North Media Q2 2024: Boligportal Continues Flat Year-on-Year Revenue Performance

North Media, the operator behind Denmark's leading portal Boligportal, has released its financial results for the second quarter of the year.

Highlights include:

• Total group revenues DKK 351 million (USD 51.6 million)
• Consolidated revenue grew by 47% year on year as a result of the acquisition of SDR at the end of 2023
• Boligportal contributes flat revenues of DKK 27.5 million (USD 4.05 million)
• Boligportal contributes 7.8% of total North Media revenues
• Year-to-date revenues of DKK 54.1 million for Boligportal with an EBITDA of DKK 16.6 million (was 8.4% in Q2)

North Media operates market-leading platforms for business-consumer transactions within retail offers, rental homes, job ads, and digital access systems. Its diverse business offerings include Boligportal, last-mile delivery company FK Distribution, smart lock company Bekey and jobs portal Offir.

BoligPortal experienced flat revenues, something that has become a common theme for the portal. Year-on-year revenue dropped 3.4% in Q1, with a slight improvement this quarter to a slight YoY increase of 0.4%.

The portal makes money from both sides of the marketplace. Would-be renters can search for free but must pay for a membership if they wish to contact landlords and access certain features.

North Media said increased income from tenants and new digital products balanced out the expected drop in advertising revenue from landlords following a record-high level in 2023.

Meanwhile, Swedish rentals portal Bostadsportal.se reported a slight drop in revenue.

North Media says full-year revenue growth is still expected to be at or around 6% for 2024. The expected growth for H2 2024 will be driven by the new products and services, including Data Insights, Boligmanager (acquired in 2022) and, to a lesser extent, BostadsPortal.se.