Grenke Group, the German financing company,
has reported strong growth in its international leasing business in
the first quarter, as profits return to the pre-banking crisis
level.
Profitability of new business (contribution
margin 2) in Grenke’s leasing division was 14.3 percent for the
first quarter of this year. Total new business, including franchise
partners and factoring, was worth €191.9 million, up 27.8 percent
from the same period a year earlier.
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The majority of new business (61 percent) came
from outside Germany, with strong growth in France, Italy, and the
UK, Grenke said.
The company said that it was confident of
achieving its target of 20 percent growth in new business for
2011.
“We benefit from the various prospects offered
by different European countries and we concentrate primarily on
those regions with below-average competitive intensity,” said
Wolfgang Grenke, chairman of the board of directors of
Grenkeleasing.
“Therefore, profitable growth opportunities
will present themselves for the Grenke Group with continued
cautious risk management in the individual markets.”
nick.huber@vrlfinancialnews.com
