Cramo says 2013 sales will be lower
By Murray Pollok22 October 2013
In new guidance on its 2013 performance Cramo said it expected sales to decrease compared to 2012, although the EBITDA margin will improve. The company had previously said that market uncertainty made it imprudent to provide full year guidance.
The new guidance is: “In 2013, the Group’s sales will be lower than in 2012. However, the Group’s business demonstrates a good continuity over time. In 2013, already implemented and on-going efficiency measures will yield an improvement in EBITA margin percentage compared with the previous year.”
Cramo said the economic uncertainty in Europe had decreased during the summer and autumn. “In Cramo Group the improvement in profitability that started in the second quarter continued during the third quarter. The improvement is related to cost savings and other efficiency measures as well as to the implementation of Cramo’s strategy.”
The company said the reasons for the expected sales decline are the divestment of its modular space production and rental businesses in Finland in March 2012 and the transfer of its Russian business into the FortRent joint venture on 1 March 2013.
Cramo’s interim report for the third quarter of the year will be published on 30 October.