Ramirent, Helsinki, Finland-based international equipment rental giant, posted a 16.1-net percent revenue increase in the second quarter, going from €128.7 million in last year’s second quarter to €149.5 million (about U.S. $213 million) this year. The company posted an 18.1-percent year-over-year increase for the first six months of 2011, going from €240.3 million in last year’s first half to €283.9 million this year.
The company said new residential construction, infrastructure and renovation construction markets are expected to develop favorably, especially in the Nordic countries, while demand for commercial construction remains weak.
“Activity levels continued to improve in the second quarter contributing to net sales growth in all our segments,” said Magnus Rosen, Ramirent CEO. “The growth was fastest in Sweden, Europe East and Europe Central. Profitability improved also due to the higher business volumes and efficiency improvements from relocation of fleet capacity and expansion of the outlet network. However, profitability is still burdened by unsatisfactory price levels. Our priority therefore remains on raising price levels as the demand is returning to our various product groups.
“During the quarter, we succeeded in finalizing several important acquisitions that strengthen our product offering as well as our presence in important customer sectors.”
Rosen spoke of acquisitions in Norway, Sweden, Finland and Czech Republic and the increased opportunities they represent for Ramirent. He was cautious in his expectations for the future because of “current macroeconomic uncertainty.”
Ramirent has 399 branches in 13 European countries.