14.05.2006

Ramirent sales up 35%

Ramirent the Helsinki based rental company has published its first quarter results.

The Group’s net sales increased by 35.4 percent to €105.1 million, of which Ramirent Finland accounted for €20.7 million, Ramirent Sweden for €29.9 million, Ramirent Norway for €29.2 million, Ramirent Denmark for €10.2 million, and Ramirent Europe (Eastern European markets) for €15.5 million.

The company says that the majority of its growth was organic, but a portion was still attributable to acquisitions made in 2005.

Operating profit (EBIT) for the first quarter more than doubled to €20.8, of which Ramirent Finland accounted for €3.6 million, Ramirent Sweden for €9.3, Ramirent Norway for €5.7 million, Ramirent Denmark for €0.8 million (an 800% increase), and Ramirent Europe for EUR 2.4 million.

The Group’s net profit before tax was €19.4 million, more than six times that in 2005. The increase in the company’s profitability was due, the company said, to the growth in net sales and high capacity utilisation. Additionally, the first quarter numbers include a tax-free profit realised from the divestment of properties in Sweden, amounting to €5.4 million.

Group Capital expenditure was €41.4 million, almost twice that for 2005. Most of which was spent on investments in machinery and equipment. The company says that the increase in capital expenditures reflects the Group’s ambition to further develop its product range and depot network to better serve its customers.

During the quarter Ramirent reduced its net debt by €8.7 million to €159 million. The company also announced that it is in the process of setting up a new operation in the Czech Republic, which should be operational during the second half.