123fahrschule SE Reports EUR 11 Million Sales in H1 2023

123fahrschule SE, a digital driving school chain in Germany, announced its financial results for the first half of 2023. The company recorded sales of EUR 11 million, setting a new sales record. The adjusted preliminary EBITDA stands at EUR 0.5 million.

Despite numerous accounting changes, the company aims to achieve a positive EBITDA and cash flow for the year. These changes included optimizations that improved accruals and accelerated the write-off of customer receivables. Consequently, although the reported EBITDA is EUR 0.09 million, the adjusted figure reflects significant improvement.

Looking ahead, 123fahrschule plans to open new locations in Berlin, Cologne, and Hamburg to capitalize on its digital expertise. To fund this expansion, the company is considering a cash capital increase of up to 10% of its existing share capital.