First quarter 2024

Sole 24 Ore: Positive EBITDA of EUR 3.8 million (+17.7%) and revenues up to EUR 49.8 million (+1.9%)

14 May 2024

3' min read

Il Sole 24 Ore closed Q1 2024 with revenues of €49.8m, up 1.9% on 31 March 2023. Ebitda rose to €3.8 million (-€1.6 million compared to €5.4 million in Q1 2023, which had benefited from €2.1 million in non-recurring income). Adjusted Ebitda rose 17.7% to EUR 3.8m (from EUR 3.2m).

Ebit essentially broke even, improving by EUR 0.6 million compared to 31 March 2023, net of non-recurring items. Reported Ebit decreased by EUR 1.6 million, which was positive at 31 March 2023.

The net result was a loss of EUR 0.5 million, an improvement of EUR 1.3 million compared to 31 March 2023 net of non-recurring items (-EUR 0.8 million compared to the reported net result of 31 March 2023 of EUR 0.4 million). Shareholders' equity was EUR 23.1m, down EUR 0.5m compared to 31 December 2023, when it amounted to EUR 23.6m. Pfn continued to improve from -€22.2m at the end of 2023 to -€15.4m in March 2024.

"The results for the first quarter of the year show growth in all economic-financial indicators net of non-recurring items and highlight Pfn's continuous improvement. Positive results that confirm the group's good performance over the past two years and trace a path that rests on the professionalism and competence of our editorial staff and their ability to guarantee consistently reliable, quality information. Looking to the future, we are strongly committed to Artificial Intelligence,' comments Mirja Cartia d'Asero, Managing Director of the company.

In the Publishing & Digital area, of particular note was the growth posted by the Radiocor Plus agency, with revenues in the quarter amounting to €2.1 million, up €0.2 million (+13%) compared to 2023. Overall, the area closed the first quarter of the year with revenues of Euro 23.1 million (-3.7%), and a positive EBITDA of Euro 0.2 million (0.9% as a percentage of revenues) compared to Euro 1.3 million in Q1 2023 (5.6% as a percentage of revenues).

In detail, circulation and other revenues amounted to €14.4 million, substantially unchanged (-0.1%), while those of the daily newspaper (print + digital) were down by €0.6 million (-5.8%). Circulation revenues of the print newspaper amounted to €4.7 million (-10.8%), while those of the digital newspaper, amounting to €4.9 million, were in line with Q1 2023. Advertising revenue amounted to EUR 8.7m, down by EUR 0.9m (-9.2%) compared to Q1 2023. Group magazines (How to Spend It and 24 Hours) closed Q1 with 1.3% growth in revenues.

The Radio area closed the first three months of the year with revenues of EUR 3.6 million (+4%), with advertising revenues (including the radio site) amounting to EUR 3.4 million (+4.2%). Revenues from the Professional Services and Training area rose to €14.3 million (+8.4%), thanks to the development of databases, the training business, software and Quality 24 and ItalyX certifications, despite the drop in revenues from books and magazines. In detail, revenues from the Professional Services business amounted to €13.1 million (+2.1%) compared to Q1 2023, mainly due to the growth in revenues from databases by 5.1% and from the software product line Valore 24 by 19%.

The Group confirms "its will to pursue constant and sustainable growth, leveraging the continuous enhancement of the brand, the digitalisation of products and processes, as well as internationalisation, further strengthening its role as a media group of reference for the country system in terms of information, training and tools to support the business community in facing the new challenges in national and international markets," reads the note on the quarterly results. "We therefore believe we can confirm the growth over the Plan period with regard to the main economic-financial indicators.

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Sole 24 Ore: Positive EBITDA of EUR 3.8 million (+17.7%) and revenues up to EUR 49.8 million (+1.9%)

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