(Alliance News) - RCS MediaGroup Spa reported Wednesday that it closed fiscal year 2023 with a net profit of EUR57.0 million from EUR50.1 million in the previous year and proposed the distribution of a dividend of EUR0.07 per share from EUR0.06 in the previous year.

Revenues amounted to EUR828.0 million from EUR845.0 million in 2022.

Weighing on the decline in revenues were editorial and circulation revenues, which fell to EUR332.9 million from EUR355.8 million in 2022, and showed a decline substantially attributable to a EUR10.8 million drop in revenues from collateral works and print circulation revenues, partially offset by growth in digital subscription revenues.

In contrast, digital revenues accounted for about 26 percent of total revenues while advertising revenues amounted to EUR347.1 million, up from EUR345.4 million in 2022. Total advertising revenue from online media is about 43 percent of total advertising revenue.

Ebitda increases to EUR136.2 million from EUR118.5 million in 2022.

Ebit is EUR81.2 million from EUR66.6 million in 2022.

Net financial debt decreases to EUR23.4 million from EUR31.6 million in the previous year. In the second half of 2023, the company explains, RCS generated positive cash flows, improving net debt by EUR46 million compared to June 30, 2023.

At the end of December, the group's titles reached an active digital customer base of more than one million subscriptions: 595,000 for Corriere della Sera, 214,000 for Gazzetta, 136,000 for El Mundo, and 82,000 for Expansion.

As for the future, "in view of the actions already put in place and those planned, in the absence of a worsening of the consequences attributable to the continuation and developments of the conflicts in Ukraine and the Middle East and/or cost dynamics, the group believes that it is possible to set itself the goal of achieving strongly positive Ebitda margins in 2024, up from those achieved in 2023, and to continue with further cash generation from operations," the statement said.

RCS stock trades up 0.3 percent at EUR0.78 per share.

By Chiara Bruschi, Alliance News reporter

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