Preliminary financial results for 2022 and guidance for 2023
06 Februar 2023 - 10:37AM
Preliminary financial results for 2022 and guidance for 2023
Announcement no. 1/20236 February 2023
North Media releases preliminary, unaudited financial results
for 2022. Financial results at the lower end of guidance provided
on 2 November 2022.
|
Results for 2022 |
Latest guidance |
Revenue |
DKK 995m |
DKK 995–1,010m |
EBIT |
DKK 192m |
DKK 190–200m |
The Last Mile business area (FK Distribution) saw double-digit
growth in the minetilbud and selected mail business, but its
overall revenue declined 6% as high prices of paper and rising
inflation made customers, especially those in the retail trade,
reduce their formats, lower their page counts or cut down on
leaflet frequencies. At 22.1%, Last Mile’s EBIT margin was affected
by increased distribution costs, as expected, and, in the second
half of the year, was also impacted by reduced volumes that were
partially offset by increased productivity and cost savings.
Revenue in the Digital Services business area was up by 10%,
driven by double-digit growth in BoligPortal and Ofir, while the
EBIT margin came in at 7.9%. The business area accelerated
investments in sales, marketing, technology and other growth
initiatives, including the acquisition of Boligmanager, all of
which produced good results for BoligPortal, while Ofir failed to
win market share fast enough to offset a decline in the market in
the second half of the year. Bekey did not manage to build new
customer groups, and a new management has been appointed to create
a foundation for scalability and growth.
Guidance for 2023 and financial ambitions
|
Guidance for 2023 |
Revenue |
DKK 920–975m |
EBIT |
DKK 125–160m |
North Media expects revenue and EBIT for 2023 to be lower than
the respective 2022 figures. The broader guidance ranges reflect
increased uncertainty driven by the high rate of inflation, rising
interest rates, weak consumer confidence and the risk of an
economic slump causing a drop in the level of activity in parts of
society.
FK Distribution expects revenue and EBIT for 2023 to be lower
than the respective 2022 figures. Physical volumes are expected to
come under pressure from high prices of paper and challenges faced
by certain customer groups despite the fact that leaflets remain
the key cornerstone of retail sector marketing. In order to ensure
continued growth in its digital operations, the company plans to
strengthen the minetilbud.dk organisation, as well as its
development, operations and data.
In the Digital
Services business area, Ofir and Bekey are expected to generate
lower EBIT than in 2022 on largely unchanged revenue. BoligPortal
is expected to deliver double-digit revenue growth once again and
to improve its earnings despite costs to develop and commercialise
Boligmanager and for strengthening its Swedish site
Bostadsportal.
In light of the persistent market volatility, North Media
cancels previously announced financial ambitions for 2023-2024.
The annual report for 2022 and detailed guidance for 2023 is
scheduled for release on 8 February 2023.
Further information: Lasse Brodt, Group CEO, +45 20 24 32 92Kåre
Wigh, Group CFO, +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.
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