Finland-based media company Alma Media which operates a number of job boards, reported second-quarter revenue today of €80.1 million, up 2.4% from last year.

Alma Media said its business grew in line with its expectations in the second quarter.

Revenue growth was supported by acquisitions, but the weakened exchange rate of the Czech koruna dampened revenue performance.

Adjusted operating profit was on a par with the comparison period at €19.4 million. Profitability was weighed down by investments in service development, particularly in the Marketplaces and Alma Career segments, but strong cost control in Alma News Media had a positive impact on the bottom line.

In the Alma Career segment, revenue decreased by 2.5% and amounted to €27.7 million. Adjusted operating profit decreased by 9.0% to €11.1 million and was 40.2% of revenue. The effect of the weakened Czech koruna on revenue was approximately €0.8 million.

The company said there were notable differences in the labour market cycle between Alma Career’s operating countries. Among the significant operating countries, the situation in the Czech Republic remained unchanged, with small employers engaging in recruitment while larger customers took a more cautious approach. The recruitment markets in Slovakia and Croatia continued to be driven by the high level of activity among jobseekers, intense competition for skilled labour and low unemployment. At the same time, the situation remained challenging in the Baltic countries and Finland.

In the Alma Marketplaces segment, revenue increased by 15.3% to €25.1 million in the second quarter, supported by the January acquisition of Netwheels, a software provider for car sales. Adjusted operating profit increased by 9.7% to €7.1 million and was 28.4% of revenue. The improvement in profitability compensated for the decline in the profit performance seen in the first quarter.

Revenue from the Mobility business area increased by 48.1% to €9.0 million. Meanwhile, the negative impacts of the housing market have had a delayed effect on the revenue of housing-related services. Revenue from the Real Estate business area increased by 4.2%.

Due to acquisitions, expenses in the Marketplaces segment increased by almost 18%.

In the Alma News Media segment, revenue decreased by 2.2% to €27.2 million due to advertising declining by 4%, but adjusted operating profit for the second quarter remained on a par with the comparison period at €3.8 million. Active cost control measures led to expenses decreasing by 2.7% and adjusted operating profit rose to 14.1% (13.7%) of revenue.

Kai Telanne, President and CEO of the group, said in a press release, “Our financial position is strong in spite of the Netwheels acquisition.”

“Our digital business models are cost-efficient and scalable, and they enable us to further expand our role in our customers’ value chains in our key business areas,” Telanne said. “We have leveraged cooperation and a unique competitive advantage to create an entity with growth promoting culture and strong expertise serving as the foundation also for future growth.”

Alma Media expects its full-year revenue and adjusted operating profit of 2024 to remain at the 2023 level. The full-year revenue for 2023 was €304.9 million and the adjusted operating profit was €73.6 million.

Alma Media shares last traded at €10.65, up 1.43% on the day and 2.29% below its 52-week high of €10.90, set on 12 July 2024. The company has a market cap of €865.02 million.