15th Dec 2021 10:35
(Alliance News) - Baltic Classifieds Group PLC said on Wednesday it swung to a pretax loss despite its highest six monthly revenue across all four of its business units.
For the six months ended October 31, the Lithuania-based online classifieds portals company reported it had swung to a pretax loss of EUR7.6 million from a EUR386,000 profit.
Revenue was up 22% to EUR25.0 million from EUR20.4 million the previous year. Baltic Classifieds said this was its highest ever six-month revenue in all four business units and had exceeded the expectations made at the time of its initial public offering.
Baltic Classifieds said its profit was impacted by one-off expenses related to its IPO, debt re-arranging costs, and a rise in people costs which increased to EUR3.5 million from EUR2.9 million in the same period the previous year.
There was a 75% increase in expenses, rising to GBP22.7 million from GBP13.0 million the previous year, also contributed to the swing to loss.
The company said the main drivers of revenue growth were increases in the number of advertisers across all our four business sectors.
Chief Executive Justinas Simkus commented that the last six months had been the busiest and most successful in the company's history.
Baltic Classifieds declared its intention for its first full-year dividend payment in July. The company did not specify the amount.
Shares in Baltic Classifieds were up 4.8% at 220.00 pence each on Wednesday morning in London.
By Heather Rydings; [email protected]
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