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.
“Therefore, profitable growth opportunities will present
themselves for the Grenke Group with continued cautious risk
management in the individual markets.”
