Helsinki, Finland-based international rental company Ramirent posted a 5.7-percent revenue increase for 2010, with net sales of €531.3 million (about U.S. $720.5 million), compared with €502.5 million for 2009. EBITDA was €127.4 million, or 24 percent of net sales.
For the fourth quarter, net sales were €150.1 million (about U.S. $203.6 million), compared with €126.2 million for the fourth quarter of 2009, an 18.9-percent increase.
“Fourth-quarter activity remained strong through increased construction activity in most of Ramirent’s markets,” said Magnus Rosen, Ramirent CEO. “Sales increased strongly in the fourth quarter compared to last year but profit level is unsatisfactory. Rental rates are improving, but pricing continues to weigh on gross margin. In addition, costs are increasing, as the company is preparing to meet increased market demand.
“Our focus in 2011 will be on further development in line with our strategy and on profitable growth. We are looking for growth primarily in our existing market areas, which offer additional potential. We are also determined to further strengthen synergies within the company and development of our personnel, while maintaining the entrepreneurial mindset that is characteristic of Ramirent.”
Rosen added the company will continue to monitor and assess acquisition cases in the market as well as fleet outsourcing arrangements. He said the company expects positive growth in 2011.
“We anticipate higher levels in infrastructure, residential construction and renovation construction in most of our countries,” Rosen said. “Increased construction activity, coupled with improving price levels, is expected to contribute to an improved result before taxes in 2011.”
In other Ramirent news, this week VR Track Oy, Finland’s largest rail constructor with expertise in all rail technologies, has signed a two-year agreement to concentrate its renting from Ramirent.