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Investing.com -- Hemnet Group AB (ST:HEM) reported first-quarter results that came in slightly below analyst expectations, with both sales and adjusted EBITDA missing estimates.
The company’s shares fell more than 7% in Stockholm.
Revenue rose 29.6% to SEK 328.5 million from SEK 253.4 million a year earlier, but fell short of the SEK 344 million forecast from Modular Finance.
Adjusted EBITDA came in at SEK 157.5 million, up from SEK 119.7 million last year, but below the expected SEK 162 million.
The adjusted EBITDA margin was 47.9%, compared to 47.2% a year ago.
Operating profit increased to SEK 135 million, missing the SEK 140 million estimate, with an operating margin of 41.1%.
Average revenue per published property (ARPL) jumped 36.9% year-on-year to SEK 6,722.
CEO Jonas Gustafsson attributed the growth to “an increasing demand for our additional services, especially Hemnet Premium, as well as a growing number of real estate agents who recommend our larger, more efficient packages.”
Hemnet’s net profit for the quarter rose to SEK 102.9 million from SEK 72.4 million in the same quarter last year, with earnings per share increasing to SEK 1.08 from SEK 0.75.
Cash flow from operating activities reached SEK 120.7 million.
The company’s share repurchases totaled SEK 119.3 million during the period.