NORTH MEDIA A/S Announcement no. 18-2020
COVID-19 has had a negative impact on revenue, and future developments of and the consequences of COVID-19 remains subject to some degree of uncertainty. Still, the Group staying focused on its core business and on cost efficiency has had an effect sooner than previously expected. Accordingly, guidance is being upgraded because management believes the uncertainty and negative impact associated with the COVID-19 crisis will be less than previously anticipated, and also due to a very positive and better than expected performance of the North Media Online business area and BoligPortal in particular. FK Distribution is the largest contributor to the upgrade thanks to a substantial cost reduction in connection with the transition from two to one weekly distribution round.
“We will continue to execute on our strategy of creating and operating focused, profitable high-volume businesses, while consistently optimising and enhancing process efficiencies. We’re very pleased that our operations are robust enough for us to improve our earnings in such a challenging year affected by COVID-19,” said Kåre
The Group now expects to generate revenue in the range of
It is important to point out that the updated guidance assumes a continuation of the current gradual reopening and normalisation of Danish society. A deterioration of the COVID-19 crisis can/will have a negative impact on the guidance provided.
The Board of Directors will consider, based on developments over the summer period, whether the company should pay an extraordinary dividend in the autumn of 2020 in place of the proposed dividend for 2019 which was suspended at the outbreak of the COVID-19 crisis.
The company's interim report remains scheduled for publication on
For additional information, please contact:
Kåre Stausø
This document is an unofficial translation of the Danish original. In the event of any inconsistencies, the Danish version shall apply.
© OMX, source
