Freetrailer Group A/S Quarterly report Q3 2022-2023
After a Q3 with 10% revenue growth, Freetrailer sees positive signs of increased rental activity in Q4, especially in our international markets.
In Q3 22/23, the number of rentals increased by 9% compared to the same period last year, and revenue grew by 10% compared to Q3 21/22.
Freetrailer Group A/S presents a financial report for the first nine months of the fiscal year from July 1, 2022, to June 30, 2023.
Q3 GROUP KEY FIGURES IN DKK 1,000 (1 January 2023 - 31 January 2023)
(the corresponding period last year is indicated in brackets)
- Revenue 17,029.2 (15,483.2)
- EBITDA -1,792.6 (1,854.1)
- Profit before tax -2,433.5 (1,441.1)
- Equity 29.373 (24.107,2)
- EPS (Earnings Per Share) -0.21 (0.12)
- Equity ratio 68% (64%)
9 MONTHS. GROUP KEY FIGURES IN DKK 1,000 (1 July 2022 - 31 March 2023)
(the corresponding period last year is indicated in brackets)
- Revenue 54.490,3 (45.738,5)
- EBITDA 5,808 (8,863.7)
- Profit before tax 4,429.2 (7,603.3)
- Equity 29.373 (24.107,2)
- EPS (Earnings Per Share) 0.34 (0.62)
- Equity ratio 68% (64%)
Rental growth in Q3 22/23 increased by 9.2% compared to the same period last year. Overall, the number of rentals totalled 195,690 for the period. The number of rentals in the first nine months of the financial year was 637,067, which is an increase of 15.5% compared to the same period last year.
Revenue in Q3 22/23 amounted to DKK 17 million. This is an increase of 10% compared to the previous year. The increase in revenue for the first nine months of the financial year was 19%.
Operating profit (EBITDA) for Q3 22/23 amounted to DKK -1.8 million compared to DKK 1.9 million in Q3 21/22. Q3 22/23 is negatively influenced by one-time restructuring costs and changes in exchange rates, amounting to a total of approximately -DKK 3.0 million. For the first nine months of the fiscal year 2022/2023, the EBITDA amounted to DKK 5.8 million, compared to DKK 8.8 million in the corresponding period of 2021/2022.
Profit before tax for Q3 22/23 was DKK -2.4 million compared to DKK 1.4 million in Q3 21/22 and for the first nine months of the financial year the result was DKK 4.4 million compared to DKK 7.6 million in the same period 21/22.
Outlook for the financial year 22/23: A change in the trailer sales strategy is expected to result in an improved long-term operating economy. However, this has resulted in a downward revision of the outlook for 2022/23.
Following a review of the lifetime and durability of our rental products, we have made a strategic decision to extend the operational lifetime of our trailers. This will result in an improved long-term operating economy for Freetrailer, and in addition, contribute to a better use of resources within our sharing economy business model.
For the financial year 2022/23, however, it will mean a negative one-time effect in the level of DKK 2 million, as we, in contrast to previous years, do not conduct a large-scale sale of used trailers in the period 1/1 to 30/6. As a consequence, the outlook for revenue for 2022/23 is adjusted to DKK 74-77 million (previously 76-80 million)
EBITDA is expected to be in the level of DKK 8-10 million (previously 10-13 million).
Great confidence for the future
We remain positive that Freetrailer will be able to continue its growth strategy in the coming years, partly based on growth with our existing strong partners and partly through continued international expansion.
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For more information about Freetrailer Group A/S please contact:
Nicolai Frisch Erichsen, Interim CEO
E-mail: nicolai.frisch@freetrailer.com
Phone: +45 26 81 81 28
About Freetrailer Group A/S
Freetrailer was founded in 2004 as a sharing economy platform that makes it easy for the consumer to rent a trailer. Thanks to the user-friendly app, consumers can take care of their own trailer rental.
Freetrailer is working with a two-part growth plan, where strengthening the existing domestic markets forms one part, and further internationalization of the concept forms the other.
Facts:
+100 partners
+750 pick-up points
+3,200 trailers
+850,000 rentals
Today, Freetrailer Group stands with a scalable business concept built on an innovative IT platform with global potential. Freetrailer Group A/S was listed on the Spotlight Stock Market in 2018.
Ticker code: FREETR