Storent Investments AS interim report for 1st quarter 2021
Storent Group's revenue decreased by 7% in Q1 2021 compared to Q1 2020, mainly due to the negative impact of the Covid-19 restrictions on the rental market. Tougher weather conditions in the winter season also reduced the construction volume and, consequently, the demand for rental equipment. The company has taken several cost optimizations measures and therefore managed to reduce the amount of losses compared to the same period last year. Full-cycle contactless online rental platform with digital authorization and electronically signed documents was very useful during the Covid-19 restrictions. It gives a competitive advantage and allows to rent equipment in a convenient, safe and fast way.
In January and February, Storent Investments AS repurchased securities in the amount of EUR 1,050,000. In February, Storent Investments AS exchanged securities issued in 2017 (maturity June 2021) for securities issued in 2019 for the total amount of 1,424,200 euros (maturity October 2023). The Group continues to make timely leasing, loan and other payments, the amount of liabilities has decreased significantly.
The main focus in 2021 will be on digital transformation and efficiency increase. The Group will continue to develop its IT strategy to meet future needs. In spring 2021, the Group plans to join the PreferRent online rental platform, which will offer services from many rental companies in the Baltics.
AS Storent Investments CFO
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