DJ lePERMISLIBRE publishes its results of the first semester of 2024
Lepermislibre / Key word(s): Half Year Results
lePERMISLIBRE publishes its results of the first semester of 2024
24-Sep-2024 / 08:50 CET/CEST
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Press release
lePERMISLIBRE publishes its results of the first semester of 2024
Lyon, 24 September 2024 - lePERMISLIBRE, - ISN: FR001400F2Z1, mnemo: ALLPL, a pioneer in online driving school in
France, publishes its unaudited results for the first semester of 2024 (1), approved by the Board of Directors on 23
September 2024. The first half of the year was marked by structural and beneficial choices for the company, offering
the prospect of profitability despite the economic context and the reform of the CPF.
In EUR'000 2023 2024 Chg.
French accounting standards (S1 2024 / S1 2023)
S1 S2 S1
Revenue 8 639 8 162 7 378 -15%
of which traditional learners 3 765 3 619 3 478 -8%
of which CPF learners 4 862 4 529 3 877 -20%
Other 12 14 22 -
Gross margin 3 204 3 004 2 729 -15%
as % of revenue 37,1% 36,8% 37,0% -0.1 pts
Operating expenses 4 970 5 125 3 883 -22%
of which payroll expenses 2 280 2 190 1 964 -14%
of which marketing expenses 1 012 1 154 560 -45%
Operating income/(loss) (1 766) (2 121) (1 154) -
as % of revenue -20% -26% -16% +4 pts
Net income/(loss) (1 714) (2 129) (1 121) - 1.: The statutory auditors produced a report containing the results of a limited review of the interim financialstatements.
Revenue down in a complex market
Revenue for the first half of 2024 decline by 15% to EUR7.4 million. This reduction is directly linked to the strategic adjustments the company has made to its acquisition policy (traditional and CPF), favouring more profitable investments. More specifically, lePERMISLIBRE broke some marketing expenses which, although supporting growth, were generating unprofitable growth.
In addition, the introduction of the EUR100 remaining charge on the CPF market represented a challenge for the company in terms of maintaining its gross margin.
Stability of gross margin and streamlining costs
In the first half of 2024, given the context described above, the company focused its efforts on high-potential regions, but above all on reducing its structural costs. This resulted in a reduction in headcount from 70 to 51 between December 2023 and August 2024, and a 45% reduction in marketing expenditure, which contributed to a 22% reduction in operating expenses, without any loss of value for the product or the company's development prospects.
In addition to streamlining these costs, the company has implemented an optimised pricing strategy for traditional applicants, tailored to the specific characteristics of each region, which has enabled it to maintain a stable gross margin despite the fall in sales.
These decisive measures have halved the operating loss in H1 2024 compared with H2 2023, illustrating the company's determination to achieve profitability.
The cash position stood at EUR2.8m at 30 June 2024. After deducting all outstanding bank loans (EUR2.7m, including EUR0.9m due in less than one year), net cash amounted to EUR0.1m.
Outlook: return to growth and positive operating profit
For the second half of 2024, lePERMISLIBRE is focusing on gradually reducing its losses. The realistic objective is to return to positive operating profit by the first half of 2025. This outlook is based on continued cost optimisation and the deployment of identified growth levers, including more targeted expansion in high-demand regions and ongoing adaptation of the acquisition strategy.
Lucas Tournel, Chairman of lePERMISLIBRE, comments: "In the face of the current economic challenges, we have redoubled our efforts to adapt our strategy to the reality of the market. Our determination remains intact: we are continually optimising our model to ensure profitable and sustainable growth. We are convinced that the actions we have already taken will bear fruit in the second half of 2024, putting us firmly on the path to profitability in the first half of 2025. "
Availability of the 2024 half-year financial report
The 2024 half-year financial report is available on the company's website: https://www.lepermislibre.fr/ investisseurs in the Financial Information / Financial Documents section.
Next press release
9 October 2024: Sales for the 3rd quarter of 2024
ABOUT lePERMISLIBRE
Founded in Lyon in 2014 and a pioneer of digital driving schools in France, lePERMISLIBRE is reinventing driving lessons by providing a disruptive offering compared to traditional players, more aligned with the new habits and lifestyles of the digital native generation that grew up with the development of digital technology.
lePERMISLIBRE federates a community of more than 1,000 loyal, committed, and passionate driving instructors, all of whom are State-qualified. Its digital model, which is more agile, totally transparent and 30% cheaper than a traditional driving school, has enabled it to attract more than 500,000 applicants. With a user rating of nearly 5 stars on Trustpilot, the platform provides personal spaces to offer better learning methods and revisions to the Highway Code, as well as the ability to book driving lessons from over 500 towns and cities throughout France, with the instructor of their choice, 7 days a week, from 6 am to 11 pm, freeing students from time and place constraints.
The company is listed on Euronext Growth Paris (ISIN: FR001400F2Z1, mnemo: ALLPL) - Eligible for PEA PME - Qualified as an "Innovative Company" by Bpifrance.
For more information about the company, visit www.lepermislibre.fr
CONTACTS
lePERMISLIBRE Lucas TOURNEL, Chairman and Chief Executive Nicolas Bonzy, Chief Financial Officer invest@lePERMISLIBRE.fr
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Dissemination of a Financial Wire News, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
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Language: English
Issuer: Lepermislibre
29 avenue Joannes Masset
69009 Lyon
France
Phone: +33660423991
Internet: ww.lepermislibre.fr
ISIN: FR001400F2Z1
EQS News ID: 1993757
End of Announcement - EQS News Service
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1993757 24-Sep-2024 CET/CEST
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September 24, 2024 02:50 ET (06:50 GMT)
