APG SGA (APGN) H1 2024 earnings summary

Executive summary

• Achieved 1.1% year-over-year growth in advertising revenue to CHF 150.5 million despite a challenging economic environment and loss of SBB promotional space business.

• Digital advertising media revenues continued to grow, supported by expansion of digital and programmatic offerings.

• Net income rose 12.7% to CHF 11.9 million, with improved margins and higher interest income offsetting increased personnel expenses.

• Free cash flow turned positive at CHF 2.5 million, driven by improved operating cash flow.

Financial highlights

• EBITDA increased 6.0% year-over-year to CHF 19.0 million; EBIT up 11.4% to CHF 14.2 million.

• Earnings per share rose 12.5% to CHF 3.95.

• Operating margin improved to 12.6% (EBITDA) and 9.4% (EBIT) of operating income.

• Cash and cash equivalents at period end were CHF 21.7 million, down due to dividend payout.

• Equity ratio stood at 39.9% as of June 30, 2024.

Outlook and guidance

• Confident in further expanding market and innovation leadership, with focus on digital portfolio and adtech solutions.

• Plans to strengthen competitive position through sustainable, high-quality services and partnerships.