MFE hails strong Q1 as it preps for low-key summer

Source: Mediaset

MediaForEurope (MFE) expects to “consolidate its market share” this year having benefited from a strong first few months that saw ad sales up 6% compared to the same period last year.

MFE said that it had seen strong growth in Italy, with ad revenues up 5% for the first quarter, while ad sales in Spain were up 8%.

MFE said that the upward trend had continued into April.

The group believes this will position it to weather the middle part of the year, when advertising will be impacted by the European Football Championship and the Olympic Games, neither of which Mediaset has the right to air.

It said comparative performance would also be impacted by the strong showing of the group for the same period last year.

MFE said its objective will be to maintain a decidedly positive consolidated EBIT, net result and free cash flow on an annual basis.

MFE said that the consolidated results for the company last year were considerably higher than first thought at the beginning of the year.

MFE achieved overall growth in gross ad revenues of 0.9%, boosted by the performance of Italy in the last quarter of the year, where sales were 8% higher year-on-year.

Consolidated net revenues amounted to €2.81 billion, up 0.3% compared to €2.8 billion in 2022, partly due to the increase in gross advertising revenue.

Total consolidated costs were €2.51 billion. Operating income was up 7.9% to €302.3 million.