European rental giant Cramo posted a 3.1-percent revenue increase in the fourth quarter with €192.9 million (about U.S. $205.6 million) compared to €187.2 million in the fourth quarter of 2015.  In local currencies sales increased 5.1 percent.

For the full year, Cramo posted a 6.6-percent year-over-year hike with €712.3 million compared to €667.9 million in 2015. In local currencies sales grew 7.7 percent.

Cramo said the demand for equipment rental and modular space developed favorably, and the company achieved all targets. Full year comparable EBITA margin increased from 13 percent to 15.6 percent and fourth quarter comparable EBITA margin hiked from 14.4 percent to 16.9 percent. Full year comparable profitability improved in all of Cramo’s markets with the exception of Norway and Eastern Europe.

“I am particularly satisfied with the fact that the Central European operations turned profitable for the full year,” said Cramo CEO Leif Gustafsson. “Profit development also continued to be strong in Finland and Sweden as well as in the entire equipment rental product area.

“I expect the demand for equipment rental and modular space to stay on a good level in 2017. Over the long term the demand for rental services is supported by several megatrends, such as urbanization and efforts to achieve sustainable development. Indeed, one of our most significant development projects has been to clarify our sustainable development strategy so that it is taken into account as thoroughly as possible in all of our operations.”

Based in Vantaa, Finland, Cramo operates in 15 European countries and has about 330 branches.