Alma Media > Releases > Stock exchange release > Alma Media’s Financial Statements Bulletin January–December 2023: Profitability improved in Q4, adjusted operating profit of FY 2023 ended up at last year’s record level

Alma Media’s Financial Statements Bulletin January–December 2023: Profitability improved in Q4, adjusted operating profit of FY 2023 ended up at last year’s record level

Alma Media Corporation              Financial Statements Bulletin      16 February 2024 at 8.00 a.m.

ALMA MEDIA’S FINANCIAL STATEMENTS BULLETIN JANUARY–DECEMBER 2023: Profitability improved in Q4, adjusted operating profit of FY 2023 ended up at last year’s record level

Financial performance October–December 2023:

• Revenue MEUR 78.0 (78.7), change -0.9%.

• The share of digital business was 81.3% (80.2%) of revenue.

• Adjusted operating profit MEUR 16.7 (15.2), up 9.7%, 21.5% (19.4%) of revenue.

• Operating profit MEUR 15.8 (15.0), up 5.7%.

• Alma Career: Adjusted operating profit increased due to cost savings.

• Alma Consumer: Profitability was weighed down by decreased advertising sales and investments in product


• Alma Talent: Revenue and operating profit increased, driven by the strong performance of Talent Services.

• Earnings per share EUR 0.13 (0.20).

Financial performance in 2023:

• Revenue MEUR 304.9 (308.7), change -1.2%.

• The share of digital business was 82.4% (80.9%) of revenue.

• Adjusted operating profit MEUR 73.6 (73.4), 24.1% (23.8%) of revenue.

• Operating profit MEUR 73.0 (80.0), down 8.7%

• Earnings per share EUR 0.69 (0.88).

• The Board’s dividend proposal is EUR 0.45 (0.44) per share.

Key figures

MEUR 2023
Revenue 78.0 78.7 -0.9 304.9 308.7 -1.2
Marketplaces 34.3 34.1 0.8 141.4 138.3              2.3
Media 27.6 28.6 -3.6 103.2 107.8 -4.3
– of which digital 62.2% 61.4% 61.1% 60.6%
Service revenue 16.1 16.0 0.4 60.3 62.6 -3.7
– of which digital 76.0% 73.6% 79.2% 74.8%
Digital business revenue 63.4 63.1 0.5 251.2 249.7                     0.6
Digital business, % of revenue 81.3 80.2 82.4 80.9
Adjusted total expenses 61.5 63.5 -3.1 231.8 235.7 -1.7
Adjusted EBITDA 21.0 19.6 7.5 91.0 90.6 0.4
EBITDA 20.4 19.3 5.6 90.6 97.2 -6.8
Adjusted operating profit 16.7 15.2 9.7 73.6 73.4 0.3
% of revenue 21.5 19.4 24.1 23.8
Operating profit/loss 15.8 15.0 5.7 73.0 80.0 -8.7
% of revenue 20.3 19.0 23.9 25.9
Profit for the period before tax 11.4 18.6 -38.6 68.5 86.4 -20.8
Profit for the period 10.6 16.3 -34.6 56.4 71.9 -21.6

* Alma Media has revised the classification of revenue between marketplaces and service revenue. The corresponding adjustments have been made to the comparison figures.

Dividend proposal to the Annual General Meeting

On 31 December 2023, the Group’s parent company had distributable funds totalling EUR 152,095,452 (156,856,329). Alma Media’s Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.45 per share be paid for the financial year 2023 (2022: EUR 0.44 per share). The dividend will be paid to shareholders who are registered in Alma Media Corporation’s shareholder register maintained by Euroclear Finland Ltd on the record date of the payment, 9 April 2024. The Board of Directors proposes that the dividend be paid on 16 April 2024. Based on the number of outstanding shares on the closing date, 31 December 2023, the dividend payment totals EUR 36,932,982 (36,161,308).

No essential changes have taken place after the end of the financial year with respect to the company’s financial standing. The proposed distribution of profit does not, in the view of the Board of Directors, compromise the company’s liquidity.

CEO’s review: Profitability improved further in an erratic economic cycle

Alma Media’s business developed well in the fourth quarter in spite of the economic uncertainty. Revenue was on a par with the comparison period at MEUR 78.0, but adjusted operating profit increased by 9.7% to MEUR 16.7.

Profitability improved in spite of lower sales, which was due to the measures taken by Alma Media to adjust costs, among other factors. At the same time, the Group invested in future business growth, accelerated investments in product development and focused on leveraging artificial intelligence in its business operations. Revenue for the full year amounted to MEUR 304.9 (308.7), representing a change of -1.2%, and adjusted operating profit was on a par with the comparison period. The ratio of operating profit to revenue was 24.1%, which is close to the long-term target (over 25%).

The profitability of the Alma Career segment improved in the Q4. Revenue was on a par with the comparison period at MEUR 27.0, but adjusted operating profit went up by 18.2% to MEUR 10.0, representing 37.0% of revenue. Total expenses fell by 9%, particularly due to lower sales and marketing spending. Revenue for the FY 2023 came to MEUR 110.5 (+0.7%), and adjusted operating profit went up by 6.4% to MEUR 45.3, 41% of revenue.

