"This quarter demonstrates again the results of our profitable growth strategy execution, by having delivered the best financial performance in the history of the company", says Johannes Larcher, CEO, Storytel
Highlights
Unless otherwise specified, numbers are for Q2 2024 and are compared to Q2 2023
- Group revenue up 9% to 924 (851) MSEK, and 8% at constant exchange rates (CER)
- Streaming revenue up 8% and Publishing revenue up 16%
- Adjusted Gross profit up 22% to 409 (334) MSEK, equaling a margin of 44.2% (39.2%)
- Adjusted EBITDA increased by 178% to 128 (46) MSEK, equaling a margin of 13.8% (5.4%)
- Exceeded 2.3 million paid subscribers on Storytel, Mofibo and Audiobooks.com
- Internal share of content streamed reached record levels
- After the period, on July 23, Storytel announced the appointment of Bodil Ericsson Torp as new CEO of Storytel Group, effective October 1, 2024
Financial summary
| MSEK | Q2 2024 | Q2 2023 | Change | Jan-Jun 2024 | Jan-Jun 2023 | Change |
| Group Revenue[1] | 924 | 851 | 9% | 1,816 | 1,647 | 10% |
| Streaming Revenue[2] | 834 | 774 | 8% | 1,646 | 1,489 | 11% |
| Publishing Revenue[3] | 263 | 227 | 16% | 508 | 464 | 9% |
| Adjusted Gross profit | 409 | 334 | 22% | 794 | 651 | 22% |
| Gross profit | 411 | 334 | 23% | 789 | 651 | 21% |
| Adjusted Operating profit | 62 | -25 | n.a. | 94 | -68 | n.a. |
| Operating profit | 47 | -29 | n.a. | 23 | -77 | n.a. |
| Adjusted Gross margin | 44.2% | 39.2% | 5.0p | 43.7% | 39.5% | 4.2p |
| Adjusted EBITDA | 128 | 46 | 178% | 232 | 85 | 173% |
| Adjusted EBITDA margin | 13.8% | 5.4% | 8.4p | 12.8% | 5.1% | 7.6p |
| EBITDA | 110 | 42 | 165% | 161 | 76 | 113% |
| Basic and diluted earnings per share (SEK) | 0.38 | -0.41 | 193% | 0.06 | -1.23 | 105% |
| Cash flow from operations before changes in working capital | 106 | 24 | 337% | 134 | 42 | 219% |
| Net cash flow | -32 | -26 | 23% | -129 | -265 | -51% |
| Operational cash flow | 87 | 1 | n.a. | 160 | 2 | n.a. |
| Net Interest-Bearing Debt (NIBD) | 335 | 368 | -9% | 335 | 368 | -9% |
| NIBD/adjusted EBITDA ratio | 0.8 | 1.9 | -58% | 0.8 | 1.9 | -58% |
[1] The adjustments on group level are 1) Removing Storytel Norway at 50%, 2) Removing internal publishing revenue from Net Sales and adding internal publishing revenue as cost reduction within Cost of Sales, 3) Costs related to central group overhead functions 4) Adding result from Norway in accordance with the equity method. Please see Note 5 for additional details.
[2] Streaming revenue includes 50% of Storytel Norway's revenue in line with Storytels ownership.
[3] Publishing revenue includes both external and group-internal revenue.
FNCA Sweden AB is the Company's Certified Adviser.
For more information, please contact:
Mattias Frithiof, Head of Investor Relations, Storytel Group
Tel: +46 76 535 26 74
Email: mattias.frithiof@storytel.com
Malin Lindborn, Head of Communications, Storytel Group
Tel: +46 735 33 17 70
Email: malin.lindborn@storytel.com
About Storytel
Storytel is one of the world's largest audiobook and e-book streaming services and offers more than one million titles on a global scale. Our vision is to make the world a more empathetic and creative place, with great stories to be shared and enjoyed by anyone, anywhere and anytime.
The streaming business within the Storytel Group is conducted under the brands Storytel, Mofibo and Audiobooks.com. The publishing business is managed by Storytel Books, and by the audiobook publisher StorySide. The Storytel Group operates in over 25 markets, with a focus on ten core markets: the five Nordic countries, the Netherlands, Turkey, Poland, Bulgaria, and the USA through Audiobooks.com. The headquarters are located in Stockholm, Sweden.
This information is information that Storytel AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-07-30 08:00 CEST.
