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France — Adenclassified revenues rescued by acquisition

04 November 2009

Adenclassified (ADEN:PAR), the web-based classified advertisement specialist on recruitment, training and property today announces consolidated revenues for the third quarter of 2009.

Total revenues were down by -4.7% from 14.5 million Euro in Q3 2008 to 13.8 million Euro in Q3 2009. However, like for like revenues, excluding the integration of 'Indicateur Bertrand' (property adverts) were down by -22% to 11.3 million Euro.

Recruitment revenues fell by -27% from 11.1 million Euro in Q3 2008 to 8.1 million Euro in Q3 2009. Training revenues rose by 26.7% from 776,000 Euro in Q3 2008 to 983,000 Euro in Q3 2009.

The group was clearly saved by the rise in property classified advertising by 8.3% from 2.6 million Euro in Q3 2008 to 4.7 million Euro in Q3 2009 (including 'Indicateur Bertrand').

The group say in a statement "over the third quarter of 2009, revenue from recruitment activity continued to be severely penalised by the French job market situation, which is continuing to deteriorate."

"The job market is continuing to suffer badly, with an expected 450,000 net job losses in 2009 compared to just 67,000 in 2008. The unemployment rate reached 9.5% in the third quarter of 2009, versus 7.8% a year earlier. In October 2009, the number of online job offers was down -29% compared to October 2008."

"Training activity continued to grow over the third quarter of 2009, with revenue of close to 1.0 million Euro, an increase of 26.7%. The kelformation site has continued on its growth momentum, with an audience up 40.7% over the first nine months of 2009. The site recorded 315,000 unique visitors in September 2009 and had an average of 41,388 training courses online during the third quarter of 2009."

"The fall in orders, and thus in deferred revenue, notably for the Company’s recruitment activity, already suggests a difficult 2010 financial year. However, this slowdown could be offset in terms of revenue by the acquisition of Groupe Indicateur Bertrand’s activities, which will have 12 months of activity included in our accounts for the first time."

Adenclassifieds operates in classified advertising and services in France. The company has a multi multi-brand policy across its 3 activities: online recruitment (notably via the Cadremploi sites), online training advertising (notably via Kelformation.com) and online property (notably via the Explorimmo, Proprietes de France, Indicateur Bertrand, Bertrand Vacances and OpenMedia brands).

In early trading Adenclassified's shares were up by 0.05% to 19.51 Euro.



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