123fahrschule closes the first half of 2023 with revenues of €10.41 million and adjusted preliminary EBITDA of €0.54 million.

Cologne, 27 July 2023 - 123fahrschule SE (ISIN: DE000A2P4HL9; ticker symbol: 123F, primary market Düsseldorf Stock Exchange), a digitally driven driving school chain in Germany with a focus on e-learning, reports a positive business performance in the first half of 2023. 

The company set another revenue record with €10.41 million in sales, increasing revenue by 35.5% compared to the same period last year. The implementation of the restructuring measures decided in December was successfully completed on 1 July 2023. The increase in profitability and the achievement of a positive cash flow will remain in the foreground in the second half of 2023. 

Particularly due to conversions in the operating business since the end of last year, EBITDA in the 1st half of 2023 could probably be increased year-on-year from - 1.31 million euros to an EBIDTA of 0.54 million euros, adjusted for certain factors, and thus by 1.85 million euros. 

The adjusted EBITDA is adjusted for costs from employment and other contracts that were terminated as a result of the restructuring started in December, but did not have a full positive effect on the cost side in the first half of the year due to existing notice periods. All terminations and contract cancellations were fully implemented by 1 July and will contribute to an improved cost structure in H2 and beyond. Preliminary EBITDA adjusted for these two factors is €0.54 million for H1 2023 compared with the non-adjusted EBITDA of €0.32 million. 

Despite significant monthly cost savings in the 5-digit range in customer service and marketing campaigns, the NPS (Net Promoter Score) was again increased by one point to 65 at the end of June. The company very successfully introduced communication via a professional WhatsApp solution in May and was able to further improve communication with customers and reduce call volumes with over 20,000 processed WhatsApp messages.

In driving school operations, the company has achieved an 18% increase with over 100,000 driving hours in driving licence classes A and B in H1 2023 (as at 1 July 2023) compared to 85,000 driving hours in H1 2022.