Reading time: 7 minutes
Turnover up 11.5% to €1.470 billion
EBITDA rose by 9.0% to €525.4 million
Net earnings €101 million
Investments totalling €551 million
Positive outlook for 2023
Boels Rental Group again reports strong, continuous top-line growth of 11% over 2022 with generated turnover of nearly €1.5 billion. These results largely came from like-for-like growth in all geographical markets and across the board of market segments, including construction, infrastructure and industry. Alongside generalist rental, the specialised rental sectors also experienced a strong year. Growth in 2022 was supported by an expansion of eight branches and one acquisition.
Commenting on the results, Pierre Boels (CEO) says:
“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.”
To deliver against its commitment of sustainable growth Boels invested in 2022 a total of €551 million, largely in expanding and broadening its rental fleet. As a result, Boels has the largest rental fleet in Europe, with 840,000 items. The young, fleet also meets the latest emissions and safety standards. With these investments, Boels will not only be able to continue to meet its customer needs and regulatory compliance, but also digitalise and continue to innovate, as a leading rental company.
In 2022, Boels made great progress in corporate sustainability with a new sustainability policy and ambitious target setting for 2025. Boels will focus on four areas: customer care, employee care, environmental care and social care. For example, a significant part of the new rental fleet consists of Boels ECO equipment. No less than 81.4% of the entire Boels rental fleet is electrically powered, which enables Boels’ customers to reduce equipment emissions.
Outlook for 2023
Looking ahead to the future, Jan Piet Valk, CFO Boels Rental, says: ‘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.’
The long-term outlook for the rental market remains positive, partly due to the structural shift towards using (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. The quarterly results validate the projections for 2023. In the first half of the year Boels 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.
About Boels Rental Group
Making machines, service and knowledge available to everyone in the easiest way possible. That is the mission Boels Rental Group has set for itself. Customers not having to own their own equipment, but only using it where and when it is required. Letting customers focus entirely on their project. Boels Rental Group is one of Europe’s largest rental companies. The Group, comprising Boels Rental and subsidiary Cramo, offers the largest and widest range of top-quality modern machines and tools. Available everywhere, through a network of more than 730 branches in 18 countries. Boels Rental Group employs more than 7200 people.
Press contact information
For further press information, images or an interview, please contact the Boels Rental Corporate Communication department.