European Rental Company Cramo Posts Q4 and Full Year Increase

European rental giant Cramo posted €187.2 (about U.S. $210.7 million) in sales in the fourth quarter of 2015, a 3.6-percent increase but 4.9 percent when calculated in local currencies compared to the fourth quarter of 2014. For the full year, Cramo’s volume grew 2.5 percent to €667.9 million, which translates to 4.7 percent when calculated in local currencies.

Cramo’s new president and CEO Leif Gustafson assumed his new position just after the year ended on Jan. 1, 2016.

“Full-year sales increased in local currencies by 4.7 percent and reached €667.9 million,” Gustafson said. “Full-year EBITA margin before non-recurring items improved from 11.2 percent to 13 percent. Profitability improved in all markets and product areas except in Eastern Europe where profitability was at last year’s level. The best profitability was achieved in Finland and Sweden. In Central Europe, full-year EBITA still remained negative but improved towards the end of the year and we completed restructuring in the fourth quarter.

“For the full year, equipment rental sales grew in local currencies by 3.7 percent and modular space sales by 9.8 percent. In the fourth quarter, modular space sales grew in local currencies by 15.7 percent.”

The company expects economic development to gradually pick up in Europe, and the construction market outlook is positive in 2016 in the countries Cramo does business. In the long term, the equipment rental market is expected to continue to outpace construction, Cramo said.

Based in Vantaa, near Helsinki, Finland, Cramo operates in 15 countries with 330 locations.