REG - Baltic Classifieds - Final Results
03/07/2025 07:00
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RNS Number : 5055P Baltic Classifieds Group PLC 03 July 2025
BALTIC CLASSIFIEDS GROUP PLC
FULL YEAR RESULTS FOR THE YEAR ENDED 30 APRIL 2025
Baltic Classifieds Group PLC ("BCG" and the "Group"), the leading online
classifieds group in the Baltics, announces full year results for the year
ended 30 April 2025
Strategic overview
· 2025 was another year of strong financial and operational
performance, underpinned by our solid leadership position(1) versus
competitors.
· Improvements to our products and services to drive higher
engagement, combined with the pricing changes to both our B2C and C2C
customers, drove double digit yield(2) growth across each of our major
businesses.
· We observed broad-based growth in both customer numbers and
advertisement volumes.
· We acquired Untu.lt - an automated property valuation tool for
sellers and a lead generation platform for agents. This acquisition was done
in the end of our financial year and is aimed at enhancing BCG's data-driven
services and increasing transparency in the real estate market.
· The strengthening macroeconomic environment is driving demand in
the Baltic online classifieds sectors. Combined with the strength of our
platforms, this supports our confidence in the outlook for the business.
Financial highlights
· Revenue grew 15% to €82.8 million (2024: €72.1 million). Core
classifieds revenue streams B2C and C2C, which together comprise 90% of total
revenue, grew 17% and 13% respectively.
· EBITDA(3) grew 17% to €64.4 million (2024: €55.3 million).
Our EBITDA margin(3) expanded by 1% pt to 78% (2024: 77%). Operating profit
grew 40% to €53.5 million (2024: €38.3 million).
· Adjusted basic EPS(3) grew 23% to 11.3 € cents (2024: 9.2 €
cents) while basic EPS grew 42% to 9.3 € cents (2024: 6.5 € cents).
· Adjusted net income(3) grew 21% to €54.4 million (2024: €45.0
million) with adjustments to profitability being the amortisation of acquired
intangibles and the corresponding tax impact. Profit for the year grew 40% to
€44.8 million (2024: €32.0 million).
· Cash generated from operating activities grew 13% to €66.8
million (2024: €59.0 million). Cash conversion(3) maintained at 99% (2024:
99%).
· Voluntarily repaid €25 million of debt, to end the year with a
gross loan balance of €25.0 million (2024: €50.0 million). Net debt(3)
reduced to €3.6 million (2024: €27.5 million), with a year-end Net debt /
EBITDA of 0.1x (2024: 0.5x).
· Clear capital allocation framework, with €29.4 million returned
to shareholders by way of dividends (€15.9 million) and share buybacks
(€13.5 million) (2024: €32.6 million returned to shareholders).
· The Board has proposed a final dividend of 2.6 € cent per
share, up 24% from 2.1 € cent per share in 2024. If approved, the total
dividends for the year will be 3.8 € cents per share.
€m (unless stated otherwise) 2025 2024 Change, %
Auto 31.4 27.5 14%
Real Estate 22.2 18.0 23%
Jobs & Services 16.0 13.8 15%
Generalist 13.2 12.6 5%
Group revenue 82.8 72.1 15%
Operating cost excluding depreciation and amortisation (18.4) (16.8) 9%
EBITDA(3) 64.4 55.3 17%
EBITDA margin(3) 78% 77% 1% pt
Depreciation and amortisation (10.9) (16.9) (36%)
Operating profit 53.5 38.3 40%
Add back: amortisation of acquired intangibles 10.1 16.2 (37%)
Adjusted Operating profit(3) 63.6 54.5 17%
Profit for the year 44.8 32.0 40%
Adjusted net income(3) 54.4 45.0 21%
Basic EPS (€ cents) 9.3 6.5 42%
Adjusted basic EPS(3) (€ cents) 11.3 9.2 23%
Operational highlights
· We maintained our strong leadership position(1) over our nearest
competitor across all of our largest sites, which together account for 90% of
group revenue: Autoplius.lt at 6x (6x in 2024), Auto24.ee at 36x (40x in
2024), Aruodas.lt at 27x (18x in 2024), KV.ee plus City24.ee at 13x (16x in
2024), CVBankas.lt(4) at 5x (7x in 2024) and Skelbiu.lt at 21x (19x in 2024).
· At the start of the financial year, we implemented C2C pricing
and packaging changes across all business units, which combined with rising
market prices of the goods and services advertised on our sites, have resulted
in increased yields(2) in all business lines. Yields growth per listed ad
were: 21% in Auto(5), 22% in Real Estate and 17% in Generalist(6). In Services
revenue per active ad grew 14%.
· In September and October 2024, we implemented our annual B2C
pricing actions in Auto and Real Estate, accompanied by enhancements in
products and packaging. In Jobs(7) this commenced in September 2024 and is
ongoing over the 12 months period.
· On January 1st 2025, the Estonian Government introduced new
vehicle transaction and ownership taxes. November and December 2024 saw a
marked increase in transactions as dealers and consumers anticipated the
change, however the slowdown post the tax increase has been deeper and longer
than expected. Used car transactions have been consistently down >40%
year-over-year since implementation. This has had a material impact on both
the C2C and B2C revenue streams of Auto24, reducing January to April Group
revenue by 3-4%.
· We saw an increase in business customer activity across our
platforms this year. Auto dealer number remained stable, while the number of
real estate brokers and Jobs customers rose by 4% and 1% accordingly.
· We generally saw good growth in the individual advertising
volumes across our business lines, as the inventory available on our websites
- measured by the number of C2C active ads - increased by 4% in Auto, 12% in
Real Estate, 8% in Services and 3% in Generalists(6).
· The changes to our B2C packages and prices led to increased
ARPU(2) in all verticals: Auto by 15%, Real Estate by 20% and Jobs by 12%.
· Traffic to our sites averaged 57.0 million visits per month,
meaning that on average, a resident in the Baltics visited one of our sites 9
times every month.(8)
· During 2025, we introduced a number of improvements to our
products and services, including:
o Auto: Autoplius.lt and Auto24.ee now allow both private and business
sellers to attach a car-history report to any listing. The seller purchases
the report, adds it to the ad, and every potential buyer can download it free
of charge. Sellers receive a list of people who downloaded the report, making
it easy to contact interested buyers. From the buyer's perspective, these
reports enhance confidence and transparency, giving the marketplace a distinct
competitive advantage.
o Real estate: We acquired Untu.lt, an automated property valuation tool for
sellers and a lead generation platform for agents. Untu.lt provides sellers
with instant property valuations, helping them set the right prices. If
sellers choose to work with an agent, their leads are forwarded to top-rated
agents who pay upon successful deals. This acquisition enhances our lead
generation capabilities, simplifies the selling process, and offers
significant value to agents by reducing the effort required to find clients.
It also planned to improve our B2C offering with Untu.lt functionality.
At Aruodas.lt we launched a call register feature for agents. By using virtual
phone numbers, agents can easily track interested buyers, follow up on missed
calls, and manage their client database in one convenient place. At KV.ee, we
introduced a new feature that allows agents to share performance metrics with
property owners. Owners can request access to statistics about their property
listings, and purchase value-added services for their listings.
o Jobs and Services: At Cvbankas.lt we introduced AI platform which suggests
supplementary questions for candidates based on the position description. This
helps create smarter job postings and aids in selecting the best candidates
for interviews. At Paslaugos.lt and Getapro.lv, we have launched recurring
payments, eliminating the need for service providers to manually extend their
listings. Both platforms have also introduced AI-based content moderation to
reduce the amount of manual work required.
o Generalist: At Skelbiu.lt we launched a paid renewal feature that allows
sellers to boost their listings higher in the search results and access
buyers' subscriptions for a fee. At Osta.ee, businesses can now automatically
register an account - background checks are fully automated from Estonian
Business Register, allowing companies to start using the platform immediately
after registration.
· The number of BCG employees during the 2025 grew to 156 FTEs (end
of 2024: 140 FTEs). At the end of the year the split of women to men was
49:51.
· In 2025, we achieved a 30% reduction in emissions from our own
operations. This included a 37% decrease in Scope 1 emissions, primarily due
to the downsizing of our vehicle fleet, and an 11% reduction in market-based
Scope 2 emissions, resulting from our transition to a more energy-efficient
office space in Tartu.
Justinas Šimkus, Chief Executive Officer of Baltic Classifieds Group, said:
"2025 was another year of strong financial, operational, and strategic
execution for BCG, with solid momentum across all of our business segments. We
remain in the early stages of our monetisation journey, which is demonstrated
by resilience of both our top-line and EBITDA growth. Operating in a
favourable macroeconomic environment - anchored within the EU, the euro area,
and NATO - positions us well for a sustainable long-term growth. Despite
recent economic headwinds, the outlook for future economic growth remains
positive, especially for Lithuania, further reinforcing our growth prospects.
I would like to extend my sincere thanks to all of my colleagues for their
outstanding efforts over the past 12 months. The results of our recent
employee engagement survey reaffirm our confidence in the strength of our
culture - over 95% of employees expressed their pride in being part of BCG and
would recommend it as a great place to work. With an engaged and highly
experienced team, we remain firmly focused on delivering exceptional products
and services to our customers, every day."
