Grenke Group’s leasing arm increased new business by 20.1% to €446m in the first quarter of 2017, according to its quarterly statement.
The German lessor reported the greatest percentage rise in Germany, which saw new business increase more than double to €15m from €6.9m in the previous quarter.
The majority of new business was international, which accounted for €336m, and rose 22.2% year-on-year. Southern Europe made up the majority of new business, accounting for €135.8m, up 36.9% year-on-year.
Western Europe, excluding Germany, was close behind on €134.2m, a rise of 6.9% from the figure in the same period of 2016, while Northern and Eastern Europe recorded €71.1m worth of new leasing business, up 32.9% year-on-year. The contribution margin on Grenke’s new leasing business increased 19.3% year-on-year to €80.8m.
Wolfgang Grenke, chairman of the board of directors of Grenke AG, said: “We continued to see strong growth from our international markets in particular.
“As a result, the international share of our new business continued to grow, reaching 74% compared to 71.8% in the previous year.”
Grenke opened three locations over the quarter, one in each of Denmark, Italy, and the Netherlands, and a branch office in Abu Dhabi.
The lessor plans to enter the Australian market and roll out factoring offers in Italy in the second quarter of 2017.