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2021-07-09

Alma Media issues positive profit warning due to stronger-than-anticipated development in Q2

Alma Media Corporation                                 Insider information 9 July 2021 at 9.00 a.m.

ALMA MEDIA ISSUES POSITIVE PROFIT WARNING DUE TO STRONGER-THAN-ANTICIPATED DEVELOPMENT IN Q2

Alma Media is raising its guidance regarding the development of revenue from continuing operations and adjusted operating profit in 2021. The financial performance is improved by the stronger operational development of all Alma Media's business segments in April-June.

New Outlook

Alma Media expects its full-year revenue and adjusted operating profit from continuing operations in 2021 to increase significantly from the 2020 level. In 2020, the full-year revenue of the Group's continuing operations was MEUR 230.2 and the adjusted operating profit was MEUR 45.4.

In its previous guidance issued on 5 March 2021 in connection with the Nettix deal and repeated on 21 April 2021, Alma Media expected its full-year revenue and adjusted operating profit for continuing operations to grow compared to 2020.

Guidance upgrade rationale

Alma Career recruitment business has recovered more rapidly than expected, rebounding after the sharp drop in demand due to the COVID-19 pandemic. Behind the rapid increase in demand for recruitment services may also be realisation of pent-up demand caused by the COVID-19 pandemic.

In other business segments, second-quarter revenue and operating profit also exceeded previously estimated levels. In April-June, advertising sales increased by nearly 70 percent from the comparison period. In Q2 2020, advertising sales were at exceptionally low levels due to the impact of the COVID-19 pandemic.

The strong growth in digital subscription-based content also continued during Q2. In the marketplace business, the demand for housing, motor vehicles and mobility services as well as the use of comparison services has continued to be strong during Q2. The development of Alma Talent sales has also been good during the first half of the year. In addition to organic growth, revenue and operating profit has increased due to acquisitions.

The impacts of the COVID-19 pandemic remain difficult to estimate, and therefore the uncertainty in Alma Media's operating environment continues during the second half of 2021.

Alma Media will publish its interim report from April-June on 21 July 2021 at 8.00.

Further information:
Juha Nuutinen, CFO, telephone +358 (0)10 665 3873

Distribution: NASDAQ Helsinki, main media, www.almamedia.fi

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