Grenkeleasing has reported year-on-year new business growth of 12.4% in the first nine months of 2013 to 720.3m.
Over two thirds of the company’s leasing business was generated outside of Germany, with 485.2m in international business and a further 18.2m generated through international franchisees. The remaining 216.9m was generated in the company’s domestic German market.
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Grenkeleasing’s contribution margin – a measure of profitability – was 137.9m, compared to 125.3m for the same period in 2012. The company also reported a conversion rate for applications of 41%, with 39% conversion in international markets and 48% conversion in Germany.
Over the same period, new business for Grenke Group, which includes factoring and start-up finance business, rose 16.7% to 851.8m, split between just under two thirds in international business and just over one third in the domestic market.
Wolfgang Grenke, chairman of the board at Grenkeleasing, said the new business growth meant the company was "fully on track" for full year growth of between 13% and 16%. He said the combination of the "positive trend" in Germany with already high penetration had given a "very favourable result", and said 16.6% growth in Western Europe was "primarily driven by France and Switzerland."
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By GlobalData
