Revenue: +6.5% +13,850 subscribers
MEETIC (MEET - FR0004063097), the European leader in online dating, today announces its consolidated results for the 1st quarter to 31st March 2011.
Consolidated revenue to 31st March 2011
Consolidated revenue for the first quarter of 2011 totalled 46.2 million euros, up +6.5% compared to the first quarter of 2010 and up +4.6% on a constant forex basis.
Subscription sales (billings excluding deferred revenue) came to 47.3 million euros, up +8.8% on the same period of 2010.
The Group had 872,047 subscribers at 31st March 2011, compared to 858,197 at 31st December 2010 and 829,258 at 31st March 2010, giving a net increase of 13,850 subscribers over the first three months of the year. This increase in subscriber numbers was essentially recorded on the matchmaking segment, thus confirming the momentum initiated in 2010.
Consolidated results to 31st March 2011
In line with the seasonal aspect of our business, Meetic carried out substantial marketing investments over the first three months of the year, thus spending 36.5 million euros or 79% of quarterly sales.
The further growth recorded by matchmaking over the quarter led to an increase in deferred revenue, which thus totalled 2.3 million euros.
Subsequently, Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was a negative 3 million euros at 31st March 2011 and there was an operating loss of -3.9 million euros.
Once the share in net income of Match.com Global Investments is taken into account, i.e. 0.5 million euros, the Group’s attributable net profit for the first quarter of the year was a negative -3.2 million euros.
At 31st March 2011, the Group had a net cash surplus of close to 43.0 million euros, compared to 40.6 million euros at end-December 2010.
Philippe Chainieux, Meetic’s Managing Director, concludes: “The growth recorded over the first quarter of 2011 is in line with our expectations. The matchmaking segment has benefitted from substantial investments at the start of the year and is continuing to improve. At the same time, the Group is pursuing its plan to develop new products, notably with the European deployment of iPhone applications, the launch of the new dating platform during the summer and the launch of the local dating site. Moreover, the Group remains on the lookout for any acquisition opportunities in Europe, and is reaffirming its guidance for an EBITDA margin of between 20 and 25% in 2011.”
