World News: 06:00 GMT Wednesday 15th May 2019. [Schibsted via Globe Newswire via SPi World News]
“After a successful demerger and separate listing of our international marketplaces operations in Adevinta, I am happy to report that our operations continued to develop well in Q1. Schibsted excluding Adevinta continues its track record of solid digital growth and the revenue from digital products in Schibsted excluding Adevinta grew with 6 percent. The growth is good in all our operating segments,” CEO Kristin Skogen Lund says.
“Nordic Marketplaces is our most prominent growth engine, and in this quarter the market leading marketplace Finn in Norway continued to produce excellent results. At the same time, I am equally glad to report that Blocket in Sweden has returned to growth after several quarters of negative revenue development. The verticals are the primary growth drivers, and both in Finn and Blocket, product development and innovation are key ingredients to drive growth,” CEO Kristin Skogen Lund says.
“News Media continued to grow their digital revenue in the first quarter, especially driven by good take-up in digital news subscriptions. Going forward we will continue to work on product development and to improve our ability to grow the average revenue per subscriber. As a foundation lies our relentless focus on trustworthy and important journalism. The cost control in News Media is good, and we have been able to deliver on our ambition to keep EBITDA margin stable,” CEO Kristin Skogen Lund says.
“This is the first quarter where we report Financial Services separately, as it has become a sizable business. It is also an area with great potential for expansion. Lendo has now been launched in three new markets, and the results are as planned affected by the investments related to this. Our operations in the Growth segment have significant potential, and in this quarter the development was particularly good in the price comparison service Prisjakt,” CEO Kristin Skogen Lund says.
“After the successful demerger of Adevinta and subsequent share sale by Schibsted, we have a strong financial position. Going forward we see interesting investment opportunities across our digital portfolio. For example, within marketplaces there may be opportunities for in-market consolidation. At the same time, we will seek to maintain an optimal capital structure, and over time seek to be within our communicated range of financial leverage, which is higher than the current level,” CEO Kristin Skogen Lund says.
Schibsted invites to an at Akersgata 55, Oslo, 15 May 2019 at 09:00 CET. The presentation will be held in English and transmitted live as a video webcast on . CEO Kristin Skogen Lund and CFO Trond Berger will present at the analyst and press conference.
A linked to the Q1 2019 numbers will take place 15 May 2019 at 14:00 CET. The session will be held in English.
For manual dial-in, use the following number (note that this connection might take more time): +47 2100 2613. Passcode: . For additional phone number, please visit .
Oslo, 15 May 2019SCHIBSTED ASA
Jo Christian SteigedalHead of IR
Globe Newswire: 06:00 GMT Wednesday 15th May 2019
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