ProSiebenSat.1 reports that it has continued positive trends in Q1 and has confirmed its full-year outlook.The German broadcasting group had a strong start to the year; while Group revenues increased by 6 per cent to €867 million in the first quarter of 2024, adjusted EBITDA grew by 35 per cent to €72 million despite higher programming expenses. In addition to revenue growth, this is due to the cost programme implemented in the previous year.The positive trend in advertising revenues is continuing, with the group recording growth of 5 per cent in advertising revenues in the German-speaking region in the first quarter of 2024. In parallel to the increase in revenues in large parts of the Entertainment portfolio, the Digital Platform & Commerce companies Verivox and flaconi continued to grow.Streaming platform Joyn set a new record for the second time in a row with 6.5 million monthly video users. Joyn’s AVoD revenues also increased by 50 per cent, while digital & smart advertising revenues in the German-speaking region grew by 9 per cent overall.ProSiebenSat.1 continues to aim to increase Group revenues to around €3.95 billion in 2024 with a variance of plus/minus €150 million (previous year: €3.85 billion). At the same time, ProSiebenSat.1 Group continues to expect an adjusted EBITDA of €575 million (previous year: €578 million) with a variance of plus/minus €50 million.Martin Mildner, Group CFO of ProSiebenSat.1 Media, commented: “Our strong start to the year shows that we are on the right track. In 2023, we have set a new course both operationally and strategically. In the first quarter, we are now seeing the first clear effects of our efficiency measures. At the same time, the advertising business, which is particularly important for us, is continuing to recover. Even though the market and economic environment remains challenging, we are looking to 2024 with confidence. We are therefore confirming our full-year outlook. We will continue to focus clearly on the strategically relevant business areas related to our Entertainment portfolio and continue our consistent management of costs and cash flows.”
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