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:

DKKm	Q1
	2024*	2023
Revenue	327.1	240.0
EBITDA	39.2	50.4
EBIT	10.4	43.8
EBIT margin	3.2%	18.3%
Return on securities	155.6	103.8
Cash flows from operating activities	-4.8	57.0
Free cash flow	-8	53.6

* Including the activities of SDR