12.02.2008

Rami Europe’s largest?

Ramirent the Finnish based multinational rental company has announced full year 2007 revenues up by over 27 percent on 2006 at €634 million, possibly making it Europe’s largest rental company, depending on current market leader Loxam’s final numbers.

Pre tax profits for the period grew by 41.6 percent to €145.8 million a new record.

Capital expenditure for the year totaled €217.5 million an increase of 23 percent on 2006. Net debt increased by just over 25 percent to €235.9 million but gearing eased marginally to 69.2 percent.

President and chief executive Kari Kallio said:
“In 2007, we added another 22 outlets to our outlet network and invested heavily in new machinery and equipment to cater for customer demand. Net sales increased by 27 percent and earnings per share increased by 40 percent.”

“The business environment remained favourable in most Ramirent countries and all business segments developed well in 2007. In the Nordic countries, Ramirent improved its market position both in Finland and Norway. In Sweden, margins continued to improve but with a slower growth. In Denmark growth and margins were at a lower level compared to the other Nordic countries due to the weaker market situation. In Central and Eastern Europe, demand for rental equipment remained on a high level, but with growth rates becoming more modest in some markets.”

“We are closely following the development in the financial markets and consider the impact on our operations. The development of each individual market is closely monitored and we are prepared to react rapidly to shifts in demand by reallocating new investments and fleet between our markets. Especially the development in Hungary and in the Baltics will be carefully monitored.”

“Ramirent will continuously pursue profitable growth, both organically and through bolt-on acquisitions across all segments. We will also continue to develop our product and services offering to our customers, develop our balanced market portfolio and maintain control of fixed costs and fleet management.”

The company expects 2008 will remain strong with customers in most of its markets holding strong forward order books.