Press release -
NHST GROUP’S DEVELOPMENT IN THE FOURTH QUARTER OF 2022
• Total revenues for the Group were NOK 287.7 million in the fourth quarter of 2022, which was 0.6 percent lower than the fourth quarter 2021.
• Revenues for the media segment in the quarter were 1.3 per cent lower than the year before. The digital subscription growth continued although at a lower rate than earlier in the year. Total user revenues increased by 3.1% compared to quarter four 2021.Advertising revenues were reduced by 8.7 per cent compared to the strong fourth quarter 2021.
• Good cost control in the media business resulted in improved EBITDA before non-recurring items.
• The SaaS segment continues to show progress in billed revenues versus last year. Fourth quarter recognized revenues increased by 3.6 per cent and were higher in the functional currencies (SEK and EUR) for both Mynewsdesk and Mention.
• Investments in product development and new business opportunities continue despite an uncertain macroeconomic environment. New digital publications were launched in the media business.
• The liquidity situation was good throughout the fourth quarter.
• NHST Holding completed the refinancing of its NOK 250 million credit facility in the quarter.
Total revenues for the Group in the fourth quarter were NOK 287.7 million, a reduction from NOK 289.5 million for the fourth quarter 2021. The main reason for the reduction was a drop in advertising and event revenues compared to the year before.
Group operating expenses for the quarter were NOK 283.3 million, an increase from NOK 280.6 million the year before. In the fourth quarter 2022, restructuring expenses related to manning reductions amounting to NOK 5.9 million were included. Excluding these non-recurring items, operating costs showed a reduction of 1.2 per cent.
Salary increases, general inflation and higher paper and distribution costs have been compensated through reductions in purchased services and a strong focus on cost management.
Group EBITDA before restructuring costs for the quarter was NOK 10.3 million compared to NOK 8.9 million in the fourth quarter last year.
Investments in product and process development were NOK 20.5 million, compared to NOK 15.4 million in the corresponding quarter last year. The increase was mainly in the SaaS business area.
Group liquidity continues to be good with bank balances at the end of the quarter amounting to NOK 210.6 million.
