Cramo grows amid changes

By Joe Malone09 February 2018

Cramo said its 2017 financial performance was diluted as a result of divestments it made during the year.

Cramo flag

The company recorded a year-on-year revenues increase of 2.4% for the full year, to €729.50 million, after parting company with its Danish equipment rental operations, bought by Loxam for €25 million, as well as its Latvian and Kaliningrad operations, bought by Storent.

Fourth-quarter revenues also increased 2% for the Finnish rental company, to €196.7 million.

Cramo’s earnings before interest, taxes, depreciation and amortization (EBITDA) grew a healthy 8.1%, to €120 million in 2017. The company said that its EBITDA growth came as a result of sales growth and a higher gross margin.

Progress in 2018 is expected to continue for Cramo, though it said many countries would level out over the next 12 months.

Leif Gustafsson, president and CEO, Cramo, said, “2017 was the first year executing the Cramo’s new Shape and Share strategy and we took many large steps towards our vision, shared resources simplified.

“In the beginning of the year, we divided our operations into two stand-alone business divisions, equipment rental and modular space. As the synergies between the businesses are limited, we decided to further investigate and assess the potential separation of the modular space business. The assessment of different strategic alternatives will be carried out during 2018.”

Gustafsson added that Cramo set its sights on German growth, with the acquisition of site logistics company KBS Infra Group, expected to close in the first quarter of this year. KBS, headquartered in Mainz, generated revenues of around €35 million in 2017 and operates four locations, employing 180 people.

Delivered directly to your inbox, International Rental Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Latest News
Makita UK adds to range of cordless lighting
Makinta launches the lights with the aim of making lighting workspace lighting easier
Smart management offering from Haulotte
Haulotte Smart Solutions includes finance, maintenance and telematics for France, Italy and Spain. 
New Eastern Europe subsidiary for Magni
Based in Warsaw, Poland the new branch will strengthen presence across the region 
Murray Pollok Managing Editor Tel: +44(0)1505 850 043 E-mail:
Simon Kelly Sales Manager Tel: +44 (0) 1892 786 223 E-mail: