2023 was a good year with acquisitions and financial results as guided

 

Announcement no. 2-2024

29 February 2024

North Media’s Group CEO Lasse Brodt commented on the performance in 2023:
“We’re delivering financial results in line with our most recent guidance, which we consider to be satisfactory in light of the fact that several of our businesses were still affected by the economic climate and the uncertain market conditions. FK Distribution reported a drop in volumes, as expected, which impacted our revenue, while BoligPortal delivered revenue of more than DKK 100 million for the first time ever and its best ever EBIT. Ofir and Bekey both reported declining revenue and earnings, and we have taken strategic steps to reverse that performance. This was also the year when we executed on our strategy to acquire, run and optimise high-volume businesses. By acquiring SDR Svensk Direktreklam AB, Sweden’s largest private-sector distributor of leaflets and local newspapers, we have expanded our Scandinavian position in that market.”

Financial highlights:

DKK m	Q4		Full year
	2023	2022	2023	2022
Revenue	248.4	259.1	949.1	995.3
EBITDA	45.9	69.2	176.9	219.2
EBIT	39.2	62.3	149.9	191.5
EBIT margin	15.8%	24.0%	15.8%	19.2%
Return on securities			189.3	-194.2
Cash flows from operating activities			126.0	191.3
Free cash flow			157.1	170.7

As revealed in Announcement no. 1 of 26 February 2024, North Media delivered financial results in line with the most recent FY 2023 guidance, which was for revenue in the DKK 940–960m range and EBIT in the DKK 145–160m range. Based on the financial performance for the year, the Board of Directors recommends that a dividend of DKK 4 per share be paid.