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Denmark – Jobindex Q3 revenue rises 5.7%

20 November 2018

Danish job board Jobindex A/S (JOBNDX: CPH) reported net sales for the third quarter of DKK 71.7 million (€9.6 million), an increase of 5.7% compared to last year.

(DKK millions) Q3 2018 Q3 2017 Change Q3 2017 (€ millions)
Net Sales 71.7 67.8 5.7% 9.6
EBITDA (excluding special items) 22.7 24.5 -7.3% 3.0
Operating Profit (before interest and tax) 20.2 22.3 -9.4% 2.7

During the period, Jobindex said that growth in the job market stagnated after the summer and added that the economy and the job market “has not grown as much as we expected at the start of the year.”

Jobindex stated that the reasons for the slowdown are not certain but pointed to uncertainty about trade, Italy’s planned budget, Brexit and falling stock prices, which Jobindex said makes companies reluctant to recruit. However, Jobindex said it expects that slowdown to be only temporary.

In the third quarter, operating profit decreased due to increased employee and development costs and costs relating to a new television campaign launched by Jobindex in the third quarter.

Jobindex reported that its advertising products saw a turnover of DKK 50 million (€6.7 million), an increase of 6% compared to last year.

Jobindex's recruitment products generated sales of DKK 6.2 million (€0.8 million) in the third quarter, up by 8.7%.

Meanwhile Jobindex’s core job board, Jobbsafari generated sales of 2.5 million (€0.3 million), down 7.4% from last year.

Jobindex also operates media company Computerworld, which it acquired in May 2013, and job boards, StepStone and IT job bank, both of which were acquired on 1 March 2014.

Computerworld reported a turnover of DKK 5.2 million (€0.7 million), up 73% compared to last year.

IT job bank had a turnover of 3.9 million (€0.5 million) in Q3 2018, a rise of 30% from last year.

StepStone reported a turnover of 3.2 million (€0.4 million) in the third quarter, up by 6.6% compared to last year.

Looking ahead the group maintains its previously announced expectations for the full year 2018 with net sales in the range of DKK 320 million (€42.9 million).

In trading today Jobindex shares last traded at DKK 1,220 (€163.49), down 2.40% on the day. Based on its current share price the company has a market value of DKK 1.13 billion (€151.4 million).

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