Still net loss
Thanks to the ever-growing electric vehicle fleet, Fastned has achieved no less than three times as much turnover from charging in the past six months as in the same period last year. At the bottom of the line, the company still makes a loss. Substantial investments are still being made in expansion.
Fastned has almost tripled its loading turnover in the first half of this year compared to the same period last year. Total charging revenue, revenue related to the charging of electric vehicles, amounted to €12.6 million in the first half of this year. This increase is partly due to the increasing demand for charging, now that more people are driving electric cars. According to Fastned, this is the result of the expansion of the European charging network. The growth in the number of electric vehicles in countries where Fastned is active is also leading to an increase. Adjusted operating profit therefore quadrupled to €3 million compared to the same period last year.
According to director of Fastned Michiel Langezaal, the charging income in the first months of 2022 was higher than the total charging turnover last year. There is, however, a major caveat to the positive news. Fastned is in fact expanding rapidly and of course costs will be added to this. At the bottom of the line, a net loss of €10.4 million is recorded for the first half of the year. In that period last year, there was still a loss of €7.7 million.
Expansion
The expansion of the number of Fastned charging stations is going well, according to Langezaal: “The expansion rate of our network is picking up and we are on track to double the number of stations to more than four hundred before the end of 2024,” says Langezaal. Fastned added 23 new charging stations to its network in the first half of this year, bringing the total number of stations in Europe to 208. At the presentation of the first quarter figures in April, Fastned indicated that it would open 65 new charging stations this year. Fastned seems to be achieving that goal for the time being. In March, Fastned won a French tender. This allows the company to expand the number of charging stations in France to more than thirty. These are locations in the north of the country, including in the region around Paris and in Normandy.
Due to the rising energy prices in Europe, Fastned increased its rates as of 1 August. The company expects energy markets to “remain volatile for the foreseeable future,” causing it to reconsider rates on a monthly basis. If necessary, the rates will be increased or decreased.
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– Thanks for information from Autoweek.nl