Ramirent’s net sales in the third quarter dropped 10.6 percent to €166.2 million as a result of the transfer of operations in Russia and Ukraine to Fortrent, Ramirent’s joint venture with Cramo, as well as its divestment of its Hungarian rental business. In the third quarter, Ramirent’s EBITA margin excluding non-recurring items improved to 17.6 percent, compared to 17.1 percent in the third quarter a year ago. Finland and Norway were Ramirent’s best performing countries.
Cash flow was strong for the first nine months, showing an improvement of 29.1 percent despite an increase in capital expenditure. Profitability was in line with the company’s expectations in all segments except for Denmark, where Ramirent initiated measures to improve profitability.
“Net sales decreased by 3.3 percent at comparable exchange rates in the third quarter, adjusted for the transfer of the operations in Russia and Ukraine to Fortrent as well as the divestment of our Hungarian business,” said Ramirent CEO Magnes Rosen. “The demand for equipment rental in the third quarter was influenced by slightly weaker demand in the construction sector in the Nordic markets except for Denmark, which saw some pick-up in activity. Demand in the industrial sector remained fairly active in our Nordic markets. Europe East enjoyed favorable market conditions reflected in good demand for equipment rental. In Europe Central, market conditions remained weak and we continued to scale down operations to fit the reduced demand situation.”
Ramirent is based in Vantaa, near Helsinki, Finland, with operations in 11 European countries.