North Media Posts Q2 Financial Results—BoligPortal on Track

North Media, the media group and operator of Danish Portal BoligPortal, released its Q2 2022 financial report, with results "as expected" for the Group.

Highlights include:

• Consolidated revenue up 1% (DKK 508m)
• Digital Services business (including Boligportal) reported combined growth of 16%
• Consolidated EBIT, DKK 100m

The company also narrowed its Guidance for several 2022 results, including:

• BoligPortal revenue guidance narrowed from DKK 93-99m to DKK 94-98m for FY22
• Digital Services business expected to grow revenues by 17%

Boligportal recorded its highest quarterly revenue ever in Q2 2022 of DKK 23.7 m ($3.2m) at 9.2% growth YoY. Boligportal also set new revenue records from partnerships and landlord advertising in June.

BoligPortal acquired 51% of digital housing and property management system Boligmanager in January this year for DKK 12 million ($1.8m) with the expectation of a takeover in 2027. The acquisition damaged BoligPortal's EBIT, but adjusted EBIT inclusive of Boligmanager remained steady, up by DKK 0.1m (just $13,500).

Lasse Brodt, who was appointed CEO at North Media in March of this year, said:

"We’ve seen satisfactory developments in our underlying operations during the first half of 2022. High inflation and upward pressure on costs makes us focus even more on economies of scale, cost management and consistent execution. For Digital Services, the onus is on increasing growth through initiatives already launched."

BoligPortal is one of Denmark's most recognisable portals. According to Similarweb, BoligPortal had 2.2 million web visitors in July 2022. The number one portal, Boligsiden, had 3.9 million web visits in the same period.