Please wait...
Please wait...

ProSieben confident of 2024 recovery after encouraging Q1 financial results

Germany’s ProSiebenSat.1 hopes to increase group revenues to around €3.95bn (US$4.26bn) in 2024, following a strong start to the financial year.

Bert Habets

As predicted by the group last month, its first quarter results showed signs for optimism after enduring a tough period which resulted in 400 job cuts last summer.

Under CEO Bert Habets, group revenues have increased by 6% to €867m and EBITDA grew by 35% to €72m, despite higher programming expenses.

There was also a recorded growth of 5% in advertising revenues, as the ad market continued to recover.

Meanwhile, streamer Joyn attracted a record 6.5 million monthly video users, while AVoD revenues were boosted by 50%.

In addition to the upturn in revenues from the group’s entertainment portfolio, “significant double-digit” growth was also posted by digital platform and commerce companies Verivox and Flaconi.

For 2024, ProSiebenSat.1 expect an adjusted EBITDA of €575m (2023: €578m), with a variance of plus/minus €50m.

Executives say that the positive first quarter results show that the group’s efficiency measures, implemented after the significant struggles of the last 18 months, have been successful.

Earlier this month, ProSiebenSat.1 Media’s shareholders rejected top investor MediaForEurope (MFE)’s plans to split the company up.

MFE wanted to spin off ProSiebenSat.1’s e-commerce and dating assets from the company’s core TV operations to help it launch a potential buy-out of the TV business.

The motion did not get the required support at ProSiebenSat.1’s annual general meeting, with shareholders siding with the company’s management strategy to keep the business together and focus efforts on ad-supported streamer Joyn.

Martin Mildner, group CFO, ProSiebenSat.1 Media SE, said: “Even though the market and economic environment remains challenging, we are looking to 2024 with confidence.

“We are therefore confirming our full-year outlook. We will continue to focus clearly on the strategically relevant business areas related to our Entertainment portfolio and continue our consistent management of costs and cash flows.”

Please wait...