Fastned Annual Report FY23 stays on track
Fastned already reported a trading statement on 16th January with revenues and gross margins for 4Q23. The annual FY23 report drills further in to P&L. The EBITDA fell short vs. our expectations at 4.5m vs. 11.0m expected. The EPS loss narrowed from -1.27 FY22 to -1.00, but missed our 0.88 expectation. The FTE count rose from 114 to 172. As Fastned is opening more regions, it has to invest in new areas with low initial scale. Fastned changed its P&L reporting to a more traditional split of operational costs. The Admin expenses rose 47.5% YoY while sales more than doubled. Before, costs were sp...