The good performance of advertising sales, the development of products in the Professional Services area and the improvement of the pandemic context that allowed the resumption of the exhibitions held by 24 ORE Cultura drive the results of the 24 Ore Group.
The board of directors approved the accounts for the first 9 months of 2022 which see consolidated revenues of € 149.9 million, up by 5.1% on 2021. The profit is equal to € 0.9 million, an improvement from -3, 7 million a year ago. Ebitda is positive for 17.1 million, an improvement of 3.8 million and Ebit is equal to 4.8 million euro, an improvement of 4.6 million.
Net of non-recurring income and expenses, Ebitda is 14.5 million (+2.1) Ebit is 2.3 million (+1.5) and the net result is negative for 1.7 million , an improvement of 1.5 million. In terms of revenues, advertising revenues grew by 5.3% to 60.6 million; publishing revenues are down by € 2.2 million (-2.9% from 76.0 to 73.8 million) mainly due to the decrease in revenues generated from the sale of the print newspaper; other revenues recorded an increase of 6.5 million (from 9.1 to 15.6 million), mainly thanks to higher revenues from the Culture area and the more innovative products of the Professional Services area.
At 30 September 2022, the negative net financial position of 48.6 million euros, an improvement of 15.3 million compared to the negative 63.8 million euros at 31 December 2021 mainly due to the trend in net working capital included in the cash flows cash flow from operating activities. Consolidated shareholders’ equity amounted to € 17.3 million, an increase of € 3.4 million, compared to € 13.9 million at 31 December 2021.
Looking at the circulation revenues of the newspaper (print + digital), they amounted to 31.7 million, down by 2.2 million (-6.6%) compared to the first nine months of 2021. The Group’s advertising revenues, equal to 60, 6 million, an increase of 5.3% compared to the first nine months of 2021. “The concessionaire maintains its control by consolidating its market share thanks to the development of special initiatives, increasingly recognized by companies as an effective value vehicle and instrument of loyalty towards one’s audience ”, reads a note from the group.