set to expand its presence geographically.

“In the past year, we have achieved significant growth with our modular apartments and in particular in the development of rapid building solutions to provide housing for the homeless. We are also building on the success of our hire business in London to supply construction site accommodation to major national and regional contractors across the UK.”

“Despite the challenging economic conditions, we remain on target with our ambitious growth strategy. We will continue to reinvest and expand our hire fleet to ensure the fastest possible response for our customers. This includes growing our range of products to further increase market share.”

Premier Modular offers temporary modular buildings for the rental market, and bespoke offsite construction solutions.

“Our project pipeline for both bespoke offsite construction and temporary modular buildings is very positive, with a number of major contracts already in place for delivery in 2021,” Harris said.

During the financial year under review, the company has expanded its workforce with an additional 85 people since March 2020, including some apprentices.

Premier Modular is part of South African based group Waco International, which owns businesses including Form-Scaff Africa, SkyJacks Africa, United Scaffolding Group New Zealand and Star Scaffolds Australia.