Grenkeleasing’s new business volume grew 16.7% year-on-year in the first half of 2013, according to preliminary results from the German IT finance company.

Total new business volume, including franchise partners, was €574.7m compared to €492.3m in the first six months of 2012.

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Total leasing new business, which excludes factoring and start-up finance, was €494.3m, up 13.2% from the 2012 figure of €436.7m.

The firm’s contribution margin on new business, a measure of its profitability, was steady at 19.3%, compared to 19.4% in 2012.

The input of Grenke’s international operations has grown marginally with new business outside of Germany contributing 66.2% of the company’s portfolio by volume in the first half of 2013, compared to 65.6% last year, and the firm stated its intent to expand further outside its domestic market.

Despite ending broker-introduced business in the UK, Grenkeleasing opened its sixth branch in the country in late 2012 and opened its fourth Swiss branch in the second quarter of 2013.

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Nonetheless, the conversion rates for the first six months of the year were 48% in Germany and 38% for international business which the firm said reflected the continued importance of the German market as well as the company’s risk approach in individual international markets.

Wolfgang Grenke, chief executive of Grenkeleasing, said the 16.7% new business growth figure was at the upper end of the company’s forecast of 13 to 16% and Jörg Eicker, the company’s chief financial officer said the growth was "well secured" thanks to a "solid reputation" in the capital markets, reflected by recent €100m bond issue.

Eicker recently discussed the strong position of European IT equipment leasing in an interview with Leasing Life.

Grenke’s full first-half results are expected at the end of July.