Schibsted Media Group has just announced a 10 per cent increase in EBITDA to NOK 831 million for Q2 2016.
The company reports its online classifieds operations grew well both in terms of revenue and gross operating profit during the quarter while its Media Houses also improved their profitability compared to the same quarter in 2015 despite a challenging advertising market.
CEO Rolv Erik Ryssdal says online classifieds operations in France and Spain continued their development, and the growth rate in Norway picked up.
"Leading traffic positions provide the foundation to increase revenues backed by both increased ad volumes, enhanced products and price optimization,", Ryssdal says.
"We continue to see positive development of our significant organic investments aiming to build market positions in new areas."
Ryssdal adds Schibsted's native mobile app Shpock is developing rapidly in several European markets.
"Schibsted is investing significant amounts in product and technology," he says.
"Technology for targeted advertising is one area of focus, and our new advertising solutions are now being rolled across our portfolio.
"This will enable Schibsted to take part in the expected growth in digital advertising markets in the years to come."
Nevertheless, the company's newspapers in Norway and Sweden are facing negative revenue development as print advertising continues to decline.
"Continuous cost adaptions are necessary to maintain acceptable profitability," Ryssdal concedes.
"At the same time, it is encouraging to see that the number of digital subscribers to the newspapers continues to grow rapidly.
Schibsted aims to be at the forefront when it comes to presenting premium editorial content in a modern way, which appeals to consumers."
Highlights of Q2 2016