The Platform Group (TPG), a software company for platform solutions, achieved first quarter gross merchandise volume of 190.6 million euros and generated sales of 107.9 million euros, a substantial increase over the prior year.

The company attributed an increase in GMV and sales to the growth of the number of connected partners to 11,987 and the successful expansion of the platform and software solutions to now cover 21 industries. Two acquisitions were made in the first quarter of 2024 - Hood and Avocadostore, and two more acquisitions are expected in June 2024.

As part of the comprehensive cost and efficiency program implemented since 2023, profitability further expanded with adjusted EBITDA from continuing operations rising to 8.5 million euros in the first quarter, an increase of 25 percent compared to the same period last year. The reported EBITDA reached 16.7 million euros and the consolidated result reached 11.4 million euros, corresponding to earnings per share of 0.55 euros, an increase of 44.7 percent. Earnings per share from continuing operations amount to 0.65 euros.

Commenting on the trading results, Dr. Dominik Benner, CEO of The Platform Group said: “The first quarter was slightly above our internal expectations. The profitable niches that we manage as a platform provider contributed positively to the result.”

In view of the successful business development in the first quarter, the acquisitions in 2024 and the increased number of partners, the company’s management board has increased its forecast for the year ahead and now expects GMV to increase to between 840 million euros and 870 million euros, net sales are expected to rise to between 480 million euros and 500 million euros and adjusted EBITDA to be between 26 million euros and 30 million euros.

“The increase in our forecast shows that we can successfully expand our cost-conscious strategy of platform and software solutions into new industries and thereby create economies of scale. The current valuation level is at a record low, so we are taking advantage of this phase,” added Laura Vogelsang, board member at The Platform Group AG.