In This Article:
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GMV (Gross Merchandise Value): EUR442 million, a growth of 20% year-over-year.
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Revenue: EUR231 million, an increase of more than 20% year-over-year.
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Adjusted EBITDA: EUR17.6 million, highest in company history, with a margin of 7.6%.
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Net Profit: EUR21.7 million, a growth of 32% year-over-year.
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Customer Growth: 26% increase, reaching 4.8 million customers.
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Average Order Value: EUR118 to EUR180.
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Cash Flow from Operating Activities: EUR21 million.
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Cash and Cash Equivalents: EUR15.1 million at the end of the period.
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Debt Position: Long-term debt at EUR36 million, short-term debt at EUR32 million.
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Employee Count: Approximately 800 employees.
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Number of Orders: 3.7 million in the last 6 months.
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Number of Partners: Increased by more than 1,500, totaling over 12,500 partners.
Release Date: August 23, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Platform Group AG (FRA:TPG) reported a stable growth rate with a total GMV of over EUR442 million, marking a 20% increase compared to the previous year.
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The company achieved a revenue increase of more than 20%, reaching EUR231 million.
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Adjusted EBITDA reached EUR17.6 million, the highest profitability in the company's history, with an EBITDA margin of 7.6%.
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The company activated a significant number of new customers, with a 26% increase, totaling 4.8 million customers over the past 12 months.
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Platform Group AG (FRA:TPG) successfully completed two acquisitions in the first half of the year, HOOD and Avocadostore, and has several upcoming signings planned.
Negative Points
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Distribution costs increased, which was anticipated by the company's distribution companies at the beginning of the year.
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The industrial goods segment reported an EBITDA margin of 4.4%, which is below the company's internal target of at least 4%.
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The company faces challenges in the machine trading industry due to high price competition, affecting margins.
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The rental car business, specifically the sale of cars, is completed, and no further sales are expected in the second half of the year.
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The company has a high leverage ratio, which is expected to increase due to the issuance of a Nordic bond, although they aim to reduce it in the future.
Q & A Highlights
Q: Can you provide an update on the revenue and EBITDA contribution from the car sales business in the first half of the year? A: The total sales from the car business were around EUR20 million, resulting in an EBITDA of approximately EUR1.2 million to EUR1.3 million. The sale activity is now complete, with no remaining cars available for sale.