- Car subscription service provider Carly Holdings (CL8) has posted its full-year results for FY23
- The company’s FY23 was spent expanding the size of the company’s fleet in line with financing facilities
- Across FY23, the owned and financed fleet grew by 285 per cent to a total fleet volume of 320 vehicles
- The company’s overall total revenue increased by 68 per cent to $2.1 million
- FY24 will be spent further building up the fleet, boosting marketing reach and looking at financial opportunities regarding the company’s utilisation of EVs
- CL8 shares last traded at 2.4 cents
Car subscription service provider Carly Holdings (CL8) has posted its full-year results for FY23, posting a headline 82 per cent increase in overall subscription revenue.
The company dedicated FY23 to expanding the size of its fleet in line with financing facilities and ensuring each unit achieved maximum utilisation.
As part of this effort, there was a shift away from asset-light vehicles towards financed and leased vehicles, a move that the company expedited in the current tight car market.
Across FY23, the owned and financed fleet grew by 285 per cent to a total fleet volume of 320 vehicles. At the end of FY22, nearly 80 per cent of the fleet consisted of asset-light vehicles. By the conclusion of FY23, this figure had dropped to 34 per cent.
The company’s overall total revenue for FY23 increased by 68 per cent, reaching $2.1 million, with the majority of this revenue, $1.219 million, generated in the second half of FY23, compared to $880,715 in the first half.
“The 38 per cent uplift in H2 revenues shows that our trajectory is increasing rapidly,” CL8 CEO Chris Noone said.
“Our key utilisation, CPA and efficiency metrics are on target, and combined with our ability to scale the vehicle fleet rapidly whilst maintaining stable corporate and administration expenses, provides a solid foundation for accelerated, profitable growth.
“We are focused on exploiting significant opportunities in the consumer, business, government and electric vehicle segments while also supporting automotive OEMs and dealers to expand into the car subscription market.”
Despite posting a loss of $3.14 million for FY23, management remains confident that FY24 will be strong and that the company is edging closer to breakeven.
In FY23, average subscription revenue and gross profit per subscription increased by 9.4 per cent and 36 per cent, respectively, compared to FY22.
High fleet utilisation, which averaged 86 per cent throughout FY23, served as a key indicator of revenue performance for the company.
Looking ahead to FY24, the company’s focus will be on further expanding the fleet, increasing marketing reach, and exploring financial opportunities related to the utilisation of electric vehicles (EVs).
CL8 shares last traded at 2.4 cents.