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Global scaffolding and support services business Altrad has reported a 42% increase in revenues to €3.84 billion in the year to 31 August 2022, helped by 11 acquisitions which added 20,000 employees and €1.8 billion in sales.

The company, which has not provided any profit information in its release, said the current work backlog at its services division was €4 billion, compared to €2.9 billion in the previous year.

Acquisitions have included of Endel and Doosan Babcock, which are active, respectively, in the French and UK nuclear sectors, as well as Sparrows Group, a specialist in offshore services.

The company reported a “solid financial performance” in the year that reflected strengthening markets. However, it reported an “uncertain outlook and market headwinds”, which it said may provide further acquisition opportunities.

Altrad’s Co-CEO Ran Oren said the year had seen steady organic and inorganic growth; “The Group’s performance is that much more impressive given the continued challenges of Covid through the winter months which impacted productivity in certain markets, as well as challenges associated with raw material and supply chain fluctuations driven by the conflict in Ukraine.

“Perhaps the most defining highlight of this fiscal year has been Altrad’s high levels of activity in the M&A market as the Group has announced, closed and integrated numerous transactions that support our strategic growth objectives and will deliver a step-change in predominantly recurring forward revenue and the renewables sectors.”

Altrad’s business is split 74%/26% between services and equipment. In services it provides industrial clients with scaffolding, inspections, maintenance, insulation, surface treatment and mechanical work.

The equipment division rents and sells a wide range of products including scaffolding, compaction machines, concrete mixers, cutting tools, props and shoring equipment.

Altrad was founded by Mohed Altrad, who remains President of the business. He started the company in 1985 with the purchase of Mefran, a small scaffolding company in southern France.