Sýn hf.: Earnings for the first quarter of 2024

Key aspects of financial performance and year-over-year comparison.Sýn hf.'s Consolidated Interim Financial Statement for the first quarter of 2024 was approved by the Board of Directors on May 7th, 2024. The group's revenues in the first quarter (Q1) of 2024 amounted to ISK 5,934 million, an increase of 1.3% (Q1 2023: ISK 5,860 million). The revenue split is as follows: Media ISK 2,381 million, a 10.0% increase year-over-year (Q1 2023: ISK 2,165 million). Adjusted for increased revenues...

Reykjavík, 07/05/2024 (informazione.it - comunicati stampa - telecomunicazioni)

Key aspects of financial performance and year-over-year comparison.

Sýn hf.'s Consolidated Interim Financial Statement for the first quarter of 2024 was approved by the Board of Directors on May 7th, 2024.

“The board and key executives of Sýn hf. agree that the company's profitability has not been satisfactory in recent years. We are also united in starting a strategic journey under the banners of efficiency , growth and collaboration , which aims to provide customers, employees and investors with a clear picture of the company's objectives and priorities. The company's values ​​are Joy - Passion – Ambition, which will be the driving force behind the planned journey.

Since I started working at Sýn hf., my colleagues have shown great courage, drive and ambition to further enhance the operations of the group. This journey will continue with a clear strategy and presentation of key initiatives, thereby allowing us to regularly update market participants on the progress of projects. Unity and a clear strategy are key factors in success. It can be said that the journey is off to a good start. Organizational changes that have already been implemented this year will yield savings of about ISK 32 million per month, or about ISK 380 million on an annual basis, once their effects are fully realized.

In the first quarter, I was particularly pleased with the strong revenue growth in advertising revenues, and it is also pleasing to see a good turnaround in home connections. Additionally, roaming revenues continue to grow. However, mobile revenues have decreased from the same period last year, as reported in a recent announcement. The operational performance of the company is not satisfactory, however, significant operational improvements are anticipated in the second half of this year and next year, as the organizational changes take effect,” says Herdís Dröfn Fjeldsted, CEO of Sýn hf .

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