Global – Adevinta Q2 Revenue Increases 8%, Appoints New CEO

August 31, 2022

Adevinta (ADE:OSL), provider of online jobs and classifieds websites, reported revenue growth of 8% in the second quarter compared to the same period last year. Turnover amounted to 417 million euros.

The 8% growth includes continuing operations combined, excluding disposals (Chile), InfoJobs Brazil and Kufar.

The revenue growth was the result of a strong recovery of (its German car classifieds site) and continued strong performance in other key markets.

The Group’s consolidated EBITDA amounted to €146 million in the second quarter of 2022 (representing an EBITDA margin of 34.9%) and improved by 8% compared to the second quarter of 2021. This results positive revenue development, lower marketing investments – due to major marketing campaigns in the second quarter of 2021 – and strict cost management.

The group has also appointed Antoine Jouteau as Chief Executive Officer from August 15, 2022.

Jouteau said: “As we report on Adevinta’s quarterly performance, I reflect on the results for the first time as CEO of the group. I am very pleased with what our teams have achieved despite the current difficult macroeconomic environment and excited about the next steps for the group.

(in millions of euros) Q2 2022 Q2 2021 To change
Revenue 417 388 8%
EBITDA 146 134 8%
EBITDA margin 34.9% 34.6%

Revenue by segment

(in millions of euros) Q2 2022 Q2 2021 To change
France 126 117 8%
Movable from 80 72 11%
European markets 178 164 9%
International markets 30 34 -11%
Disposals 1 -100%
Other and head office 3 3 18%
Eliminations -1 -3 48%

Online classifieds revenue grew 11% year-over-year, supported by double-digit revenue growth from Jobs and Motors, which benefited from successful price increases, greater dealer penetration and competitive product offerings. Real estate posted high single-digit growth in the quarter.

Transactional revenue grew 28%, with strong traction in France, Germany and Italy. The main markets recorded revenue growth of 10% over the year.

Advertising revenue was down 5% year-over-year due to an overall weaker advertising market, particularly in automotive display advertising.

“The decline in advertising revenue reflects the current weaker macro-economic environment, particularly in non-core markets, and lower advertising spend by OEMs,” Jouteau said.

“In the few weeks since announcing my appointment as CEO, I have spent time visiting teams in our key markets. I am not only very excited about the many opportunities ahead of us, but I am also very confident that we can achieve great things and achieve our strategy and associated financial goals. As we navigate the current environment, we will continue to generate growth while balancing and being disciplined on long-term investments,” added Jouteau.

Adevinta, based in Norway, provides technology-enabled services to connect buyers to sellers and to facilitate transactions, from real estate to motors and consumer goods. Its brands include German classifieds sites and eBay Kleinanzeigen, Marktplaats in the Netherlands, fotocasa and InfoJobs in Spain, and 50% of OLX Brasil.

In December 2021, Adevinta completed the sale of Gumtree UK, an online UK classifieds site that includes job vacancies. The acquirers were O3 Industries, a US-based family investment fund, and Novum Capital, a private equity firm based in Frankfurt, Germany.

Looking ahead, the group confirmed low double-digit revenue growth in major markets for the full year 2022 and underlying EBITDA of between €575m and €600m.

Adevinta shares closed yesterday at €8.01, up 16.1% on the day. The company has a market capitalization of NOK 84.47 billion (€8.52 billion).

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