Loxam returns to pre-Covid levels in France
By Murray Pollok10 June 2021
Loxam’s French business recovered well in the first quarter of 2021, with a 13.1% increase in sales year-on-year, although the company reported falls in the 7 to 8% range for its businesses in Scandinavia, the UK and the Middle East.
Total sales in the quarter were €496.9 million, an increase of 0.6%. EBITDA profits were up 11.1% to €166.7 million, improving by 30% in France.
The Paris-based company said its revenues in Sweden, Norway, Finland and Denmark - the territory largely comprising the Ramirent business acquired in mid-2019 - fell by 8.2% in the first quarter because the same period in 2020 experienced fewer pandemic restrictions and mild weather.
Sales in the rest of the world were down 7% to €132.7 million, with falls in the UK and the Middle East where pandemic restrictions were still in place.
Sales in France were up 13.1% to €220.6 million, reflecting a business recovery in March 2021. The Italian market also rebounded.
Gérard Déprez, Chairman and CEO of LOXAM, said; “This quarter was marked by our recovery in France, where our revenue has returned to its pre-crisis levels. Outside France, the rebound was delayed in most countries, due to remaining restrictions related to the health context. In Scandinavia, business activities were also impacted by a colder and longer winter.”
Déprez added; “Going forward, we expect the construction sector to rebound and we intend to take advantage of this recovery to continue our growth.
“We were also very pleased with the S&P Global’s rating upgrade to B+ with a positive outlook, reflecting our resilience during 2020 and our growth prospects.”