Review by the President and CEO

Extract from the Stock Exchange Release published on 8 February 2019:

Cramo’s 2018 was a year of solid sales growth, acquisitions in both of our divisions and a successful performance improvement in Modular Space business. All Group level financial targets were achieved in the financial year 2018. In addition, growth targets regarding the Equipment Rental division’s sales as well as Modular Space division’s rental sales were achieved.

The market environment was good for both of our business divisions, which further supported the organic sales growth of 6.1% for the full year. Group’s comparable EBITA increased by 8.3% to EUR 130.1 million and full-year profitability improved. During the last quarter, we successfully completed the acquisition of the Swedish-based Nordic Modular Group Holding AB (“NMG”), which strengthens the Modular Space division both in terms of market position and business model expansion.

The Equipment Rental division’s performance varied between the countries in the last quarter of the year. Sales remained at the previous year’s level in Sweden. Norway continued on a profitable growth track. In most of our Eastern and Central European countries, sales and profitability improved, whereas the underlying performance in Germany continued to be not satisfying. In Finland, the result was still weighed down by a tightened competition, which affected prices and sales. However, Finland’s profitability improved from the previous quarter. Performance improvement measures continues in both Germany and Finland.
In the Modular Space division, the fourth-quarter organic rental sales were 13.5% higher than in the previous year. Total rental sales increased by 37.3% and were supported by acquisitive growth as NMG was consolidated in the division’s figures for the first time from 31 October onwards. Comparable EBITA increased by 28.8%. In the last quarter, the division’s profitability was diluted by cost provisions related to certain integration and restructuring measures. Excluding these one-off factors, the performance improvement actions taken during the past years contributed to profitability.

As announced in December, the Board of Directors of Cramo decided to pursue towards spin-off of the Company’s Modular Space business to existing Cramo’s shareholders. The transaction and separate listing is expected to take place in Nasdaq Stockholm latest in the third quarter of 2019. I am looking forward to the year ahead as we aim towards utilizing the full-potential of both of our business divisions in order to maximize the shareholder value.

The 2019 equipment rental market outlook remains still positive despite increased economic uncertainties. In Sweden and Finland, the rental market still shows growth due to growth outside new residential building construction. In the Eastern European countries market growth is expected to remain strong. The Modular Space outlook remains positive within all segment’s operating countries.



  • 10 Jun 2019Capital Markets Day, Modular Business (Adapteo)
  • 12 Jun 2019Last day to register for EGM
  • 17 Jun 2019Extraordinary General Meeting

Welcome to Cramo Investor pages

Cramo is a service company specialising in equipment rental services, as well as rental of modular space. Our equipment rental services comprise machinery and equipment rental as well as rental-related services.

As one of the industry’s leading service providers in Europe, Cramo operates in Finland, Sweden, Norway, Denmark, Estonia, Lithuania, Poland, Germany, Austria, Hungary, the Czech Republic and Slovakia. In Russia and Ukraine we operate under the brand of the 50 percent owned joint venture Fortrent.

Cramo provides modern rental solutions through the Cramo Concept. Under the Cramo Concept, construction companies and customers in trade, industry and the public sector, as well as private customers, are provided with machinery, equipment and modular space through different rental solutions and services.

By combining the product portfolio with its extensive offering of services, Cramo reduces the capital invested by its customers and can create total rental solutions for every need for both the short and long term.

Through a network of about 300 depots, with a total number of rental items over 230,000, Cramo’s 2,600 employees serve over 150,000 customers in fourteen countries.

Cramo is a Nordic Mid Cap Company in the Industrials sector on Nasdaq Helsinki Ltd.