The first half of 2023 was successful for the Storent group. The net profit in the first half year of 2023 exceeded half a million, in contrast to the losses made in the same period last year, and the EBITDA increased by 13%, reaching 5.8 million euros, which is in line with the Group's annual plan. In the Baltics, the total turnover in the first 6 months increased by 7%, and rental income increased by 6%, compared to the same period last year. In Latvia and Lithuania, the construction market showed growth of 15% and 19% in Q2 2023, compared to the same period in 2022. 

The Storent group is working with great capacity on the renovation of the fleet. The company has doubled the amount of investments in the fleet, supplementing the initially planned 6 million euros with another 6 million euros for the purchase of new equipment in the next six months. In September 2023, Storent Holdings plans to come up with an additional issue of Storent Holdings bonds in the amount of up to 4.5 million euros, reaching the initially planned total amount of 15 million. 

In second half of 2023, Storent group will continue to focus on an improvement of sales process efficiency, additions to and renewal of rental fleet, as well as develop online sales and digitalization. Storent group aims to expand both geographically and by increasing market share in existing markets, management’s latest estimation of annual EBITDA is still EUR 15 million reaching 5% increase in rental revenue.

Baiba Onkele

Storent Holdings CFO

Mobile: + 371 29340012

E-mail: baiba.onkele@storent.com

www.storent.com