Cramo Plc posted a consolidated sales increase of 16.8 percent in 2008, from €496.4 million in 2007 to €579.8 million in 2008. EBITDA was €102.2 million, a 6.5-percent increase compared with €96 million in the previous year. EBITDA margin was 17.6 percent.
Despite overall favorable numbers, the market weakened in the fourth quarter and the company predicts it will not reach the same levels in 2009.
“The market slowdown began in the Baltic countries in early 2008 and spread to other market areas in the autumn,” the company said in its regulatory filing. “Systematic adjustments to the changed market situation continued throughout the year, protecting profits. Sales in the equipment rental business grew strongly in Central and Eastern Europe, 32.8 percent; and 30.4 percent in Western Europe.”
Equipment rental volume was €505.3 million in 2008, up from €425.9 million in 2008.
Cramo expects the amount of construction to fall in all Nordic and Baltic countries in 2009. However, it expects construction to increase, although at a slower growth level, in Poland, the Czech Republic and Slovakia. The outlook for new construction has also weakened in Russia, the company said, but the growing popularity of rental will support demand for rental services.
During the year, Cramo grew through acquisitions in Russia, Czech Republic, Latvia, Sweden, Finland and Norway, and concluded significant outsourcing agreements in Norway and Denmark.
Cramo is based in Helsinki, Finland.