Coates Hire working through crisis

By Murray Pollok08 April 2020

Coates Hire’s events-related business has halted due to the COVID-19 outbreak but general rental operations are continuing, said owner Seven Group Holdings (SGH) on 8 April.

In its trading update, in which it withdrew its market guidance for the current financial year, SGH said Coates Hire’s revenues for the year-to-date were up 3% on the prior period and down 1% on budget, and was performing ”broadly to expectations”.

Coateshire

It said both Coates Hire and its Caterpillar dealership WesTrac were continuing to provide essential services to the construction and natural resources sectors, as well as State governments.

Ryan Stokes, Managing Director and CEO of SGH said: “Like most Australian businesses SGH will be impacted by the consequences of the significant escalation of the measures taken by Governments to slow the rate of COVID-19 infection. Importantly, we have actions in place across all our businesses to protect our people at this time.

“To date, COVID-19 has had limited impact on WesTrac, where mining and construction activities have, at this stage, been largely unaffected with year-to-date revenue up 15% cent on prior period and 5% on budget.

“Coates Hire’s general hire operations continue to perform broadly to expectations, however, events revenue has been curtailed. Coates Hire’s year-to-date revenue is up 3% on prior period and down 1% on budget.”

SGH said it was in a strong cash position, with A$803 million of undrawn facilities and cash, of which A$430 million is committed.

MAGAZINE
NEWSLETTER
Delivered directly to your inbox, International Rental Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Latest News
US software house buys Mistral
French developer of ERP systems for rental and dealers gets new owner
Saudi Arabia’s project pipeline estimated at US$1.1 trillion
The country is said to have witnessed the highest value of project awards in 2022
Cat announces new 350 excavator
Sustainability key as new machine promises fuel reduction of up to 13%
CONNECT WITH THE TEAM
Ollie Hodges Brand Manager Tel: +44 (0)1892 786253 E-mail: ollie.hodges@khl.com
Belinda Smart
Belinda Smart Editor Tel: 44 (0)1892 786209 E-mail: belinda.smart@khl.com
CONNECT WITH SOCIAL MEDIA