Independent leasing business Grenke Group
has reported a 24.5% rise in new business for the first quarter of
The total value of leased assets in the
period was €238.9m.
Around 40% of new lease applications were
accepted and the average value per lease was €8,270, which falls in
line with the group’s ‘focus on small-ticket’.
Growth in its largest international markets
– the UK, France and Italy – continued, with business in these
regions amounting to 65.2% of the German firm’s business, compared
to 61% in the same period in 2011.
In the group’s quarterly results statement,
a spokesperson commented: “As part of our market penetration
strategy, we will carry out more cell divisions in our existing
markets in the coming quarters of 2012, in order to further extend
our presence. In the first quarter of 2012, we addressed Brazil as
our first target market outside of Europe.”
Grenke revealed that contribution margin
for new business in Q1 was 17.7%, remaining at a similar level to
the previous quarter (Q4-2011), where it was 17.1%.
The lessor cited a “favourable competitive
environment and a slight reduction in interest rates over the first
quarter of 2012” as the driving factor behind these results.
Chief executive of Grenkekleasing Wolfgang
Grenke, said: “In terms of our expectations for fiscal year 2012 to
expand new business by around 15%, we are fully on target. We shall
continue on our path to success over the course of the year and
will also continue to focus on those regional target markets with
prevailing growth opportunities and a suitable risk-reward