Freetrailer Group A/S Financial report 22/23

Freetrailer Annual Report 22/23

For the whole of 22/23, the number of rentals increased by 18 % compared to the previous year, revenue grew by 20 % and the number of rental products has increased by 29 %.

FULL YEAR GROUP KEY FIGURES IN DKK 1,000 (July 1, 2022 – June 30, 2023)
(the corresponding period last year is stated in brackets).

  • Net revenue 75,104.8 (62,579.8).
  • EBITDA 8,113.9 (12,511.4).
  • Profit before tax 5,654.2 (10,629.3).
  • Equity 29,669.0 (26,118.5).
  • EPS (Earnings Per Share) 0.44 (0.85).
  • Equity ratio 65% (63%).

Rental growth in the financial year 22/23 increased by 18% to 907,874, which is 137,588 more rentals than in the corresponding period of 21/22.

Revenue in the financial year 22/23 increased by 20% to DKK 75.1 million (26% to DKK 78.6 million at constant exchange rates).

Operating profit (EBITDA) for the financial year 22/23 amounted to DKK 8.1 million – a decrease of 35% compared to 21/22.

Profit before tax was DKK 5.7 million in 22/23 compared to DKK 10.6 million in 21/22 – a decrease of DKK 4.9 million.

CEO, Nicolai Frisch Erichsen comments on the report:

 

"The result for the financial year 22/23 shows a strong increase in revenue, number of rentals and number of rental products. After two disappointing quarters in Q2 and Q3, Freetrailer is back on the growth track. Freetrailer delivered revenue of DKK 20.6 million in Q4, corresponding to a growth of 22% compared to the same quarter last year, and we are now starting to reap the benefits of the initiatives we launched in the spring of 2023. Historically high user satisfaction, as a result of investments in our customer service and servicing of our trailers as well as improvements to our IT platform, has led to increased customer demand and thus contributed to the great increases in the utilization rate of our trailers."

Nicolai Frisch Erichsen continues:

“In April, Freetrailer entered into an agreement with IKEA Denmark to develop a new Freetrailer E-bike produced in-house. The bike is much more robust and easier to ride for our users, and we have high expectations for our new E-bike, which premiered at the opening of IKEA Copenhagen on August 16th. With the development of the Freetrailer E-bike, we, together with our partners, are leading the way in creating a sustainable urban sharing economy.”

Expectations for the financial year 23/24:

“Freetrailer looks forward with great optimism to the continued growth journey of the coming years. A growth journey based on further expansion with our strong partners in existing markets and the establishment of the Freetrailer concept in new international markets,” says Freetrailer Group CEO Nicolai Frisch Erichsen.

With +34% growth in the number of rentals and a corresponding revenue growth for the first two months of the new financial year, Freetrailer has made a solid start to 23/24. A changed product mix with more E-bikes and open trailers increases the rental frequency in the summer period, while a lower rental frequency is expected in the winter period.

For the financial year 23/24, we expect to achieve +1,135,000 rentals, corresponding to a growth of more than 25%. The number of rental products is expected to reach +4,600, corresponding to a growth of 26 %.

Revenue in 23/24 is expected to increase to DKK 90 – 100 million, corresponding to a growth of 20 – 33%.

“The company’s strategy going forward is to continue to finance growth through the company’s operations. Being self-financing remains an important strategic focus at Freetrailer. Investments in the new IT platform, which is expected to be launched in 2024, increased investments in the German market and investment in at least one new European market will increase costs in the financial year 23/24. Against this background, with a clear focus on the coming years’ expansion, we expect to realize an EBITDA of 10-14 million in 23/24,” says Freetrailer Group CEO Nicolai Frisch Erichsen.

Read the report:

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