Cramo Group’s consolidated sales were €345.7 million (about U.S. $480 million) for the first nine months of 2010, a 4.4-percent year-over-year boost. Revenue for the third quarter was €130.4 million, a 13.3-percent increase compared with €115.1 million for last year’s third quarter.
EBITDA for the nine-month period was €83.9 million, compared with €80.9 million last year. After a weak winter and spring, the rental market turned upward at the end of the second quarter, with a stronger upward trend in the third quarter. Cramo Group’s financial targets for 2010-2013 are sales growth higher than 10 percent per year; return on equity above 15 percent.
Looking at the more immediate future, the construction and equipment rental markets are expected to grow in Cramo’s market areas in the fourth quarter of 2010 and in 2011. Construction activity started to increase in 2010 in Finland, Sweden, Poland and possibly Russia and is expected to grow in all Cramo segments. The Group’s capital expenditures will be about €40 million in 2010, excluding acquisitions and business combinations.
“An upturn has occurred in the market as expected,” said Cramo CEO Vesa Koivula. “Residential construction in particular has picked up in several markets. Thanks to improvements in demand and the adjustments we have made, the utilization rates of Cramo’s fleet have substantially improved.”
Cramo is based in Helsinki, Finland, and operates in 13 northern and eastern European countries.
