The second quarter of Freetrailer’s financial year 23/24 shows an increase in revenue of 42.4%. The number of rentals reached a new record of 272,441, corresponding to an increase of 34.6%.
The quarterly results support a significant upward revision of the company’s expectations for the year’s overall performance.
Increased expectations for rentals 23/24
Momentum from the first 6 months of the year has led the company to raise its full-year rental guidance from 1,135,000 to 1,180,000. The increased guidance reflects an expected 30% growth in the number of rentals compared to the total number of rentals in the 22/23 financial year.
With a current rental portfolio of 4,530 units, and an adjusted expectation of an increase from +4,600 to 4,750 units during 23/24, Freetrailer aims for a 31% growth in its portfolio, emphasising the company’s ability for scalable and sustainable growth.
Increased guidance for revenue and EBITDA 23/24
In a stock exchange announcement on 19 February 2024, Freetrailer raised its revenue and EBITDA guidance for the full financial year.
Freetrailer now expects revenue for 23/24 of DKK 94 – 104 million. For the financial year 22/23, Freetrailer achieved revenue of DKK 75.1 million. The updated guidance corresponds to an expected growth in revenue of 25 – 38%.
EBITDA is now expected to reach DKK 14 – 17 million compared to an EBITDA of DKK 8.1 million in the financial year 22/23. The new guidance corresponds to an expected growth in EBITDA of 72 – 110 %.
"Following a strong first quarter of the 23/24 financial year, the second quarter was also characterised by a positive development. Our revenue has increased significantly, and the number of rentals has increased significantly, which shows solid progress. At the same time, we have improved our EBITDA, confirming our ability to grow profitably and sustainably. While several sharing economy services in the transport sector are still struggling to make a profit, Freetrailer proves once again that our concept is future-proof and scalable, while at the same time profitable,"
Freetrailer Group A/S presents financial statements for the first six months of the financial year from 1 July 2023 to 30 June 2024.
Q2 GROUP KEY FIGURES IN DKK 1,000 (1 October 2023 – 31 December 2023)
(the corresponding period last year is shown in brackets)
- Net revenue 25,283.2 (17,751.7)
- EBITDA 3,532.7 (1,537.8)
- Profit before tax 2,467.8 (1,148.5)
- Profit after tax 1,918.8 (830.7)
- Equity 37,343.5 (31,361.3)
- EPS (Earnings Per Share) 0.20 (0.09)
- Equity ratio 62.3% (65.1%)
6 MONTHS. GROUP KEY FIGURES IN DKK 1,000 (1 July 2023 – 31 December 2023)
(the corresponding period last year is shown in brackets)
- Net revenue 51,773.5 (37,461.1)
- EBITDA 11,581.5 (7,600.6)
- Profit before tax 9,891.3 (6,862.8)
- Equity 37,343.5 (31,361.3)
- EPS (Earnings Per Share) 0.80 (0.55)
- Equity ratio 62.3% (65.1%)
The total number of rentals for Q2 23/24 is 272,441, which corresponds to a growth of 34.6% compared to the same period last year. The number of rentals in the first six months of the financial year was 590,838, which is an increase of 33.9% compared to the same period last year.
Revenue in Q2 23/24 totalled DKK 25.3 million. This is an increase of 42.4% compared to the previous year. Revenue growth for the first six months of the financial year was 38.2%, corresponding to a revenue of DKK 51.8 million as of 31/12/2023.
Operating profit (EBITDA) for Q2 23/24 totalled DKK 3.5 million compared to DKK 1.5 million in Q2 22/23. For the first six months of 23/24, EBITDA is DKK 11.6 million compared to DKK 7.6 million in the corresponding period 22/23.
Profit before tax for Q2 23/24 was DKK 2.5 million compared to DKK 1.1 million in Q2 22/23 and for the first six months of the financial year the profit was DKK 9.9 million compared to DKK 6.9 million in the same period 22/23.
For further information about Freetrailer Group A/S please contact:
Nicolai Frisch Erichsen, CEO, Freetrailer
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 percent self-service solution via the Freetrailer App and the electronic lock, Freetrailer’s Partners and their customers are given full flexibility, and today more than five million people have made use of Freetrailer’s service.
Freetrailer works with a two-part growth plan, where strengthening the existing domestic markets is one leg and further internationalization of the concept is the other.
Facts:
+125 partners.
+1,100 pick-up points.
+4,500 trailers.
+1,050,000 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
