Ramirent reports 20.5% increase in first quarter

Ramirent reported a 20.5% increase in sales to €134.4 million for the first quarter of 2011. Profits before interest and tax were €2.7 million, compared to a loss of €5.6 million in the same quarter in 2011.

The company said the positive upswing in the market that started in Autumn 2010 had continued in the first quarter, with Sweden in particular showing strong growth.

Ramirent posted strong revenue growth in its central and eastern European areas - 19% and 25%, respectively - and similarly in Sweden (up 40.5%) and Norway (up 15.0%). Growth in Finland (up 7.7%) and Denmark (up 3.2%) was much lower.

Magnus Rosén, Ramirent's chief executive officer, said; "Activity levels continued to grow in all our operating countries although January-March is typically the quietest quarter of the year. Equipment utilisation rates increased supported by improved demand in customer industries."

He said profitability had improved, but was "still burdened by lower price levels compared to pre-downturn levels. Our priority during 2011 is to focus on increasing price levels as the demand is returning to our various product groups."

Mr Rosén said Ramirent continued to develop its services in areas related to "eco-efficiency and safety."

In a separate announcement, Ramirent said it had created a new animated marketing tool based on its ‘Rami' character. The company has created a two minute film looking at the benefits of renting.

"We have created a strong Ramirent brand image and a visual identity in print, web, and physical environments such as outlet customer service areas. Now we are renewing how we sound and appear," said Franciska Janzon, director of corporate communications and branding.

You can watch the film at Ramirent group's Facebook page.