| In the second quarter 2023, we were able to further increase our market share and improve our market position, driven by AI targeting products such as Moments.AI, which drove strong results for our advertisers and publishers. Our strong foundation has improved quarter-over-quarter, underscored by the fact that, despite macro headwinds, we grew year-over-year ad impressions by 13% and our number of Software Clients by 9%. In the light of this, we are navigating the cycle very well. In the second quarter, revenues amounted to EUR 76.2m, representing a positive FX-adjusted organic growth rate of 1% while total revenue adjusted for divestments and FX headwinds increased 3% year-over-year. Reported revenue unadjusted for these events declined by 2%. Year-over-year, our adjusted EBITDA was stable with EUR 21.3m, representing an improved margin of 28%, underscoring our strong cost control. While organic growth is positive, it is limited and is anticipated to also be lower in H2 2023 than earlier expected. Consequently, we remain cautious for the rest of the financial year 2023 and guide on stable year-over-year revenues in the amount of EUR 303m adjusted for divestments in the amount of approximately EUR 9m and FX headwinds in the amount of approximately EUR 12m with a stable adjusted EBITDA of EUR 93m. To mitigate the lower organic growth, we initiated in Q3 2023 an annual EUR 10m cost saving program, enabled by the achieved technical optimizations in the last periods. This will allow us to further increase our robust cashflow and decrease leverage. While we face short-term headwinds resulting from reduced advertising budgets, our mid-term outlook remains positive. Based on historical information and experience, marketing budgets are cut fast in times of uncertainty and economic downturns, but also recover speedily when economic signals become more positive. Based on our improved market position and our unmatched offerings, we have a very strong foundation to grow and profit from the upcoming economic tailwinds which are expected for 2024,” commented Remco Westermann, CEO of MGI Group |
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