Ramirent’s net sales increased by 20.5 percent to €134.4 million (about U.S. $191 million) for the first quarter of 2011 because of a recovery in the construction market that started after the middle of 2010.
At comparable exchange rates, Ramirent’s net sales increased 15.1 percent. Its growth in net sales was especially strong in Sweden, Eastern and Central Europe.
“The positive development that started in the autumn 2010, continued during the first quarter of the year,” said Magnus Rosen, Ramirent CEO. “Activity levels continued to grow in all our operating countries although January to March is typically the quietest quarter of the year. Equipment utilization rates increased supported by improved demand in customer industries. We continued our work on making new inroads into new customer sectors with new cooperation agreements established in the agriculture sector and railroad construction sector. During the quarter, we also succeeded in finalizing one acquisition in Denmark and two outsourcing deals, one in Finland and another in Denmark. We continue to monitor the markets for interesting consolidation opportunities.”
Ramirent, based in Helsinki, Finland, has operations in 13 countries in Europe.