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Finnish rental company Ramirent has reported a year-on-year revenues increase of 12.7% to €164.6 million for the first quarter of 2017.

The company’s reported earnings before interest, taxes and amortization (EBITA) was €16.6 million for the first quarter – a margin of 10.1% on its revenues – representing an increase of 130.5% compared to the first quarter of 2016.

The company said its profit growth was driven by good market conditions, a favorable business mix and improved pricing in some of its segments. It added that its profitability improvement actions it undertook progressed well.

Tapio Kolunsarka, CEO at Ramirent, said, “Our year got off to a good start with strong net sales growth of more than 12% in the first quarter, partly due to the timing of Easter.

“The growth in rental sales was good and profit flow-through improved markedly. First-quarter comparable EBITA-margin was at the same level as for full-year 2016.”

Mr Kolunsarka added that he was delighted to see progress in the company’s profitability improvement actions and said it was boosted by improved efficiency in Central Europe. Supply chain performance and cost efficiency is also said to be gradually improving in Sweden, according to Ramirent’s CEO.

He said, “Rental is a future-proof business and we remain optimistic on the long-term opportunities to develop our company, benefiting from the trends of outsourcing non-core activities, resource efficiency and helping increase productivity in construction.

“To that end, we are working on a comprehensive strategy update that will be completed later this year.”

Looking ahead, Ramirent said it expected market conditions in Sweden to remain strong, along with stable conditions in Denmark and Norway.