Outlook
· We expect to deliver revenue growth close to last year, with the
second half performing more strongly than the first half.
· Real Estate, Jobs and Services, and our Lithuanian Auto business
together are expected to lead the growth with Generalists growing at a more
moderate pace. The Estonian auto market is showing some gradual recovery, but
our Auto business in Estonia is unlikely to see year-on-year growth until the
start of calendar 2026.
· In 2026, we expect to maintain our EBITDA margin while continuing
to invest in product development.
· The capital allocation policy remains largely unchanged. However,
during the coming year, we will become debt free. In the absence of M&A
opportunities, we intend to continue to return meaningfully all our excess
cash to shareholders in a timely manner, of which at least one third will be
through dividends, and a preference for the remainder through share buybacks.
1 Leadership position in number of times against closest competitor based on
time on site except for Auto24. Auto24 has no significant vertical competitor;
next relevant player is Generalist portal; therefore, relative market share is
calculated based on time on site proportion relating to the number of active
automotive listings as at the end of the reported period.
2 Yield refers to the average monthly revenue per C2C listing (in Auto, Real
Estate and Generalist), per active C2C ad (in Auto, Real Estate, Services) or
ARPU in B2C. Revenue per listed ad reflects the total revenue generated from
each new listing or extension over its entire active period. In contrast,
revenue per active ad represents the average monthly revenue attributable to
each active ad on our websites. ARPU is monthly average revenue per user (in
Auto - per dealer, in Real Estate - per broker, in Jobs - per client).
3 Alternative performance measure, see note 3 for further details.
4 CVbankas lead against its nearest competitor decreased following the
acquisition of CV by CVMarket in March 2024. The 2025 data compares CVbankas
with combined CVMarket and CV, the 2024 data compares CVbankas with combined
CVMarket and 1 month of CV data.
5 Car listings only (excluding listings of vehicle parts, vehicles other than
cars and other categories).
6 Skelbiu.lt only, which is our main Generalist portal. The monthly number of
listed ads on Skelbiu.lt represents the monthly average of paid new listings
and extensions, while the number of active ads includes both paid and free ads
and represents total inventory available on the website.
7 CVbankas.lt.
8 Source: Google Analytics, 2025.
Results presentation details
A presentation for analysts will be held in person at the offices of Bank of
America and also via audio webcast and conference call at 9:30 am Thursday, 3
July 2025. Details below:
Address: Bank of America, 2 King Edward Street, 6th floor, London EC1A 1HQ
A simultaneous live webcast will be available at:
https://www.investis-live.com/balticclassifieds/6847f003f8132e000ea964e1/jtyjty
(https://www.investis-live.com/balticclassifieds/6847f003f8132e000ea964e1/jtyjty)
Participants joining via telephone:
United Kingdom (Toll-free) +44 808 189 0158
United Kingdom +44 20 3936 2999
United States (Toll-free) +1 855 979 6654
United States +1 646 233 4753
Lithuania +370 521 40 826
All other locations +44 20 3936 2999
Global Dial-In Numbers
(https://www.netroadshow.com/conferencing/global-numbers?confId=65964)
Access code: 096849
Press *1 to ask a question, *2 to withdraw your question, or *0 for operator
assistance.
Accessing the telephone replay
A recording will be available until Thursday, 10 July 2025 10:30 am BST
United Kingdom (Toll-free): +44 808 304 5227
United Kingdom: +44 20 3936 3001
Access Code: 763104
For media inquiries:
Lina Mačienė
Chief Financial Officer
investorrelations@balticclassifieds.com
About Baltic Classifieds Group PLC
Baltic Classifieds Group PLC ("BCG") is the leading online classifieds group
in the Baltics, which owns and operates fourteen leading vertical and
generalist online classifieds portals in Lithuania, Estonia and Latvia. BCG's
online classifieds portfolio comprises four business lines - Auto, Real
Estate, Jobs & Services and Generalist. In the year ended 30 April 2025,
the Group's portals were visited on average 57 million times a month (Source:
Google Analytics), making the Group one of the largest online companies in the
region (Source: Google Analytics).
The Group listed on the London Stock Exchange in July 2021 and is a member of
the FTSE 250 Index.
For more information, please visit https://balticclassifieds.com/
(https://balticclassifieds.com/)
Chair's Statement
Overview
Our focus on the core business of each of our 14 portals across the Baltic
region remains as strong as ever and continues to reap rewards.
We continue to have the most visited portals in Lithuania and Estonia, and
maintain our significant leadership position over the nearest competitor for
all our largest sites, despite only a modest investment in marketing.
At the start of this year, we set challenging financial forecasts for
ourselves. It is with great pride that we have met those forecasts and
maintained our track record of delivering against our targets that we have
maintained every year as a public company. The quantum and consistency of our
overall revenue and profit growth in the four years since becoming a public
company is something that everyone in the company is very proud of.
Our three verticals (Autos, Real Estate and Jobs & Services) continue to lead the high growth revenue charge across the business, and our fourth business unit (Generalist) continues to both provide solid growth and an extended competitive moat around all of our businesses allowing most of our advertisers to dual list on the two best known portals for their particular category.
Board changes
In 2024, we committed to expanding our Board as part of a considered succession policy. We appreciate the value that a diverse board brings to any organisation and complying with the Listing Rules diversity and inclusion targets was at the front of our minds during our recruitment process.
On 11 June 2024, Rūta Armonė joined the Board as an Independent Non-Executive Director and as a member of all of the Board Committees. As an M&A partner at the law firm Ellex Valiūnas, her breadth of skills and experience bolsters the regulatory, governance and M&A experience on the Board.
In January 2025 the Board approved the continued service of Tom Hall as an independent Non-Executive Director. As an independent director, Tom was appointed as a new member of the Audit and Remuneration Committees.
Employees
Our business operates throughout the Baltic region and our people are critical to our success. Our culture is a huge part of our success story and as a Board we are conscious of this in our decision making. It's fantastic to see the results of our engagement survey reflect back to us that our employees love working here and are proud to be part of our success story. This is particularly apparent in the average employee tenure of 9 years, which in a business with such a high percentage of technologists is nothing short of remarkable.
The Group is led by a deeply knowledgeable management team, both at the Group level and individual Portal level, who are passionate, dedicated and committed to building a long-lasting culture of rapid decision making, lean operations, trust and fun.
We are proud of our employees and know the strength they bring to our organisation.
Environment, Social and Governance
I am proud to sponsor the Group's ESG working group, jointly with Jurgita, and am actively involved with ESG activities.
Above all, our priority is to protect and support our people, customers and all of our stakeholders whilst being respectful of the environment around us.
In 2025, we achieved a 30% reduction in emissions from our own operations. This included a 37% decrease in Scope 1 emissions, primarily due to the downsizing of our vehicle fleet, and an 11% reduction in market-based Scope 2 emissions, resulting from our transition to a more energy-efficient office space in Tartu.
We ranked 5th best performer within FTSE 250 in the FTSE Women leaders review 2024 and 1st within the technology sector.
Maximising shareholder value
In July 2024, Antler EquityCo S.à r.l ("Antler"), which is controlled by funds advised by Apax Partners LLP ("Apax"), sold its remaining shares in the Company.
The sale comprised of 59 million ordinary shares sold by way of an accelerated bookbuild to institutional investors and 4.2 million ordinary shares sold by Antler to the Company by way of an off-market purchase, as approved by the shareholders of the Company at its Annual General Meeting on 27 September 2023.
On behalf of the Board and the management team I want to thank Apax for their stewardship of the business. It has been a true partnership and whilst there is a level of sorrow from both sides after their final sell down, it is a win-win for Apax, the Company and all of the new shareholders.
We are recommending a final dividend of 2.6 € cents per share for 2025. The final dividend will be paid, subject to shareholder approval, on 17 October 2025.
- For more details on our capital policy see the Financial review.
Looking ahead
The resilience of the growth despite uncertain market conditions in the Baltic region means we will continue with our current strategy for the foreseeable future - focusing on the core of our business, consistently improving the consumer experience, constantly evolving the pricing and packaging of our services and evolving our products to meet more and more of our consumer and customer needs.
Our strategy remains consistent, relevant and achievable and I look forward to reporting more demonstrable progress against that strategy in the year ahead.
On behalf of the Board, I want to thank all of our employees for their
remarkable contribution and dedication this year, and for serving all of our
stakeholders so well. I would also like to thank our consumers and
advertisers, suppliers and investors for their continued trust in us.
Trevor Mather
Chair
2 July 2025
CEO's Statement
2025 was another year of strong financial, operational, and strategic execution for BCG, with solid momentum across all of our business segments. We remain in the early stages of our monetisation journey, which is demonstrated by resilience of both our top-line and EBITDA growth. Operating in a favourable macroeconomic environment - anchored within the EU, the euro area, and NATO - positions us well for a sustainable long-term growth. Despite recent economic headwinds, the outlook for future economic growth remains positive, especially for Lithuania, further reinforcing our growth prospects.
Our core classifieds revenue streams - B2C and C2C - together accounting for 90% of BCG's total revenue, continue to lead a solid revenue growth. B2C, which represents 51% of our revenue, achieved 17% year-on-year growth, driven by growing customer numbers and ARPU expansion. C2C revenue also delivered a solid performance, growing 13% year-on-year.
