Centurion Group (“Centurion” or “the Group”), a global leader in the supply of rentals and services to a range of critical industries for complex, challenging and remote locations, has published its statutory financial results for the year ended 31 December 2024.
Headquartered in Aberdeen, Centurion combines the scale and breadth of its offering in five key regions: the US, Canada, UK & Europe, Middle East & North Africa, and Asia Pacific. The Group is focused on expanding its portfolio of services, broadening its operational footprint, and pursuing both organic growth opportunities and value-accretive acquisitions to strengthen its established market position.
FY’24 financial highlights
- Resilient financial performance with adjusted proforma EBITDA of ~$105m vs $119m in 2023 – despite challenging market conditions in North America due to global uncertainty
- Strong financial growth since 2017, with EBITDA increased from approximately ~$30m to ~$100m
- Multi-currency credit facility upsized by $50m to $380m, increasing Centurion’s firepower
to ~$100m for acquisitions and strategic capex investment - $34m growth capex investment, focused on supporting the Group’s strategy of accelerating its end-market diversification
Strategic highlights
- Transformational acquisition completed – the 19th since the Group’s combination in 2017 of Altho Crane Service Inc and Buffalo Ridge Transport Inc (together “Altho ”),a US crane rental company in Minnesota delivering heavy lifting solutions to onshore windfarm projects in the Midwest
- Focus on broadening end-market diversification, with ~30% multi-industry EBITDA compared to ~100% oil and gas in 2017
- Sale of Canadian and Puerto Rican infrastructure and construction business (SITE Resource Group) completed in May 2024 for CAD $136m, consistent with company’s strategic focus on rentals and services
Positive start to 2025, well positioned for growth
- Global footprint driving promising results, with substantial growth in MENA region and growth in the US
- Completed two strategic acquisitions post year-end, supporting Centurion’s expansion into new locations and adjacent market sectors with complementary offerings – WestWater Enterprises in Australia, a business specialising in potable water treatment systems for municipal and industrial processes – and Aerial Platforms Holding Ltd (APL) in Manchester, a business specialising in rental of aerial work platforms for working at height in a variety of end-markets
- Strong and active pipeline of acquisitions with two targets in exclusivity, undergoing due diligence
- Strengthened the Executive Leadership Team with new Regional Presidents in Canada and UK & Europe regions
- Strategic investment across the Group, including the expansion of new bases in Glasgow, Birmingham and London to serve industrial markets
- Euan Leask assumed role as CEO on 1 February 2025
Euan Leask, CEO of Centurion Group, said:
“Centurion delivered a resilient financial performance in 2024 despite significant market headwinds. “As part of our multi-year transformation strategy we continued to invest in people, equipment and facilities to support our core business, while accelerating our continuing strategic expansion into new sectors.
“Acquisitions remain a core part of our strategy. We were pleased to complete our 19th transaction with the acquisition of Altho , and to welcome WestWater and Aerial Platforms to the Group in 2025. With an expanded credit facility and strong acquisition pipeline, we are well positioned to accelerate growth through both strategic investment and value-accretive M&A.
“After a positive start to the year, we remain confident in our ability to execute our strategy and to continue delivering high quality equipment, services and solutions to our customers in remote, complex and challenging environments around the world.”
