Ramirent growth continues but 'visibility low'
By Murray Pollok09 November 2011
Ramirent's third quarter sales grew by more than 20% in all of its territories with the exception of Central Europe (Poland, Hungary, Czech Republic and Slovakia) where low volumes and pricing kept growth to just under 10%.
Revenues increased by 27.2% to €179.2 for the quarter, although growth was 18% after accounting for exchange rate gains and acquisitions. Net profits more than doubled to €18.7 million for the quarter, with profits before tax and interest (EBIT) of €30.5 million.
Ramirent said residential construction, infrastructure work and renovation projects were at good levels, especially in the Nordic region, with infrastructure and power projects driving growth in eastern Europe (Russia, the Baltic States and Ukraine).
Magnus Rosén, Ramirent CEO, said; "The impact of the global economic turmoil was not evident in our operations in the third quarter; rather the general demand continued to be positive in all our segments.
Nevertheless, visibility on the markets remains low and we continue to carefully monitor the development of our market environment. We maintain a high preparedness to act upon possible changes in market conditions. We will keep capital expenditure and costs under strict control."