Modus Group revenue growth in the first half of 2019 was driven by expansion
The revenue of Modus Group in the first half of 2019 reached EUR 226.3 million. Compared to the same period of the last year, the revenue increased by one third. The growth was mainly driven by actively investing in expansion, especially in new markets. The company’s EBITDA (earnings before interest, tax, depreciation, and amortization) reached EUR 34.4 million.
The fastest revenue growth was observed in energy and mobility areas. Revenue of energy companies owned by Modus Group increased by 73% up to EUR 20.5 million. Revenue of mobility-related businesses increased by 46% reaching EUR 12.7 million.
‘These results primarily reflect the growing scale and geography of the business. Currently, the company is in a rapid expansion stage. We are dedicating a lot of investment and time to the development of new businesses and projects. The biggest attention is paid to our priority areas related to green economy – renewable energy projects and mobility services. Group’s expansion is mainly focused on international level,’ says Liudas Liutkevičius, chairman of the board of Modus Group.
According to him, revenue from the sale of BMW and Mini automotive business in Lithuania this year, was invested in the expansion. Renewable energy and innovative mobility solutions will remain a priority in the upcoming period. The company plans to dedicate a large amount of attention and investment for these areas.
Today CityBee, the mobility solutions company owned by Modus Group, provides its services not only in Lithuania but also in Latvia, Estonia, Poland. This year, CityBee fleet has been expanded with electric scooters. In the first half of 2019, the company’s customer base reached nearly 500 thousand in all markets.
In the energy sector, Group focuses on biogas and solar energy projects development in seven markets: Poland, Ukraine, Belarus, Italy, Spain, Lithuania and Latvia. In the near future, Modus Group is planning to expand the geography of these projects – including new potential projects in Central and Southern Europe. The European Bank for Reconstruction and Development (EBRD) is the financial partner of the group’s biogas projects in Belarus.
Automotive retail companies owned by Modus Group also demonstrated good results in the first half of 2019. Compared to the same period of the last year, revenue of automotive business increased by 30%.