Despite falling revenues across its other segments, North Media saw improved revenues from its classified operations during H1. The Danish company is listed on the OMX First North in Copenhagen.
The group’s main businesses — distribution and newspapers — have been performing poorly. Overall revenues decreased 3% to DKK 553 ($82 million U.S.) but EBIT increased 85% to DKK 66 million, thanks to optimization and cost reductions.
Revenue for the segment reached DKK 42.4 million ($ 6.3 million) during H1 — an increase from DKK 39.8 million. EBIT for the half-year period reached DKK 2.5 million, representing a margin of 5.9%. The division recorded a loss of DKK 5.6 million during the same period last year.
Growth was driven by the company’s apartment rental listings. The company introduced digital products for tenants and landlords during Q2. It also migrated Bostadsportal.se to a new software platform.