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Adenclassifieds (ADEN:PAR), the recruitment, training and property internet portal, which is majority owned by the Figaro publishing group, has announced consolidated revenues for the first quarter of 2010 at close of play yesterday evening.
Total revenues were up by +26.5% from 13.08 million Euro in Q1 2009 to 16.55 million Euro in Q1 2010. Like-for-like, total revenues were down by -6.5%.
Revenues generated from recruitment (56% of revenues) were down by -3.6% from 9.56 million Euro in Q1 2009 to 9.22 million Euro in Q1 2010. This revenue figure includes the advertising management contract for the recruitment advertisements of French daily Le Figaro. Like-for-Like, recruitment revenues were down by -5.5%.
The group says in a statement "the 26.5% increase in revenue over the first quarter of 2010 illustrates Adenclassifieds' new scope, which now includes Groupe Indicateur Bertrand's activities and the advertising management contracts for Le Figaro's Recruitment, Training and Property ads."
"At the same time, the 45.8% jump in consolidated orders recorded over the first quarter of 2010 points to an upturn in Adenclassifieds' activities in 2010."
"The growth in deferred revenue and the acceleration in the generating of cash flow are also indicators of an improvement in the Group's activity in this early part of 2010."
At 31 March 2010, deferred revenue totalled 12.9 million Euro, up by +12.2% compared to 31 December 2009. Adenclassifieds had a cash position of 57.2 million Euro at 31 March 2010, up by +4.4 million Euro compared to 31 December 2009, i.e. an increase of +8.3%."