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Q1 2024 results in line with expectations. Full-year guidance narrowed


Announcement no. 9-2024

16 May 2024

North Media CEO Lasse Ingemann Brodt commented on the results for Q1 2024:
“In the first quarter of 2024, with performance in line with expectations, we focused on integrating SDR Svensk Direktreklam in the North Media Group. We have taken the first steps to exploit the potential for mutual development with FK distribution, including the transition to shared use of the Danish production systems and planned testing of automated packaging of printed matter for the Swedish market in Q2 2024. In Digital Services, the results were impacted by increased costs for strategic development of the businesses, which was expected. Based on greater insight into SDR’s business, we are narrowing our full-year guidance.”

Guidance for 2024

The Group narrows its revenue and EBITDA guidance. Revenue is now expected to be in the DKK 1,310-1,355m range (previously DKK 1,310-1,375m). The narrowing is mainly due to greater insight into SDR’s business, adjustment of projection models in the SDR business and slightly weaker growth in BoligPortal.

The EBITDA guidance is narrowed to DKK 170-200m (previously DKK 170-210m) as a consequence of the expected trend in revenue and the higher costs of integrating SDR in the Last Mile business.

Moreover, the EBIT guidance is adjusted to DKK 95-125m (previously DKK 110-150m), due to a DKK 13.7m non-cash one-off write-down of IT systems at SDR.

Financial highlights:

EBIT margin3.2%18.3%
Return on securities155.6103.8
Cash flows from operating activities-4.857.0
Free cash flow-853.6

* Including the activities of SDR

Performance by business area – Q1 2024

Revenue in the Last Mile business area (FK Distribution and SDR) grew by 45% after the inclusion of the Swedish business. Excluding SDR, revenue decreased by an expected 3%, driven by lower revenue from distributing local newspapers, while more customers increased the volume of printed matter. EBITDA was DKK 40m. EBIT was DKK 15m, down from DKK 41.2m. The decline was primarily driven by depreciation of the SDR purchase price, the write-down of IT systems in SDR, and to a lesser extent costs related to the acquisition of Aviou technology in the ‘minetilbud’ business. The EBIT margin was 5.2%.

Revenue in the Digital Services business area fell by 3%, based on a flat trend in BoligPortal and a setback in Ofir and Bekey. EBITDA was a negative DKK 0.1m, driven by lower revenue, expected increased costs of integrating all services into a single universe in BoligPortal and optimisation of in-house processes at Bekey. EBIT fell to a loss of DKK 1.3m, and the EBIT margin was negative at 3.2%.

The Group had capital resources of DKK 951m at 31 March 2024, which was an increase of DKK 95m, supported by a positive return on the securities portfolio. In April, North Media paid a dividend of DKK 4 per share, for a total of DKK 72.1m.

Conference call
CFO Kåre Wigh will present the interim report in a conference call (in English) on 23 May 2024 at 13:00 CEST. Please register using this link. The interim report will be presented in Danish on HC Andersen Capital’s platform on 23 May 2024 at 15:00 CET. Please register using this link.

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

North Media develops and operates platforms for transactions that bring businesses and consumers together. These platforms help consumers find the right products, whether they are looking for groceries, rental housing, jobs or digital access management solutions. North Media has two core business areas: Last Mile: FK Distribution and SDR Svensk Direktreklam are among the leading distributors of leaflets and local newspapers in Denmark and Sweden, respectively. Minetilbud is a leading digital offer platform. Digital Services: Three businesses with the potential for strong growth, rising earnings and scalability: 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 parcels, groceries, meal services, etc.


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