Finnish Market Leader Steady in Q2 as Listings Volumes Pick Up by 11%

July 19, 2023
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The Finnish online classifieds operator Alma Media has announced its results for Q2 of the 2023 financial year. Relevant highlights from the company's performance during the period included:

  • Overall company revenue was steady at €78.2 million (€79.3, Q2 2022).
  • Company operating profit was also steady at €19.4 million (€19.2, Q2 2022).
  • Revenue from housing marketplaces was around €4.7 million.

Alma Media is the operator of the leading Finnish real estate marketplace Etuovi as well as the country's top rentals portal Vuokraovi. It also operates several leading online classifieds assets across its home market (autos marketplaces Nettiauto, and Alma Talent and in recruitment) as well as Eastern Europe (including in the Czech Republic and in Slovakia).

Revenue from the company's housing marketplaces was steady compared to the comparison period of 2022 at around €4.7 million. The company noted that economic uncertainty was affecting the housing market in Finland but also told investors that listing volumes were increasing in both the sales (10.8%) and rentals (17.8%) categories.

The company noted that profitability in its 'Consumer' segment (which includes its real estate portals) is under pressure due to the decline in advertising sales and increased costs in product development.

Revenue from comparison services and sharing economy services showed strong development during the quarter.

An investor presentation was keen to point out the strides that Alma Media has made in digitizing its business. Where digital businesses contributed only 32% of company revenue in 2014, they now account for 82%.

July 19, 2023
Since March 2020 Edmund's job has been to read about, write about, collect data on, analyse and generally know about real estate marketplaces and the companies that run them. Before that he worked at the aggregator Mitula Group (which became Lifull Connect) for five years.

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