Longo Group AS audited annual report for 2021
Longo Group AS has published its audited annual report for 2021.
Business results
2021 was a very successful year for Longo Group AS. Even with several disruptions in business caused by COVID-19 restrictions across operations and worldwide supply shortages, the Group managed to double its revenues compared to previous year by reaching 30 million EUR turnover and increase its gross profit by 160% to 3,7 million EUR. The Group hit EBITDA of 0,8 million EUR (1,8 million EUR increase compared to previous year).
The significance of digital channels in used car retail increased in 2021 as consumers scaled down their visits to physical car lots and switched to online shopping more and more. Longo was well prepared for providing comprehensive customer service through digital channels, including launching first fully online reservation system in Baltics. Customers now are able to reserve a car by paying a fully refundable reservation fee just with few clicks.
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.
General information about the Group
The Group was established in 2018 and is the leading used car retailer in the Baltics. It is present in Latvia, Lithuania and Estonia, as well as in the Netherlands, Belgium and Germany. The Group brings a new meaning to the Baltic used car retail industry by providing a fully transparent, reliable and world class used car purchase experience via both online and physical sales channels. Being a fully vertically integrated company, the Group carefully selects and sources (purchases) most of its cars from the Netherlands, Belgium, Germany and the Baltic countries. The Group has its own preparation center in Lithuania with facilities based in the Panevežys region. To ensure the highest quality standards, before cars are sold, they are thoroughly checked, conditioned and if needed repaired by Longo’s professional team. The Group is also offering financing solutions of its partners to customers.
The Group’s data-driven approach and significant online presence has allowed it to build efficient operations spanning multiple geographies and becoming a leader of the used car retail market in the Baltics. In order to support and control each step of the business, as well as make data driven decisions daily, Longo has heavily invested in IT infrastructure and developed its own proprietary integrated IT system.
Longo’s mission is to deliver 3 (three) customer promises:
• Wide assortment (the largest and competitively priced popular used car models in the Baltics);
• Convenient and safe user experience (end-to-end, both digital and on-site);
• Highest quality (used cars with guaranteed mileage, full available history and freshly serviced and cleaned).
Longo Group AS audited annual report for 2021 is attached to the announcement and is also published on NASDAQ Riga and Longo’s web page (https://longo.group/investors.html)
Dārta Keršule
Tel. +371 29578094
darta.kersule@longo.group
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