Paris-based digital auto retailer Aramis Group saw revenue rise by 16.7% year on year (y-o-y) to €1.1 billion ($1.2 billion U.S.) during the six months to March 2024 (H1 FY2024), according to its latest financial reporting. 

Adjusted EBITDA rose to €16.2 million ($17.6 million U.S.) in H1 FY2024 from €1.0 million in the year-earlier period. As a result, its adjusted EBITDA margin rose to 1.5% in H1 2024.

Gross profit per unit stood at €2,150 in H1 2024, which the company described as “the highest of the listed European players.” 

Contrasting fortunes in Northern and Southern Europe 

Revenue in France rose by 23.5% y-o-y to €478 million, while revenue in the U.K. — where it operates under the CarSupermarket brand — increased by 20.4% to €214 million. Revenue in Belgium (Cardoen) was up 15.2% to €139 million, while revenue in Austria (OnlineCars) shot up by more than half (50.2%) to €104 million. 

However, Southern Europe remains a notable point of weakness: Revenue in Spain continued to decline, falling by 17.4% to €151 million; although revenue in Italy more than doubled — rising by 165% — it remained relatively low (€13.6 million). 

Following the exit of HeyCar from Spain last year, it remains highly questionable whether consumers in Southern Europe are ready to buy cars online. Clicars — the Spanish subsidiary of Aramis — has struggled since the pandemic-driven surge in online demand for used cars ran out of steam. 

It has pivoted to a hybrid strategy to try and stem the bleeding, opening physical showrooms in Madrid, Zaragosa and Valencia, but this has not been enough to turn the company’s fortunes around.

However, Aramis remained relatively upbeat with regard to its performance in Spain, commenting that “the fall in volumes recorded during the first half of 2024 [at Clicars] hides an underlying improvement in activity over the months, resulting in higher volumes and an increase in profit per unit. This trend is expected to continue in the second half of the year, which is already on track for positive and profitable growth,” El Economista reported.

According to Aramis co-founders and co-presidents Nicolas Chartier and Guillaume Paoli, “…Aramis Group accelerated its growth and significantly improved its profitability in the first half of 2024. Total volumes of b-to-c vehicles sold exceeded 55,000 units during the period, driven by robust performance across almost all geographies … The customer satisfaction rate remained very high, demonstrating the sound and sustainable nature of this growth.” 

The company significantly upgraded its adjusted EBITDA  forecast for FY2024 as a whole — from €19 million to €32 million.

June 3 — updated with additional comment from Aramis Group on the performance of Cliars

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