Recoveries in mature markets combined with sharp increases in emerging countries and internal cost reductions saw Volvo CE record a 53% increase in sales, a 70% increase in income – and a record operating margin in the first financial quarter of 2011.

As the North American business cycle is showing signs of recovery, Volvo CE Rents will play an increasingly important role in securing sales in the upturn and the company is embarking on a new course where it will not only run a franchise network of rental stores, but will also run company owned stores.

Effective 1 May, Mr Patrick Olney, 42, has been appointed new President and CEO of Volvo Construction Equipment.