Longo Group AS unaudited financial report for period ended 30 June 2024
In the first half of the year 2024 Longo management team has continued to focus on improving profitability of the Group. The efforts are yielding results and there has been an increase of 13% in gross profit if compared to H1 2023. Q2 2024 discrete gross profit of EUR 1.9 million is 33% larger than Q1 2024, 6% above Q2 2023 discrete.
The Group has achieved EBITDA of EUR 0.6 million H1 2024. It is EUR 0.1 million improvement compared to H1 2023 - mainly driven by improved gross profitability, including increase in commission income from sales of financing and insurance products of partners.
Main focus of the Group in the second half of year 2024 is gaining momentum in sales and returning to growth - both in terms of cars sold and total revenue while maintaining higher gross margins. During 2023 and beginning of 2024 there have been significant improvements in main areas of business, especially in sourcing and preparation - enabling the Group to move towards increasing the sales in 2024.
Longo Group AS unaudited report for period ended 30 June 2024 is attached to the announcement and is also published on NASDAQ Riga and Longo’s web page https://www.longo.group/investorresources
Dārta Keršule
Group CFO
Tel. +371 2957 8094
darta.kersule@longo.group
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