Cramo, Vantaa, Finland-based multi-national rental company, posted €321.4 million (about U.S. $395 million) in second-quarter revenue, a 5.3-percent increase compared to €305.4 million in the second quarter of 2011. EBITDA was €24.9 compared with €16.8 million a year ago, a 48.2-percent improvement.
Sales figures were affected by the divestment of Cramo’s modular space production and customized space-rental businesses in Finland at the end of March. Sales growth excluding the divested businesses was 6.9 percent in the first half of the year and 3.2 percent in the second quarter.
The company said financial uncertainty weakened demand in some markets. The uncertainty increased during the second quarter, the company said, and investment decisions have been put on hold. Still, in Cramo’s main market areas, demand remains satisfactory.
The company expects revenue levels for the year to be about the same as 2011, with EBITDA margin likely to improve.
“The year 2012 started on a positive note, but during the spring Southern European problems affected the economic climate throughout Europe,” said Cramo CEO Vesa Koivula. “Cramo does not operate in Southern Europe, but the general uncertainty has meant customers holding back their investment decisions. However, in some of our markets, in particular in Norway, the Baltic countries and Russia, demand is growing. For 2013, the construction market forecasts are more positive for Cramo’s main markets.
“Norway and Eastern Europe posted a positive profit development in the second quarter. Finland and Sweden performed close to expectations. After a sluggish start of the year, Central European profit performance improved during the second quarter.”
Cramo operates in Finland, Norway, Sweden, Denmark, Estonia, Latvia, Lithuania, Poland, Czech Republic, Slovakia, Russia, German, Austria and Hungary. It recently terminated its operations in Switzerland, closing its three branches there.