Europe’s Cramo Posts Improved Results in Third Quarter

Cramo plc, Europe’s second largest equipment rental company posted €184.8 million (about U.S. $203 million) in third quarter revenue, compared to €172.4 million in the third quarter of 2015, a 7.2-percent boost. EBITA was €38.9 million compared to €30.2 million in the year-ago quarter, a 28.9-percent hike.

For the first nine months of the year, Cramo posted €519.4 million in revenue, compared to €480.7 million in the first nine months of 2015, an 8-percent increase. EBITA was €78.5 million compared to €58.7 million a year ago, a 33.8-percent leap.

“The demand for equipment rental and modular space has developed favorably this year, and we have succeeded in increasing sales and profit in both product areas,” said CEO Leif Gustafsson. “Our sales grew in local currencies by 8.8 percent in January-September and by 7.9 percent in the third quarter. During the third quarter, sales grew in all markets, with the exception of Norway and Eastern Europe.

“I expect the demand for equipment rental and modular space to stay on a good level for the remainder of the year. Over the long term, the demand for rental service is supported by several megatrends, such as urbanization and efforts to achieve sustainable development. Cramo is in a good position in most of its markets to capitalize on the opportunities created by the market.”

Cramo, based in Vantaa, near Helsinki, Finland, operates in 15 countries and has about 330 branches.