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Boels Rental announces positive annual results for 2023. Over the past year, the rental company reported a turnover growth of 5.6 percent, resulting in a turnover of €1,55 billion. The Netherlands alone saw a 9.6 per cent increase (€373 million) compared to the previous year, representing 24 per cent of total sales. In addition, normalized EBITDA shows an improvement of 5.9 per cent (€550.5 million). The rental company remains committed to diversity in its product range, strategic acquisitions and sustainable business operations.
Pierre Boels, CEO of Boels Rental, says: “Looking at the European rental market, we see a structural shift from ownership to rental. In recent years, Boels has developed into a single source supplier of rental equipment and services for every project. The value we add with this is valuable for our customers and therefore also for Boels. Not only in the Netherlands, but in all countries where we are located.”
At a glance:
- Revenue increased by 5.6% to € 1,55 billion
- Normalised EBITDA rose by 5.9% to € 551 million
- Net result 2023: € 69.3 million
- € 400 million Bond and € 100 million EIB lending agreement concluded
- Gross CapEx amounted to in total € 543.6 million
On 11 March 2024, Boels announced the planned acquisition of Riwal, an international rental company with 65 branches in 14 countries and 1,200 employees. This acquisition is currently under review by competition authorities.
Financial position
In 2023, Boels achieved a net profit of €69.3 million. The rental company has also made significant investments in its rental range, mergers and acquisitions, and other assets in 2023. Gross investment expenditure totaled €543.6 million. Over the past year, Boels has made five acquisitions to strengthen its market position and broaden its offering. To finance further growth, a € 400 million bond was issued successfully, as well as a € 100 million loan agreement with the European Investment Bank (EIB). These new multi-year financing facilities further diversify the maturity profile of our debt and strengthen our financial robustness. Jan Piet Valk, CFO adds: “Our ability to adapt to changing market conditions, combined with our excellent people and ability to make significant investments, have enabled us to continue to grow our business.”
Our strategy is focused on adding value for our customers.
Outlook 2024
Looking ahead, Pierre Boels says: “Our strategy is focused on adding value for our customers. In addition, the combination of our company, the business model and the financing opportunities we have makes us ready for future growth. We therefore look to the future with great confidence: Boels keeps you going.”