MFE confirms guidance following first-quarter profit jump

23rd May 2024 18:01

(Alliance News) - MFE-MediaForEurope NV backed its full-year guidance following a positive first quarter, particularly in advertising.

The Milan-headquartered media firm, with operations in Italy and Spain, reported first-quarter consolidated net revenue of EUR699.8 million, up 8.2% from EUR646.6 million a year prior.

Advertising revenue came to EUR669.4 million, up 6.3% from a year prior.

Revenue from other sources totalled EUR11.8 million, compared to EUR93.4 million in 2023.

The group also holds a controlling stake in Unterfohring, Germany-based media company ProSiebenSat.1 Media SE.

Earnings before interest, taxes, depreciation, and amortization got a boost, totalling EUR140.4 million, up 4.8% from EUR133.9% million.

Group net profit jumped by 67% to EUR16.8 million, from EUR10.1 last year.

On the basis of first quarter results, including a respective 6.3% and 9.2% year-over-year increase in ad revenue in Italy and Spain, MFE backed its 2024 outlook.

MFE shares closed up 0.2% at EUR3.97 in Milan on Thursday.

By Aidan Lane, Alliance News reporter

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