Sales increase for Renta in Q1 results
24 May 2023
Finland-based Renta Group has announced its Q1 financial results for 2023, which has revealed a 32% increase in its net sales and growth across all segments, according to the company.
The €99 million reported by the company is up from the €75 million during the same period in 2022, while it also reported strong EBITDA results, which increased by 35.3% to €33 million.
Sweden remains its biggest market, and generated €42 million in the first quarter, followed by Finland (€24 million), Norway (€20 million), Denmark (€9 million) and Central Eastern Europe (€4 million).
In terms of sales growth, Finland grew by just 0.9% in Q1, which the company attributes to “flat growth impacted by weather and delays to industrial projects.” Denmark saw the highest growth in net sales, having reported €1 million in Q1 of 2022.
Speaking on the live webcast announcement, Renta Group CEO Kari Aulasmaa said growth had been driven by both acquisitions and organic growth.
Looking forward, the company says its outlook remains positive, despite market conditions in the first half of 2023 being softer than previously anticipated.
Elsewhere, Renta Group says four acquisitions that have been finalised since the end of Q1, which are expected to add annual revenues of over €30 million, will help it to continue organic and inorganic expansion into the rest of the financial year.