Boliga Gruppen — the Danish property classified business listed on OMX Small Cap in Copenhagen — has reported lower than expected financial results for H1 2019.

The company reported revenues of DKK 24.1 million ($ 3.6 million) — DKK 2.3 million ($342,010 U.S.) less than last year. EBIT dropped to DKK 1.9 million from DKK 5.0 million in the previous year.

Boliga operates verticals Boliga, Boliga Selvsalg, auction site Itvang, and loan finder UdenomBanken. Its main site Boliga underwent a revamp in May and no longer sells display advertising or banner ads. The change was implemented to provide a more seamless experience for users. The site has also introduced a concept called Premium Real Estate Agent which gives exclusive advertising rights to agents.

Boliga Gruppen expects a full-year turnover of DKK 47-50 million and an EBIT of DKK3-5 million. Boliga was founded in 2007 and is now the biggest, independent real estate site in Denmark.

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