Finnish Marketplace Operator Alma Media Releases Q1 Results: Total Revenues Slightly Up, Classifieds Revenues Slightly Down

Alma Media has released a new-look financial analysis for its Q1 2024 results.

Highlights include:

• Adjusted operating profit decreased by 5.2% in an uncertain operating environment.
• Revenues reach €76.2M, up 1.2% year-on-year
• Classified revenues decreased slightly, from €30.7M in 2023 to €30.2M in 2024
• Alma Marketplaces experienced decreased profitability, but revenues increased 10.5% YoY

Kai Telanne, President and CEO at Alma Media, said:

"Alma Media’s business developed well in the first quarter in spite of the subdued operating environment. Revenue was on a par with the comparison period at MEUR 76.2.

"Profitability was weighed down by investments in service development, particularly in housing-related services in the Marketplaces segment.

"The Alma Marketplaces segment's revenue increased by 10.5% in the first quarter and amounted to MEUR 22.9. Adjusted operating profit decreased by 11.1% to MEUR 5.8 and was 25.5% of revenue."

Alma Media announced this year that its financial reporting would change to more accurately reflect segment structures across the business.

Therefore, our historical tracking at Online Marketplaces has become obsolete and our graphs no longer make sense! These will rejigged as Alma Media publishes more financial results according to this new analysis.

Regarding Marketplaces, the company said acquisitions supported revenue growth, but profitability decreased in housing-related services due to product development investments and a subdued housing market.

Regarding the housing market outlook, the release stated:

"According to the Central Federation of Finnish Real Estate Agencies, the housing market remained weak in the first quarter: the total volume of housing transactions fell by 14.2% year-on-year.

"The transaction volume for old dwellings was 34% below the average for the past five years, and the transaction volume for new dwellings was 83% lower than the five-year average."

Alma Media operates in 12 countries in Europe and employs approximately 1,700 professionals. Alma Media owns and operates Finland's leading real estate portal Etuovi, and the country's largest rentals marketplace, Vuokraovi.