09.05.2008

Ramirent up 19%

International rental company, Ramirent of Finland has reported a 19 percent increase in first quarter revenues to €162 million. Most of the countries in which the company operates grew strongly, although Hungary, Estonia and Latvia slowed.

Pre tax profits slipped by just over three percent to €26.2 million due to higher interest costs and currency translation factors.

Capital expenditure on equipment was up almost 10 percent on the same period last year to €79.8 million.

At the same time as the latest results were announces, Ramirent’s president and CEO Kari Kallio announced his intention to retire in 2009. Ramirent has initiated the process to find a new president. Kallio will continue in his role until his successor is found and assumes office.

“I have had an exciting assignment to manage a rapidly growing company and implement a number of acquisitions. However, managing a growth company, with operations in 13 countries, has been arduous and has affected my private situation. Accordingly, I have reached an agreement with the board to retire in 2009,” said Kallio. “Until the new President is appointed and provided a transition period, I will continue to lead the Group with full effort.”