H1-2023 interim report - 29% growth in revenue compared to last year - significantly improved business basis for H2-2023
Company Announcement no. 129 – 2023
Copenhagen, August 10th, 2023
H1-2023: 29% growth in revenue compared to last year – significantly improved business basis for H2-2023.
During the first half of 2023, GreenMobility realised a revenue growth of 29% compared to same period last year, for a total revenue of DKK 54.9 million in H1-2023. GreenMobility continues to deliver growth across all commercial areas.
In the first months of the year, GreenMobility executed its announced plan of focusing on its strong core markets, extend its run rate and set a clear path towards bringing the group to profitability in 2024. Consequently, the company closed its Swedish and German markets and the electric vehicles from these markets were moved to other markets with higher revenue levels. The moving of cars has been successful, but during Q2-2023, it has become clear that the moved cars are taking up revenue in their new respective markets slower than expected and is also expected to impact the revenue for H2-2023.
To support the company’s firm goal of profitability in 2024, GreenMobility carried out a general cost reduction at the end of June 2023. The cost reduction included optimization of its organization and operational cost. The effects, which will have full effect by Q4-2023, will reduce the company’s monthly cost base by DKK 1.5 million per month.
Overall, GreenMobility has improved its operational effectiveness which leads to an improved result. However, based on the slower uptake of revenue in moved cars, GreenMobility will adjust its 2023 guidance on revenue to reflect this and at the same time adjust its guidance on result up. The adjusted guidance is:
- Revenue is expected to reach DKK 120 – 130 million (from previously DKK 135-145 million)
- Result is expected to be DKK (32 – 42) million (from previously negative DKK 35-45 million)
With the operational improvements carried out in H1-2023, the board and management expect the company to continue its good traction towards group profitability in 2024.
"GreenMobility has two short-term goals: consolidation in our core markets and creating the foundation to ensure profitability at group level in 2024. With this half-year result, we have taken a big step towards both goals and at the same time emphasized our position as one of Europe's leading electric car-sharing companies" says Kasper Gjedsted, CEO at GreenMobility.
GreenMobility will host a presentation of the H1-2023 figures on Thursday 10 August at 12.00, where CFO Anders Wall will present the report and with an opportunity to ask questions. Sign up via link:
https://www.inderes.dk/videos/greenmobility-presentation-of-h1-2023
For the full details, please see attached H1-2023 Interim Report.
Contact and further information
Anders Wall, Group CFO, +45 25 40 30 20, e-mail: [email protected]
About GreenMobility
GreenMobility offers modern urbanites easy, flexible, and sustainable transport in the form of electric shared city cars. Users have access to these cars via the GreenMobility app. Trips are paid per minute, through minute packages, on a daily basis or through a subscription. Today, GreenMobility operates a total of 1,600 EVs in Copenhagen, Aarhus, Antwerp, Gent, Brussels, Helsinki, Amsterdam. More than 250,000 people are registered as customers at GreenMobility.
Driven by global megatrends, GreenMobility sees a rapidly growing market for carsharing in large cities that demand green transport for their citizens and aim to reduce the number of private cars. GreenMobility’s ambition is to be among the leading global operators of green shared mobility solutions. GreenMobility is publicly listed for trading on the Nasdaq Main Market Copenhagen in Denmark.
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