The Grenkeleasing group has reported €228.5 million of new
business written in the first half of 2009, a decrease of 19.6
percent on H1 2008’s figure of €284.1 million.
Yet, according to a statement by the group, this was a planned
reduction: “In view of the further deterioration of macroeconomic
activity, we actively reduced the group’s new business, to focus
increasingly on profitability.”
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As such, the group reported margins edged up to an all time high
of 19.5 percent on what Grenke calls its ‘contribution margin 2’
(CM2) business, with such deals bringing in nearly €40 million.
Grenke’s lower-profitability CM1 business generated margins of
13.7 percent in the first half of the year.
The group stated that from Q3 2009 onwards, it would return to
pursuing volume growth, especially in its CM2 business, while
pushing CM2 margins up by a further 5 – 10 percent over the year as
a whole.
Grenke’s international subsidiaries outside Germany took in 47
percent of the group’s new business over the half year.
Fred Crawley
