9.9% revenue growth in the first 9 months of 2023
Reworld Media Group (ALREW ) reports sustained growth in Q3 2023. Group revenue for the period came to €129.2m, up 9.0% (+€10.7m) on Q3 2022. Over the first 9 months of the year, consolidated revenue came to €395.6m, up 9.9% on the same period in 2022. The proportion of Group revenue generated outside France accounted for 25% of total sales in Q3 2023, and 28% in the first 9 months of the year.
The increase in Q3 is the result of a strong rise in the BtoB division, up by 25.5% €14.1m), which offsets a slight decline in the BtoC division of 5.5% (-€3.4m). Over the first 9 months of the year, the BtoB division posted cumulative sales growth of 23.4% compared to the same period in 2022, to €213.3m, while sales in the BtoC division fell by 2.6% to €182.3m.
As in H1, growth in Q3 was driven primarily by the acquisitions made in October 2022 of Unify’s publisher activities in France (Marmiton, Aufeminin, Doctissimo, Les Numériques, etc.) and subsequently in January 2023 of the Grazia and Icon international brands and their media activities in Italy. These assets, which are strategic for the Group’s development and international expansion, and whose integration is nearing completion, contributed €11.9m to consolidated revenue in Q3, of which €10.0m to the BtoB division and €1.9m to the BtoC division. Over the first 9 months of the year, they contributed €38.3m to consolidated revenue, of which €32.3m to the BtoB division and €6.0m to the BtoC division.
On an organic basis[1], Group revenue consolidated at €117.3m, down 1.0% (-€1.2m), over Q3, and at €357.3m, down 0.7% (-€2.6m) over the first 9 months of the year. The BtoB division posted organic revenue growth of 7.4% (+€4.1m) in Q3, driven by strong momentum in its affiliation and performance offerings. Over the first 9 months of the year, sales rose by 4.7% (+€8.2m) to €181.0m. Revenue in the BtoC division fell by 8.5% (-€5.3m) in Q3, reflecting the rationalization of volumes and the magazine distribution schedule. Over the first 9 months of the year, revenue dropped by 5.8% (-€10.2m) to €176.3m.
In the 2nd half, the Group continues to implement rigorous management of its activities. It is continuing to develop its assets and offerings, both in France and internationally, and is finalising the integration of assets acquired over the last 12 months.
This press release presents unaudited consolidated revenue figures, established in accordance with the regulations governing consolidated financial statements in effect in France.
Next event: publication of revenue figures for 2023 on Wednesday 28 February 2024.
[1]Consolidated revenue on a like-for-like basis for the same period in 2022, excluding the acquisitions of Unify and Reworld Media Italia, consolidated since 1 October 2022 and 10 January 2023 respectively.
