Cramo Grows Revenue and Profitability in Fourth Quarter and Full Year 2017
European rental giant Cramo posted a 3.1-percent revenue increase in the fourth quarter with €192.9 million (about U.S. $205.6 million) compared to €187.2 million in the fourth quarter of 2015. In local currencies sales increased 5.1 percent.
For the full year, Cramo posted a 6.6-percent year-over-year hike with €712.3 million compared to €667.9 million in 2015. In local currencies sales grew 7.7 percent.
Cramo said the demand for equipment rental and modular space developed favorably, and the company achieved all targets. Full year comparable EBITA margin increased from 13 percent to 15.6 percent and fourth quarter comparable EBITA margin hiked from 14.4 percent to 16.9 percent. Full year comparable profitability improved in all of Cramo’s markets with the exception of Norway and Eastern Europe.
“I am particularly satisfied with the fact that the Central European operations turned profitable for the full year,” said Cramo CEO Leif Gustafsson. “Profit development also continued to be strong in Finland and Sweden as well as in the entire equipment rental product area.
“I expect the demand for equipment rental and modular space to stay on a good level in 2017. Over the long term the demand for rental services is supported by several megatrends, such as urbanization and efforts to achieve sustainable development. Indeed, one of our most significant development projects has been to clarify our sustainable development strategy so that it is taken into account as thoroughly as possible in all of our operations.”
Based in Vantaa, Finland, Cramo operates in 15 European countries and has about 330 branches.
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.