Ramirent CEO Kallio to retire in 2009

Mr Kallio said he had taken the decision for personal reasons; “I have had an exciting assignment to manage a rapidly growing company and implement a number of acquisitions. However, managing a growth company, with operations in 13 countries, has been arduous and has affected my private situation.

“Accordingly, I have reached an agreement with the Board to retire in 2009. Until the new president in appointed and provided a transition period, I will continue to lead the group with full effort.” Mr Kallio joined as CEO in late 2005.

Meanwhile, Ramirent reported an 18.7% increase in sales to €162.1 million for the first three months of 2008, with operating profits before depreciations (EBITDA) rising 12.0% to €52.1 million.

Mr Kallio said financial turmoil “has increased the uncertainty of market development in many of our countries…For the full year 2008, we estimate that the net sales and profit before taxes will grow compared to last year. However, it will be challenging to fulfil the financial target of 15% growth in earnings per share in 2008.”

Growth remained at a good level in Finland, Sweden and central Europe, including Poland and the Czech Republic, and was “strong” in Russia and Lithuania. There was lower market demand in Norway; market conditions “calmed down” in Estonia and Latvia, and remained low in Hungary.