Scout24, the leading European digital marketplace and owner of automotive and real estate classifieds brands AutoScout24 and ImmoScout24, has reported a successful Q1 in 2017 with solid top and bottom line growth.
According to the unaudited consolidated financial statements, group revenues for the first quarter 2017 increased by 7.7% to EUR 113.9 million (Q1 2016: EUR 105.8 million). Group ordinary operating EBITDA was up 8.2% to EUR 56.5 million, representing a margin of 49.6%. Furthermore, cash contribution increased by 10.8%, once again demonstrating the Group's strong cash generating capabilities.
"Given the continued robust top-line and profitability growth in the first quarter of the financial year, Scout24 is on track to achieve its 2017 targets," said Christian Gisy, Chief Financial Officer of Scout24 AG.
"Our financial position has further improved also on the back of considerable interest savings deriving from the re-financing concluded end of 2016. This positive development also supports our planned dividend payment in June 2017,”
According to analysts Goldman Sachs, the performance of Scout's real estate portal ImmoScout24 "was reassuring, after the disappointing guidance given at FY results, with revenue of €72.1m 1% above GS/consensus while EBITDA of €44.4m was also 2%/1% above GS/cons."
Goldman Sachs also commented on the performance of the company's automotive portal AutoScout24 stating that it "continued to show strength with revenue growth of 15% (2% ahead of expectations) and EBITDA growth of 24.5% (+3.1pts margin with 1Q being a seasonally weaker quarter), with Benelux/Italy core dealer revenue and other revenue driving the beat."