Finnish rental company Ramirent has reported growth in revenues and increased its capital expenditure during the first three months of 2016.

The company said net revenues stood at €146 million, up 3.9% compared to the same period last year, while net income stood at €2.6 million – stable year-on-year.

Ramirent invested €40.4 million in gross capital expenditure in the first quarter, up from €18.1 million in 2015.

CEO Magnus Rosén said first quarter revenues grew in all markets except in Norway, while the company had increased its capital expenditure to support growth in all business areas.

“In General Rental, net sales grew based on improved activity in the Nordic construction and industrial sectors, while demand was weaker in Europe Central and the Baltics due to a slow start to the year in construction of new buildings.

“In Solutions, several Total Solutions projects and continued high rental related service sales supported growth in most markets. In Temporary Space, demand was strong especially in the public sector, while demand continued to be weak in Norway due to weak business climate in the oil & gas sector.

“Based on our continued solid financial position, we continue to pursue sustainable profitable growth by developing our customer offering, operational efficiency, pricing management and the flexibility of our supply chain.”

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