Boligportal Meets Guidance With 11% Revenue Increase in 2022, Looks to Sweden and Data Insights in 2023

North Media, the parent company of the Danish rentals marketplace site BoligPortal, has announced its results for the 2022 financial year. Notable points from the company's performance for the 12 months ended December 31st include.

• Company-wide revenue decreased from DKKm 1,034 to DKKm 955 ($149 million) while EBIT was down from DKKm 244 to DKKm 191 ($27.5 million).
• Boligportal's revenues were up 11% year-on-year at DKKm 93.9 ($13.5 million) at an EBIT margin of 26%.
• The number of landlords on the platform increased from 21.3k in 2021 to 25.3k in 2022.

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).

The company's portal operations in its native Denmark and across the border in Sweden (where it operates the sister portal Bostadsportal.se) accounted for around 9% of total revenue during the period.

The business was boosted in 2022 by a record number of listings (more than 115,000 in Denmark) and landlord interest, though the company noted that this dropped off slightly in the second half of the year as tenants were influenced by rising inflation and higher costs of living.

The portal's margins dropped from 31.6% to 25.8% in 2022, largely thanks to the acquisition of the BoligManager property management platform. Despite the drop, as a segment Boligportal met its guidance for revenue and profit with North Media’s Group CEO Lasse Brodt commenting:

"BoligPortal demonstrated robust results in a difficult year affected by challenging market conditions."

Boligportal is increasingly diversifying its business and apart from the BoligManager platform it also forms paid partnerships with third-party utility providers and offers a data insights platform. These products and services accounted for 9% of the segment's revenues over the period with North Media's target of double-digit growth in this area one of its success stories of 2022.