North Media announces preliminary financial results for Q2 2024 and revises its full-year guidance for 2024

    North Media announces preliminary financial results for Q2 2024 and revises its full-year guidance for 2024

Announcement no. 10/2024
14 August 2024

The preliminary financial results for Q2 and therefore also H1 2024 were in line with expectations. Accordingly, the Group is adjusting its full-year guidance for consolidated revenue to the DKK 1,320-1,365m range (previously DKK 1,310-1,355m). FK Distribution is expected to drive the revenue improvement.

At the same time, North Media is lowering its full-year EBITDA and EBIT guidance for 2024. The Group now expects EBITDA to be in the DKK 150-175m range (previously DKK 170-200m) and EBIT to be in the DKK 75-100m range (previously DKK 95-125m). The guidance is revised as a result of two decisions:

1. to accelerate the implementation of automated packing and technologies for sorting, packing and distributing door drop media in SDR Svensk Direktreklam. The implementation is expected to be completed by the end of Q2 2025.
2. to develop the ‘minetilbud’ technical platform into an exposure business which can also be launched in other countries, initially in Sweden in late 2024.

Based on preliminary and unaudited figures, North Media’s revenue for Q2 2024 was DKK 351m against DKK 238m in Q2 2023. The revenue growth was driven by the Last Mile business area, primarily by SDR, the distribution business acquired in Sweden, and to a lesser extent by FK Distribution. EBITDA grew to DKK 58m from DKK 44m in the same period last year, driven by the revenue improvement. EBIT was DKK 41m as compared with DKK 37m in Q2 2023. The financial results for 2024 include SDR Svensk Direktreklam, which was acquired at the end of 2023.

Outlook for 2024

	Current guidance	Revised guidance
Revenue	DKK 1,310-1,355m	DKK 1,320-1,365m
EBITDA	DKK 170-200m	DKK 150-175m
EBIT	DKK 95-125m	DKK 75-100m

The Group’s guidance for 2024 is described in detail in the interim report for the second quarter of 2024, which is expected to be published on 15 August 2024.

For further information, please contact:

Lasse Brodt, Group CEO, [phone]
Kåre Wigh, Group CFO, [phone]

North Media’s companies develop and operate platforms for transactions that bring businesses and consumers together, with a special focus on groceries, rental housing, jobs or digital access management solutions. FK Distribution is Denmark’s leading distributor of leaflets and local newspapers; it runs the digital platform ‘minetilbud’ and provides logistics services. SDR Svensk Direktreklam is a distributor of leaflets and local newspapers in Sweden. BoligPortal is Denmark’s leading home rentals platform, offering services to both landlords and tenants. Ofir is Denmark’s most comprehensive jobs universe. Bekey provides digital access solutions for secured stairwells and private homes for the use of homecare services and companies delivering groceries, meal services, etc.

This document is an unofficial translation of the Danish original. In the event of any inconsistencies, the Danish version shall apply.