Press release -
NHST GROUP’S DEVELOPMENT IN THE THIRD QUARTER OF 2022
The Group is experiencing challenging market conditions as a result of macroeconomic slowdown in Europe, historically high energy prices and the highest inflation levels seen for a decade. But in light of these events, the need for independent high-quality journalism is higher than ever.
• Total revenues for the Group were NOK 271.4 million in the third quarter of 2022, which was an increase in revenues of 2.4 per cent from the third quarter last year.
• Revenues for the media segment increased by 3.6 per cent. The digital subscription growth continued although at a lower rate than earlier in the year. Advertising revenues increased by 6.7 per cent.
• The SaaS segment continues to show progress in billed revenues versus last year. Third quarter recognized revenues in the functional currencies (SEK and EUR) increased for both Mention and Mynewsdesk.
• Investments in product development and new business opportunities continue despite the uncertain macroeconomic environment.
• Good liquidity situation throughout the third quarter.
Total revenues for the Group in the third quarter were NOK 271.4 million, an increase from NOK 265.0 million for the third quarter 2021.
Group operating expenses for the quarter were NOK 263.2 million, an increase of 7.7 per cent from the year before. The increase reflects planned expenses for business growth and development of new products and services. External factors such as higher costs for labor intensive services, and higher prices for paper, print and distribution services also drive up costs.
Group EBITDA for the quarter was NOK 8.2 million compared to NOK 20.7 million in the third quarter last year.
Investments in product and process development were NOK 14.8 million, compared to NOK 9.3 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 230.2 million. The reduction of NOK 42.5 million since the end of second quarter reflects normal cyclical changes in working capital.
Please see Related Media for the full quarterly report.
