Ramirent, Finland-based international rental company, posted €160.8 million (about U.S. $213.9 million) in revenue for the second quarter, a 5.3-percent decrease compared to the second quarter of 2012. However, when adjusted for the transfer of its Russia and Ukraine operations to Fortrent, its joint venture with Cramo, net sales only decreased by 0.7 percent. EBITDA declined 8.1 percent, from €24.7 million to €22.7 million.
For the first six months of the year, Ramirent’s net sales totaled €313.6 million (about U.S. $417.1 million), a 6.1-percent year-over-year decline. However adjusted for the transfer of Russia and Ukraine operations, the decrease was 3.2 percent.
“The slow start of the year continued into the beginning of the second quarter due to cold spring weather,” said Magnus Rosen, Ramirent CEO. “Sweden and Norway were the best performing markets. Margins remained stable over the period and in the second quarter we delivered EBITA of 14.1 percent. We reached all our long-term financial targets during the second quarter. Although we will continue our work to drive profitable growth.
“Overall, market development is mixed. In the Nordic countries, market demand was at a fairly good level, except for Finland where activity weakened compared to last year. Demand for equipment rental remained stable in Europe East. In Europe Central, market conditions remained weak and our measures to scale our operations to fit the reduced demand situation continued. Demand in the industrial sector remained stable in the Nordic countries. The integration of Fortrent’s business operations is proceeding according to plan.”
Rosen added that Ramirent is continuing to develop its common Ramirent platform to realize higher operational synergies throughout the group. “We are also strengthening our long-term competitiveness by developing our workforce and improving customer experience in all our customer sectors through integrated solutions and value-added rental services.”
Ramirent is based in Vantaa, Finland, near Helsinki. The company is active in 11 Nordic, Baltic, and eastern and central European countries.
