Freetrailer Group Quarterly report Q1 23/24: Freetrailer starts the financial year with accelerated growth and solid earnings
The first quarter of Freetrailer's financial year 2023/24 shows an increase in revenue of more than 34%. In addition, the number of rentals broke a new record - 318,397 times the company's products were used during the period.
For Freetrailer Group, Q1 23/24 marked a strong start to the financial year 23/24. Revenue for the quarter was
DKK 26.5 million, corresponding to a growth of 34.4% compared to the previous year, thereby breaking all previous quarterly records. The EBITDA result was DKK 8.0 million, corresponding to an EBITDA margin of 32.8%.
The number of rental products increased by 37.5% compared to Q1 22/23 and totalled 4,147 at the end of the quarter. Similarly, the number of rentals increased by 33.3% to a total of 318,397 - equivalent to over 106,000 rentals on average per month. The level marks the highest number of rentals for a quarter in Freetrailer's history.
The utilisation rate for the quarter averaged 89%, and the company is particularly positive about increased utilisation rates in Norway and Germany, indicating increased penetration in these newer markets.
"We are pleased to see the results of the many new initiatives and partnerships that have been launched since the beginning of the year, and we are especially excited that we are able to increase the level of activity in all the geographical markets we operate in. The progress is undoubtedly the result of a very strong team effort in the company," says Nicolai Frisch Erichsen and continues:
"The results we are presenting today demonstrate Freetrailer's ability to execute on its goal of growing the business profitably. We have a clear growth strategy and are now in a position where the business and financial results provide a strong basis for further accelerating investments in expansion.
Outlook for 2023/24 is unchanged
The good start to the financial year means that Freetrailer maintains its expectations for the full financial year 23/24 with revenue in the range of DKK 90-100 million and an EBITDA result of between DKK 10 and 14 million.
As of 30 September, Freetrailer has more than 400 rental products on order - either in production or in the pipeline. Therefore, the company maintains its expectations of a rental portfolio of +4,600 units in 23/24.
Freetrailer passed 1,000,000 rentals in mid-October for the recent 12 months and the rental growth continues in Q2, so the company maintains its guidance for the number of rentals in 23/24 at +1,135,000.
Freetrailer Group A/S presents the Q1 interim report for the Group for the financial period 1 July 2023 - 30 September 2023.
Q1 GROUP KEY FIGURES IN DKK 1,000 (01 July 2023 - 30 September 2023)
(the corresponding period last year is shown in brackets)
- Net revenue 26,490.3 (19,709.4)
- EBITDA 8,048.8 (6,062.8)
- Profit before tax 7,423.5 (5,714.3)
- Profit after tax 5,755.5 (4,412.1)
- Equity 35,424.7 (30,530.6)
- EPS (Earnings Per Share) 0.60 (0.46)
- Equity ratio 62% (64%)
Rental growth in Q1 23/24 was 33,3% compared to Q1 22/23 and the total number of rentals was 318,397 compared to 238,939 in the same quarter last year.
Revenue in Q1 23/24 was DKK 26.5 million compared to DKK 19.7 million in the same period last year, corresponding to a growth of 34.4%.
Operating profit (EBITDA) in Q1 23/24 was DKK 8.0 million compared to DKK 6.1 million in the same period last year.
The EBITDA margin was 30.4% in Q1 23/24, compared to 30.8% in Q1 22/23.
Profit before tax after Q1 23/24 was DKK 7.4m compared to DKK 5.8m in Q1 22/23.
For more information about Freetrailer Group A/S please contact:
Nicolai Frisch Erichsen, Group CEO
E-mail: nicolai.frisch@freetrailer.com
Phone: +45 26 81 81 28
About Freetrailer Group A/S in brief
Freetrailer Group is a Danish technology company whose mission is to make it easy to book and rent a trailer for free via a sharing economy IT platform. With a 100% self-service solution via the Freetrailer App and the electronic lock, Freetrailer Partners and their customers are given full flexibility, and today more than five million people have used the Freetrailer service.
Freetrailer is working with a two-part growth plan, where strengthening the existing domestic markets is one leg and further internationalisation of the concept is the other.
Facts:
+ 125 partners
+ 1,100 pickup locations
+ 4,450 trailers
+ 1,000,000 rentals
Today, Freetrailer Group has a scalable business concept based on an innovative IT platform with global potential. Freetrailer Group A/S was listed on Spotlight Stock Market in 2018.
Ticker code: FREETR