Schibsted has just released its Q3 financial results. Overall, the business grew it EBITDA by 10% with online classifieds being the star performer. Online classifieds revenue grew 24% while EBITDA from online classifieds grew 19% giving an EBITDA margin of 31% or 41% if you exclude investments in new ventures.
The company expects to maintain a 15-20% medium to long term classifieds revenue growth underpinned by the growth in France and Spain.
Interestingly, the mobile-only classifieds app, Shpock, had significant take up in the UK, Germany and Austria perhaps providing an indicator to the future where traditional desktop sites could become a thing of the past.
Here is the press release ...
Today, Schibsted Media Group released its Q3 2015 report.
"I am pleased to see that the positive development both in revenues and profitability continued for our major online classifieds sites in Q3 2015. Spain and France performed particularly well in the quarter", CEO Rolv Erik Ryssdal says.
"For our Media Houses, changes in consumer behavior and the advertising markets are affecting our operations significantly. Our operations continue to perform well given the very challenging landscape", Rolv Erik Ryssdal says.
"We are focusing on increased speed of online product development. Our joint efforts in building advanced data driven advertising solutions prove more and more relevant. At the same time, I am satisfied to see that all our companies are able to adjust their cost base significantly, when total revenues decline," Ryssdal says.
"During Q3 2015 we strengthened our financial muscles considerably through a new issue of B-shares of close to NOK 2.7 billion. This is strengthening our ability to execute on our strategy to create value through in-market consolidation in the markets we currently operate. We believe this type of consolidation will contribute to create better market places for buyers and sellers," Rolv Erik Ryssdal says.
"Schibsted has over the last few quarters increased our efforts within digital product development and technology considerably. This will continue, and form the basis for good products for consumers and businesses. It is an important part of our strategy for future growth," CEO Rolv Erik Ryssdal says.
Highlights of Q3 2015
(Figures in brackets refer to corresponding quarter in 2014.)