In Slovakia and Croatia, which are significant operating countries for Alma Career, the lively recruitment market is driven by the high level of activity among workers, competition for skilled labour and low unemployment. In Q4, brisk growth was seen in Slovakia (34.2%) and Croatia (14.5%), with the full-year growth figure being approximately 15% for both countries. In the Czech Republic, revenue for the full year was on a par with the comparison period. The labour market cycle remained challenging in the Baltic countries and particularly in Finland.

The Career United project, which seeks to deepen internal cooperation, continued to move forward. Projects related to the renewal of a common system architecture, brand and back-end systems progressed according to plan. The common Alma Career B2B brand that was launched for corporate customers enables the buying and selling of the same products and services in all Alma Career countries and more broadly in Europe.

The Alma Consumer segment’s revenue fell by 5.9% to MEUR 25.2 in the fourth quarter. Adjusted operating profit decreased by 28.6% to MEUR 4.2, representing 16.5% of revenue. The year was challenging, with the full-year revenue declining by 3.6% and adjusted operating profit falling by 19.7% in 2023. In Q4, the share of digital business was 83.5% of revenue. Revenue from comparison services and sharing economy services developed favourably, but revenue from media and media-related services decreased by 9%. Advertising revenue declined by 8.7% and the recovery of the advertising market was postponed to 2024.

Among the business areas, revenue in the housing segment was particularly affected by the low market cycle (a decrease of 7.1%), but the automotive and mobility segment remained at the level seen in the comparison period.

There was a high general interest in the news. Driven by the development of targeted and personalised content, the number of subscribers to the paid Iltalehti Plus service reached c. 50,000. In spite of the difficult market situation faced by the segment, we made determined progress with our development projects, particularly with regard to sales system development in the automotive and housing segments, system projects in the automotive and mobility segment, and other key projects related to transactional commerce. In the OviPro system for digital real estate agency, which will gradually replace the current KIVI real estate agency system, the development effort progressed to the creation of a comprehensive transaction platform and we carried out the first customer deployments under the long-term project.

In the Alma Talent segment, revenue went up by 3.8% to MEUR 26.0 and adjusted operating profit by 15.3% to MEUR 5.9 in Q4. Expenses remained on a par with the comparison period. Thanks to cost-saving measures and the active development of the product portfolio, adjusted operating profit for 2023 increased by 4.4% and amounted to MEUR 20.6, representing 21.7% (20.4%) of revenue. The strong digital transformation continued, with the share of digital business rising to 63% of revenue for FY 2023.

The revenue of Talent Services increased by 13.1% and operating profit by as much as 52.2%, to MEUR 2.7. The growth of continuously invoiced services continued in law-related services, among other areas. Strong development continued in business premises marketplaces in Finland and particularly in Sweden.

The economic cycle remained challenging for financial media in 2023. The decline of media advertising in the segment slowed to 2.1% in Q4. The decrease in the segment’s media advertising for the full year was 7%. The Talent Media unit’s revenue in Q4 was MEUR 14.1 and on par with the comparison perido to, while operating profit was MEUR 2.9 (3.0).

Alma Media is in a good position to pursue new initiatives

Our financial position continued to strengthen thanks to our strong profit performance and cash flow. The reported figures for the comparison period included the gain from the divestment of Bolt and the positive change in the fair value of interest rate hedging, which increased earnings per share in the comparison year. Our gearing at the end of the year stood at 65.4% (69.3%) and our equity ratio was 46.1% (45.8%).

We will accelerate growth by investing in product development, developing our operational activities and making acquisitions as necessary. In the marketplace and service business, we are moving towards advanced digital trading platforms and seamless purchasing paths, facilitating smooth transactions between businesses and consumers, and providing convenient and secure solutions for buying and selling products and services. In the media business, we will continue the digital transformation by increasing the share of digital media.

We performed well in spite of the economic cycle. Most of our revenue streams derive from digital businesses with strong market positions and robust competitiveness. We are in an excellent position to achieve strong value creation over the long term.

Kai Telanne, President and CEO

Operating environment

The European Commission estimates that GDP growth in 2023 amounted to 0.6% in the EU and the eurozone. Inflation remains high, although it has begun to decrease. Combined with tighter monetary policy, it has a negative impact on economic performance. Economic activity is expected to pick up gradually as consumption recovers, supported by stable labour markets, the development of wages and easing inflation. GDP growth in the EU is projected to accelerate to 1.3% in 2024. Overall inflation in the EU is projected to fall from 6.5% in 2023 to 3.5% in 2024. In Finland, inflation in 2024 is projected to be 1.9% according to the Commission’s forecast.

The development of the labour market remained strong in the EU in 2023 in spite of the slowing of economic growth. The employment rate in the EU reached a record-high level in the second quarter of the year under review, and the European Commission expects the employment rate to remain stable in 2024. In spite of the strong employment situation, the number of job vacancies has stayed fairly high, and there have been labour shortages in the service sector and manufacturing in particular.

