Movinga's loss decreases

Staff cuts and renegotiated service contracts enabled the start-up to further reduce its net loss for the year

Positive news at Movinga: the start-up was once again able to reduce its net loss for the 2020 financial year. The company made a loss of 8.2 million. In the previous year, this figure was 14.3 million euros. Meanwhile, gross profit for 2020 amounted to seven million euros, around 2.2 million euros less than in 2019.

"The lower gross profit is due to a slump in sales, particularly in the French market," the company writes in its management report. "The improved result is due to the renegotiation of key service contracts and the reduction in staffing levels," the company writes in its management report. According to information from German Startups the number of employees decreased over the years from a maximum of 353 in 2016 to 113 in 2020.

For the completed 2021 financial year and the current 2022 financial year, the start-up expects higher turnover and a further reduction in the annual loss. Nevertheless, the operating result is still expected to be negative. Financing in the amount of three million euros from September last year secures the liquidity of the company, which was founded in 2015.

Movinga offers a platform on which customers can book a moving service. With every booking, Movinga plants trees to offset CO2 emissions. In 2020, the start-up expanded to Austria and Switzerland. The service is also available in Germany, France and Sweden.