In our first quarter of 2024, we have continued to lay the foundations for a circular transition in the automotive parts industry. Through prominent acquisitions in France and Norway, we have taken important steps towards realizing our vision of sustainable change in the industry. With a focus on further improving the efficiency of our operations, we are now ready to enter 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 have 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 large inflow of cars in the quarter. We continue to show 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 increase efficiency and profitability. At the same time, societal developments and policy initiatives at European level are also working in our favor, helping to boost demand for used parts. One of many examples is a new EU directive that requires car manufacturers to actively promote reuse. These are positive signals for both the environment and our business model. It is clear that reuse is the future of the automotive aftermarket 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 stream of original car parts goes from used to usable.
For more information about our latest interim report, please contact:
Gunilla Andersson, CFO Autocirc Group
E-mail: gunilla.andersson@autocirc.com
Phone: +46 (0)722 184736
