Quarterly report 2024 / Q2

Total revenues for the NHST Group were 2.5 per cent higher in the second quarter 2024 compared to the second quarter 2023.

DN Media Group`s revenues were 5.3 per cent higher than in the second quarter 2023. The growth was partly driven by currency impact on sales in foreign currencies. The growth in digital subscription revenues was 20.5 per cent in the quarter. While digital revenues continued to grow, the reduction in print-based revenues also continued. Total user market revenues in DN Media Group increased by 7.1 per cent, while revenues from advertising and commercial services showed an increase of 2.4 per cent.

In the SaaS segment, both Mynewsdesk and Mention Solutions experienced a reduction in recognized revenues versus the year before. In their respective functional currencies, Mynewsdesk`s revenues decreased by 2.2 per cent while Mention`s recognized revenues decreased by 8.4 per cent.

Development of products and support systems continues in both segments. 

At the Annual General Meeting on June 24, Richard Aa, James Lamont and Andrew Mullins were elected to the Board, while Anne Britt Berentsen resigned from the Board. In a separate process, Ida Grieg Riisnæs, Anne-Kari Herrebrøden and Fredrik Rahnasto were elected as employee Board members.

In April, Baard Haugen was appointed to a new position as CEO of NHST Holding and Amund Djuve was appointed to the position as CEO of DN Media Group.

Total revenues for the Group were NOK 291.1 million, an increase from NOK 284.0 million in the second quarter 2023.  Group operating expenses excluding non-recurring items were NOK 256.2 million in the quarter, versus NOK 271.5 million in the corresponding quarter last year. Non-recurring expenses related to restructuring of management functions and other staffing reductions were NOK 10.2 million in the quarter. Group EBITDA for the quarter, before non-recurring items, was NOK 45.0 million versus NOK 12.6 million in the second quarter 2023.  Investments in product and process development were NOK 16.5 million in the quarter, compared to NOK 20.6 million in the corresponding quarter last year. Group liquidity was reduced during the quarter due to normal seasonal fluctuations but was still satisfactory with bank balances at the end of the quarter amounting to NOK 101.0 million.

Q2 2024