Danish Rentals Portal Boligportal Posts Better Than Expected Income from Landlords in Q3

North Media, the company behind the Danish rentals portal Boligportal, has released its interim Q3 figures for FY 2023. Notable points from the firm's report include:

• Group revenues were down 2.5% year-on-year at 222 DKKm ($31.4 million) while EBIT was up slightly at 29.8 DKKm ($4.2 million).
• Boligportal revenues grew 13% year-on-year to 27.5 DKKm ($3.9 million) with EBIT up 41% at 8.6 DKKm ($1.2 million).

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.

While the company's Last Mile delivery business as well as Bekey and Offir suffered during the period, Boligportal performed well on the back of high listing volumes and increased sales.

Company CEO Lasse Ingemann Brodt singled Boligportal's performance out for praise in comments accompanying the release:

“I am pleased to note that we managed to maintain stable earnings in the Q3 2023 period on a slight drop in revenue. In our Digital Services business, BoligPortal delivered revenue and earnings improvements, while earnings in Last Mile (FK Distribution) were in line with the year-earlier period and, as expected, the business managed to reduce the revenue decline compared to the first half of 2023. Based on those developments, we have narrowed our full-year guidance range.”

North Media has been looking to expand its rentals business into adjacent markets and territories in recent quarters. In January 2022 the company acquired the property management specialist Boligmanager and recently has been putting resources into building its presence in the Swedish rentals market with its Bostadsportal.se platform.

The company report admitted that while the advertising portal saw higher than expected income from landlord advertising, the Boligmanager business lost momentum in the quarter.