Q1 22/23 was another quarter in which Freetrailer recorded solid growth.
In Q1 22/23 the growth in the number of rentals was 22% and the revenue growth is correspondingly 22% in the same period. The growth in operating profit (EBITDA) was 29%.
Freetrailer Group A/S submits the Q1 quarterly report for the Group for the financial period 01 July 2022 – 30 September 2022.
Q1 GROUP KEY FIGURES IN 1.000 DKK (01 July 2022 – 30 September 2022)
(the corresponding period last year is shown in brackets)
- Net turnover 19,709.4 (16,162.0)
- EBITDA 6,062.8 (4,696.5)
- Profit before tax 5,714.3 (4,300.9)
- Profit after tax 4,412.1 (3,354.7)
- Equity 30,530.6 (20,493.1)
- EPS (Earnings Per Share) 0.46 (0.36)
- Equity ratio 64% (60%)
Rental growth in Q1 22/23 was 22% compared to Q1 21/22. The number of rentals in Q1 22/23 totalled 238,939 compared to 196,219 in the same quarter last year
Turnover in Q1 22/23 amounted to DKK 19.7m compared to DKK 16.2m in the same period last year, representing a growth of 22%.
The operating result (EBITDA) for Q1 22/23 was DKK 6.1m compared to DKK 4.7m in the same period last year. The EBITDA margin was thus as high as 31% in Q1 22/23, compared to 29% in Q1 21/22.
Profit before tax for Q1 22/23 amounts to DKK 5.7m compared to DKK 4.3m in Q1 21/22.
Expectations for 22/23 unchanged
With the good start to 22/23, we maintain our full year guidance of revenue in the range of DKK 83 – 85m and an EBITDA result in the range of DKK 16 – 17m. So far, we have not seen a decline in demand in the same way as other parts of the retail sector, and this is probably due to the fact that free concepts are gaining ground when the economy is under pressure.
CEO, Philip Filipsen comments on the quarterly report:
“Another fantastic quarterly result for the Freetrailer Group, we continue to build our business both in terms of partner relationships, new trailers to market, financial performance and financial fundamentals. This creates a solid foundation for Freetrailer’s growth plans. Freetrailer has a clear growth strategy and is now in a position where the business and financial results provide a strong starting point to further ramp up investment in expansion. Freetrailer has a high liquidity position with a cash balance of just over DKK 14 million, which can be invested prudently in future growth.”
Strategic goals and opportunities up to 24/25:
“Freetrailer has an overall strategic goal to expand its digital sharing economy service to all countries, cities and areas where the basis for these services is present.
In the coming years, Freetrailer will leverage the success and momentum we have created in the Nordics to partly cement our position in these markets and, not least, leverage our strong partner relationships to expand our concept into new markets.
Our long-term expectation is a total market position of 6,800 rental products with a total of 1,600,000 rentals by the end of financial year 24/25.
This will ensure Freetrailer a turnover in the order of DKK 150 million.”