Total revenues for the Group were 5.1 per cent higher in the fourth quarter 2023 compared to the fourth quarter 2022.
- DN Media Group revenues for the media segment were 4.0 per cent higher than in 2022. The growth in digital subscription revenues was 18.2 per cent in the quarter, while print based revenues declined by 7.1 %. Total user revenues in DN Media Group increased by 5.4 per cent while revenues from advertising and commercial services showed an increase of 2.5 per cent. The growth was partly driven by the currency impact on sales in foreign currencies.
- DN Media Group successfully completed its cost program aiming at reducing the cost base with up to NOK 60 million with effect for 2024. NOK 7.4 million were accrued as one-off expenses related to the cost reduction program in the fourth quarter.
- The SaaS segment showed a growth in recognized revenues of 8.5 per cent versus the year before, mainly reflecting currency impact on translation of the accounts to NOK. In their respective functional currencies, Mynewsdesk`s revenues increased by 3.6 per cent while Mention`s recognized revenues decreased by 5.9 per cent.
- Development of products and support systems continues in both segments.
- At the end of the third quarter, the Group did not comply with a gearing covenant in the revolving credit facility agreement with its bank, due to slower than expected financial progress in both business areas. Discussions with the bank on corrective actions have taken place during the fourth quarter, and a temporary waiver has been granted by the bank. As a result of the non-compliance, the loan will be classified as short term debt in the balance sheet until the situation is resolved.