ProSiebenSat.1 posts solid results on advertising growth

Germany’s ProSiebenSat.1 has posted solid Q2 results, with revenue growing by 48% to €1.048 billion, with adjusted EBITDA jumped seven times to €166 million.

A strong advertising recovery was the key factor behind the good results, enabling the group to up its outlook for the year, with revenues now expected to be between €4.4 billion and €4.5 billion, with adjusted EBITDA of between €820 million.

In addition to advertising, ProSiebenSat.1 highlighted that its diversification businesses performed well.

“In addition to the recovery in advertising business, we also saw positive developments in our Dating and Commerce & Ventures business in the second quarter. This shows that our diversification strategy is paying off and that we are on the right track in our development to a digital group,” said chairman and CEO Rainer Beaujean.

Commenting on the results, analysts at Berenberg highlighted rthe strong ad recovery and said that the trends for July and august suggests that the buoyant advertising environment continues.”.

Berenberg said that “it seems likely the commercial momentum should be maintained in the medium term” but said there was still a question mark over how the fourth quarter would perform.

Berenberg also pointed to slower growth in the dating segment, despite the company’s enthusiasm for this segment. The analysts also pointed out that the group’s original dating business had seen a small drop in revenue.