• Centurion
  • 29/07/2024

FULL YEAR RESULTS FOR THE 12 MONTHS TO 31 DECEMBER 2023

Record financial performance and significant strategic progress


Aberdeen, UK, July 2024 – Centurion Group (“Centurion” or “the Group”), a global rentals and services company, publishes its statutory financial results for the year ended 31 December 2023.

Headquartered in Aberdeen, Centurion is a global leader in the supply of rentals and services to a range of critical industries for complex, challenging and remote locations. The Group has a global reach with operations in five key regions: the US, Canada, UK, Europe & Caspian, Middle East & North Africa, and the Asia Pacific.

Centurion’s vision is to build a successful, global and sustainable rentals and services company supporting critical industries in diverse end-markets, including energy, renewables, minerals, infrastructure, environmental, defence and government sectors. The Group drives growth by building on its strong market position and customer relationships, broadening its services into more technical, efficient and environmentally sustainable offerings.

KEY FINANCIAL HIGHLIGHTS

2023

Continuing operations

2022
Continuing operations

2023

Including discontinued operations

2022

Including discontinued operations

Revenue (*) ($000)

515,715

447,951

+15%

744,745

669,719

Gross margin (*) (%)

32%

30%

+200bps

29%

27%

Adjusted EBITDA ($000)

110,905

88,096

+26%

144,779

116,168

Adjusted EBIT ($000)

67,855

41,950

+62%

96,526

64,318

Adjusted PAT ($000)

34,339

23,551

+46%

55,711

40,813

Free cash flow ($000)

107,616

59,468

+81%

113,495

63,672

Net debt ($000)

246,646

198,544

246,646

198,544

Net debt leverage

2.2x

2.3x

1.7x

1.7x

*Pre-exceptional and adjusting items

STRATEGIC PROGRESS

  • The Group delivered record financial results following the continued implementation of its strategy to diversify its core energy business and to accelerate its expansion into renewables, minerals, infrastructure, environmental, defence and government sectors
  • Completion of five major acquisitions, expanding the Group’s geographic footprint, diversifying its range of services and end markets, and enhancing environmentally sustainable offerings:
    • Blue Drop Solutions Inc based in Canada, a business supplying water and wastewater treatment operators and equipment servicing energy, infrastructure, construction and government end-markets.
    • RioView Industries Inc based in Canada, a business specializing in the rental of water and wastewater treatment equipment
    • Whitetail Energy Services Inc based in Canada, a business specializing in the rental of accommodation and wastewater treatment equipment
    • BBB Catering Pty Ltd based in Western Australia, a business specializing in the rental of temporary accommodation and site services for mineral, government and construction industries
    • Heroult Marine Modules B.V. based in the Netherlands, a business specializing in the rental of temporary accommodation to the offshore wind and marine sectors

Consistent with the Group’s strategic focus on rentals and services, on 1 May 2024 the Group completed the divestment of its Canadian and Puerto Rican infrastructure and construction business (“SITE Resource Group”) for CAD $136m.

BUILDING MOMENTUM INTO 2024

  • The Group has made a positive start to 2024.
  • With over ~$100m of liquidity the Group is in discussions with a number of acquisition targets as it continues its strategy to diversify its end markets.
  • Performance driven by the continued improvement in the Group’s end markets, market share gains and increased cross-selling of its offerings.
  • The Group anticipates that these higher levels of activity will continue through 2024.

Commenting on the results, Fernando Assing, Chief Executive Officer, said:

“2023 marked another year of record financial performance for Centurion, as the Group sharpened its focus on delivering technical, efficient and sustainable rentals and services to critical industries. We made significant progress against our strategy to diversify and expand the business, extending our offering to new end-markets and geographies.

“This was underpinned by five major acquisitions, which significantly enhanced the Group’s capabilities and positioned it for growth in adjacent markets, from offshore wind to specialist water treatment. In addition to these acquisitions, the successful divestment of our SITE business repositions the Group, whilst also generating significant value to all stakeholders, and will allow us to accelerate the Group’s wider growth strategy, both organically and via further acquisitions.

“Centurion’s good momentum has continued in to 2024, underlining the strength of our business model and the sustained demand for our products and services around the world. We look forward to continuing to build on this throughout the rest of the year, for the benefit of all our stakeholders.”

ENDS

Enquiries:

Teneo

Martin Robinson / Harry Cameron / Nina Chatrath

+44 (0) 207 353 4200 / centurion@teneo.com

About Centurion Group

Headquartered in Aberdeen, Centurion is a global leader in the supply of rentals and services to a range of critical industries for complex, challenging and remote locations. The Group has a global reach with operations in five key regions: the US, Canada, UK, Europe & Caspian, Middle East & North Africa, and the Asia Pacific.

For more information, please visit www.centuriongroup.co.uk

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