Longo Group AS has published its unaudited quarterly report for Q1 2022.
Business results
2022 start has been successful for Longo. The Group managed to grow its
revenues compared to previous year Q1 by impressive 120% reaching 8,9 million
EUR turnover and hit EBITDA of 0,2 million EUR. In gross profit the Group has
earned 1,1 million EUR which is 143% more than in the same period in 2021.
The significance of digital channels in used car retail remained strong in 2022
as consumers had scaled down their visits to physical car lots and switched to
online shopping more and more in 2021. Longo is well prepared for providing
comprehensive customer service through digital channels, including launching
first fully online reservation system in the Baltics. Longo customers now are
able to reserve a car by paying a fully refundable reservation fee just with a
few clicks.
The Group has ambitious plans for the rest of year 2022 - to deliver a profit
while increasing its revenue even further. It is to be achieved by boosting its
brand awareness, expanding its physical network, and increasing the car
assortment. A totally new concept in the market has been launched- opening of
showrooms in shopping malls and similar locations where customers have
opportunity to interact with sales representatives and order cars to be
delivered for test drives. In order to support the ambitious growth plans of
Longo new sourcing channels are to be introduced, including local consumer
sourcing. There will be continuous focus on increasing the capacity of
refurbishing center of the Group. In April Longo Group has recorded its best
sales results ever- 4.4m EUR in revenue were achieved.
Longo Group AS unaudited financial report for Q1 2022 is attached to the
announcement and is also published on NASDAQ Riga and Longo's web page
(https://longo.group/investors.html)
Darta Keršule
Group CFO
Tel. +371 29578094
darta.kersule@longo.group
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