Ramirent 2011 revenues up 22.3% but outlook uncertain

16 February 2012

Ramirent continued to its growth trajectory in the final quarter of 2011 with sales up 24.4% to €186.8 million and net operating profits more than doubling to €25.5 million. Sales for the full year rose by 22.3% to €649.9 million and operating profits increased by 149.3% to €74.1 million.

The company said, however, that there were "major uncertainties" for 2012 and that it would be cautious about capital expenditure following a big spending 2011.

Activity remained strong in most of its markets in the fourth quarter, particularly in the Nordic countries and Europe East (comprising Estonia, Latvia, Lithuania, Ukraine and Russia). The group's Central Europe region saw a mixed performance, with Poland the growth engine but weaker activity in Hungary, Czech and Slovakia.

Magnus Rosén, Ramirent's CEO, said; "The Group's profit development was supported by higher utilisation and rental rates that improved during the year based on the recovery in market activity especially in the second half of the year".

He said economic uncertainty meant that visibility on business conditions in 2012 was low; "We continue to carefully monitor the development of our market environment and maintain a high preparedness to act upon possible changes in market conditions.

"Entering 2012, we have prepared actions for different future market scenarios. We aim to be cautious in capital expenditure spending, to have strict cost control and to maintain a strong balance sheet."

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