Boulogne-Billancourt, 9th November 2009
Meetic (FR0004063097 – MEET), the European leader in online dating, today announces its revenue and results for the third quarter and first 9 months of 2009.
Since 1st June 2009, Meetic has consolidated Match International Ltd’s activity, which operates in pound sterling. The Group has thus increased its exposure to the evolution of foreign currencies, and notably the UK pound, which has fared very unfavourably compared to the euro in recent months. 30% of the Group’s activity is now exposed to foreign exchange fluctuations.
The Group’s consolidated revenue for the first 9 months of the year totalled 117.2 million euros, an increase of +20.8% on the same period of 2008. At constant forex, 9-month revenue would have totalled 121.0 million euros, an increase of +24.7%.
Match International Ltd contributed 19.0 million euros to the Group’s consolidated revenue for the first nine months of the year.
96% of revenue was achieved in Europe, and hence 4% was achieved in the rest of the world.
97% of revenue for the first 9 months of 2009 came from Internet activity. At constant forex, this activity would have grown by +26.0% to 116.9 million euros.
Internet subscription sales (excluding deferred revenue) for the first 9 months of 2009 came to 119.5 million euros at constant forex, compared to 97.8 million euros over the first 9 months of 2008, giving growth of 22%.
At constant forex, revenue for the 3rd quarter of 2009 would have been 49.0 million euros, an increase of +44.1% on the 3rd quarter of 2008.
Net acquisition of 25,000 subscribers
The Group’s subscriber base at 30th September 2009 stood at 970,623, compared to 945,348 at 30th June 2009, giving a net acquisition of 25,275 subscribers over the third quarter.
The Group is thus continuing to record a global increase in subscribers whilst managing its combination of dating and matchmaking offers between its various products and brands.
Results for the first 9 months
EBITDA (Earnings Before Interest, Taxes and Amortization) before the cost of free shares came to 24.1 million euros over the first 9 months of the year, giving an EBITDA margin of 20.5% versus 15% at 30th June 2009.
Match International Ltd contributed to 6.9 million euros to the Group’s 9-month operating profit.
The significant improvement in profitability during the 3rd quarter was the result of limited marketing investments over the period, and is a first materialisation of the marketing cost synergies associated with the integration of Match.com’s European activities.
The Group’s marketing investments totalled 59 millions euros for the first 9 months of 2009, or 50% of revenue for the period versus 54% for the first half of the year.
Solid financial structure
At 30th September 2009, the Group had a net cash surplus of 41 million euros. The only financial debt at 30th September 2009 was that relating to the Match International Limited acquisition, which came to an estimated €7.1 million.