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PMPG Polskie Media Reports Q1 2024 Results

COMPANIESPMPG Polskie Media Reports Q1 2024 Results

PMPG Polskie Media, a media holding listed on the main market of the Warsaw Stock Exchange, has published its results for the first quarter of 2024. During the analyzed period, the Group achieved PLN 8.6 million in sales revenue and recorded negative EBITDA and net results, amounting to -PLN 721 thousand and -PLN 1.1 million, respectively. The poorer performance is largely due to a decrease in advertising revenue, a trend observed across the entire industry.

“The current market situation and the economic slowdown we observed in 2023 have impacted our results. We see a significant decline in advertising revenues; however, we have already taken appropriate steps to counteract this phenomenon. This includes an extensive program focused on acquiring new clients. Furthermore, we are continuously working on a new development strategy, which we plan to present by the end of June this year,” commented Katarzyna Gintrowska, CEO of PMPG Polskie Media.

PMPG Polskie Media has also recently undertaken actions to streamline the Group’s structure. These actions aim to allow the Group to concentrate on key areas of activity and adapt to the implementation of the new strategy.

“The new development strategy is being built based on current market trends and will be adjusted to prevailing macroeconomic conditions. Despite the difficulties we have encountered, we remain optimistic about the future. We continue our investments in the development of digital platforms, which is a crucial element for our long-term success. Our actions aim to increase user engagement and diversify revenue sources,” added Katarzyna Gintrowska.

The new strategy will also focus on developing the Group’s two largest assets, Orle Pióro and AWR Wprost, publishers of the weekly magazines Do Rzeczy and Wprost, which ranked 3rd and 1st, respectively, in the report by Internet Media Monitoring on the most influential weeklies and biweeklies of the decade. Their development is to be supported by external investors. PMPG Polskie Media also intends to continue implementing media for equity transactions. The company has already undertaken such an initiative – an investment in the gaming studio RedDeer.Games, one of the leading game publishers, where the Group holds approximately 20% of the shares.

“We are very pleased that our weeklies Wprost and Do Rzeczy have been ranked among the top most influential weeklies and biweeklies of the last decade in Poland. Our editorial teams and journalists, thanks to their high level of engagement, remain leaders of opinion, serving our readers. This confirms our long-standing and reliable service to society, regardless of the prevailing economic conditions,” concluded Katarzyna Gintrowska.

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