CarTrawler Records Stellar Recovery in FY22
In a turn of events that illustrates a robust rebound from the pandemic-induced downturn, CarTrawler has returned to profitability in FY22. As a prominent player in the travel industry, the company’s financial performance reveals its resilience and underscores the ongoing recovery in the broader travel sector.
With revenues surging by 100%, CarTrawler has managed a remarkable turnaround in a challenging operating environment.
Positive Momentum in Travel Recovery Fuels Future Growth
CarTrawler announced its financial results for the year ended 30 September 2022, reporting a 100% increase in revenue to €165.5m for the full year, a return to operating profit of €3.3m, and an EBITDA in excess of €20m. The business has continued its growth trajectory in the current financial year (year ending 30 September 2023) with EBITDA expected to exceed pre-pandemic levels.
Apart from the noteworthy recovery, the company also witnessed continued positive momentum in its business. This upward trajectory is anticipated to persist, leading CarTrawler to exceed pre-pandemic profitability levels in the current financial year.
The unfolding narrative of 2022: A Tale of contrasting halves
The global travel industry faced a tumultuous first half of 2022, grappling with many significant obstacles. The recovery trajectory was abruptly halted by the unexpected emergence of the Covid-19 Omicron variant, which was closely followed by a cascade of airline and airport disruptions plaguing Europe.
The second half of the year saw a resounding resurgence in consumer demand. As travel restrictions began to ease, a pent-up desire for exploration was unleashed, manifesting in consumers’ robust appetite for travel.
CarTrawler partners with the world’s leading brands in travel, enabling them to offer their customers car rental, airport transfer, and ride-hailing services. Recognized as leaders in the space, their proprietary technology platform connects customers to more car rental options than anyone else in the world.
Key travel partners include easyJet, Norwegian, KLM, Emirates, United Airlines, Uber, and American Express Travel, and a network of over 2,200 car rental and mobility suppliers across 50,000 locations in more than 150 countries.
Commenting on the company’s performance and growth plans, Peter O’Donovan, Chief Executive, CarTrawler, said:
“I’m delighted with the growth and momentum in our business. Despite the impact on consumer travel experienced globally during the period as a result of Covid-19, we doubled our revenue and posted a healthy profit. We were able to do this through increased investment in our technology platform and wider capabilities, enabling us to grow our partner base and enhance our overall proposition. The travel ancillary sector has proven to be very resilient, with strong underlying growth. CarTrawler remains well positioned to unlock more of it, and we are set for another year of strong growth in FY23.”
CarTrawler Travel Recovery: Outlook and market predictions
Alongside its fiscal performance, CarTrawler has shed light on several macro indicators that shape the landscape of travel and car rental industries.
Despite confronting macroeconomic challenges, the firm has been monitoring a robust intent among customers to travel. The expectation of leisure consumers to elevate their travel frequency in 2024, surpassing that of 2023, underscores the sector’s inherent resilience.
In the aftermath of a phase marked by higher car rental rates in 2022, CarTrawler’s analysis indicates a downturn in current prices in Europe. As of May/June 2023, prices have dipped by approximately 35% year-on-year, with the company projecting a continuation of this downward trend into 2024, albeit at a more moderate pace.
Signifying a transition in customer predilections towards electric vehicles, CarTrawler has unveiled data reflecting a surge in the number of electric vehicles on rent. The proportion of electric vehicles has seen a 9-fold increase over the previous six months. Even though electric vehicle rentals still represent a minor share of global car rentals, a significant uptick in supply and customer adoption is evident. CarTrawler is bolstering an educational campaign to dispel common apprehensions and queries from consumers unfamiliar with renting electric vehicles and is collaborating with suppliers to augment the availability of electric vehicles. Key suppliers must allocate 30% of their fleet to EVs by 2025.
Just the Facts
- Significant new business wins increase global footprint
- Strong travel demand recovery in H2’22 drives a doubling of revenue
- Continued momentum in the business, with pre-pandemic profitability levels due to be exceeded this year
- Car rental prices in the EU are currently 35% lower YoY due to reduced car rental fleet capacity constraints
- Electric vehicle take-up increased significantly over the past 6 months
About CarTrawler
As a global front-runner in car rental and mobility solutions, CarTrawler stands out in the travel industry. The company’s groundbreaking technology solutions have positioned it as the preferred partner for elite travel brands worldwide. These partnerships enable comprehensive mobility services, including car rentals, airport transfers, and ride-hailing, to be offered to customers.
The drive to foster profitable alliances is at the heart of CarTrawler’s operations, creating significant ancillary revenue opportunities within the travel and airline industry.
With its roots in Dublin, Ireland, since 2004, CarTrawler’s proprietary technology platform is a global hub, connecting customers to a wider range of car rental options than any other provider. With a dedicated in-house team, CarTrawler designs, constructs, and powers custom software solutions that seamlessly integrate into partner websites and provide an intuitive user experience. The company’s unique, tailored, and data-driven solutions have been refined over 18 years, consistently demonstrating impressive conversion rates and quantifiable returns.
CarTrawler’s expansive global network links over 50,000 car rental locations globally, collaborating with prominent industry titans such as United Airlines, American Express Travel, easyJet, Uber, Hotels.com, and Emirates.
Delve deeper into the world of CarTrawler at cartrawler.com