North Media Q2 Results: Earnings In Line with Expectations as Boligportal Delivers Record Quarterly Revenue

North Media, the holding company behind Danish portal Boligportal, has released its interim Q2 figures for FY 2023, with digital services revenue propped up by its flagship rentals marketplace.

Highlights include:

• Group revenues were down 6% YoY.
• Digital services revenues hit 83.2 DKKm (up 2% YoY), driven by strong Boligportal performance.
• Boligportal revenues grew to 27.4 DKKm (up 16% YoY).
• Boligportal EBITDA hit 10 DKKm (up 61% YoY).

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.

However, it is the rentals marketplace Boligportal that continued to drive revenue in Q2, with digital services income propped up by the portal. North Media's interim report said revenues in the digital services segment have contributed to the firm increasing its revenue guidance for the year as a result of higher advertising revenue through its core business.

The report highlighted Boligportal's purchase of the remaining 49% of shares in the property management platform Boligmanager, the first 51% of which it purchased in January 2022 for approximately $2M (DKK 12 million). The company would have been obliged to purchase the remaining shares by 2027 but has clearly opted for a full merger sooner than the deadline.

Boligportal is, according to Similarweb.com, Denmark's fifth most popular real estate website, and registered 2.2M visits in July 2023 compared to 5.4M visits for market leader Boligsiden.

Boligportal's rental platform is monetized by charging would-be tenants to contact landlords, while also charging landlords a fee to receive applications from non-paying tenants.

BoligPortal is a web and mobile-based listing platform for rental residential properties in Denmark. The company was founded in 1999 and currently has over 18,000 rental listings on its website.