Move About Group (MOV) publishes figures for Q3 2022: Strong revenue growth and improved earnings

The third quarter of the year started with record sales in all countries, Norway, Sweden and Germany. The usual seasonal weakness during the holiday period in Germany, where our members are primarily business customers, did not occur this year. For the first nine months of the year membership growth was up 200% compared to the same period last year, which creates a good momentum for future expansion. The number of cars in the fleet remained stable, with the aim of increasing capacity utilization in the company's existing electric car sharing locations.

In addition to strong growth, the result was affected by the measures in the comprehensive efficiency plan that the board decided in the beginning of Q2 2022. Move About's OH costs have been halved since the start of the program, and the focus is now on ensuring optimal management of the company's many car sharing locations, as well as to reduce costs for the vehicle fleet.

"We continue to execute on the plan that will take us to profitability. The first phase of this process has centered around our OH costs. Now we are taking a firm hold of the operation, our offer and the vehicle fleet. In all areas we see great potential to do things more efficiently, as well as to take advantage of our size across national borders, which simply was not prioritized during the company's previous expansion phase," says Move About Group's CEO, Olof Jonasson.

The entire report can be found on the company's website:

Link to the report: https://moveaboutgroup.com/wp-content/uploads/2022/11/Q3-Interim-Report-Svenska.pdf 

For further information, please contact:

Olof Jonasson, VD, Move About Group AB 
Email: [email protected] 
+46790683811  

This information is information that Move About Group AB is obliged to make public pursuant to the EU Market Abuse Regulation (596/2014). The information in this press release has been published through the agency of the contact persons set out above, at November 24, 2022 at 08.00.

Certified Adviser
Mangold Fondkommission AB is the Company's Certified Adviser and can be reached by phone, 08-5030 1550, and via e-mail, [email protected].

The following documents can be retrieved from beQuoted
PM-Q3-Interim-Report-ENG.pdf

Move About Group AB
Move About offers app-based, environmentally friendly and cost-effective mobility solutions to individuals as well as companies, municipalities and organizations. The company has developed and owns all intellectual property rights to its cloud-based greentech platform that provides digital access to electric cars, electric bicycles, taxis, metro and parking via one and the same app - around the clock. Every kilometer that the user travels with the electric cars through the platform reduces CO2 emissions.

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