Loxam hits €1 billion revenues in France

Loxam has reported a 6.2% increase in its annual revenues in 2023 to €2.55 billion, with more than €1 billion in France for the first time. EBITDA profit rose by 9.2% to €926.2 million, with operating profits up 3.6% to €289.7 million.

A Loxam wheeled loader working in Paris. (Photo: Loxam)

The company reported that its business in France grew by 6.6% to €1041 million, but fell by -2.3% in the Nordic countries to €705.7 milllion. Loxam operates as Ramirent in the Nordic territory, the Baltic States, Poland, the Czech Republic and Slovakia.

Its fastest growing territories were the rest of the world, where revenues were 14.4% higher at €804.4 million. These markets include Spain, Portugal, the Middle East (Kuwait, UAE, Qatar, Oman), Morocco and Brazil.

Last year Loxam acquired Brazilian rental companies Motormac and A Geradora, increasing its market share in the country by a factor of four.

The Rest of the World division has grown by almost a third in two years and is now second largest division of the group, after France.

The company has reduced its gross expenditure on fleet last year by 27% to €581.1 million, and said its 2024 spending would be more focused on fleet renewal rather than growth.

Gérard Déprez, CEO and chairman of Loxam, said; ”2023 was a year of sustained growth. After an exceptional performance in 2022, we continued to grow in 2023 in a particularly complex environment, marked by persistent inflation and the rise in interest rates that severely disrupted the construction market.

“For the first time, we recorded sales in excess of one billion euros in France. This performance, repeated year after year, demonstrates the solidity of the Loxam model, our unrivalled expertise, and our ability to respond ever better to our customers’ expectations.”

Safety improvements
Stéphane Hénon, managing director of Loxam, hailed the company’s safety performance, with a 24% lower accident rate across the group and a 38% fall in France; “Safety remains a top priority for the group. This year, we are reaping the rewards of past investments, with a major drop in accidents linked to our operations.

“As an advocate of continuous improvement, I see this as a sign of the company’s great maturity, now able to take full advantage of synergies between its subsidiaries, including international ones.

“With a frequency rate of 11 accidents per million hours worked, Loxam is among the European leaders in safety in its sector.”

Loxam said the safety improvement was the result of the implementation of a safety awareness and management programme and the sharing of best practices with subsidiaries with the best safety records, such as the UK, Scandinavia and Central Europe.

Olympic opportunity
The company added that the Olympic and Paralympic Games, which will be staged in Paris this summer, represented a great opportunity for the business; “As a partner and supplier, Loxam has brought on board an ecosystem of French companies to meet the logistical needs of the Paris 2024 organizing committee.

“Starting in the spring of 2024, the Group will deliver temporary facilities to welcome the public, athletes and organisers at some twenty sites during the Games. In partnership with events specialist GL events, Loxam will also provide electrical connections, distribution and supply of emergency and temporary power, as well as ventilation and air conditionning at the competition and non-competition venues.”

Gérard Déprez added; “These Olympic and Paralympic Games are an exceptional opportunity for our Group, not only to assert its role as a key supplier for events of this scale, but also to demonstrate its commitment to supporting major international sporting events.

“Over and above our technical contribution, getting involved with Paris 2024 means sharing in a human and collective adventure. It allows us to involve our staff, but also our customers, in a positive dynamic, to enthusiastically welcome this historic event for the country.”