Cramo, Europe’s second-largest equipment rental company posted €162.9 million (about U.S. $179.3 million) in first quarter revenue compared to €155.4 million in the first quarter of 2016, a 4.8-percent increase. EBITDA jumped 52.2 percent from €13 million to €19.7 million.

“The start of the year has been promising,” said Cramo CEO Leif Gustafsson. “Demand for equipment rental and for modular space developed favorably, and we succeeded in increasing sales in all our equipment rental business segments. Sales performance was also supported by the timing of Easter compared to last year. In modular space the rental sales also clearly increased from last year. Profitability continues to be strong in the equipment rental business division.”

Cramo has positive expectations for the construction market in most of the European countries in which it does business in 2017, especially Sweden. The market is not expected to grow in Lithuania and Russia.

Cramo is based in Vantaa, near Helsinki, Finland, and has operations in 15 European countries.