The remaining 10% of the Group's revenue came from banner advertising, financial intermediation, other ancillary services, and our newest stream - data revenue - which grew by an impressive 110%. We were especially pleased with the stronger-than-expected adoption of our car history report service and the successful strategic acquisition of a real estate data platform, further strengthening our position in this area.
I am particularly proud of the outstanding results in our Real Estate segment, which led growth across both B2C and C2C, delivering a 23% revenue increase. The Auto segment also demonstrated 15% growth in both B2C and C2C, despite the impact from newly introduced car taxes in Estonia at the beginning of calendar year 2025. Our Jobs and Services verticals continued to perform well, with growth of 14% and 23%, respectively.
In the autumn, we implemented pricing and packaging changes across B2C, followed more recently by similar improvements in C2C. These enhancements have contributed meaningfully to our performance and positioned us well for continued success as we enter the next financial year.
Maintained strong consumers numbers:
· On average, a resident in the Baltics visited one of our sites 9 times per month.(1)
· Our site leadership positions(2) remained strong for all of our largest websites: Autoplius at 6x (6x in 2024), Auto24 at 36x (40x in 2024), Aruodas at 27x (18x in 2024), KV plus City24 in Estonia at 13x (16x in 2024), CVBankas at 5x (7x in 2024) and Skelbiu at 21x (19x in 2024).
Kept growing B2C customer and C2C inventory base:
· The average monthly number of business customers either grew or remained stable depending on the business area: automotive dealers stable, real estate brokers +4%, customers in Jobs(3) +1%.
· All platforms saw an increase in inventory levels: active C2C ads in Auto(4) grew by 4%, in Real Estate by 12%, in Services by 8% and in Generalist(5) by 3%.
The combination of increased prices of goods and services being advertised on our sites and changes to our packages, has led to increased yields across all business areas and in both the B2C and C2C segments.
Market context:
· Similar to trends in other countries, inflation levels have stabilised in the Baltic economies. Average prices in the underlying markets of real estate in Lithuania and automotive in both Lithuania and Estonia have continued rising driven by increasing salaries. Real estate prices in Estonia have declined slightly due to limited economic growth while prices in Latvia remained stable.
· The number of used car market transactions in Lithuania and Estonia over the last 12 months has grown by 5%. The average price per used car increased by 3% year-on-year, while the average time to sell a used vehicle for our business clients decreased by 11% year-on-year, reflecting stronger buyer activity, improved market efficiency, and higher transaction activity.
· The number of real estate transactions increased 10% year-on-year, primarily due to a reduction of interest rates, growing Lithuanian economy, and Estonian economy recovering from a recessionary phase. Despite increased transaction volumes and generally stable or rising prices, persistent economic uncertainty in Estonia and affordability challenges resulting from price growth have led buyers to act more cautiously, prolonging real estate selling times across the Baltic region and increased inventory on our real estate portals.
· Over the past 12 months, employer activity has remained stable, with job posting numbers remaining relatively consistent with the previous year. On the contrary, jobseekers' activity continues to grow rapidly in most job categories. This growth is driven by positive net migration, particularly due to return migration. Over the past 12 months, there has been a significant surge in applications on CVbankas.lt, with a 11% increase compared to the previous year. Despite the growing number of jobseekers, the labour market remained resilient, with average wages in Lithuania rising by 10%.
· More people are seeking to find service providers online, leading to solid growth in our Services vertical.
· Generalists continue to serve as an effective marketing tool for our verticals, driving substantial traffic and generating valuable content for our verticals. The competition, primarily from our own vertical platforms, as well as from other marketplaces, has contributed to paid listings decrease on our Generalist platform, but the inventory level, which includes both paid and free ads, kept growing by 3% this year.
I would like to extend my sincere thanks to all of my colleagues for their
outstanding efforts over the past 12 months. The results of our recent
employee engagement survey reaffirm our confidence in the strength of our
culture - over 95% of employees expressed their pride in being part of BCG and
would recommend it as a great place to work.
Looking ahead, we are optimistic about continuing our strong performance, with
a healthy growth expected in both B2C and C2C, driven by ARPU and increasing
volumes. We also anticipate a sustained momentum in our Services segment and a
robust expansion of our newest revenue stream - data products.
With an engaged and highly experienced team, we remain firmly focused on delivering exceptional products and services to our customers, every day.
Justinas Šimkus
Chief Executive Officer
2 July 2025
1 Source: Google Analytics, 2025.
2 Leadership position in number of times against closest competitor, based on
time on site using Similarweb data, except for Auto24. Auto24 has no
significant vertical competitor, the next relevant player is Generalist
portal, therefore, the relative market share for this Generalist portal is
calculated by multiplying time on site by the percentage of active automotive
listings out of total listings at the end of the reported period. Historical
data was updated after Similarweb released an updated algorithm and rerun
historical data in July 2024.
3 In Jobs & Services business line B2C revenue comes from Jobs only; C2C
revenue principally comes from Services portals, therefore only Services
platforms' information is presented.
4 Car ads only (excluding ads of vehicle parts, vehicles other than cars and
other categories).
5 Skelbiu.lt only, which is our main Generalist portal. The monthly number of
listed ads on Skelbiu.lt represents the monthly average of paid new listings
and extensions, while the number of active ads includes both paid and free ads
and represents total inventory available on the website.
Financial Review
Revenue
In 2025 Group's revenue grew 15% to €82.8 million (2024: €72.1 million)
driven by growth in all four business lines, underpinned by strength in the
core business:
● The Auto business line grew by 14%. The core, B2C and C2C, grew 15%.
● The Real Estate business line in total grew by 23%. The core, B2C
and C2C, grew 24%.
● The Jobs & Services business line grew by 15%. B2C (Jobs) grew
14% and C2C (mainly Services) grew 22%.
● The Generalist business line, which is largely C2C, grew 5%.
Core classifieds revenue streams, B2C and C2C, remain the cornerstone of the
Group's performance, contributing 90% of total revenue (2024: 90%). B2C
revenue, now representing 51% of Group revenue, grew 17% and C2C, representing
39% of Group revenue, grew 13%. Ancillary revenue, accounting for 5% of total
Group revenue, grew by 17%, and advertising revenue, also accounting for 5% of
Group revenue, grew by 5%.
In our core revenue streams the main drivers of revenue growth remain the
increase in active advertisements, a higher number of advertisers, and an
uplift in average spend per customer and per advertisement across the
platforms. Outside the core business, revenue growth was primarily driven by
higher financial intermediation income and developments in our data product
offerings.
In May 2024, at the start of the reporting period, we implemented C2C pricing
and packaging changes across most of our portals, impacting the entire
financial year. Later, in September and October 2024, we introduced B2C
pricing and packaging updates for the Auto, Real Estate, and Jobs portals,
enhancing our value proposition. These contributed to the second half of the
year in both Real Estate and Auto business lines. In Jobs, since the majority
of our contracts are year-long, the pricing and packaging updates are rolling
out throughout 12 months.
2025 2024 Change
B2C: monthly number of customers
Auto dealers 3,724 3,732 (0%)
Real Estate brokers 5,109 4,926 4%
Jobs(1) companies 2,301 2,271 1%
C2C: number of active ads
Auto(2) 35,207 33,695 4%
Real Estate 22,404 20,016 12%
Services(1) 9,207 8,560 8%
Generalist(3) 595,038 578,490 3%
C2C: monthly number of listed ads
Auto(2) 23,054 24,140 (5%)
Real Estate 8,787 8,664 1%
Generalist(3) 89,610 99,271 (10%)
B2C: monthly ARPU(4) (€)
Auto 333 289 15%
Real Estate 217 181 20%
Jobs(1) 461 412 12%
C2C: monthly revenue per active ad (€)
Auto(2) 22 20 10%
Real Estate 25 23 11%
Services(1) 27 24 14%
C2C: revenue per listed ad (€)
Auto(2) 34 28 21%
Real Estate 64 52 22%
Generalist(3) 8 7 17%
We continue to observe strengthening network effects across our business
units, as a growing customer base generates more content, driving greater
audience engagement.
The performance of B2C customers remains robust across the board:
· Auto dealer numbers are broadly consistent with what we saw a
year ago.
· Real Estate brokers grew by 4%, driven primarily by small brokers
transitioning to B2C subscriptions rather than placing advertisements as C2C
customers.
· The number of Jobs customers grew by 1%, reflecting a potential
in acquiring more long-tail customers.
Our C2C continues to perform strongly as well:
· In terms of inventory levels that can be found on our websites -
active ads, Auto and Real Estate saw growth of 4% and 12% respectively,
primarily driven by underlying market conditions and our active promotion of
longer-duration premium packages. The 8% growth in Services and 3% growth in
Generalist(3) active ads number was driven by the growing client base using
our platform.
· The number of listed ads in the Auto segment declined by 5% - we
saw a slowdown on our Estonian auto platform following the implementation of a
new car tax in Estonia as of 1 January 2025. We view this as a temporary
impact on the underlying Estonian auto market. The number of listed ads in
Real Estate grew 1%. Regarding our main Generalist portal - which accounts for
69% of revenue within the Generalist business line - two thirds of its revenue
is derived from vertical categories such as Auto, Real Estate, Jobs, and
Services. Skelbiu.lt ranks as the 6(th) most visited website in Lithuania(8)
and drives high-quality traffic to our market-leading verticals through
cross-listing. As such, we strategically leverage Skelbiu.lt to strengthen
these vertical platforms. This internal ecosystem dynamic contributed to a 10%
decline in the number of listed ads on the Generalist platform.
