Cramo, the Helsinki, Finland-based international rental giant, posted consolidated sales of €144.2 (about U.S. $203.5 million), in the first quarter, a 42.2-percent jump from €101.4 million in the same period a year ago. Sales increased in all business segments in the first quarter, particularly in Finland, Sweden and Eastern Europe.
Cramo’s acquisition of Germany’s Theisen Group was completed as of Feb. 1. The operations of the group are reported as a new business segment, Central Europe. The segment exceeded the targets Cramo set for the period.
The severe winter weather impacted the first-quarter result. Financial results were negative in Denmark and Eastern Europe.
Cramo expects the construction and equipment rental service markets to grow stronger in almost all Cramo’s market areas in 2011. According to construction market research organization Euroconstruct, construction activity will grow 3 to 4 percent throughout the Nordic region in 2011. Double-digit growth rates are forecasted for Poland and Estonia. Growth is estimated at 4 to 6 percent elsewhere in Eastern Europe. Construction activity is expected to increase by about 1 percent in Germany, Austria and Switzerland, and about 5 percent in Hungary.
Cramo expects stronger growth in demand for rental services than in construction as increased interest in rental will contribute to the growth of the rental market.
Cramo has branches in Finland, Sweden, Norway, Denmark, Estonia, Latvia, Lithuania, Poland, Czech Republic, Slovakia, Russia, Germany, Austria, Switzerland and Hungary.