Ramirent, Finland-based international rental company, posted €649.9 million in revenues in 2011 (about U.S. $854 million), compared with €531.3 million for 2010, a 22.3-percent increase. For the fourth quarter the company jumped 24.4 percent, from €150.1 million in Q410 to €186.8 million in the recently concluded quarter (about U.S. $246 million).
The company’s operating profit (EBIT) leapt 149.3 year over year, and EBITDA soared 42.6 percent from €127.4 million in 2010 to €181.8 in 2011.
“In 2011, we kept our focus on our existing markets, growing market share and size both organically and through acquisitions,” said Magnus Rosen, Ramirent CEO. “We invested significantly in the acquisitions and the outsourcing deals, but were also simultaneously able to control the level of capital expenditures spent on new equipment fleet. As main drivers for organic growth we were more efficient in utilizing our fleet, and our dynamic, solution-based offering yielded more in the markets. The Group’s profit development was supported by higher utilization and rental rates that improved during the year based on the recovery in market activity especially in the second half of the year.
“Regionally we also continued to optimize our outlet network, ending the year with 406 depots. We also executed our growth strategy through nine acquisitions and two outsourcing deals in 2011.”
Rosen said because of current uncertain economic conditions in Europe, visibility is low concerning the company’s 2012 profits, but said “We will continue with our current strategic objectives and the work carried out in 2011 to support organic expansion in selected product groups and customer segments. Both the industrial, public and the private sectors offer further potential for Ramirent. Our priority remains on improving price realization and to further develop our service offering in support of this.”
Ramirent operates in 13 northern, central and eastern European countries.