Renta Group posts 16% revenue increase
29 August 2023
Equipment rental company Renta Group has posted “strong financial and operational performance across the Group” for the second quarter of 2023, with revenue hitting €110 million and EBITDA increasing by 11.3% to €38 million.
The Finland-based company says its revenues, which represents a 16.7% increase on the same period in 2022, was mostly driven by acquisitions it completed in the last year, including Høyde-Service, Del-Pin, Pohjanväre and MP-Yhtymä.
Geographically, Sweden remains the biggest market for Renta with revenues of €43 million in Q2, followed by Finland (€26 million) and Norway (€23 million).
In terms of growth, Denmark saw the highest increase and generated revenues of €11.7 million, 11% of the company’s total revenue.
Norway was the only region not to see any growth (revenues remain unchaged from Q2 of 2022), while EBITDA in the country decreased to €7.9 million in the quarter (down from €8.4 million in 2022).
Despite posting profit in each region it operates in, the company also said that the fluctuation in foreign exchange had a “significant adverse impact on euro-denominated growth figures, given weakening NOK and SEK.”
Moving forward, the company says it is “well positioned” to manage the market envinronment, despite softer conditions than previously predicted.
“We believe in the resilience of our business model, and as a result of the actions we have taken, we are well positioned to continue to perform strongly,” said Renta. “Increasing rental penetration, enhanced digitalisation and growing requirements for sustainability are expected to drive market growth in the long-term.”