In terms of ARPU in our B2C segment:
· Auto ARPU is up 15% driven by price and packaging changes
implemented mid-2024 (September and October 2023) and the most recent
adjustments made mid-2025 (September and October 2024).
· Real Estate ARPU is up 20% driven by subscription fee and
packaging changes which also took place mid-2024 (September and October 2023)
and mid-2025 (from September to October 2024). The most recent changes were
aimed at both, growth in ARPU and incentivising customers to choose individual
and more expensive premium packages for brokers. On top of that, the tailwind
of recovering inventory levels resulted in customers buying more slots.
· Jobs ARPU is up 12% mainly due to pricing changes, including
reduced volume discounts. CVbankas, being the market leader, is
well-positioned to take advantage of a vibrant employment market, supporting
continued revenue growth. Price changes were implemented on new and renewing
customers in September 2023 and were rolling out to the customers through the
12-month cycle until autumn this year. This year the new prices were
introduced in September 2024, and like last year, are rolling out to the
customers through the 12-month cycle.
In terms of the yields(5) in our C2C segment:
· We implemented price changes in May 2024.
· As a result of implemented price changes and advertisers opting
in for longer-term packages, revenue per listed ad increased by 21% in Auto,
22% in Real Estate and 17% in Generalist.
· Services average monthly revenue per active ad was up 14% mainly
due to price changes and an increased usage of our value-added services.
Ancillary revenue, which accounts for 5% of the revenue and is primarily
derived from Auto financial intermediation, grew by 17% this year. Auto
financial intermediation growth was driven by improved conversion rates, a
decrease in Euribor, and an overall increase in auto transactions. Another
driver of ancillary revenue growth was data revenue. Adoption and usage of our
car history reports were particularly strong this year. In addition, the
successful strategic acquisition of a real estate valuation and lead
generation platform further strengthened our position in facilitating real
estate transactions.
Advertising revenue, which accounts for 5% of revenue, grew by 5% this year.
Operating costs
Operating costs lines grew organically, in line with business expansion and
underlying market inflation.
€m, unless stated otherwise 2025 2024 Change
Labour costs 12.6 11.3 11%
Advertising and marketing costs 1.1 1.0 6%
IT expenses 0.9 0.8 3%
Other 3.9 3.6 7%
Operating costs excluding depreciation and amortisation 18.4 16.8 9%
Depreciation and amortisation 10.9 16.9 (36%)
Operating costs 29.3 33.8 (13%)
Most of our operating costs are people costs. It is 15% of Group revenue.
During the year, the BCG team expanded to 156 FTEs. The average number of FTEs
during the year has grown by 9% from 136 in 2024 to 148 in 2025. Investment in
our people increased by 11% to €12.6 million, up from €11.3 million in
2024. Most of the increase in people costs resulted from headcount growth and
regular annual salary reviews.
Our marketing costs amount to 1% of revenue. As a portfolio of brands, we
minimise spending on external service providers by advertising on our own
sites at no cost. Other Group costs include IT, which are also 1% of revenue,
and general administrative expenses, which are 5% of revenue. We have
supported several non-governmental organisations (NGOs) assisting Ukraine
during the war, as well as local educational and other organisations, with
donations totalling €0.1 million (2024: €0.2 million).
The majority of depreciation and amortisation costs relate to the amortisation
of acquired intangibles, which decreased to €10.1 million in 2025 from
€16.2 million in 2024. This decline reflects the full amortisation of most
business client relationships acquired in the 2019 and 2020 acquisitions.
Net finance expense
Our finance expenses mainly reflect interest expenses at a 1.75% margin over
Euribor, totalling €2.5 million in 2025, down from €3.5 million in 2024.
This decrease is mainly attributable to a reduction in the gross debt balance
- from €50.0 million at the end of 2024 to €25.0 million at the end of
2025.
Additionally our finance costs include commitment fees related to a €10.0
million unsecured and undrawn Revolving Credit Facility ("RCF"). Finance
expenses are partly offset with finance income from cash balances held in
banks, resulting in a net finance expense of €2.4 million, compared to
€3.4 million in 2024.
Net debt and leverage
In 2025, we voluntarily repaid €25.0 million of the existing debt.
Compared to the end of 2024, net debt(6) decreased by €24.0 million to
€3.6 million (from €27.5 million in 2024). We ended the year with
leverage(6) ratio of 0.1x, down from 0.5x in 2024.
€m, unless stated otherwise 30-Apr-25 30-Apr-24
Bank loan principal amount 25.0 50.0
Customer credit balances(7) 2.2 2.4
Total debt 27.2 52.4
Cash (23.6) (24.9)
Net debt 3.6 27.5
EBITDA(6) LTM 64.4 55.3
Leverage (times) 0.1x 0.5x
Tax
The Group tax charge for the year was €6.3 million (compared to €2.9
million in 2024), representing an effective tax rate of 12% (8% in 2024). This
tax charge comprises:
· Current tax expense of €7.0 million (2024: €4.1 million). The
current tax expense in 2024 included a one-off tax credit of €1.8 million.
This credit, an adjusting item to our profitability measures, relates to 2021
and resulted from a new interpretation of the Corporate Income Tax law by the
Tax Authority in Lithuania, following a court ruling.
· Unwind of deferred tax of €0.7 million, mainly from deferred
tax on acquired intangibles (2024: €1.2 million, including €1.4 million
deferred tax from acquired intangibles).
Profitability and Alternative Performance Measures
The Group has identified certain Alternative Performance Measures ("APMs")
that it believes provide additional useful information on its performance.
These APMs are not defined by IFRS and are not considered to be a substitute
for, or superior to, IFRS measures.
These APMs may not be necessarily comparable to similarly titled measures used
by other companies.
Directors use these APMs alongside IFRS measures when budgeting and planning,
and when reviewing business performance.
For APM descriptions and reconciliation to IFRS measures, see note 3.
€m, unless stated otherwise 2025 2024 Change
EBITDA 64.4 55.3 17%
EBITDA margin % 78% 77% 1% pt
Depreciation and amortisation (10.9) (16.9) (36%)
Operating Profit 53.5 38.3 40%
Add back: amortisation of acquired intangibles 10.1 16.2 (37%)
Adjusted Operating Profit 63.6 54.5 17%
Net finance costs (2.4) (3.4) (30%)
Profit before tax 51.1 34.9 46%
Income tax expense (6.3) (2.9) 120%
Profit for the year 44.8 32.0 40%
Add back: corporate income tax credit relating to 2021 - (1.8) n/m
Add back: deferred tax impact of acquired intangibles amortisation (0.5) (1.4) (64%)
Adjusted net income 54.4 45.0 21%
Basic EPS (€ cents) 9.3 6.5 42%
Adjusted basic EPS (€ cents) 11.3 9.2 23%
There were no add-backs to our EBITDA in the periods reported. Our EBITDA grew
17% to €64.4 million (2024: €55.3 million). The EBITDA margin expanded by
1% point to 78% (2024: 77%).
Adjusted operating profit grew to €63.6 million (2024: €54.5 million) and
reported operating profit was €53.5 million (2024: €38.3 million).
BCG intends to return one third of adjusted net income each year via dividend.
For this purpose, we show amortisation of acquired intangibles and the
associated tax effect along with the adjusting items in the table above.
Adjusted net income grew 21% to €54.4 million (2024: €45.0 million).
Profit for the year increased to €44.8 million (2024: €32.0 million).
Earnings per share ("EPS")
Basic EPS grew 42% and was 9.3 € cents based on the weighted average number
of shares of 481,981,128 (2024: 6.5 € cents based on the weighted average
number of shares of 489,975,882). Diluted EPS round to 9.3 € cents (2024:
round to 6.5 € cents).
Adjusted basic EPS grew 23% to 11.3 € cents (2024: 9.2 € cents).
Cash flow and cash conversion
Cash generated from operating activities grew 13% to €66.8 million (2024:
€59.0 million). Cash conversion(6) continues to be maintained at 99% (2024:
99%). Net cash inflow from operating activities grew 12% to €57.4 million
(2024: €51.2 million).
Capital allocation
Net cash generated from operating activities was used for:
· Paying the final dividend for the year 2024 of 2.1 € cents per
share in October 2024, totalling €10.1 million.
· Paying the interim dividend for the year 2025 of 1.2 € cents
per share in January 2025, totalling €5.8 million.
· Acquiring Untu.lt for €1.0 million.
· Buying back 4.6 million Company shares for cancellation for
€13.5 million (2024: €19.3 million).
· Reducing the loan liability by paying down debt by €25.0
million (2024: €20.0 million).
The capital allocation policy remains largely unchanged. However, during the
coming year, we will become debt free. We intend to continue to return
meaningfully all our excess cash to shareholders in a timely manner, of which
at least one third will be through dividends, and a preference for the
remainder through share buybacks.
