Baltic Classifieds posts jump in 1H profits and sales

Baltic Classifieds posted a sharp jump in profits for the first half of its financial year amid record revenues.

That was despite what it described as a high-inflation environment in the Baltic region.

For the six months ending on 30 April, the Baltics-focused classified ads group reported 19% growth in its topline to reach €60.8m.

Its profits meanwhile increased from €1.1m to €23.2m, for a one-fith increase in adjusted earnings per share to 7.7 euro cents.

The company highlighted the strong growth seen in its B2C and C2C revenue streams of 21% and 25%, respectively.

Cash from operating activities meanwhile rose by 18% when adjusted for fees linked to its IPO in 2022 and hit €48.0m.

Net debt reduced from €66.4m in 2022 to €45.3m, so that its leverage ratio declines from 1.7 times operating earnings to 1.1.

A final dividend of 1.7 euro cents per share was proposed by the board, up from 1.4 euro cents in the year before.

As of 1222 BST, shares of Baltic Classifieds were adding 1.08% to 168.40p