Press release -
NHST GROUP’S QUARTERLY REPORT FOR SECOND QUARTER 2023
NHST GROUP’S QUARTERLY REPORT FOR SECOND QUARTER 2023
• Total revenues for the group were NOK 284.0 million in the second quarter 2023 vs NOK 269.9 million in the second quarter 2022.
• Revenues for the media segment were 2.3 per cent higher than in 2022. The growth was predominantly driven by currency impacts on sales in foreign currencies. The growth in digital subscription revenues was 15.1 per cent in the quarter.
• The SaaS segment showed a growth in recognized revenues of 17.7 per cent versus the year before, partly reflecting underlying sales growth as well as currency impact on translation of the accounts to NOK. In their respective functional currencies, Mynewsdesk`s revenues increased by 5.7 per cent while Mention increased by 4.1 per cent.
• The weak development of the NOK exchange rate versus the main international currencies increased both revenues and costs as reported in NOK, but with only a limited impact on the EBITDA.
• Investments in product improvements and support systems continue.
• The group liquidity situation was good throughout the quarter.
Total revenues for the Group were NOK 284.0 million, an increase from NOK 269.9 million in the second quarter 2022. Digital revenues continued to growth, while the reduction in print-based revenues also continued. Revenues from advertising and commercial services in the media business showed a small reduction. For the SaaS companies, the growth in recognized revenues reflects the effect of the positive development in business booked during 2022 as well as currency impact on the revenues. Group operating expenses were NOK 271.5 million in the quarter, versus NOK 256.4 million in the corresponding quarter last year. Group EBITDA for the quarter was NOK 12.6 million vs NOK 13.6 million in the second quarter 2022. Investments in product and process development were NOK 20.6 million in the quarter, compared to NOK 12.4 million in the corresponding quarter last year. Group liquidity was good with bank balances at the end of the quarter amounting to NOK 144.8 million in addition to the undrawn part of the bank credit line amounting to NOK 55.0 million.