We intend to return one third of adjusted net income each year via an interim
and final dividend, split approximately one third and two thirds,
respectively. If approved at the AGM, the final dividend for the year 2025
will be paid on 17 October 2025 to members on the register on 12 September
2025. Dividends are declared and paid in euro. Shareholders can elect to have
dividends paid in British pounds sterling. Currency election deadline for 2025
final dividend is 26 September 2025.
We will continue considering value-creating M&A opportunities. All options
for financing attractive acquisition opportunities remain open, including
using debt, our cash, and even seeking additional equity capital.
We also intend to keep our capital policy under review and may revise it from
time to time.
Going concern
The Group generated significant cash from operations during the year. As of 30
April 2025, the Group had not drawn down any of the €10.0 million unsecured
RCF and had cash balances of €23.6 million. The €10.0 million RCF is
committed until July 2026.
Lina Mačienė
Chief Financial Officer
2 July 2025
1 In Jobs & Services business line B2C revenue comes from Jobs only; C2C
revenue principally comes from Services portals, therefore only Services
platforms' information is presented.
2 Car ads only (excluding ads of vehicle parts, vehicles other than cars and
other categories).
3 Skelbiu.lt only, which is our main Generalist portal. The monthly number of
listed ads on Skelbiu.lt represents the monthly average of paid new listings
and extensions, while the number of active ads includes both paid and free ads
and represents total inventory available on the website.
4 ARPU - average revenue per user.
5 Yield refers to the average monthly revenue per C2C listing (in Auto, Real
Estate and Generalist), per active C2C ad (in Auto, Real Estate, Services) or
ARPU in B2C. Revenue per listed ad reflects the total revenue generated from
each new listing or extension over its entire active period. In contrast,
revenue per active ad represents the average monthly revenue attributable to
each active ad on our websites. ARPU is monthly average revenue per user (in
Auto - per dealer, in Real Estate - per broker, in Jobs - per company).
6 Alternative performance measure, see note 3 for further details.
7 Customer credit balances relate to amounts held by customers in e-wallets
and are included within trade and other payables as well as cash and cash
equivalents.
8 According to April 2025 ratings from Similarweb.
Principal risks and uncertainties
A description of the principal risks and uncertainties faced by the Group in
the year ended 30 April 2025, together with the potential impact and
monitoring and mitigating activities is set out in the table below.
Geopolitical risk
Description & impact Mitigation Developments in 2025 Risk trend
Further escalation of geopolitical tensions in the region, particularly ● Maintaining a flexible cost base that can respond to changing Despite continued geopolitical tensions and uncertainty surrounding the war in Increasing
stemming from the ongoing war in Ukraine, could affect consumer and investor conditions Ukraine, the Group's portals experienced sustained growth throughout the year.
sentiment in the Baltic countries. This may result in reduced consumer
This resilience underscores both the strength of our Company and the Baltic
confidence, lower spending or investment, disruptions to supply chains, and ● Maintaining a flexible capital allocation policy, with limited debt economies amidst heightened geopolitical uncertainties in the region.
volatility in capital markets. and strong balance sheet
Political and macroeconomic situation
Description & impact Mitigation Developments in 2025 Risk trend
Economic conditions (whether due to economic cycle or supply chain disruption) ● Maintaining a flexible cost base that can respond to changing Price inflation continued to moderate in 2025, with consumer prices Increasing
could lead to a retraction in the underlying markets, a reduction in stock, conditions stabilising. In our core markets, the speed of sale has slowed further,
consumer wallets and a reduction in advertisers' budgets or appetite to spend,
positively impacting the Group's performance by increasing the number of
which all have the potential to reduce revenue. Economic conditions can also ● Maintaining a flexible capital allocation policy, with limited debt active advertisements on our portals.
impact the cost pressures (such as wage growth, price inflation, interest
rates, etc.). However, as of January 1st, 2025, the Estonian Government introduced new
vehicle transaction and ownership taxes. This led to a surge in transactions
during November and December 2024, as dealers and consumers acted ahead of the
policy change. Following the tax implementation, the market experienced a
sharper and more prolonged slowdown than initially anticipated.
Disruption to our customer and / or supplier operations
Description & impact Mitigation Developments in 2025 Risk trend
Disruptions to the operations of the Group's customers and suppliers in their ● Maintaining market leadership in our main verticals while offering The Group has further diversified its monetisation channels through Stable
day-to-day business may affect the Group's ability to achieve desired results. value-added products and packages acquisition of Untu in Lithuania and continued to strengthen its offering
during the year.
● Continuous improvements to our platforms
● Enhancing our product offerings to continue meeting our customers'
needs and adapting to evolving business models
● Maintaining a healthy liquidity headroom with an unused revolving
credit facility of €10 million as at 30 April 2025, along with significant
headroom against debt covenant
● Maintaining diversified revenue streams
● Working with well established and reliable third parties
· Having incident management process
Competition
Description & impact Mitigation Developments in 2025 Risk trend
The Group may face new competition in existing markets or in new areas of ● Investment into customer experience and platform convenience The Group maintained strong leadership positions across leading portals, with Increasing
activity. Additionally, changes in technology, including AI, or consumer
continued growth in advertiser numbers. AI-based features were launched across
behaviour can influence how people search for cars, real estate, jobs or ● Development of cross-linkages between Group's horizontal and selected portals, helping maintain competitive advantage.
general products, potentially leading to a loss of consumer audience. There is vertical platforms
also a risk of new entrants with innovative business models, such as offering
services for free, impacting the Group's audience, content and revenue. ● Development of our offering to provide value-for-money and
Furthermore, as the Group diversifies into new and adjacent markets, the differentiated services to advertisers
competitive landscape widens.
· Continuous product innovation and investment in AI-driven
features
Laws & regulations
Description & impact Mitigation Developments in 2025 Risk trend
The Group is subject to competition and antitrust laws, which may limit the · Having a dedicated internal expertise within the business, In April 2024, Estonian Competition Authority terminated excessive pricing Stable
market power, pricing or other actions of any portal within the Group. responsible for identifying, assessing and responding to upcoming changes in investigations against the Group's Real Estate and Automotive portals in
laws and regulations, and the use of external specialists where necessary Estonia.
Companies can be subject to legal action, investigations and proceedings by
national and supranational competition and antitrust authorities, as well as The Group has two open supervisory proceedings ongoing at Estonian Competition
claims from clients and business partners for alleged infringements of Authority. The first investigation is regarding the failure to supply. Since
competition and antitrust laws. These actions could result in fines, other 2022 autumn there are no updates nor actions in this proceeding. The second,
forms of liability or damage to the companies' reputation. Additionally, such officially opened in December 2024, relates to the imposition of conditions to
laws and regulations could limit or prohibit the ability to grow in certain contracts that clients would not accept otherwise and client discrimination.
markets.
The proceeding cannot lead to imposition of fines to any Group company,
Future acquisitions by the Group could be affected by applicable antitrust however, a precept ordering the Group companies to end any ongoing
laws and may be unsuccessful if the required approvals from competition infringements could be imposed or the Estonian Competition Authority could
authorities are not obtained. potentially initiate misdemeanour proceedings that would entitle the
imposition of a fine of up to €400 thousand per case. See note 18 for
further detail.
In February 2024 the Estonian Parliament initiated the legislative process to
adopt the new draft law of the Law on Competition implementing the ECN+
Directive ((EU) 2019/1). The draft law has passed its first reading at the
Estonian Parliament and is still further to parliamentary discussions. It is
expected that the Law shall be adopted by autumn 2025. If proceedings against
Allepal are still ongoing on the date of the act taking force, the Competition
Authority could have the power to impose a fine of 10% of the whole Group's
turnover under the new law (should the Competition Authority determine that
any incompliant practice is ongoing).
Technology
Description & impact Mitigation Developments in 2025 Risk trend
Cyber-attacks. The Group is at greater risk from cyber threats due to its ● Ongoing investment in security systems to ensure our systems remain Having in mind the Geopolitical risk, the risk trend of cyber-attacks is Increasing
large scale and prominence. As the business is entirely dependent on robust considered to be increasing.
information technology to provide its services, successful attacks have the
potential to directly impact revenue. ● Continuous monitoring of external threats During the year, all employees in Lithuania, where our largest office is
located, undertook cyber security training, whilst the internal audit team
Major data breach. A cyber-attack or internal failure, resulting in disabling ● Regular testing of the security of IT systems and platforms, reviewed the implementation of cyber security internal audit recommendations .
of platforms or systems, or a major data breach, could adversely impact the including penetration testing
Group's reputation, erode trust and lead to a loss of revenue and / or
The Group continues to strengthen its systems and processes, along with
profits. Data breaches, a common form of cyber-attack, can have a significant ● Disaster recovery plan is in place and is reviewed and tested increasing awareness of both cyber security and data protection across the
negative business impact and often arise from insufficiently protected data. regularly Group.
Disruption to availability of services. The availability and reliability of ● Internal audit reviews
services for the Group's customers are of paramount importance. Any downtime
or disruption to consumer or advertiser services can adversely impact the ● Periodic cyber security training for employees
business through customer complaints, credits, decreased consumer usage, and
potential reputational damage.
Therefore, the availability of third-party services, such as internet
provision and mobile communication, which are essential for using the Group's
services, is also crucial.
