International equipment rental giant Cramo posted first-quarter consolidated sales of €160 million (about U.S. $209.4 million), compared with €144.2 million a year ago, a 10.9-percent increase. Organic growth for the company was 4.7 percent. EBITDA was €36.2 million (about U.S. $47.4 million), or 22.6 percent of sales.
The company posted a good profit in Finland and Sweden, considering it was the winter season. Profits improved considerably in Norway and Eastern Europe, however, profitability was weaker in Central Europe because of an exceptionally cold winter.
During the quarter, Cramo sold its modular space production and customized modular space rental businesses in Finland for about €31 million. Cramo determined that the manufacturing segment of the business was a non-core activity, although it will continue its standardized modular space rental business.
Although general economic uncertainty is still at a high level in Europe, Cramo still expects moderate growth in 2012, with a particularly strong outlook in Russia, Poland and Estonia.
“The start of the year 2012 has been in line with our expectations,” said CEO Vesa Koivula. “Demand for equipment rental has remained high in most of our market areas, and the prices have improved as well. I am confident that our profit for the whole year will improve year-on-year, despite the fact that there are still uncertainties related to the second half of 2012.”
Based in Helsinki, Finland, Cramo has operations in 15 European countries.
