9 Apr 2020 15:00
Cramo Plc withdraws its guidance for 2020 due to uncertainty related to COVID-19
Cramo Plc Stock exchange release 9 April 2020 at 5.00 pm EET
Cramo Plc withdraws its guidance for 2020 due to uncertainty related to COVID-19
Cramo Plc’s financial performance during January-March 2020 has developed largely in line with our expectations. Cramo’s financial performance has not yet been affected by the coronavirus (COVID-19) outbreak. However, the fast-spreading coronavirus represents significant uncertainty for the remaining year. Because it is difficult to assess the financial impact of the situation, Cramo withdraws its guidance for 2020. Cramo has taken actions to protect the health and safety of its employees and to ensure business continuity. Largest uncertainty relates to the length of the restrictions put on the societies around the world and the potential closure of construction sites. Uncertainty and slowing world economy will likely delay and reduce investment decisions, which will impact negatively on rental demand.Cramo follows closely the development of COVID-19 and has initiated large number of actions to mitigate the impacts of COVID-19 on its business.
Previous guidance published on 11 February 2020 was:
Cramo estimates its comparable EBITA will be above EUR 75 million in 2020.
CRAMO PLC
Further information: Mr Ville Halttunen, CFO, tel: +358 50 346 0868, email: ville.halttunen@cramo.com
Distribution: Nasdaq Helsinki Ltd Main media www.cramogroup.com
Cramo is one of the leading European equipment rental services companies with revenue of EUR 613 million in 2019, serving approximately 150,000 customers through around 300 depots across 11 markets with a full range of machinery, equipment and related services. Cramo enjoys solid market position in all key markets and has a strong focus on the most sophisticated customers primarily within the renovation and new-build construction, industrial and public sector end-markets. Cramo shares (CRA1V) are listed on Nasdaq Helsinki Ltd. Boels Topholding B.V. has acquired more than 90 percent of all Cramo's shares and will delist the company from Nasdaq Helsinki Ltd as soon as permitted under applicable laws.
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