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Scandi free-to-air drives MTG results

Modern Times Group cited gains in free TV advertising market share in Scandinavia as a key driver after posting revenue and profit increases in the quarter to end-March.

The broadcast group posted a 6% increase in revenues, taking the total to SEK3.4bn (€354m), a 10% year-on-year increase. Pre-tax profit for the quarter was SEK469m compared with SEK195m in the same period a year earlier.

MTG’s Nordic pay-TV operator Viasat added 3,000 subscribers during the quarter. IPTV subs were up 18,000 to 156,000. However, DTH customers were down 15,000 to 670,000.

CEO Hans-Holger Albrecht said: “Our record Q1 sales reflect particularly strong growth for our Scandinavian free-TV and radio operations, which follows further audience and advertising market share gains. The Nordic and east European pay-TV operations also delivered healthy sales growth following subscriber intake and rising ARPU levels.”

Albrecht added that declines in advertising revenues in eastern Europe have started to stabilise and that the company has seen flat or positive ad revenues across its operations in the region.