Carly Holdings (ASX:CL8) expands fleet following record month

• Carly Holdings (CL8) posts record subscription revenue for October and November after securing 61 new vehicles
• The company used a $1.5 million asset finance facility secured in June to order the new vehicles, of which 80 per cent have been delivered and are highly utilised
• The boosting of the company fleet resulted in a new record for average monthly subscription revenue of $151,000 per month for the October to November period
• Meanwhile, Carly has placed forward orders for over 100 new vehicles in anticipation of securing additional asset finance facilities
• Shares in CL8 closed 4.55 per cent lower at 2.1 cents on Tuesday afternoon

Carly (CL8) has posted record subscription revenue for October and November after securing 61 new vehicles.

The company last week announced it had used a $1.5 million asset finance facility secured in June to order the new vehicles, of which 80 per cent have been delivered and, according to the company, are highly utilised.

Delivery slots for 11 remaining vehicles have been allocated and are due to be delivered by the end of 2022.

The boosting of the company’s fleet resulted in a new record for average monthly subscription revenue of $151,000 per month for the October to November period.

This marks a 28 per cent increase in average monthly subscription revenue when compared to the September quarter this year and a 71 per cent increase compared to the December quarter of 2021.

Additionally, subscription revenue as a proportion of subscription transaction value increased to 59 per cent for the October to November period compared to 51 per cent in the prior reported period.

Carly said this metric would continue to increase as the size of its owned vehicle fleet increased.

In this vein, the company has placed forward orders for over 100 new vehicles in anticipation of securing additional asset finance facilities.

Subscription vehicle utilisation also reached 89 per cent in November, which was a monthly record for the business after posting 87 per cent in the September quarter.

Shares in CL8 closed 4.55 per cent lower at 2.1 cents on Tuesday afternoon.