Danish Market Leader Boligportal Records Flat Revenue Growth in Q1 2024 Results

North Media, the holding company behind Danish market leader Boligportal, has released its Q1 financial results for 2024.

Highlights include:

• Revenues grew 36% year-on-year to DKK 327.1 million (USD 47.6 million), driven mainly by the acquisition of SDR in December 2023.
• Revenues minus SDR's contribution fell by DKK 7 million, down 3% YoY.
• Consolidated EBITDA was DKK 39.2 million (USD 5.7 million), down from DKK 50.4 million in Q1 2023.
• Boligportal revenues were steady at DKK 26.6 million (USD 2.87 million), up slightly from DKK 26.5 million in Q1 2023.

North Media owns and operates several diverse businesses in Denmark in addition to Boligportal, including last-mile delivery company FK Distribution, smart lock company Bekey and jobs portal Offir. The company is currently investing heavily in acquisitions and technology and has been transparent about its expectations for slower growth in 2024.

While revenue for the quarter was flat for Boligportal, North Media says the Danish market leader is the most likely candidate to drive overall revenue growth of circa 3% for the Group in the rest of 2024, down slightly from a guidance of 5% growth for the year.

North Media's interim report commented:

"The results for Q1 2024 were in line with the initial expectations. The FY 2024 guidance is narrowed, with the upper part of
the revenue and EBITDA ranges being lowered by DKK 20m and DKK 10m, respectively.

"Revenue in BoligPortal was flat, with increased income from tenants balancing out the expected drop in advertising revenue from landlords following a record-high level in 2023.

"EBIT fell by 14%, driven by flat revenue and increased capacity costs relating to the transformation towards the integration of
all activities into a single universe for tenants and landlords.

"Revenue growth is expected to be about 6% (previously 8%) BoligPortal expects growth in 2024 to be driven by the new products and services, Data Insights and Boligmanager, together with growth in BostadsPortal."