Dip in rental revenues at Mobile Mini
By Helen Wright29 July 2016
Portable storage and specialty containment rental company Mobile Mini has reported a 3.8% year-on-year drop in rental revenues for the first half of 2016 to US$234 million (€211 million).
Overall, revenues stood at US$249 million (€224 million) for the year, down 5% compared to the six months to 30 June, 2015. However, the company reversed the net loss of US$17.9 million (€16.1 million) it reported in the first half of last year, to net income of US$15 million (€13.5 million) this time round.
President and CEO Erik Olsson said the company’s portable storage business delivered solid top-line growth in the second quarter, while demand was also strong within the downstream business, which comprises the vast majority of specialty containment revenues.
“We have a strong downstream market presence and are making good progress on expanding the business geographically. That said, downstream revenues, while up slightly sequentially, declined 3% year-over-year as some larger customers postponed plant maintenance activities.
“We expect these projects to materialise in the next several quarters. The remaining specialty containment business was impacted by the weak commodity price environment, with significantly lower activity in the mining segment, along with continued upstream headwinds.”
Mr Olsson added that the company was now running entirely from one software platform.
“Over the next several quarters, this implementation should further increase our efficiency and data management as well as provide a scalable platform for growth,” he said.