The online classifieds operator Baltic Classifieds Group (BCG) has released its report on the 12 months that ended April 31st. Highlights of the company's performance over the period include:
Commenting on his company's performance, BCG's CEO Justinas Šimkus said:
“This has been yet another very successful year for BCG and a record year in terms of financial performance. I was delighted to see that growth was driven by our core classifieds revenue streams and that the growth was relatively consistent across all of our verticals. C2C performance is of particular note as it grew the most supported by both volume and ARPA growth."
The excellent results achieved this year combined with successful pricing and package changes across all of our business units, in C2C and B2C, have provided ongoing momentum moving us into the next financial year.
The results of a recent employee engagement survey supported our view that the team’s motivation is at an all-time high. Over 95% of employees stated that they are proud to be part of BCG and would recommend BCG as a good place to work. With an engaged and highly experienced team, we focus on continuing to deliver outstanding products and services to our customers.”
The number of agent customers remained flat through the year and transaction levels dropped 19% in the Baltic region but revenues for the real estate segment were up 21% at €15 million largely due to price increases. There was however a significant boost in C2C listings across all classifieds segments with real estate listings rising 14% compared to the previous year.
In terms of operational costs, marketing was maintained below 2% of total revenue while headcount increased from 127 to 134 with 5 new employees joining through the acquisition of the GetaPro professional services marketplace.
In further good news for shareholders, BCG managed to reduce its net leverage to 1.0x from 1.7x having voluntarily repaid €14 million of its debt over the course of the year. BCG's board is guiding to 15% revenue growth and maintaining its profit margin in 2024 while continuing to reduce debt and accelerate share buyback.
BCG owns and operates many of the leading classifieds players in the Baltic region in the autos, real estate and job verticals as well as several leading generalist platforms. The company floated on the London Stock Exchange in the summer of 2021.