Press release -
NHST GROUP’S DEVELOPMENT IN THE FIRST QUARTER OF 2023
• Revenues for the media segment in the quarter were 3.4 per cent higher than the year before. The digital subscription growth continued. Advertising and commercial services revenues increased by 11.7 per cent despite a general contraction in the advertising market.
• EBITDA for the quarter was minus NOK 14.7 million, a reduction of NOK 6.1 million compared to the year before.
• For the SaaS segment, first quarter recognized revenues increased by 7.1 per cent. Mention showed a good revenue growth.
• The weak NOK versus EUR and other main currencies had an inflationary impact on revenues and costs compared to the numbers for 2022 both in media and SaaS.
• Investments in product development and new business opportunities continue despite an uncertain macroeconomic environment.
• The liquidity situation was good throughout the first quarter.
• The media business in NHST Media Group AS changed its corporate name and brand identity to DN Media Group.
Total revenues for the Group in the first quarter were NOK 266.5 million, an increase from NOK 253.2 million for the first quarter 2022. Compared to the year before, user market revenues increased both in the media business and the SaaS businesses. DN Media Group also showed a good improvement in income from advertising and commercial services. Group operating expenses for the quarter were NOK 281.2 million, an increase from NOK 261.8 million the year before. The increase was 7.4 per cent and was mainly due to headcount and salary increases, general inflation and currency impact on costs in other currencies. The first quarter is normally relatively weak due to low activity in the advertising market. Group EBITDA for the quarter was minus NOK 14.7 million compared to minus NOK 8.6 million in the first quarter last year. Investments in product and process development were NOK 16.4 million, compared to NOK 16.8 million in the corresponding quarter last year. Group liquidity continues to be good with bank balances at the end of the quarter amounting to NOK 172.1 million, and an undrawn part of the bank credit line amounting to NOK 65 million.
