Fastned shares slide on founders reducing stake, Q4 miss
12/01/2023 08:35
** Shares in Fastned FASTN.AS drop around 6% after its Q4
revenue growth below expectations and said founders would reduce
their stakes by 6%
** Founders Michiel Langezaal, Bart Lubbers, and investment
company Breesaap will sell around 2% of currently outstanding
depositary receipts each, Fastned says
** "We believe the insider selling is the key item today as
it is quite significant vs a 20% free-float," ING says
** The group recorded Q4 revenue related to charging up
177%, leading to FY revenue at EUR 36 million ($38.73 million)
and Q4 run-rate at 53.2 million
** "Again, solid growth but the results were a bit shy of
our expectations," ING says, adding Fastned's Q4 volume growth
had slowed from the previous quarter
** It also points out the company, which had announced it
would miss its station roll-out target, added 59 stations
against an initial target of at least 65
($1 = 0.9296 euros)
(Reporting by Juliette Portala)
((juliette.portala@tr.com))