Financial Statement Release
Storent Investments AS interim report for 2nd quarter 2020
Insider information, 2020-07-31 12:53 CEST --
Total revenues of Storent Group in Q2 2020 increased compared to Q2 2019 by 11,5%. We have seen decrease in rent incomes caused by Covid-19 pandemic in the most of countries of our operations, but total incomes increased due to the sale of an old fleet. Storent group's profitability was effect by both - rent income decrease by 19% and selling of rental assets with low utilization rates. Storent groups has stable cash position with more than 3 million euros at the end of June and liquidity has increased by rescheduling most of bond, loan and lease liabilities.
Since March launch of online rental platform that allows to automate full cycle of online equipment rent, we have seen steady positive trend in new customers registrations, usage of digital authorizations and document signing as well as overall growth of online orders. Regular feedback surveys allow us to make fast improvements and develop platform to become more comfortable for customers. Recovering from Covid-19 restrictions, customers value an opportunity to order equipment online without having to spend time on visiting rental depots and negotiating rental orders face-toface.
Management continues to focus sales and customer service teams as well marketing efforts on promoting online platform among customers as online rental experience clearly becomes a key differentiator in times of equipment overcapacity and low rental prices. Very soon we plan to launch online rental platform in Finland and in Sweden along with digital means for customers authorization and verification.
Storent group continues cooperation with online splitrent equipment provider Preferrent allowing us to increase rental equipment fleet without capital investments. It's planned to develop further cooperation with Preferrent by increasing share of incomes from splitrent up to 40% during one year.
AS Storent Investments CFO
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