Mecom Group – first half results – revenues down 11%

mecomMecom Group, the consumer publishing companies, has announced its results for the half year to 30th June 2013.

Highlights

  • Circulation revenue down 3% to €199 million; now comprises 48% of total revenue
  • Advertising revenue down 20% to €154 million
  • Costs €46 million (11%) lower than in H1 2012; 230 fewer FTEs than at 2012 year-end
  • Adjusted EBITDA down €5.6 million to €31.7 million
  • Total Group adjusted earnings per share of 7.3 euro cents (2012: 17.3 euro cents, the year-on-year reduction including the effect of the Edda Media disposal in 2012)
  • €52 million of completed and agreed disposals in the first half, at a multiple of 5.7 times EBITDA
  • Net debt of €95.5 million (2012 year-end: €129.5 million); leverage 1.2 times last twelve months EBITDA
  • No 2013 dividend – review of future policy after completion of further restructuring, the Strategic Review and refinancing
  • Consultation on a further restructuring programme in the Netherlands currently underway
  • Group 2013 EBITDA now expected to be at upper end of previously announced €50 million to €60 million guidance range

Click on the financial results table below for a larger view

Mecom HY 2013

Click here for table notes and full announcement

Stephen Davidson, Group Chief Executive, said, “These first half results re-emphasise the very tough trading environment in the Netherlands, which we expect to continue for at least the remainder of the year.  The full impact has been mitigated by the €46 million of cost reductions achieved in the period.  We are now evaluating further ways of aligning our cost base with these new market conditions, as well as executing the ongoing Strategic Review.”

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