BADEN-BADEN (dpa-AFX) - The leasing specialist Grenke has benefited from its recent strong new business in the first quarter. Profits rose by a quarter to 19.8 million euros, as the company, which is listed in the small cap index SDax, announced in Baden-Baden on Wednesday. Operating income increased by almost seven percent to around 106 million euros. Grenke thus sees itself on course to achieve its annual targets.

As already announced, Grenke increased its new leasing business in the first quarter by 9.8 percent to EUR 669.8 million compared to the same period last year. The contribution margin (DB2 margin) of new business increased from 16.7 to 16.8 percent. For the current year, Grenke CEO Sebastian Hirsch continues to expect new leasing business of EUR 3 to 3.2 billion. Consolidated profit is expected to reach 95 to 115 million euros./niw/zb