Financials round-up

UK rental group vp/uk forks, MEP and Brandon hire Station has published its preliminary first half results. Total revenues improved 2.4% to £190.9 million, with UK infrastructure performing well, while housebuilding demand is “subdued but stable” and general construction remains challenging. Overseas, a small part of the whole, the outlook is apparently more promising. Pre-tax profit increased 11.2% to £19.9 million, while net debt was cut by 10.4% to £133.4 million and Capital Expenditure declined 28% percent to £27.8 million.

International rental group Mateco has acquired the Swiss sales and rental group Maltech holding - which includes the rental business Maltech and distribution company Skyworker trade - in an all share purchase deal from the hunziger family.

The third quarter results for Snorkel show a strong pick up in margins and profits with total revenues for the nine months up 10.8% to $145.1 million. Pre-tax profits were $1.7 million, compared to a loss of $12.7 million at this point last year. Third quarter revenues jumped 20.5% percent to $51.1 million, with a pretax profit of $638,000 compared to a loss of $3.8 million a year ago.

Barnhart crane and rigging has acquired Armstrong crane and rigging of New Brighton, Minnesota on the north side of Minneapolis-St. Paul. The deal includes Armstrong’s operated crane rental service and all associated employees and equipment. It is Barnhart’s third acquisition this year.

Chinese manufacturer Dingli is planning to increase its stake in Californian aerial lift manufacturer MEC Aerial Work Platforms from 25% to 49.8% subject to regulatory approvals etc, a first step towards a full take over from current majority shareholder Richard Spencer.

Ashtead - owner of Sunbelt rentals in North America and the UK - has issued a first half trading statement for the six months to the end of October. The group will report record results for the half year with rental revenue growth of 13%, EBITDA growth of 15% to approximately $2,580 million and adjusted profit before taxation growth of 5% to approximately $1,310 million. While the group says it will achieve record full year results it has revised its full year forecasts down a couple of percent. In spite of this capital expenditure will remain unchanged at $3.9 to $4.3billion.

UK based wind turbine repair and maintenance company GEV Wind Power has acquired Rigcom, one of Australia’s largest rope access and rotor blade maintenance companies. Established in 2009, Rigcom is based in Sydney, with branches in Melbourne and Canberra and offers a wide range of height safety equipment from walkways and edge protection to fall protection equipment and it employs a team of skilled abseiling and rope access staff for tasks ranging from wind turbine rotor maintenance to cleaning. The current management team - including chairman Gary Flowers and chief executive Michael Biddle - will continue to lead the business.

French aerial lift and telehandler manufacturer Manitou is to acquire a 75% stake in two of its Italian suppliers - welding and machining company come Srl and associated laser cutting and high strength steel bending company Metal Work

Tadano has released its results for the nine months to the end of September, with total revenues rising 23.5% to ¥203.9 billion ($1.36 billion). Pre-tax profit for the period improved 52% to ¥12.04 billion ($80.1 million), driven by higher prices and lower overhead costs as well as product and geographic mix, not to mention a weak Yen. A full breakdown of sales by product type and region can be found at https://vertikal. net/en/news/story/42731/strong-third-quarter-fortadano

Herc rentals has acquired Californian rental company Summit Equipment rentals. Established in March 2007 by Bob Kushner, Summit runs a fleet of aerial lifts including slab electric and Rough Terrain scissor lifts, push around portables and boom lifts to 86ft. It also runs forklifts and telehandlers along with general equipment, from three locations in California, Menifee and Santa Ana in the greater Los Angeles conurbation and Chula Vista on the south side of San Diego.

German telehandler manufacturer Wacker Neuson has published its third quarter results and is on track for a record year. Total revenues for the nine months to the end of September increased 22.7% to €2.01 billion. Pre-tax profit for the nine months jumped 60% to €231.8 million. Third quarter revenues were €648 million up 14% on the same period last year. Pre-tax profit for the three months was 9% higher at €58.9 million. The company is maintaining its previous forecasts for full year revenues of between €2.5 and €2.7 billion.