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Adevinta delivered a strong full-year report on Wednesday, its first as a standalone company. But the news was dampened slightly by the company’s fourth quarter results, which failed to live up to analysts’ high expectations. Investors, turned off by the company’s weak performance in Italy and Mexico, as well as a loss in Morocco, pushed down the company’s stock almost 4% in early morning trading.

But as Adevinta moved through its presentation, the company’s stocks slowly rose. Ultimately, the stock settled around NOK 120 ($13 U.S.), a 39% increase since Adevinta started trading as a standalone company last April.

Full year revenues at Adevinta stood at 739.5 million euros, with an EBITDA of 206.1 million euros, a margin of 32%. The cash flow during its first full year was 134 million euros, compared to 73.9 million euros last year under Schibsted’s control.

CEO Rolv Erik Ryssdal took the opportunity to present some of Adevinta’s important achievements in its inaugural year. Verticals revenue rose by 18%, Ryssdal said, with France as the main driver. Total revenue was up 15%, despite soft display advertising results in Italy. The company also expanded to a new headquarters and installed a new group management team.

Adevinta also made several acquisitions last year, spending a total of 190.5 million euros. Most of these acquisitions came from its Spanish and French business, which bought Paycar, Locasun and Argus.

Ryssdal also discussed the company’s Q4 results, which he said was a good quarter following and exceptionally strong Q3. Vertical revenues were up 20% in Q4, while total revenues were up 16% to 200 million euros and EBITDA reached 52 million euros, a margin of 26%.

France accounted for more than half of Q4 revenues, taking in 102 million euros, and an even larger part of the EBITDA with a margin of 49%, compared to 57% in Q3. That decline in the margin worried some analysts, but Ryssdal said that the drop was simply a result of delayed marketing campaigns and strikes in France.

Brazil, which was in the red last quarter, posted 5 million euros in profit in Q4. Revenues increased 23% to 23 million euros.

The rest of Adevinta, which is run collectively as “global markets,” was not so lucky. Revenue was up only 1% to 32 million euros, while EBITDA barely passed 1 million euros. Part of this was due to the company’s operations in Morocco being forced to write off 1.5 million euros in bad debt.

Most troublesome, though, was the company’s Italian business. The Italian business has heavily dependent on display advertising, which has been falling precipitously as of late. But with a new CEO and several other measures in the works, Adevinta is predicting a turnaround.

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