Loxam net profits reach €27.3m in 2010
By Murray Pollok10 March 2011
Loxam has confirmed that its revenues in 2010 were €702.5 million, up less than 1% from 2009, with net profits bouncing back to €27.3 million from an almost break-even point in 2009.
The revenue figure - announced at a press conference in Paris today - includes a six month contribution from Locamachine, the Belgian rental company it acquired in the middle of last year. That business has annual revenues of around €5 million.
Revenues outside France are almost unchanged at €105.7 million (€104.8 million in 2009) and in France revenues totaled around €597 million, up around €5 million from 2009.
The results show that Loxam's business has stabilised and after several years of cost cutting is now returning to profitability. EBITDA profits of €234.3 million for the year.
The company has also started to resume capital investment in its fleet. In 2010 it spent €105.5 million, which is three times the amount invested in 2009, although not approaching the peak of 2007, when the company procured €245.1 million worth of equipment and machinery.
The financial details released by Loxam show that building construction represents 37% of Loxam's revenues, followed by civil works (36%), industrial (10%) and 17% for other sectors.
More to follow.