Carly Holdings (ASX:CL8) posts half-yearly revenue growth as car subscription service races off

• Carly Holdings (CL8) records a strong uplift in revenue and gross profit figures for the six-month period ended December 31, 2022
• Carly posted a 69 per cent increase in revenue to reach $880,000, gross profit also increased by 261 per cent to $487,000
• The company attributes the growth to ‘strong demand’ for its car subscription services and expanding fleet of financed vehicles
• Carly says it remains focused on growing its car subscription revenue stream in the second half of 2023
• Shares in CL8 are trading grey at 2 cents at 12 pm AEDT

Carly Holdings (CL8) has reported a strong uplift in revenue and gross profit figures for the six-month period ending December 31 2022.

The company posted a 69 per cent increase in revenue to reach $880,000 and a 261 per cent boost in its gross profit figures to reach $487,000.

Carly said the uplift was driven by strong demand for its car subscription services, as well as “favourable economics” of the expanding fleet of financed vehicles.

The company saw its fleet of owned and financed vehicles grow by 116 per cent across the half-yearly period.

Despite challenges caused by Covid-19 and microchip shortages, Carly was able to add 64 vehicles to its fleet.

The company also maintained a fleet utilisation rate of 87 per cent across the six-month period and reduced its average customer acquisition cost by 80 per cent, from $1012 to $201 compared to the prior corresponding period.

Moving in to the second half of 2023, Carly said it would maintain its focus on the growth of the car subscription revenue stream, keeping up with the demand from consumers and businesses.

It also aims to secure further debt facilities to continue the growth of its vehicle fleet.

Shares in CL8 were trading grey at 2 cents at 12 pm AEDT.