Renta continues upwards trajectory
By Murray Pollok26 August 2022
Finland-based Renta Group has continued its trajectory of growth in the second quarter of 2022 with sales up 41.5% to €94.3 million and EBITDA profits rising by 39.2% to €34.1 million.
The results do not include the recent acquisitions of Uprent Group and Lohke Materieludlejning, but include contributions from previous acquisitions Utleiesenteret and L & E Maskin (for June only).
During the quarter Renta added six new depots in Poland, bringing the total in the country to 15, and one in Sweden. The group had 117 depots at the end of June this year compared to 97 a year ago.
Revenue growth on a pro forma basis was 7.3%, taking into account the companies acquired since the second quarter of 2021.
Renta said it was successfully managing the challenges facing the industry, including cost inflation, higher energy costs and supply chain delays on new equipment.
“We acted quickly in transferring price increases to customers, which has started to pay off and is protecting our margins with limited impact on volumes or utilisation rates”, reported the company.
“The market forecast for each of our regions remains favourable throughout the current year. We benefit from our geographically-diversified growth strategy, which provides mitigation against differing market forecasts across our regions in 2023, with relatively positive outlooks in Norway and Denmark offsetting small forecast declines in Sweden and Finland.”
Sweden remains Renta’s largest market by revenue, generating €41.4 million in the period, which was 30% up year-on-year. Next is Finland with sales of €26.5 million, rsing by 12%, and then Norway, where sales of €23.9 million more than doubled year-on-year.
Founded was founded in 2016 and operates in Finland, Sweden, Norway, Poland, Denmark, Latvia, Lithuania and Estonia. It employs 1,256 people.