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Q3 2023 financial results in line with expectations and full-year guidance range narrowed


Announcement no. 14-2023

1 November 2023

North Media CEO Lasse Ingemann Brodt commented on the results for Q3 2023:
“I am pleased to note that we managed to maintain stable earnings in the Q3 2023 period on a slight drop in revenue. In our Digital Services business, BoligPortal delivered revenue and earnings improvements, while earnings in Last Mile (FK Distribution) were in line with the year-earlier period and, as expected, the business managed to reduce the revenue decline compared to the first half of 2023. Based on those developments, we have narrowed our full-year guidance range.”

Financial highlights:

EBIT margin13.4%12.8%15.8%17.5%
Return on securities-8.6-18.7156.3-229.3
Cash flows from operating activities40.130.0125.6123.2
Free cash flow39.926.3121.2119.5

Performance by business area – Q3 2023
Last Mile (FK Distribution) delivered EBIT of DKK 28.2m, compared with DKK 29.6m last year on a 4.2% drop in revenue. As expected, the revenue decline was reduced compared with the first half of 2023, still driven by reduced volumes of printed matter and newspapers. Compared to the corresponding period of last year when prices of paper were at record highs, customers maintained their planned campaigns and in some cases increased the distribution of leaflets. The EBIT margin was stable at 15.6%

Digital Services reported a 5.6% revenue improvement, driven by continued positive developments in BoligPortal, which delivered 13% growth. BoligPortal grew its earnings by 41%, but that was not enough to offset the earnings performances reported by Ofir and Bekey, and Digital Services’ overall EBIT fell by 32% to DKK 2.1m. The EBIT margin declined to 5.1%.

Stable YtD performance
As expected, the YtD consolidated revenue declined, mainly due to reduced volumes in Last Mile (FK Distribution). Last Mile reported a 6.4% drop in revenue, while Digital Services delivered a 3.0% increase driven by BoligPortal. The reduction in EBIT was mainly due to developments in Last Mile in the first half of 2023, whereas Digital Services reported stable earnings.

Full-year financial guidance ranges narrowed
Based on the YtD results following the Q3 period and improved visibility in the Last Mile business, the Group narrows its full-year guidance ranges. Revenue is now expected in the DKK 940-960m range (previously DKK 935-970m). EBIT is expected in the DKK 145-160m range (previously DKK 135-160m).

For the Last Mile business area, the revenue guidance is narrowed to the DKK 778-792m range (previously DKK 775-800m) with EBIT projected at DKK 148-158m (previously DKK 145-160m). For the Digital Services business area, revenue is now forecast in the DKK 162-168m range (previously DKK 160-170m), while EBIT is expected in the DKK 5-10m range (previously DKK 0-10m), mainly driven by positive developments in BoligPortal.

Conference call

CFO Kåre Wigh will present North Media’s interim report in a conference call (in English) on 2 November at 13:00 CET. Use this link to attend the conference call. The interim report will be presented in Danish on HC Andersen Capital’s platform on 2 November 2023 at 15:00 CET. Please register using this link.

For further information:
CEO Lasse Ingeman Brodt, tel. +45 20 24 32 92
CFO Kåre Wigh, tel. +45 25 65 21 45

North Media’s companies develop and operate platforms for transactions that bring businesses and consumers together, with a special focus on groceries, rental housing, jobs or digital access management solutions. FK Distribution is Denmark’s leading distributor of leaflets and local newspapers; it runs the digital platform ‘minetilbud’ and provides logistics services. BoligPortal is Denmark’s leading home rentals platform, offering services to both landlords and tenants. Ofir is Denmark’s most comprehensive jobs universe. Bekey provides digital access solutions for secured stairwells and private homes for the use of homecare services and companies delivering groceries, meal services, etc.

This document is an unofficial translation og the Danish original. In the event of any inconsistencies, the Danish version shall apply.


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