Finland money

Finland – Alma Media first-quarter revenue up 31.3%, impact of Russian invasion minor

April 22, 2022

The Finnish media company Alma Media, which manages several employment sites, achieved a turnover of 76.2 million euros, up 31.3% over the year.

Alma Media said the economic impacts of Russia’s invasion of Ukraine on Alma Media’s operations have so far been minor.

Organic revenue growth was driven by acquisitions.

(in millions of euros) Q1 2022 Q1 2020 Switch
Revenue 76.2 58.1 31.3%
EBITDA 24.1 14.3 68.7%
Operating profit 19.8 10.8 83.2%
Profit for the period 16.0 8.1 97.1%

Adjusted operating income was €19.6 million, up 77.4% over the year.

The Alma Career segment recorded growth with continued strong demand for recruitment services, resulting in a 65.0% revenue increase.

Demand for recruitment services increased in all of its countries of operation, and the positive development of value-added recruitment-related services – such as system solutions and employer branding – continued.

The group noted that the brisk activity in the recruitment market would come from the strong recovery in demand for labor after the Covid-19 crisis, which increases the need for publicity for recruitment and accelerates competition for the job. workforce.

Alma Talent segment revenue increased by 3% to €25.2 million. The digital transformation of the segment continued, with the share of digital activity amounting to 56.4% of revenue. Alma Talent Media revenue increased by 4.8% to €13.4 million, and Alma Talent Services revenue increased by 3.6% to €8.7 million. euros.

Talent Media content revenue increased 1.1% as the increase in digital content revenue outpaced the decline in print revenue.

Strong growth was seen in all activities of the Alma Consumer segment. Revenue and operating profit increased thanks to acquisitions and strong organic revenue growth of 11.1%, particularly in digital media. Published revenue increased by 41.5% to €24.8 million. Revenue from media and media-related services increased by 22.1%.

Media advertising in Finland continued to grow in the first quarter. Job postings were up 17.9% year over year.

Alma Media announced in February 2022 that Alma Career Ltd, a subsidiary of Alma Media Plc, had agreed to sell its minority stake in Bolt Group.

Kai Telanne, President and CEO, said, “Our financial position strengthened as expected in the first quarter thanks to our strong earnings performance and strong cash flow.

The group said the outlook for economic growth in Europe was strong at the start of the year, but the crisis in Ukraine made the outlook more negative in late February.

Alma Media said the overall economic situation in its countries of operation still appears subdued despite the uncertainty caused by the Covid-19 pandemic, war, rising inflation and production costs, the threat of ” stagflation” and labor shortages.

“The war in Ukraine will also impact economic growth in Alma Media’s operating countries. Although our company has no business operations or assets in Ukraine or Russia, we will not be spared the indirect economic impacts of the war,” Telanne said.

“We supported refugees through aid organizations and offered free advertising space to organizations,” Telanne said. “We have also helped Ukrainians find work by developing a job portal for Ukrainians entering Alma Career countries. The service helps Ukrainian refugees find work in their own language, and the service currently has more than 7,000 jobs available for Ukrainians.

The jobs available to Ukrainians in the service vary from IT work to receptionist, car mechanics, studio stylists and include job titles like HR administrator, electrician, SAP specialist and construction worker.

For 2022, Alma Media expects its revenue and adjusted operating income to increase from the 2021 level.

Shares of Alma Media last traded at €9.67, up 7.21% on the day and 13.50% above the 52-week low of €8.52 set on March 7, 2022. The company has a market capitalization of €760.40 million.