Acquisition risk
Description & impact Mitigation Developments in 2025 Risk trend
The Group might make an unsuccessful acquisition or face challenges in ● Acquisitions are focused on businesses, operating in sectors where The Board regularly considers potential opportunities. During the year, the Stable
integrating an acquisition, which could lead to reduced profits and impairment the Group has or can develop a competitive advantage and that offer good Group acquired Untu, property valuation and real estate broker intermediation
charge. growth opportunities portal in Lithuania.
● Conducting detailed pre-acquisition due diligence by in-house
personnel and external advisers
· Retaining and motivating key personnel post acquisition
Climate change
Description & impact Mitigation Developments in 2025 Risk trend
From a long-term perspective, the Group is subject to physical climate risks, ● The Group is committed to contributing to the climate change cause In 2025, we achieved a 30% reduction in emissions from our own operations. Stable
directly related to climate change, and transitional climate risks, which may by being environmentally responsible, reducing carbon emissions, shifting to This included a 37% decrease in Scope 1 emissions, primarily due to the
arise due to transitioning to a lower-carbon economy. Increased severity of renewable energy and offsetting carbon emissions downsizing of our vehicle fleet, and an 11% reduction in market-based Scope 2
extreme weather events due to accelerating global warming may result in
emissions, resulting from our transition to a more energy-efficient office
disruption to provision of services from our service providers, affect the · We are taking actions to adapt to the increasing climate change space in Tartu.
availability of websites and change commercial customers' behaviour. awareness and are ready to adapt if new environmental regulations arise: adopt
the platforms for eco-friendly products, introduce necessary filters, educate
New regulations relating to the reduction of carbon emissions and increasing visitors, enrich ad data with environmental impact related information
climate change awareness may affect the Group's operations and the volume of
listings and encourage us to adapt our business to the new regulations and
changing market tendencies.
Forward-looking statement
Certain Statements made in this results announcement are Forward-looking
Statements. Such Statements are based on current expectations, forecasts and
assumptions and are subject to a number of risks and uncertainties that could
cause actual events or results to differ materially from any expected future
events or results expressed or implied in these Forward-looking Statements.
They appear in a number of places throughout this results announcement and
include Statements regarding the intentions, beliefs or current expectations
of the Directors concerning, amongst other things, the Group's results of
operations, financial condition, liquidity, prospects, growth, objectives,
strategies and the business. Nothing in this results announcement should be
construed as a profit forecast. All Forward-looking Statements in this results
announcement are made by the Directors in good faith based on the information
and knowledge available to them as at the time of their approval of this
results announcement. Persons receiving this report should not place undue
reliance on Forward-looking Statements. Unless otherwise required by
applicable law, regulation or accounting standard, the Group does not
undertake any obligation to update or revise publicly any Forward-looking
Statements, whether as a result of new information, future events, future
developments or otherwise.
All Intellectual Property Rights in the content and materials in this results
announcement vests in and are owned absolutely by Baltic Classifieds Group PLC
unless otherwise indicated, including in respect of or in connection with but
not limited to all trademarks and the results announcement's design, text,
graphics, its selection and arrangement.
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the year ended 30 April 2025
Note 2025 2024
(€ thousands) (€ thousands)
Revenue 5 82,811 72,067
Other income 6 25
Expenses 6 (29,323) (33,755)
Operating profit 53,494 38,337
Finance income 7 265 238
Finance expenses 7 (2,659) (3,649)
Net finance costs (2,394) (3,411)
Profit before tax 51,100 34,926
Income tax expense 8 (6,344) (2,878)
Profit for the year 44,756 32,048
Other comprehensive income - -
Total comprehensive income for the year 44,756 32,048
Attributable to:
Owners of the Company 44,756 32,048
Earnings per share (€ cents)
Basic and diluted 9 9.3 6.5
Consolidated Statement of Financial Position
At 30 April 2025
Note 2025 2024
(€ thousands) (€ thousands)
Assets
Property, plant and equipment 550 546
Intangible assets and goodwill 10 360,049 369,299
Right-of-use assets 868 1,153
Non-current assets 361,467 370,998
Trade and other receivables 11 4,740 4,472
Cash and cash equivalents 23,606 24,857
Current assets 28,346 29,329
Total Assets 389,813 400,327
Equity
Share capital 12 5,636 5,690
Own shares held 13 (6,560) (5,854)
Capital reorganisation reserve (286,904) (286,904)
Capital redemption reserve 186 132
Retained earnings 636,645 621,090
Total equity 349,003 334,154
Loans and borrowings 15 25,090 49,941
Deferred tax liabilities 2,211 2,874
Non-current liabilities 27,301 52,815
Current tax liabilities 1,490 1,909
Loans and borrowings 15 270 356
Trade and other payables 16 6,341 6,260
Contract liabilities and prepayments 5 5,408 4,833
Current liabilities 13,509 13,358
Total liabilities 40,810 66,173
Total equity and liabilities 389,813 400,327
Consolidated Statement of Changes in Equity
For the year ended 30 April 2025
Note Share Own shares held Capital reorganisation reserve Capital redemption reserve Retained earnings Total
Capital Equity
(€ thousands) (€ (€ thousands) (€ thousands)
(€ thousands) thousands) (€ thousands)
Balance at 30 April 2023 5,783 (6,252) (286,904) 39 619,986 332,652
Profit for the year - - - - 32,048 32,048
Other comprehensive income - - - - - -
Total comprehensive income - - - - 32,048 32,048
Transactions with owners:
Share-based payments - - - - 2,165 2,165
Tax impact of share-based payments - - - - (20) (20)
Exercise of employee share schemes - 398 - - (395) 3
Purchase of shares for cancellation 12 (93) - - 93 (19,442) (19,442)
Dividends 14 - - - - (13,252) (13,252)
Balance at 30 April 2024 5,690 (5,854) (286,904) 132 621,090 334,154
Profit for the year - - - - 44,756 44,756
Other comprehensive income - - - - - -
Total comprehensive income - - - - 44,756 44,756
Transactions with owners:
Share-based payments - - - - 1,877 1,877
Exercise of employee share schemes 13 - 1,657 - - (1,645) 12
Purchase of shares for performance share plan 13 - (2,363) - - - (2,363)
Purchase of shares for cancellation 12 (54) - - 54 (13,553) (13,553)
Dividends 14 - - - - (15,880) (15,880)
Balance at 30 April 2025 5,636 (6,560) (286,904) 186 636,645 349,003
Consolidated Statement of Cash Flows
For the year ended 30 April 2025
Note 2025 2024
(€ thousands) (€ thousands)
Cash flows from operating activities
Profit for the year 44,756 32,048
Adjustments for:
Depreciation and amortisation 6 10,888 16,918
Profit on property, plant and equipment disposals 4 -
Taxation 8 6,344 2,878
Net finance costs 7 2,394 3,411
Share-based payments 1,877 2,165
Working capital adjustments:
Increase in trade and other receivables (294) (958)
Increase in trade and other payables 293 1,554
Increase in contract liabilities and prepayments 575 951
Cash generated from operating activities 66,837 58,967
Corporate income tax paid (7,426) (4,714)
Interest received 264 237
Interest and commitment fees paid (2,308) (3,292)
Net cash inflow from operating activities 57,367 51,198
Cash flows from investing activities
Acquisition of intangible assets and property, plant and equipment (353) (306)
Proceeds from sale of property, plant and equipment - 3
Acquisition of business (1,000) -
Net cash used in investing activities (1,353) (303)
Cash flows from financing activities
Repayment of loans and borrowings 15 (25,000) (20,000)
Payment of lease liabilities (265) (305)
Purchase of own shares for cancellation (13,764) (19,540)
Purchase of own shares for performance share plan (2,363) -
Proceeds from exercise of share options 12 3
Dividends paid 14 (15,880) (13,252)
Net cash used in financing activities (57,260) (53,094)
Net cash outflow from operating, investing and financing activities (1,246) (2,199)
Differences on exchange (5) (14)
Net decrease in cash and cash equivalents (1,251) (2,213)
Cash and cash equivalents at the beginning of the year 24,857 27,070
Cash and cash equivalents at the end of the year 23,606 24,857
1. General information
The financial information set out above does not constitute the Company's
statutory accounts for the years ended 30 April 2025 or 30 April 2024 but is
derived from those accounts. Statutory accounts for 2024 have been delivered
to the Registrar of Companies and those for 2025 will be delivered following
the Company's Annual General Meeting.
The auditor has reported on those accounts; their reports were (i)
unqualified, (ii) did not include a reference to any matters to which the
auditor drew attention by way of emphasis without qualifying their report and
(iii) did not contain a statement under section 498 (2) or (3) of the
Companies Act 2006.
Baltic Classifieds Group PLC (the "Company") is a public limited company
incorporated and domiciled in the United Kingdom and its registered office is
Highdown House, Yeoman Way, Worthing, West Sussex, United Kingdom, BN99 3HH
(Company no. 13357598). The principal business of the Group is operating
leading online classifieds portals for auto, real estate, jobs and services,
and general merchandise in the Baltics.
