Boels Rental has reported an 11% increase in its revenues in 2022 to almost €1.5 billion, with EBITDA profits up 9% to €525.4 million.

The Sittard, Netherlands-based company said growth was “in all geographical markets and across the board of market segments, including construction, infrastructure and industry.”

Pierre Boels CEO of Boels rental, comments on 2022 financial results for the company. Pierre Boels, CEO, Boels Rental: “Boels is capable of further scaling up” (Photo: Boels Rental)

Boels said its specialised rental businesses also experienced a strong year. Growth in 2022 was supported by the addition of eight branches and one acquisition (Eekels Pompen).

Pierre Boels, the company’s CEO, said: ‘The results show that Boels is capable of further scaling up its resilient business model to leverage economies of scale and competitive advantages.

“In doing so, ‘connect and commit’ are key drivers for creating added value, for our customers as well as employees and other stakeholders.’

The company invested €551 million in the year, mainly on new rental equipment, a “significant part” of which comprised ‘ECO’ branded, lower emission equipment. Some 81.4% of its entire fleet is now electrically powered.

Structural shift towards rental
Boels said the long-term outlook for rental remained positive, partly due to a structural shift towards renting rather than owning; “This was evident from the strong sustained demand Boels saw in the first quarter of 2023, which resulted in good sales figures.”

In the first half of this year Boels has already completed five acquisitions, in Sweden, Norway, Germany and the UK.

“The integrations of the recent acquisitions are on track, bringing together valuable capacity and knowledge that add value for customers”, said the company.

Jan Piet Valk, CFO, said the double-digit growth rates and record turnover in recent years “are the collective result of the great work done by our 7,223 employees in 18 countries. This gives again confidence in our resilient, scalable business model and the growth strategies employed.

“It will enable us to navigate both the opportunities and challenges posed by the political and macroeconomic uncertainties that we and our customers are facing in 2023.’

During 2022 Boels created a new sustainability policy with “ambitious target setting for 2025”. The company will focus on customer care, employee care, environmental care and social care.

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