Loxam revenues increase despite “declining markets”

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

France-based equipment rental company Loxam has posted a moderate increase in revenues of 1% to €2.6 billion for the 2024 financial year, despite what it describes as “adverse market conditions in the building and construction sector.”

Revenues in France exceeded €1 billion once again, up 2% from 2023, supported by steady demand in generalist rental and specialist activities.

Loxam’s partnership with the Paris 2024 Olympic and Paralympic Games contributed approximately €50 million in revenue, it said. 

In the Nordic region, revenues declined by 4.9% to €671 million, reflecting lower construction activity in Sweden and Finland. However, ongoing industrial projects, such as data center construction, continue to provide opportunities.

Revenue in its Rest of the World division remained strong and grew by 4.8% to €843 million, with strong performance in Southern Europe, the Middle East, and Brazil.

The company said the integration of JIAB Hyrcenter in Sweden and Motormac and A Geradora in Brazil contributed to overall business stability.

Gérard Déprez, president of Loxam, said, “2024 is a year of consolidation. After two years of sustained growth in 2022 and 2023, we continued to grow in 2024 in an uncertain environment, marked by persistent inflation and rising interest rates.

“In a competitive environment, we succeeded in maintaining our business and pricing strategy to once again achieve revenues of over one billion euros in France. Our contribution to the success of the Paris 2024 Games, as a partner and supplier, contributed to this. I would like to warmly thank all our employees for their dedication and congratulate them on the many challenges won in 2024.”

Safety and digitalisation efforts

On the technology front, Loxam said it completed a digital transformation program that streamlined its equipment maintenance and customer interactions. With that, workshops management is now entirely digital, from ordering spare parts to scheduling equipment maintenance.

The company is also trialing artificial intelligence (AI) to enhance operational efficiency and data analysis, which it said is “yielding promising results” and “opening up significant prospects for improved performance.”

Meanwhile, Loxam reported a 10% reduction in its lost-time injury frequency rate (LTIF), bringing it below 10 incidents per million hours worked. The company attributed this to ongoing safety initiatives, even as it managed high-demand projects like the Paris Olympics.

Looking ahead to 2025, the company said it expects the European construction markets to recover, particularly in the Nordic countries where it operates via its Ramirent subsidiary. 

In France, it expects an upturn in civil engineering in the run-up to the upcoming municipal elections in March 2026 to benefit the business. As such, it said that growth this year will be moderate. 

Stéphane Hénon, Group CEO, Loxam, added, “Loxam remains a unique entrepreneurial adventure, with a formidable dynamism, an unfailing team spirit and a capacity for innovation that enables us to emerge from turbulent times even stronger. We can therefore look forward to 2025 with confidence, and count on the commitment of all our employees.

“Loxam will continue to pursue its growth strategy, and aims to deploy its business expertise and recently acquired project engineering skills to serve an ever wider range of sectors, notably in industry, services and the events sector.”

The company will also continue to support efforts to rebuild the Notre-Dame Cathedral as it did in 2024, when it provided additional living quarters for the cathedral’s restoration project. That is now expected to run until 2029.