Finnish rental company Cramo has reported a solid year for 2015, and looked ahead to growth possibilities - particularly in the modular space market – in 2016.

The company reported 2015 revenues of €668 million, up 2.5% year-on-year, while net profit stood at €49.7 million, up from €16 million in 2014.

Cramo’s new president and CEO Leif Gustafsson, who took up the position on 1 January, said, “Profitability improved in all markets and product areas except in Eastern Europe where profitability was at last year’s level.

"The best profitability was achieved in Finland and Sweden. In Central Europe, full-year EBITA still remained negative but improved towards the end of the year and we completed restructuring in the fourth quarter.

“For the full year, equipment rental sales grew in local currencies by 3.7% and modular space sales by 9.8%. In the fourth quarter, modular space sales grew in local currencies by 15.7%. It is specifically positive that our modular space business has got off to a good start in Germany.

“In the fourth quarter we signed significant customer agreements and announced a minor business acquisition in December within modular space. Going forward, I believe Cramo has great growth possibilities in the modular space area.”

Mr Gustafsson also thanked his predecessor Vesa Koivula warmly for his efforts in developing Cramo and in making it a leading European rental company.

“My task is now to listen carefully to our customers, shareholders and colleagues and to ensure that we, as a team, continue to develop the company and the value it generates to our stakeholders.

Based on current outlook, I expect rental markets to gradually strengthen in 2016. This creates a good foundation for further profitable growth,” he added.

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