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Altrad brands acquisitions a 'tremendous success' as new orders secured

Industrial services firm Altrad said its half-year results showed its efforts to integrate companies acquired in recent years had been a “tremendous success”.

Altrad “quadrupled” in size through the purchases in Dutch firm Hertel, French group Prezioso Linjebygg and UK company Cape, all completed between 2015-18.

In September 2018, the Montpellier-headquartered group said it was combining the three under the Altrad Services brand.

The enlarged business has delivered good operational performance and synergies, Altrad said in its review of the six months to February 28, 2019, which showed Ebitda of £175 million, down slightly from £184m a year earlier.

Revenues dipped to £1.33 billion from £1.5bn, though the group has beefed up its order book to £2.24bn at the end of February, from £2bn in late August.

Altrad won contracts with Adnoc, BP, EDF, Total and Woodside in the energy sector, and BHP in mining.

The business has about 600-700 staff members in the UK North Sea and East Irish Sea.

Chief executive Louis Huetz said: “I am confident that Altrad’s 2020 multi-year strategic plan will allow the group to leverage the strong platform assembled through acquisition in recent years to deliver long-term sustainable organic growth.

“Implementation of this strategy will help strengthen our offering in target markets and consolidate our status as an undisputed world leader in the provision of our services to blue-chip customers across our sectors of focus.

“Based on our stable and balanced business model, healthy balance sheet, strong free cash flow generation, growing order book and macro drivers in our core markets; we are confident in our near-term outlook and beyond.”

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