LeasePlan saw revenues grow 5% year-on-year to €2.4bn (£2.1bn) in the second quarter of the year, thanks to a jump in income from de-fleeted car sales.
The group reported profits of €152m for the period, up 12.6%.
Vehicle sales and end-of-contract fees brought in €810m in revenues in Q2, up by £95m from a year earlier. Growth in the main leasing and additional services operations was slower at 1.3%.
Serviced fleet grew 6.7% to 1.8m vehicles, which LeasePlan attributed to increased demand from the corporate and SME segments.
The company highlighted “car-as-a-service” products as one of the main drivers of margin growth. B2C volumes increased 70% year-on-year, reaching 11,600 vehicles. Penetration on former LeasePlan fleet vehicles was 19%.
B2C business saw a boost from the CarNext platform, selling de-fleeted cars to customers on a cash, lease or subscription basis. It has expanded to 15 markets since its launch in 2017, including to the UK last week.
“Our trend [is] to lead the megatrend from ownership to subscription,” said LeasePlan chief executive Tex Gunning.
On the B2b side, the company said it had achieved 20% of cross-border sales through CarNext’s international auction marketplace, as it “capitalised on … matching demand with vehicle supply across geographies”.
On operations in Turkey, where depreciation of the Lira took a €19.8m toll on LeasePlan’s profits in the first quarter, the lessor said “mitigation strategies have been effective and based on the current situation, there is no need for further impairments”.
The Dutch lessor saw a series of partnership wins over the quarter, becoming the fleet and PCH partner to Fiat Chrysler in European markets where the Italian-American brand does not operate its Leasys captive. It also entered a collaboration with charging station provider Allego to provide electric vehicle customers with home and workplace charging points.
The company did not provide an update on a possible IPO, which it has been looking into since at least last year.
LeasePlan has been owned by an investors consortium since 2016, which bought it from the Volkswagen group and a German investment fund for €3.7bn. In April, chief executive Gunning said that if the IPO went ahead, the company would seek a valuation higher than the €5.6bn of rival ALD Automotive, part of Societe Generale.