Modular constructing supplier Portakabin has reported a rise in turnover and a modest drop in revenue after buying one in all its main rivals.
Turnover jumped 21 per cent to £476.1m within the monetary 12 months ending 31 December 2023, having been £393.4m within the earlier 12 months, whereas pre-tax revenue dropped by £4.4m to £80.2m.
In April 2023, Portakabin purchased the £80m-turnover Darwin Group, which specialises in modular healthcare buildings. For the reason that acquisition, Darwin accounted for £37.7m of its new father or mother’s annual turnover.
Portakabin carried ahead £182m in internet borrowings into 2024 after investing £163m in rent fleet, providing a £59m internet consideration for Darwin and paying £30m in dividends.
In a strategic report accompanying the outcomes, the corporate mentioned it aimed to develop its market share by being a “protected, accountable, sustainable and environment friendly enterprise”.
Many of the agency’s turnover was from UK exercise, though slightly below a 3rd – £143.9m – got here from abroad.
Portakabin mentioned it could spend money on fleet and infrastructure within the coming 12 months, whereas concentrating on additional development throughout Europe.
The common headcount elevated by 199, from 1,911 to 2,110. It’s possible that a lot of the rise is attributable to the acquisition of Darwin Group, which had about 200 staff on the time of the sale.
After the tip of the reporting interval, the agency demerged from its father or mother firm Shepherd Constructing to a brand new entity, Portakabin Holdco Restricted. Pacific Bidco Restricted, not directly owned by non-public fairness agency Antin Infrastructure Companions, purchased the brand new firm’s complete issued share capital in June 2024.
The sample of rising turnover and reducing income echoed the expertise of many corporations in Development Information’ annual CN100 rating, printed yesterday. Portakabin appeared for the primary time on this 12 months’s desk, swooping in at 54.
Portakabin was based in 1961 and has turn out to be synonymous with short-term buildings previously 60 years. It sells and rents out its buildings for a variety of makes use of, together with web site lodging, school rooms and healthcare amenities.
