(Alliance News) - Baltic Classifieds Group PLC on Thursday said profit improved 35% in the first half of its current financial year, due to revenue growth in its business-to-consumer and consumer-to-consumer offerings.
The online classified ads portal provider in Lithuania, Estonia and Latvia said pretax profit for the six months that ended October 31 was EUR25.0 million, rising 35% from EUR17.6 million last year.
Revenue grew 15% to EUR41.8 million from EUR35.8 million the year before, while expenses fell 5.6% to EUR15.5 million from EUR16.4 million.
Earnings before interest, tax, depreciation and amortisation rose 17% to EUR32.9 million from EUR27.8 million.
Baltic Classifieds declared an interim dividend of 1.2 euro cents per share, up 18% year-on-year from 1.0 euro cents.
Chief Executive Officer Justinas Simkus said: "The first half delivered a solid financial performance, laying a strong foundation for our full-year results. The compounding effect of sustained strong growth has led to our Ebitda doubling in just 3.5 years after our initial public offering, which is a remarkable achievement of which I am very proud.
"All three vertical business lines have excelled, achieving record numbers of advertisers, an enhanced competitive position, and increased yields across our portfolio. While growth in the generalist segment has been slower, its unique contribution to achieving synergies across our portfolio remains invaluable.
"Our core revenue streams, which contribute 90% of our total revenue - B2C and C2C - have achieved remarkable growth, with both segments reporting a 17% increase. The improving macroeconomic environment, particularly in Real Estate markets, has bolstered customer profitability and fueled increased demand for our services. These outcomes reaffirm the reliability and effectiveness of our platform in driving successful transactions for our clients."
Looking ahead, Baltic Classifieds expects revenue growth of at least 15% in the second half of its financial year, and therefore anticipates an upgrade to its full-year revenue outlook.
The group expects its financial 2025 Ebitda margin to expand by one percentage point year-on-year.
Shares in Baltic Classifieds were down 2.7% at 337.00 pence each in London on Thursday morning.
By Emily Parsons, Alliance News reporter
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