Earnings improve for Cramo
29 October 2015
Rental markets have continued to gradually strengthen in Finnish rental company Cramo’s main regions, fuelling growth at the company for the nine months from January to September.
Revenues for the period stood at €481 million, up from €471 million for the same period in 2014, after Cramo reported sales growth of 5.8% in Finland, 4.4% in Sweden and 4.8% in Eastern Europe. But it said dales decreased in Norway, Denmark and Central Europe, where operations have been restructured.
As for product areas, sales growth in the first nine months of the year was 1.4% for equipment rental and 5.1% for modular space. The company said demand for modular space – a market in which it is targeting growth - remained at a good level.
Earnings before interest, taxes and amortisation (EBITA) also improved year-on-year, reaching €59.9 million for the nine-month period, compared to €47.3 million in 2014. Cramo said profitability improved in all business and product areas.
In August, Cramo appointed Leif Gustafsson as its new president and CEO, effective 1 January, 2016, and replacing retiring CEO Vesa Koivula.
Mr Koivula said, “When I took up the position of president and CEO of Cramo Group at the beginning of 2004, our company was just beginning to turn its gaze beyond Finnish borders.
“During the past 12 years, as a united Cramo team we have increased the sales of our group approximately nine-fold, and achieved a leading position in the European equipment rental and modular space markets. I am happy and proud to be leaving a healthy and growing Cramo Group to my successor Leif Gustafsson.”
Cramo said its full-year outlook was unchanged, with sales expected grow in local currencies and the EBITA margin improving in 2015 compared to 2014.