German financing company
Grenke Group has reported strong growth in its international
leasing business in the first quarter.
Profitability of new business
in Grenke’s leasing division was 14.3% for the first quarter of
this year.
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Total new business, including
income from franchise partners and factoring, was worth €191.9m, up
27.8% from the same period a year earlier.
The majority of new business
(61%) came from outside Germany, with strong growth in France,
Italy and the UK, Grenke said.
The company said it was
confident of achieving its target of 20% 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.
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By GlobalData“Therefore, profitable growth opportunities will present
themselves for the Grenke Group with continued cautious risk
management in the individual markets.”
