Sixt boosted by record first quarter results

Worldwide progress in Europe and the US has helped Germany-based floor transport supplier Sixt to document its “finest working end in a primary quarter”. 

The automotive rental firm grew in European international locations outdoors of Germany because it gained market share from opponents, with income up by 93 per cent on 2021 to €213.4 million and up 22.2 per cent versus 2019. 

In its residence market of Germany, Sixt’s income additionally grew by 32.3 per cent year-on-year to €181.2 million however this was down by 17.6 per cent from the 2019 determine of €220 million. 

The corporate’s general first-quarter income of €580.8 million was up 76.1 per cent year-on-year and a rise of 14.8 per cent in contrast with three years in the past. Development was significantly robust within the US with income greater than doubling to €186.1 million in contrast with €82.3 million throughout the identical quarter of 2021.

Consolidated earnings earlier than tax elevated to €93.5 million, in contrast with a lack of €13.7 million one 12 months in the past. 

Sixt’s world fleet, excluding franchise international locations, numbered round 125,000 autos within the first quarter, almost the identical degree as in 2019 (129,000 autos) and up 35 per cent in contrast with the primary quarter of 2021 (93,000 autos).

The corporate anticipates that demand to stay robust in all markets for the second and third quarters, nevertheless, the provision of latest autos is more likely to stay scarce within the months forward, which meant that costs “are more likely to stay excessive”.

Sixt’s chief monetary officer Kai Andrejewski mentioned: “Now we have gotten off to an excellent begin into the 12 months and are seamlessly persevering with the robust enterprise improvement of the earlier 12 months. 

“Our lively fleet coverage has contributed considerably to the truth that we’re roughly on the pre-crisis degree of 2019.“