Grenke Leasing has announced a 47.6% jump in
profits for the first half of 2011 generated by a 21.3% rise in new
leasing business to 30 June 2011.
The Baden-Baden-based IT financing specialist
recorded net profit of €18.1m compared with €12.2m year-on-year in
2010.
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Grenke’s leasing business, which makes up
around 92% of the company’s new business volume, signed leasing
contracts worth €375m in the period, up from €309m the previous
year.
UK leasing business alone has grown 33.4%
year-on-year from the first half of 2010.
Total new business, including factoring and
contracts generated by the group’s franchise businesses, was
€409m.
Wolfgang Grenke, chairman of the Board of
Directors of Grenke Leasing, said following the first half results
the company has increased their net profit forecast for the year to
€36-38m and are on course to reach their target of 20% growth in
2011.
The Grenke Group operates in fifteen European
countries, under the consolidated Grenke Leasing corporate group,
and is represented in eight further countries in Europe through a
franchise system.
grant.collinson@vrlfinancialnews.com
