BADEN-BADEN (dpa-AFX) - The leasing specialist Grenke has started the year with more business. In the first quarter, new leasing business grew by 9.8 percent year-on-year to 669.8 million euros, as the SDax-listed company announced in Baden-Baden on Thursday. Grenke was also able to pass on the higher interest rates to its customers. As a result, the contribution margin (DB2 margin) of new business increased from 16.7 to 16.8 percent. The company thus achieved its medium-term target of around 17 percent.

CEO Sebastian Hirsch reported stable demand. In view of the latest figures, he believes the company is well on track to achieve its targets for the current financial year. Grenke is currently targeting new leasing business of EUR 3 to 3.2 billion for 2024. Consolidated profit is expected to reach 95 to 115 million euros./stw/zb