Lepermislibre / Key word(s): Annual Results
27-March-2024 / 18:00 CET/CEST
Press release Revenue growth of +13% Reduction in operating loss Launch of new innovations Lyon, March 27th, 2024 - lePERMISLIBRE, a pioneer in online driving school in France, publishes its audited 2023 annual results approved by the Board of Directors held on March 26th, 2024. Audited data - €’000
French Accounting Standards | FY 2023 | FY 2022 | Var.
| | Revenue | 16,801 | 14,877 | +13% | | o/w traditional learners | 7,384 | 4,656 | +56% | | o/w CPF learners (1) Other | 9,391 26 | 10,136 85 | -6% - | | Gross Margin | 6,208 | 5,731 | +8% | | as of % of revenue | 36.9% | 38.5% | 1.6 pts | | Operating expenses | 10,095 | 10,336 | -2% | | o/w payroll expenses | 4,470 | 3,965 | +13% | | o/w marketing expenses | 2,166 | 3,204 | -32% | | Operating income / (loss) Financial income (loss) | (3,887) (67) | (4,605) (50) | + 16% - 34% | | Income / (loss) before tax | (3,954) | (4,655) | + 15% | | Net income / (loss) | (3,843) | (4,511) | + 15% |
Note (1) : CPF stands for Personal Training Account Business growth and reduction of operating loss 2023 revenue amounted to €16.8m, up +13% compared to prior year. Effective since the second half of 2022, the business development with candidates personally financing their driving license training has accelerated at a steady pace of +58% in 2023, now accounting for 44% of total revenue compared to 31% in 2022. This trend is expected to continue in coming years and driving hours paid cash upon registration will become the major contributor to revenue. Gross margin improved by +8% (in euros) due to higher revenue. However, it decreased by 1.6 point compared to 2022, settling at 36.9% of revenue reflecting the change in the mix of sales as previously outlined and a more aggressive pricing strategy addressing traditional candidates. However, the overall 18% price increase applied to driving hours settled cash in 2023 boosted the gross margin from traditional candidates, which rose from 27.9% in 2022 to 29.3% in 2023. This trend is expected to continue into 2024 helped by the implementation of regionally variable pricing. Operating loss for the year at -€3.9m shows a sharp reduction of €0.7m compared to the previous year, due to higher gross margin and lower operating expenses, with marketing and personnel costs contributing to a significant part of these expenses evolving as follows: - marketing costs decreased by €1M compared to prior year and were redirected during the second half of 2023 towards actions aimed at increasing the Company’s brand awareness (advertising campaigns, TV commercials). - wages and salaries rised by 13% over the year. The workforce had significantly increased during 2022, from 44 to 83 people, and gradually reduced in 2023 to 69 people by the end of the year. Savings arising from this resizing of the organization shall favorably impact 2024 expenses. Net loss, after accounting for innovation tax credit of €0.1m, stands at -€3.8m, a reduction of €0.7m compared to 2022. Above results do not include the €0.3m loss from lePERMISLIBRE Insurance, a newly created subsidiary fully owned by lePERMISLIBRE, and which was not consolidated for its first year of activity. As of December 31, 2023, available cash amounted to €4.9m. After deducting all outstanding bank loans (€3.2m including €0.9m due within a year), net cash position stands at €1.7m. The Company raised €7m (net of expenses) from its IPO in February 2023. New operational enhancements in 2023 During the past year, the Company launched several initiatives to enrich and diversify its offerings, mainly: - a rebranding of lePERMISLIBRE and all communication visuals to enhance Company’s awareness. - an increased presence in towns with less than 50,000 inhabitants to densify geographic coverage and cover the entire territory. - a new service to facilitate the mandatory and cumbersome administrative procedures for registering to the driving test exams. - the "accelerated driving license", a new offer addressing the growing demand from candidates in large cities looking to quickly complete their training. - the driving license on automatic gearbox, increasingly popular among candidates, especially in large urban centers. In early 2024, the company also launched an innovative solution known as "the insured driving license", guaranteeing candidates that they will not pay any additional training hours for the practical driving test, even in the event of failure, with a guaranteed fixed price, including up to 5 exam attempts without extra cost and with enhanced pedagogy. This offer will be broadly promoted to future candidates and could also be distributed through business partners, who view those candidates as prime marketing target. It precedes other insurance innovations that the Company could offer to the entire driver’s population. 2024 Outlook Recognized and appreciated for the quality of the support provided to candidates, the Company intends to further enhance its service by elevating customization and interaction with training advisors to a level far superior to competitive market offerings. "In 2024, we will support our development by leveraging the following attributes that define us and make our Company a unique player on the market: 1/optimal candidates support, 2/ flexible commercial offers, and 3/ continuous innovation in data utilization. We must assert our operational excellence in these three areas to give a new impetus to our growth, expand our model in France and further enhance cost reductions programs started in 2023" says Lucas TOURNEL, CEO of lePERMISLIBRE. Availability of the 2023 Annual Financial Report The 2023 Annual Financial Report will be available on the Company's website in mid- April at the following url address: https://www.lepermislibre.fr/investors. Next press release April 10th, 2024: First Quarter 2024 Revenue Newsletter To register to the Campany’s newsletter and receive the latest information on lePERMISLIBRE, visit : http://eepurl.com/hrySrP 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 35% 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 550 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
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