Interim Report - Q3 2024
This company announcement contains inside information.
Company Announcement no. 60/2024 (November 08, 2024)
13% revenue growth and continuously improved bottom-line metrics
Financial highlights
| Financials (DKK’000) | Denmark Q3 2024 | Sweden Q3 2024 | Group Q3 2024 | Group Q3 2023 | Change % | Group YTD 2024 |
| Revenue | 21,498 | 2,431 | 23,930 | 21,169 | 13.0% | 67,975 |
| EBITDA (from operations) | 1,321 | 129 | 1,451 | 286 | 407.3% | 3,947 |
| EBIT | (76) | 37 | (39) | (1,486) | 97.4% | (633) |
In Q3 2024, Movinn has realized revenue of 21,498 mDKK in Denmark, 2,431 mDKK in Sweden and 23,930 mDKK at group level. This is corresponding to a revenue growth rate of 13.0% at group level.
We are reporting a EBITDA of 1,451 mDKK at group level, which is a significant growth of 407.3% compared to the same period last year.
At group level, Movinn has realized an EBITDA margin of 6.1%, up from 1.4% in same period last year. This improvement is driven by a better utilization of our existing capacity and higher sales efficiency.
We have adjusted our full year 2024 guidance. Our revenue guidance is being narrowed to the high end of the orgininal guidance because of an upward adjustment in Sweden.
Our EBITDA is being adjustet downwards, so now we are expecting EBITDA on group level to be 5.5-7.5 mDKK. This downwards adjustment is driven by a continued performance below expectations in Odense (DK). When Odense is back to performing in line with expectations, we are confident that we will create significantly higher bottom-line metrics.
Business highlights
In late Q3, Movinn launched Hotel TwentySix, a high-end 22 unit hotel in an exclusive property in Malmö. The hotel has been off to a solid start and has hit the break-even point, which is positive. It is expexted to deliver a revenue of 6,5-8.5 mSEK and an EBITDA of 1.3-1.8 mSEK on a full year basis.
Hotel TwentySix marks the start of a new business segment, aparthotels / hotels, which we are very optmimistic about.
Our main business segment, serviced apartments, continue to deliver most of our revenue with a revenue share of 93.8% while the Coliving segment delivers 6.2%
CEO Patrick Blok states:
“We are reporting a 13% top line growth on group level, with significantly improved bottom-line metrics in both Denmark and Sweden compared to the same period last year. We have succesfully launched Hotel TwentySix in Sweden and even though the launch has had a tear on the local metrics, we are achieving break-even points already and are now looking towards optmizations and increased profitability. We are adjusting our Swedish guidance upwards, while adjusting our Danish guidance downwards. Needless to say, that I am unhappy with the latter, which is mainly driven by continued volatility in demand in Odense - with higher-than-normal vacancy rates as a result. The market has several high value driver projects in the horizon, so we remain confident in the long term potential, even if timing has not been in our favor in the shorter run. Strategically, we are doing a lot of things right. We are strengthening relationships with key clients and partners, as well as significantly improving our tech-stack. After Q3 ended, we launched our Velocity Pro platform which will play a pivotal role to further drive sales automations and scalability. It has been a massive build, so a great achievement from the tech team”.
