European rental giant Ramirent posted fourth quarter net sales of €170.5 million (about U.S. $186.3 million), compared to €160.7 million in the fourth quarter of 2015, a 6.1-percent increase. For the full year, Ramirent reported net sales of €635.6 million a 3.6-percent increase compared to 2014.
“Ramirent Group’s fourth quarter sales increased by 6.1 percent or 7.9 percent at comparable exchange rates driven by strong service sales and good demand in general rental in most of our markets,” said CEO Magnus Rosen. “The group’s fourth quarter EBITA increased by 15.7 percent to €16.8 million, representing an EBITA margin of 9.9 percent. In the fourth quarter, we increased capital expenditure to €42 million to capture growth opportunities. To drive growth and profitability, we updated our long-term financial targets and strategic focus themes at the Capital Markets Day in December. We are targeting further growth by developing our group business mix through three distinct business areas: General rental, Solutions and Temporary Space.”
Rosen said that in 2016, the company expects stable and fair overall market conditions, despite some varying between market areas.
Also Ramirent named Tapio Kolunsarka as its new president and CEO, to succeed Magnus Rosen who will resign from the company. Kolunsarka previously worked at UPM-Kymmene Corp.
Based in Vantaa, near Helsinki, Finland, Ramirent has operations in 10 countries.
