European rental giant Ramirent posted a 6.3-percent year-over-year jump in the second quarter coming in with €169.4 million (about U.S. $189.5 million), compared to €159.4 million in last year’s second quarter. EBITA was €16.6 million compared to €21 million a year ago, and gross capital expenditure was €60.1 million, a 28.2-percent hike compared to last year.
For the first six months of the year, net sales was €315.4 million, compared to €300 million a year ago, a 5.1-percent increase.
“Ramirent’s second quarter net sales grew by 8.2 percent at comparable exchange rates based on growth in all segments, except for Europe East,” said CEO Magnus Rosen. “We maintain high focus on improving cost efficiency and developing our operating models to enhance profitability. Especially in Sweden, where comparable EBITA is unsatisfactory, many of those developments are taking place and EBITA started to improve towards the end of the quarter.
“During the past months, we have signed important rental agreements with large Nordic construction companies. In Finland, we signed a multi-year partnership agreement for YIT’s Tripla construction site, which is currently one of the largest sites in the country. In Sweden, Ramirent expanded its cooperation agreement with Skanska Maskin AB and signed its first frame agreement ever with JM AB.
“In General Rental, growth in net sales was driven by improved demand especially in the Nordic construction sector. In Solutions, large construction and industrial projects continued to support sales growth especially in Sweden, Finland and Poland.”
Ramirent expects demands for equipment rental to grow in most of its markets in the second half of 2016.
Ramirent has locations in 10 countries and is based near Helsinki, Finland.