Total revenues of Storent Group in 6 months 2021 increased compared to 6 months 2020 by 6.5%, mainly due to the construction market growth. Despite negative impact of Covid-19 restrictions on economy in general rental equipment market showed positive trend. In spring time activity in construction and equipment rental rapidly increased, ensuring stable rental equipment demand. Company is continuing costs optimisation process which has resulted into significant loss decrease, comparing with the same time period last year.  Creation of full cycle rental platform with digital authorisation and e-signed documents was a winning strategy in times of Covid-19. Despite any restrictions it enables to rent equipment fast and safe. 

During the reporting period Group’s rental fleet structure continued to change, with own equipment proportion decreasing from 57% in prior year to 43% in current period.

In June, Storent Investments AS repurchased securities in the amount of EUR 1,545,800 according to maturity date of terms and condition. The Group continues to sell older fixed assets to continues Groups strategy with lighter balance sheet structure and reduced amount of liabilities.

The Group management plans further development of all subsidiaries. Core attention in 2021 continues to be paid to digital transformation and efficiency increase.

Management estimates that the construction industry will recover after Covid-19 pandemic in the autumn of 2021, yet, since the rental industry is seasonal, management believes that construction volumes will return to the level of 2020 and continue to grow only starting in the spring of 2022. It is expected that Rail Baltica project will give a significant positive impact on the construction industry in the Baltics.

Baiba Onkele

AS Storent Investments CFO

Mobile: + 371 29340012

E-mail: baiba.onkele@storent.com

www.storent.com