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Denmark – Jobindex sales up following acquisitions

19 August 2013

Scandinavian online job board Jobindex A/S (JOBNDX: CPH) reported second quarter sales of DKK 34 million (€4.6 million), a rise of +22% compared with DKK 28 million (€3.75 million) a year ago. EBIT for Q2 2013 was DKK 3.9 million, partly attributed to the acquisitions of Computerworld and IDG Danmark.

Excluding Computerworld, revenue for Q2 2013 is DKK 30.4 million (€4.1 million), equating to organic growth of +4%. EBIT is DKK 9.8 million (€1.3 million), an increase of +18% compared with DKK 8.3 million (€1.1 million) a year ago.  

IDG Danmark and Computerworld were both acquired during the second quarter. IDG Danmark is a subsidiary of the American company International Data Group. IDG is a provider of online courses, recently launching a six-week training course for the unemployed. 

The acquisition of Computerworld produced a loss of DKK 6 million (€804,463) due to one-off cost adaptations and declining advertising revenue. Of the DKK 6 million, DKK 4 million (€536,309) was used for the provision of severance payments. Computerworld is Denmark’s largest media source aimed at professional IT users. With IDG and Computerworld, Jobindex hopes to attract 200,000 users each month.

Looking forward, the company has downgraded its outlook for the rest of the year. Sales for 2013 were predicted to reach DKK 140 million (€18.8 million) with operating profit of DKK 25 million (€3.4 million). These figures have been changed to sales of DKK 130 million (€17.4 million) with operating profit of DKK 20 million (€2.7 million).

The company reports that it expects improvement in the job market in the future; however, does not expect this to occur before the end of 2014.

In early trading, the company’s share price fell -4.5% to DKK 382 (€51.22), an increase of +8.89% compared with a year ago. Based on its share price, the company has a current market value of DKK 343.8 million (€46.1 million).   

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