2. Principles of preparation
The consolidated financial statements for the year ended 30 April 2025 have
been approved by the Board of Directors of Baltic Classifieds Group PLC. They
are prepared in accordance with UK-adopted international accounting standards
("UK-adopted IFRS") and the applicable legal requirements of the Companies Act
2006. The consolidated financial statements also comply with IFRS Accounting
Standards adopted pursuant to Regulation (EC) No. 1606/2002 as it applies in
the European Union.
The Group financial statements consolidate those of the Company and its
subsidiaries (together referred to as the "Group").
Use of estimates and judgements
The preparation of the consolidated financial statements, in accordance with
UK-adopted IFRS, requires management to make judgements, estimates and
assumptions that affect the application of accounting policies and the
reported amounts of assets, liabilities, income and expenses. Actual results
may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimates are revised or in any future periods affected.
Estimates
As at 30 April 2025, there were no significant estimates that would have a
significant risk of material adjustment to the carrying amounts of assets
within the next financial year.
Other estimates:
· Carrying values of goodwill. An impairment review is performed of
goodwill balances by the Group on a "value in use" basis. This requires making
assumptions and estimates in calculating the future cash flows, the time
period over which they occur, and in arriving at an appropriate discount rate
to apply to the cashflows as well as an appropriate long term growth rate.
Each of these assumptions and estimates has an impact on the overall value of
cashflows expected and therefore the headroom between the cashflows and
carrying values of the cash generating units.
· Useful lives of intangible assets. A useful life is assigned to
an acquired intangible asset based on the estimated period of time an asset is
likely to remain in service. This estimate has an impact on the amortisation
expense for any given period.
Judgements
As at 30 April 2025, there were no significant judgements that would have a
significant risk of material adjustment to the carrying amounts of assets
within the next financial year.
Other judgements:
• Deferred tax asset. An unrecognised deferred tax asset of €3,504
thousand (30 April 2024: €2,652 thousand) exists in relation to tax losses
incurred by the Company's indirect subsidiary UAB Antler Group and direct
subsidiary BCG Holdco Limited. Deferred tax assets are recognised only to the
extent that it is probable that future taxable profits will be available
against which the temporary differences can be utilised. Recognition,
therefore, involves judgement regarding the probability of future taxable
profit of the subsidiaries being available.
Going concern
The Directors have made an assessment of the Group's ability to continue as a
going concern over a period extending to end of July 2026, which is beyond 12
months from the date of approval of these consolidated statements and extends
beyond Group's existing loan maturity date. Based on this assessment, the
Directors have a reasonable expectation that the Group has adequate resources
to continue in operational existence over this period.
The Group meets its day-to-day working capital requirements from cash
balances, if needed the Group also has access to a revolving credit facility
that amounts to €10,000 thousand and is available until July 2026. As at 30
April 2025 no amounts of the revolving credit facility were drawn down.
The Group has a bank loan which matures in July 2026 and its availability is
subject to continued compliance with certain covenants, it becomes repayable
on demand in the case of a change in control. The Group voluntarily repaid
€25,000 thousand of the loan during 2025, the outstanding balance at the
year ends amounts to €25,000 thousand. The Group had cash balances of
€23,606 thousand at the year end.
During the financial year ended 30 April 2025 the Group has generated a profit
of €44,756 thousand. The Directors also prepared detailed cash flow
forecasts for the period ending July 2026, which extends beyond the loan
maturity date. These forecasts demonstrate that the Group will generate
sufficient cash to fully repay the outstanding loan balance from internal
resources without the need for refinancing. The future growth assumptions used
in the cash flow forecasts are based on the Group's historical performance and
the Directors' experience of the industry, and take into account both internal
and external factors.
Stress case scenarios have been modelled to make the assessment of going
concern to take into account severe but plausible potential impacts of a major
data breach, adverse changes to the competitive environment and continuing
geopolitical tensions in the neighbouring countries. The stress testing
indicates that the Group would be able to withstand the impact, remain cash
generative and be able to fully repay the outstanding loan balance during the
assessment period.
Consequently, the Directors are confident that the Group will have sufficient
funds to continue to meet its liabilities as they fall due for a period
extending to end of July 2026, which is beyond 12 months from the date of
approval of these consolidated statements, and therefore have prepared these
consolidated financial statements on a going concern basis.
3. Alternative performance measures (APMs)
In the analysis of the Group's financial performance, certain information
disclosed in the financial statements may be prepared on a non-GAAP basis or
has been derived from amounts calculated in accordance with IFRS but are not
themselves an expressly permitted GAAP measure. These measures are reported in
line with the way in which financial information is analysed by management and
designed to increase comparability of the Group's year-on-year financial
position, based on its operational activity. These measures are not designed
to be a substitute for any of the IFRS measures of performance and may not be
directly comparable with other companies' alternative performance measures.
The key alternative performance measures presented by the Group are:
· Adjusted operating profit which is Operating profit after adding
back acquired intangibles amortisation. This measure helps to provide an
indication of the Group's ongoing business performance.
· EBITDA which is Operating profit after adding back depreciation
and amortisation. This measure is used internally to assess business
performance and in budgeting and forecasting.
· EBITDA margin which is EBITDA as a percentage of revenue.
Progression in EBITDA margin is an important indicator of the Group's
operating efficiency.
· Adjusted net income which is Profit for the period after adding
back post-tax impact of acquired intangibles amortisation and one-off
corporate income tax credit relating to 2021. It is used to arrive at Adjusted
basic EPS and in applying the Group's capital allocation policy.
· Adjusted basic EPS which is Adjusted net income divided by the
weighted average number of ordinary shares in issue. This measure helps to
provide an indication of the Group's ongoing business performance.
· Net Debt which is calculated as total debt (bank loans principal
and Osta.ee customer credit balances) less cash and cash equivalents. Net debt
is used to arrive at the leverage ratio.
· Leverage which is calculated as Net debt as a percentage of
EBITDA over last twelve months (LTM). This measure is used in assessing
covenant compliance for the Group's loan facility which includes a Total
Leverage Ratio covenant.
· Cash conversion which is EBITDA after deducting acquisition of
intangible assets and property, plant and equipment as a percentage of EBITDA.
This measure is used to monitor the Group's operational efficiency.
Reconciliation of alternative performance measures
Adjusted operating profit
2025 2024
(€ thousands) (€ thousands)
Operating profit 53,494 38,337
Acquired intangibles amortisation 10,149 16,208
Adjusted operating profit 63,643 54,545
EBITDA
2025 2024
(€ thousands) (€ thousands)
Operating profit 53,494 38,337
Depreciation and amortisation(1) 10,888 16,918
EBITDA 64,382 55,255
EBITDA margin 78% 77%
1 Including acquired intangibles amortisation of €10,149 thousand (€16,208
thousand in 2024).
Adjusted net income
2025 2024
(€ thousands) (€ thousands)
Profit for the year 44,756 32,048
Acquired intangibles amortisation 10,149 16,208
Deferred tax effect of acquired intangibles amortisation (518) (1,434)
CIT credit relating to 2021(2) - (1,830)
Adjusted net income 54,387 44,992
2 See note 8 for further details.
Adjusted basic EPS
2025 2024
Adjusted net income (€ thousands) 54,387 44,992
Weighted average number of ordinary shares (note 9) 481,981,128 489,975,882
Adjusted basic EPS (€ cents) 11.3 9.2
Net debt
2025 2024
(€ thousands) (€ thousands)
Bank loan principal amount (note 15) 25,000 50,000
Customer credit balances 2,189 2,398
Total debt 27,189 52,398
Cash and cash equivalents (23,606) (24,857)
Net debt 3,583 27,541
Leverage
2025 2024
(€ thousands) (€ thousands)
Net debt 3,583 27,541
EBITDA 64,382 55,255
Leverage 0.06 0.50
Cash conversion
2025 2024
(€ thousands) (€ thousands)
EBITDA 64,382 55,255
Acquisition of intangible assets and property, plant and equipment (353) (306)
64,029 54,949
Cash conversion 99% 99%
4. Operating segments
Operating segments are identified on the basis of internal reports about
components of the Group that are regularly reviewed by the chief operating
decision maker ("CODM") in order to allocate resources to the segments and to
assess their performance. The CODM has been identified as the Board of Baltic
Classifieds Group PLC.
The main focus of the Group is operating leading online classifieds platforms
for automotive, real estate, jobs and services, and general merchandise in the
Baltics. The Group's business is managed on a consolidated level. The Board
views information for each classified platform at a revenue level only and
therefore the platforms are considered products but not a separate line of
business or segment. The Group considers itself a classified business
operating in a well-defined and economically similar geographical area, the
Baltic countries. And therefore the Board views detailed revenue information
but only views costs and profit information at a Group level. As such,
management concluded that BCG has one operating segment, which also represents
one reporting segment.
The revenue break-down is disclosed by primary geographical markets, key
revenue streams and revenue by business lines in accordance with IFRS 15 in
note 5.
Of the total intangible assets and goodwill, 70% (69% in 2024) is located in
Lithuania, 29% (30% in 2024) in Estonia and 1% (1% in 2024) in Latvia.
5. Revenue
In the following tables, revenue from contracts with customers is
disaggregated by primary geographical markets, key revenue streams and revenue
by business lines.
