Bullish indicating open at $55-$60, IPO prices at $37
Investing.com -- Schibsted Marketplaces (OL:SCHA) saw its shares jump more than 10% on Wednesday after reporting an 18% year-over-year increase in first-quarter EBITDA and announcing divestment plans.
Group revenues for the quarter reached NOK 2,015 million, a 4% increase from last year on a constant currency basis.
Group EBITDA rose to NOK 394 million, up from NOK 334 million in the same period last year.
The company credited growth in its core verticals, improved monetization, and cost reductions for the strong performance.
"We delivered growth across our core verticals, driven by continuous improvements to our customer offerings and enhanced monetisation," chief executive Christian Printzell Halvorsen said in a statement.
Real Estate saw the strongest growth, with revenue up 20%, driven by higher average revenue per advertiser and strong volumes in Norway.
Transactional revenue also grew, and operating expenses fell 6%. EBITDA for Real Estate nearly doubled to NOK 126 million.
Mobility’s revenue was flat, down 1%, with growth in Classifieds and Transactional services offset by a 30% decline in advertising. EBITDA rose 3% to NOK 275 million.
Jobs saw a 10% revenue decline, primarily due to exits from Sweden and Finland. However, Norwegian revenue grew 5%, and EBITDA increased 17% to NOK 185 million.
Recommerce posted a 6% revenue drop, impacted by a 41% decline in advertising. Transactional revenue grew 30%, and operating expenses fell 17%, lifting EBITDA by 12%.
In the Delivery segment, revenue grew 24%, but higher costs led to a NOK 20 million EBITDA loss, down from a NOK 1 million profit last year. The company plans to sell the Delivery business in Q2.
Schibsted also confirmed it is selling Prisjakt and launching a NOK 2 billion share buyback program.
A special dividend of approximately NOK 500 million will be distributed to shareholders, funded by proceeds from Adevinta.
On May 12, Schibsted will rebrand as "Vend" as it focuses solely on digital marketplaces.