- Global total revenues rise 15% to €180 million
- Core vertical marketplaces revenues climb 16%
- EBITDA up 38% to €54 million
- Cash flow up 71% to €37 million
Oslo, Norway, 24 October 2019 - Adevinta announces its third quarter 2019 results.
Adevinta enjoyed another solid quarter as revenues in its core verticals (cars, real estate and jobs online marketplaces) rose 16%. Global total revenues were up 15%. Display advertising revenues remain more muted because of weaker conditions in key markets, yet saw 2.5% growth. New product features and tech enhancements were rolled out across all marketplaces, improving functionality and ease of use.
Rolv Erik Ryssdal, CEO, commented:
“I am pleased to report that Adevinta achieved another solid quarter in Q3 2019. Our strategy is to focus on core verticals, invest in product and tech, while pressing ahead with organic and inorganic growth opportunities. Adevinta continues to deliver above average growth relative to our peers.
“Investment in new product features and tech investment will continue to be rolled out across all our marketplaces to maintain the pace and scale of focus on tech.
“Softer market conditions have impacted our growth expectations with weaker than hoped for performance in advertising revenues. Initiatives to improve advertising revenues have delivered improved growth in this area.
“The acquisition of Argus in France presents exciting opportunities to grow and benefit from synergies for Leboncoin in the car vertical. Argus is a first-class business, with a great team, and we are rapidly integrating the business.”
Q3 2019 Highlights
- Total revenues up 15% to €180 million
- Revenue from verticals grew 16%
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- France up 15%
- Spain up 18%
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- Brazil total revenues up 29%
- Display advertising revenue up 2.5%
- EBITDA increased 38% to €54.1 million
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- EBITDA margin rose 5%-points to 30%
- France and Spain slightly improved their EBITDA margin while still investing in product and marketing
- Global Markets continues on path to profitability with margin expanded by 38%-points
- Leboncoin strengthened its core car vertical through the key acquisition of Argus Group
Revenues and EBITDA on proportionate basis incl JVs
| Third quarter | (€ million) | First three quarters | Full year | ||||
| yoy% | 2018 | 2019 | Adevinta | 2019 | 2018 | 2018 | |
| 15% | 156.6 | 180.3 | Operating revenues incl JVs | 539.3 | 471.4 | 644 | |
| 38% | 39.1 | 54.1 | EBITDA incl JVs | 153.7 | 111.2 | 156.2 | |
| 25% | 30% | EBITDA margin incl JVs | 28% | 24% | 24% | ||
| 71% | 21.5 | 36.8 | Operating cash flow incl JVs | 107.7 | 64.3 | 73.9 | |
Adevinta invites you to an analyst and press meeting presentation on our Q3 2019 results at Akersgata 55, Oslo, today 24 October 2019 at 09:00 CEST. CEO Rolv Erik Ryssdal, CFO Uvashni Raman and Antoine Jouteau, CEO, Leboncoin Group, will present.
A recording of the presentation will be available on our website shortly after the live webcast has ended. The live webcast of the presentation will also be streamed here.
A conference call with Q&A linked to the Q3 2019 numbers will take place at 14:00 CEST today.
NOTE: To avoid waiting time when connecting to the call, please use the below link 5-10 minutes prior to start time, where you will be asked to type in your phone number and registration details. The Event Conferencing system will automatically call you back on the phone number you provide and place you into the event. Please note that the link will become active 15 minutes prior to the event: Investor call.
For manual dial-in, use the following number (note that this connection might take more time): +47 2350 2009. Passcode: 3218853. Additional international phone numbers using the same passcode are here.
