Autocirc presents the Interim Financial Report January-March 2024
Autocirc's first quarter of 2024 saw us continuing to lay the groundwork for a circular transition in the auto parts industry. Through prominent acquisitions in France and Norway, we have taken important steps towards realising our vision for sustainable change in the auto parts industry. Along with a focus on further improving the efficiency of our operations, we are now ready to move into a new phase where increased synergies between our companies will pave the way forward.
Our financial performance in the first quarter of 2024 shows strong growth both organically and through acquisitions. We also maintained good gross profit levels and achieved a growing adjusted EBITDA margin of close to 19 percent, compared to 15 percent last year. Cash flow in the quarter was positive, with a cash conversion of 30 percent, despite a strong inflow of cars during the quarter. We continue to demonstrate stability and maintain our positive trend from 2023.
Over the past five years, we have built a solid foundation for our business model. We are now ready to focus on creating even stronger synergies within our network to enhance efficiency and profitability. At the same time, societal developments and political initiatives at a European level are also working in our favor and contribute to increasing the demand for used parts. One of many examples is a new EU directive requiring car manufacturers to actively promote reuse. These are positive signals for both the environment and our business model. It's evident that reuse is the future of the auto parts industry and we are determined to take the lead in this transition. We look forward to continuing our development projects and establishing new strategic partnerships to ensure that an ever-increasing flow of auto parts goes from used to useful.
The Q1 Statements 2024 and further information are available at: https://autocirc.com/investor/
For more information, please contact
Gunilla Andersson, CFO Autocirc Group
Email: [email protected]
Phone: +46 (0)722 184736
Autocirc works for a circular transition in the automotive industry. We ensure that used car parts get back on the road again - or that materials and components can be used in completely different products and contexts. By moving from new production to reuse, remanufacturing, repurpose and recycling of car parts, we are making the second-hand market the first choice. A sustainable choice for a smarter automotive industry and a better alternative, also for the next generation.
Autocirc was founded in 2019 and is growing rapidly. Today, the group consists of 63 companies with over 1100 employees and operates in Sweden, Norway, Finland, the UK, Poland, Germany and France.
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