German independent lessor Grenke Leasing has reported a 19.3% year-on-year increase in new business, including franchise partners, which stood at €363.7m (£291.4m) in Q1 2016. The company said it met its growth forecast of 16-20%.

Grenke Leasing’s new business in its home market witnessed grew by 12.1%, while in France and Italy new business grew by 18.6% and 44.3% respectively.

In the first quarter of 2016, Grenke Group recorded 101,621 lease applications (84,281 international), which generated 43,228 new lease contracts (34,783 international). The mean term per lease contract amounted to €8,414 in Q1 2016 and, although moderately higher year-on-year (Q12015: €8,167), it was still at a lower level than usual for its business.

In the first quarter of the year, Grenke Leasing opened a branch office in Oulu, Finland. It currently operates in 86 locations internationally.

Last month, Grenke Leasing announced plans to change its name to Grenke to reflect the expansion in its product lines.