Buoyant BoligPortal The Only Bright Spot for Danish Portal Operator North Media in Q3

The parent company of Danish rentals marketplace site BoligPortal, North Media announced its results for Q3 today. Notable points from the company's performance for the three months ended September 30th include:

• On a company-wide level, revenue was down -7.5% to DKKm 228 ($30.3 million) while EBIT was down -42.5% at DKKm 36 ($4.8 million)
• BoligPortal saw revenues grow 11% year-on-year for the quarter at DKKm 24 ($ 3.2 million) with positive EBIT of DKKm 6.1 ($0.8 million)

As well as BoligPortal, North Media owns and operates several diverse businesses in Denmark including a last-mile delivery company (FK Distribution), a smart lock company (Bekey) and a jobs portal (Offir).

Boligportal accounted for more than 10% of the company's total quarterly revenue for the first time as the company's printing and last-mile services performed poorly.

BoligPortal benefitted from higher-than-expected income from landlord advertising and an increase in the volume of rental units on the Danish market. The segment's EBIT was however affected by the acquisition costs associated with the January acquisition of the property management platform BoligManager.

The integration of BoligManager is on track with a company presentation confirming that the two companies had merged their product and development teams aiming to accelerate the pace of development.