Takeovers in cold storage continue
Atlanta-based Americold has reported its figures for Q1/2021. Since the beginning of the year, the company has signed or completed three acquisitions, Liberty Freezers in Canada, Bowman Stores in the UK and KMT Brrr! in New Jersey. The latest takeover is expected to close in the course of May 2021.
In Q1/2021, revenues increased by 31.1% to USD 634.8 million, as net operating income (NOI) rose by 16.1% to USD 157.2 million. Ebitda improved by 13.1% on an actual basis, and 10.3% on a constant currency basis, to USD 117.8 million.
The company recorded a net loss of USD 14.2 million. For Q1/2021, the global warehouse segment revenue was USD 485.5 million, an increase of USD 104.4 million or 27.0% (USD 381.1 million in Q1/2020). Americold's warehouse segment revenue grew by 27% and its NOI by 15.3%, as the company took advantage from last year’s acquisition activity.
Supply chain disruption with reduced inventory holdings and volumes due to the pandemic took their toll. Thus, Americold has seen an acceleration of business activities late in the quarter and continuing into Q2/2021. (sh)