Interim report (Q1 and Q3)
Storent Investments AS interim report for 3d quarter 2020
Insider information, 2020-10-30 14:30 CET --
In Q3 Storent Group rent incomes increased substantially compared to Q2, just as management expected. This has been possible partly due to an ease or cancellation of government Covid-19 related restrictions in all countries of Group operations. Other reasons are new Group pricing decisions making policy to match unstable market realities with volatile rental pricing and overall, customers have been keen on adapting new way of renting by using Storent online rental platform in Baltics. Storent Group total revenue increased by 11% in Q3 compared to the same period in 2019 due to the sale of an old fleet.
Storent online rental platform that allows to automate full cycle of online equipment rent has been launched in Baltics in late March. We continue to observe positive trend in new customers registrations, usage of digital transaction verification and monthly growth of online orders (in both volumes and in revenues). 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. 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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