Economic growth in Finland is falling substantially behind the rest of the EU. The European Commission’s forecast of GDP growth in the Finnish economy is 0.1% 2023 and 0.8% in 2024. In addition to Finland, Alma Media’s main markets are the Czech Republic and Slovakia in Eastern Central Europe, and Croatia in Southern Europe. The Commission projects that, in 2024, the GDP growth rate will be 1.4% in the Czech Republic, 1.7% in Slovakia and 2.6% in Croatia. The Commission’s forecasts of the unemployment rate in 2024 are 2.5% for the Czech Republic, 5.4% for Slovakia, 6.2% for Croatia and 7.3% for Finland.

Outlook for 2024

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 MEUR 304.9 and the adjusted operating profit was MEUR 73.6.

Background for outlook

The outlook is based on the assessment that there will be no significant changes to the prevailing situation in the company’s main markets. The recruitment markets in the company’s operating countries are projected to remain stable on average. In Finland, demand and employment are expected to weaken, and there is continued uncertainty around advertising. Acquisitions will increase the company’s revenue and operating profit. The diversification of the Group’s business activities between multiple geographical markets and business areas, and purposeful cost control, stabilise the company’s outlook even in challenging market conditions.

Market situation in the main markets in Finland

Market development in the automotive industry

According to the Finnish Information Centre of Automobile Sector, car dealerships’ transaction volume for used cars was approximately 4% higher than in the previous year. The average selling time increased to 43 (42) days. Registrations of new cars increased by 7% to approximately 87,500 vehicles, but this figure was substantially lower than the average for the past decade (114,000 per year). Battery electric vehicles accounted for roughly one-third of new cars, while plug-in hybrid accounted for one in five.

Market development in housing

According to the Central Federation of Finnish Real Estate Agencies, the housing transaction volume fell by 24.5% in 2023. This was the second year in a row that saw a sharp decline in the market. Trade in second-hand dwellings fell by 20.8% and that of new dwellings by 63.4%. The housing trade recovered slightly in November – December relative to the previous year. According to preliminary data from Statistics Finland, the prices of old dwellings in housing companies decreased by 5.2% during the year in the country as a whole.

Market development in the media business

According to Kantar TNS, the total media advertising volume declined by 4.1% in 2023. The industries with the largest increases in media advertising during the year were oil and energy, tourism and transport, finance, and food. Job advertising decreased by 34.9% in December. Retail advertising decreased by 5.5% and classified advertising by 14.2% year-on-year.

In terms of volume, the market for afternoon papers declined by 8.4% in the fourth quarter and by 7.4% in 2023 as a whole.

More information:
Kai Telanne, President and CEO, telephone +358 (0)10 665 3500
Taru Lehtinen, CFO, telephone +358 (0)10 665 3609

News conference and live webcast

A combined analyst, investor and media conference and webcast will be held in English by President & CEO Kai Telanne and CFO Taru Lehtinen at 11.00–12.00.

The conference will be held in the Alma House (address: Alvar Aallon katu 3 C, Helsinki). To participate in the conference in Alma House, we kindly ask you to register beforehand by e-mail to:

The live webcast can be followed via Questions can be asked through the webcast chat function.

An on-demand version of the webcast and the presentation material will be available on the company’s website on the same day

Alma Media’s financial calendar 2024

  • The Financial Statements, Report by the Board of Directors, Auditor's Report, Corporate Governance Statement and Remuneration Report for the financial year 2023 will be published on Friday, 15 March 2024.
  • The Annual General Meeting is planned to be held on Friday, 5 April 2024. The materials related to the Annual General Meeting will be available on the Alma Media website.
  • Interim Report for January–March 2024 on Friday, 19 April 2024, at approximately 8:00 EET
  • Interim Report for January–June 2024 on Thursday, 18 July 2024, at approximately 8:00 EET
  • Interim Report for January–September 2024 on Friday, 18 October 2024 at approximately 8:00 EET


Board of Directors

Distribution: NASDAQ Helsinki, main media,

Alma Media in brief

Alma Media is an international company of digital media, marketplaces and services with a strong capacity for renewal. We inspire human curiosity and choice by creating services that combine technology and content with a local heart. In Finland, our best-known brands include Kauppalehti, Talouselämä, Iltalehti, Jobly,, Nettiauto and Nettimoto. Our recruitment services include and in the Czech Republic, in Slovakia and in Croatia.

In Finland, our business operations include leading housing and automotive marketplaces, financial and professional media, national consumer media and content and data services for businesses and professionals. Alma Media’s international business in Eastern Central Europe, Sweden and the Baltic countries consists of recruitment services and an online marketplace for commercial properties.

Alma Media operates in 12 countries in Europe and employs approximately 1,700 professionals. Alma Media’s revenue from continuing operations was EUR 305 million in 2023 of which the share of digital business was 82%. Alma Media’s share is listed on NASDAQ Helsinki. Read more at

  • Published: 16.2.2024, 08:00
  • Category: Stock exchange release

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