Baltic Classifieds profits up despite inflationary pressure

Baltic Classifieds Group reported a rise in annual profits despite IPO costs and higher inflation in its trading region.

The Lithuania-based operator of classified advertising websites covering auto, real estate, jobs and general sales, said adjusted core earnings rose 19% to €39.3m.

It added that the war in Ukraine amounted to around 1% of earnings margin, concentrated around the first four weeks of the invasion.

Revenue of €51mn grew 21% year on year, exceeding IPO guidance, driven by record sales in all of the company’s business units.

“This has been achieved despite a small negative impact seen during the initial weeks of the war in Ukraine and some impact from Covid-19-related restrictions during the year,” the company said.

“The board is comfortable guiding to 15% revenue growth in 2023, with real estate and autos growing in line, jobs & services above and generalists slightly below the overall average.”

Reporting by Frank Prenesti at Sharecast.com