Updated: Boels reports on financial impact of pandemic

By Murray Pollok09 July 2021

Boels Rental has reported revenues of €1.2 billion in 2020 – doubling because of the addition of Cramo – and said the pandemic had a “limited” impact on sales. Sales on a like-for-like basis, including Cramo, were down 6%.

EBITDA profit was 2% higher at €401.7 million, after adjustment for one-off gains and losses on the acquisition of Cramo and Covid-19 cost reduction measures. Boels completed the Cramo acquisition in February 2020.

Boels reports revenues of €1.2 billion in 2020.

The Netherlands-based company said the acquisition of Cramo had diversified its products, customers and market segments and that “the impact of the pandemic on total turnover remained limited.”

Jan-Piet Valk, Boels CFO, told IRN that he was proud of how the business had responsed to the health crisis; “If you look at what happened in the world, and in our business, I’m very proud that we took all the actions that we needed to immediately. And we did not ask for any government support.

“Second, I’m really happy with the business model. We have a very resilient model, with diversified products, customers and countries.”

Valk said the business had performed better than its major competitors in Europe.

Cost reduction measures taken when the pandemic hit included the loss of 500 jobs, including part-time and contract staff.

Boels said its focus on sustainability and digitisation had made significant contributions to the results. It doubled the numbers of online rental transactions last year and made “significant investments” in its fleet to expand the range and make it more sustainable, including battery powered equipment.

The latest such investments include the new JCB electric telehandler.

Boels also has many hundreds of in-store rental locations at DIY chains in continental Europe. Valk said that these had performed well during 2020, despite the pandemic, although the first quarter of 2021 had been more difficult because of poor weather and lockdowns in some markets.

Valk added; “We will forge ahead as we always have. Our efforts and ambitions in 2020 have laid a perfect foundation for the years to come, which, as always, is characterised by further growth.”

Boels operates in 18 European countries, has more than 720 depots and employs almost 7,000 people.

This story was updated on 9 July to add financial information.

Delivered directly to your inbox, Access, Lift & Handlers Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Featured Training From Easybook
NYC SST Online Training

The clock is ticking… Construction workers in New York City – have you fulfilled your required Site Safety Training (SST)? Get your SST card online now

Latest Events
ALH Conference program announced
The full ALH Conference program has been announced for the Sept. 14 rental and access event in Chicago
Registration open for ALH Conference
Registration is now open for the ALH Conference set for Sept. 14 in Chicago with presentations to be given by Larry Silber, Matthew Elvin, Rob Messina and more
Full ALH Conference speaker lineup announced
Larry Silber, Herc Rentals CEO, to give keynote at this year’s ALH Conference on September 14
Off-Highway Research

The gold standard in market research

Off-Highway Research offers a library of more than 200 regularly updated reports, providing forensic detail on key aspects of the construction equipment industry.

Our detailed insights and expert analyses are used by over 500 of the world’s largest and most successful suppliers, manufacturers and distributers, to inform their strategic plans and deliver profitable growth.

Click here to visit our website

Lindsey Anderson Editor, Access, Lift & Handlers Tel: +1 312 929 4409 E-mail: lindsey.anderson@khl.com
Tony Radke Sales Manager Tel: +1 480 478 6302 E-mail: tony.radke@khl.com