Adevinta (ADE:OSL), a provider of online job advertising and classified ad websites, reported revenue last Thursday of €465 million in Q2 2023, an increase of 11% when compared to the same period last year.

The company noted 14% year-on-year growth in its core markets, driven by continued outstanding performance at mobile.de. Core markets are France, Germany, Spain, Italy, and Benelux (Belgium, Netherlands, Luxembourg).

Adevinta’s revenue increase was also mainly led by growth in online classifieds (15% year-on-year) and by strong growth from transactional services (52% year-on-year), while advertising continued to be impacted by the overall weaker advertising market.

Adevinta exited Kufar (in Q2 2022) and Mexico (in Q3 2022) which represented €2 million of revenue included in Q2 2022 results.

Excluding the impact of these divestments, group revenues were up 12% in the second quarter compared to the same period last year.

Antoine Jouteau, CEO Adevinta, said, “We delivered another strong set of results in the second quarter, achieving double digit revenue growth across our core business with excellent performance at mobile.de, which, together with successful cost discipline, has resulted in a marked improvement in our EBITDA and margins.”

“We continue to execute our business and strategic roadmap, making good progress in the verticalisation and optimisation of our organisation to drive even greater innovation and efficiency, while improving our products and services for end users,” Jouteau said. “These results position us well to reach the top end of the previously announced financial targets for the full year. I continue to be proud of the progress our teams are making and am confident we are on the right track to achieve our long-term goals, creating value for our shareholders and benefits for all our stakeholders.”

Adevinta has identified France, mobile.de, European Markets, International Markets and Headquarters and Others as operating segments.

Revenue by segment

Revenue by category

Revenue excludes Kafar and Mexico.

Looking ahead, the company said its FY 2023 outlook improved. It forecasts double digit Core markets revenue growth. Reported EBITDA is at the top end of the previously announced €620 million to €650 million range.

The group’s long-term ambition is 2023-2026 annual revenue growth between 11% and 15% and 2026 EBITDA margin in the range 40-45%.

Adevinta shares closed on Thursday at €7.09, up 3.95% on the day. The company has a market cap of NOK 89.40 billion (€7.78 billion).