European rental giant Cramo reported €155.4 million (about U.S. $173.4 million) in the first quarter, compared to €147.1 million in 2015’s first quarter, a 5.7-percent increase. EBITDA meanwhile jumped 12.9 percent from €34.3 million to €38.7 million.

“During the first months of the year, the demand for equipment rental and modular space developed according to our expectations,” said Cramo CEO Leif Gustafsson. “We have managed to capitalize on the improved market situation in our main markets Finland and Sweden. Sales grew in Finland, Sweden and Denmark. Sales grew strongly in the modular space product area where rental sales increased by 9 percent.

“On the basis of the current outlook, I expect the demand for rental services to stay on a good level throughout the year. Over the long term, the increase in the use of rental services and modular space is supported by several megatrends, such as urbanization and sustainability.”

The construction market outlook for 2016 looks positive in the countries where Cramo does business. Analysts Euroconstruct and Forecon estimate that construction will increase in all of Cramo’s operating countries with the exception of Russia and Slovakia. The equipment rental market is expected to grow faster than construction.

Cramo, based near Helsinki, Finland, operates in 15 countries in Europe, as well as Russia.