Storytel Reports Strong Result for the First Quarter 2024
*STOKHOLM, SWEDEN / ACCESSWIRE / May 7, 2024 / Storytel AB (publ) (STO:STORY B)* "The first quarter marked another step up in our financial performance as Storytel delivered a strong result with improved profitability and operational cash flow", says Johannes Larcher, CEO, Storytel.
*Highlights*
Numbers for the first quarter 2024 are compared to the first quarter 2023
· Adjusted EBITDA increased by 167% to 104 (39) MSEK, equaling a margin of 11.7% (4.9%)
· Adjusted Gross profit up 22% to 385 (316) MSEK, equaling a margin of 43.2% (39.6%)
· Streaming revenue up 13% to 837 (742) MSEK; and 13% at constant exchange rates (CER)
· Storytel implemented an efficiency optimization initiative including a 13% reduction in workforce, which resulted in related Items Affecting Comparability (IACs) of 45 MSEK
· Storytel Books and Nextory reached an agreement to distribute Storytel Books' titles on Nextory's platform as of 1 February 2024
· Storytel extended the existing revolving credit facility (RCF) until 2 April 2025 and reduced the facility to 750 MSEK, at otherwise unchanged terms
· Johannes Larcher to step down as CEO in the fall of 2024
*Financial summary*
*MSEK* *Q1 2024* *Q1 2023* *%* *2023*
Streaming Revenue[1] 837 742 12.8% 3,242
Group Revenue[2] 892 796 12.0% 3,489
Adjusted Gross profit 385 316 22.1% 1,389
Gross profit 378 316 20.0% 1,247
Adjusted Operating profit 31 -43 173.0% -50
Operating profit -24 -48 50.8% -742
Adjusted Gross margin 43.2% 39.6% 3.6p 39.8%
Adjusted EBITDA 104 39 167.2% 283
Adjusted EBITDA margin 11.7% 4.9% 6.8p 8.1%
EBITDA 51 34 50.1% 165
Basic and diluted earnings per share (SEK) -0.32 -0.81 60.5% -10.63
Cash flow from operations before changes in working capital 28 18 54.3% 102
Operational cash flow 73 1 - 125
[1] Streaming revenue includes all of Storytel Norway's revenue.
[2] In the consolidated accounts, Storytel Norway is reported in accordance with the equity method. As a result, the Streaming revenue listed in Table 1 is higher than in the consolidated statement of accounts in order to provide a more accurate figure for average revenue per subscriber. Please see Note 5 in the interim report for additional details.
FNCA Sweden AB is the Company's Certified Adviser.
*For more information, please contact:*
Mattias Frithiof, Head of Investor Relations, Storytel Group
Tel: +46 76 535 26 74
Email: mattias.frithiof@storytel.com
Malin Lindborn, Head of Communications, Storytel Group
Tel: +46 735 33 17 70
Email: malin.lindborn@storytel.com
*About Storytel*
Storytel is one of the world's largest audiobook and e-book streaming services and offers more than one million titles on a global scale. Our vision is to make the world a more empathetic and creative place, with great stories to be shared and enjoyed by anyone, anywhere and anytime.
The streaming business within the Storytel Group is conducted under the brands Storytel, Mofibo and Audiobooks.com. The publishing business is managed by Storytel Books, and by the audiobook publisher StorySide. The Storytel Group operates in over 25 markets, with a focus on ten core markets: the five Nordic countries, the Netherlands, Turkey, Poland, Bulgaria, and the USA. The headquarters are located in Stockholm, Sweden.
This information is information that Storytel AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-05-07 08:00 CEST.
*Attachments*
Q1 2024 Report Storytel AB (publ) May 7, 2024
*SOURCE:* Storytel AB (publ)
View the original press release on accesswire.com