Rebl Group (REBL) Q4 2023 earnings summary

Executive summary

• Revenue was €133.9m, up 0.3% YoY; operating loss narrowed to €0.3m from €3.1m, while net loss improved to €3.2m from €5.3m.

• Strategic focus shifted toward print, visibility and digital services; the media business was agreed for sale after year-end.

Financial highlights

• Operating costs rose to €135.9m from €130.8m; personnel costs increased to €45.2m from €40.7m, while materials and services costs fell to €59.9m from €67.6m.

• Net finance costs were €3.2m, including €0.8m loss on securities trading, versus a €2.8m trading loss in 2022; net loss was €3.2m.

• Operating cash flow rose to €12.4m from €5.3m; investing cash flow was -€4.5m versus -€10.2m.

Outlook and guidance

• For continuing operations, 2024 revenue is expected to improve from €116.2m and operating result to improve from the 2023 loss of €0.9m, excluding an estimated €10.2m media-sale gain.

• Print demand is expected to decline from 2023; visibility and digital demand are expected to grow. Retail media and digitalization are identified as growth opportunities.

• The outlook assumes the threatened Finnish recession is short-lived and GDP returns to growth by Q3 2024; war-related and macro uncertainty clouds demand forecasts.