Primary geographic markets
2025 2024
(€ thousands) (€ thousands)
Lithuania 58,553 50,354
Estonia 22,606 20,277
Latvia 1,652 1,436
Total 82,811 72,067
Key revenue streams
2025 2024
(€ thousands) (€ thousands)
Listings revenue 74,512 64,612
- Listings revenue: B2C 42,393 36,289
- Listings revenue: C2C 32,119 28,323
Ancillary revenue(1) 4,403 3,762
Advertising revenue 3,896 3,693
Total 82,811 72,067
Revenue by business lines
2025 2024
(€ thousands) (€ thousands)
Auto 31,392 27,543
- Listings revenue: B2C 14,899 12,954
- Listings revenue: C2C 11,496 10,032
- Ancillary revenue 4,070 3,512
- Advertising revenue 927 1,045
Real Estate 22,248 18,036
- Listings revenue: B2C 13,295 10,688
- Listings revenue: C2C 6,748 5,432
- Ancillary revenue 101 45
- Advertising revenue 2,104 1,871
Jobs & Services 15,955 13,849
- Listings revenue: B2C 12,732 11,214
- Listings revenue: C2C 3,152 2,593
- Ancillary revenue - -
- Advertising revenue 71 42
Generalist 13,216 12,639
- Listings revenue: B2C 1,467 1,433
- Listings revenue: C2C 10,723 10,266
- Ancillary revenue 232 205
- Advertising revenue 794 735
Total 82,811 72,067
1 Ancillary revenue includes revenue from financial intermediation,
subscription services, and other. Financial intermediation revenue accounts
for 83% of the total ancillary revenue for the year ending 30 April 2025 and
89% of the total ancillary revenue for the year ending 30 April 2024.
Due to the large number of customers the Group serves, there are no individual
customers whose revenue is greater than 10% of the Group's total revenue in
all periods presented in these financial statements.
Contract liabilities
Contract liabilities, included within Contract liabilities and prepayments in
the statement of financial position, include consideration received in advance
of the satisfaction of performance obligations. The movement in contract
liabilities is provided below:
2025 2024
(€ thousands) (€ thousands)
Opening balance 4,641 3,714
Recognised in revenue in the year (10,097) (6,637)
Advance consideration received 10,650 7,564
Closing balance 5,194 4,641
6. Operating profit
2025 2024
(€ thousands) (€ thousands)
Operating profit is after charging the following:
Labour costs (12,570) (11,326)
Depreciation and amortisation (10,888) (16,918)
Advertising and marketing services (1,106) (1,040)
IT expenses (864) (837)
Impairment loss on trade receivables and contract assets (43) (50)
Other (3,852) (3,584)
(29,323) (33,755)
7. Net finance costs
2025 2024
(€ thousands) (€ thousands)
Interest income 265 237
Other financial income - 1
Total finance income 265 238
Interest expenses (2,526) (3,516)
Commitment and agency fees (79) (79)
Other financial expenses (8) (16)
Interest unwind on lease liabilities (46) (38)
Total finance expenses (2,659) (3,649)
Net finance costs recognised in profit or loss (2,394) (3,411)
8. Income taxes
2025 2024
(€ thousands) (€ thousands)
Current tax expense
Current year (7,007) (5,928)
Adjustments for current tax of prior periods(1) - 1,834
Deferred tax expense
Change in deferred tax(2) 663 1,216
Tax expense (6,344) (2,878)
1 Includes €1,830 thousand credit in 2024 which relates to CIT for 2021.
Until December 2023, the Lithuanian Tax Authority (LTA) maintained that a tax
group, and thus the sharing of tax losses with a group company earning taxable
profits, could only be established two years after companies became part of
the same group. However, a court ruling on 13 December 2023 found this
interpretation of Article 56(1), Paragraph 1 of the Corporate Income Tax Law
incorrect. The decision is final. Following the ruling, CIT declarations for
2020-2021 were updated with a tax loss of €12,200 thousand being transferred
from UAB Antler Group to UAB Diginet LTU, resulting in a €1,830 thousand CIT
overpayment by UAB Diginet LTU.
2 Year 2025 amount includes €138 thousand of adjustments relating to changes
in tax rates in Lithuania.
9. Earnings per share
2025 2024
Weighted average number of shares outstanding 481,981,128 489,975,882
Dilution effect on the weighted average number of shares 1,404,187 928,407
Diluted weighted average number of shares outstanding 483,385,315 490,904,289
Profit for the year (€ thousands) 44,756 32,048
Basic earnings per share (€ cents) 9.3 6.5
Diluted earnings per share (€ cents) 9.3 6.5
In calculating diluted EPS, the weighted average number of ordinary shares in
issue is adjusted to assume conversion of all potentially dilutive shares. The
Group's potentially dilutive instruments are in respect of share-based
incentives granted to employees. Options under the Performance Share Plan are
contingently issuable shares and are therefore only included within the
calculation of diluted EPS if the performance conditions are satisfied.
The average market value of the Group's shares for the purposes of calculating
the dilutive effect of share-based incentives was based on quoted market
prices during the period which the share-based incentives were outstanding.
The reconciliation of the weighted average number of shares is provided below:
2025 2024
Number of shares Number of shares
Issued ordinary shares at 1 May less ordinary shares held by EBT 485,588,745 493,363,165
Weighted effect of ordinary shares purchased by EBT (631,233) -
Weighted effect of share-based incentives exercised 775,583 196,255
Weighted effect of own shares purchased for cancellation (3,751,967) (3,583,538)
Weighted average number of ordinary shares at 30 April 481,981,128 489,975,882
10. Intangible assets and goodwill
Goodwill Trademarks and domains Relationship with clients Other intangible assets Total
(€ thousands)
(€ thousands) (€ thousands)
(€ thousands) (€ thousands)
Cost
Balance at 30 April 2023 329,961 63,340 50,960 1,291 445,552
Disposals - - - (45) (45)
Balance at 30 April 2024 329,961 63,340 50,960 1,246 445,507
Acquired through business combinations - 700 300 - 1,000
Acquisitions - 15 - - 15
Disposals - - - (22) (22)
Balance at 30 April 2025 329,961 64,055 51,260 1,224 446,500
Accumulated amortisation and impairment losses
Balance at 30 April 2023 - 23,348 35,822 749 59,919
Amortisation - 6,334 9,874 126 16,334
Disposals - - - (45) (45)
Balance at 30 April 2024 - 29,682 45,696 830 76,208
Amortisation - 6,340 3,809 116 10,265
Disposals - - - (22) (22)
Balance at 30 April 2025 - 36,022 49,505 924 86,451
Carrying amounts
Balance at 30 April 2023 329,961 39,992 15,138 542 385,633
Balance at 30 April 2024 329,961 33,658 5,264 416 369,299
Balance at 30 April 2025 329,961 28,033 1,755 300 360,049
11. Trade and other receivables
2025 2024
(€ thousands) (€ thousands)
Trade receivables 4,280 4,071
Expected credit loss on trade receivables (52) (48)
Prepayments 244 225
Other short-term receivables 268 224
Total 4,740 4,472
Trade and other receivables are non-interest bearing. The Group has recognised
impairment losses in the amount of €52 thousand as at 30 April 2025 (€48
thousand as at 30 April 2024). Change in impairment losses for trade
receivables, netted with recoveries, for financial year amounted to €43
thousand as at 30 April 2025 and €50 thousand as at 30 April 2024. As at 30
April 2025 and 30 April 2024, there were no pledges on trade receivables.
12. Equity
Number of shares Share capital amount Share premium amount
(€ thousands)
(€ thousands)
Balance as at 30 April 2023 496,963,165 5,783 -
Purchase and cancellation of own shares (8,018,738) (93) -
Balance as at 30 April 2024 488,944,427 5,690 -
Purchase and cancellation of own shares (4,591,748) (54) -
Balance as at 30 April 2025 484,352,679 5,636 -
13. Own shares held
Shares held by EBT
Amount Number
(€ thousands)
Balance as at 30 April 2023 6,252 3,600,000
Exercise of share options (398) (244,318)
Balance as at 30 April 2024 5,854 3,355,682
Purchase of shares for performance share plan 2,363 800,000
Exercise of share options (1,657) (1,018,301)
Balance as at 30 April 2025 6,560 3,137,381
14. Dividends
Dividends paid by the Company were as follows:
2025 2024
(€ thousands) (€ thousands)
2023 final dividend - 8,359
2024 interim dividend - 4,893
2024 final dividend 10,105 -
2025 interim dividend 5,775 -
Total 15,880 13,252
Total dividends per share for the periods to which they relate are:
2025 2024
(€ cents per share) (€ cents per share)
2024 interim dividend - 1.0
2024 final dividend - 2.1
2025 interim dividend 1.2 -
2025 final dividend 2.6 -
Total 3.8 3.1
The proposed final dividend for the year ended 30 April 2025 of 2.6 € cents
per share is subject to approval by Company shareholders at the Annual General
Meeting ("AGM") and hence has not been included as a liability in the
financial statements. The 2025 final dividend will be paid on 17 October 2025
to shareholders on the register at the close of business on 12 September 2025
and the payment will comprise approximately €12,500 thousand of cash.
The Directors intend to return one third of Adjusted net income (as defined
and reconciled in note 3) each year via an interim and final dividend, split
one third and two thirds, respectively. Adjusted net income (as reconciled in
note 3) for 2025 was €54,387 thousand (€44,992 in 2024).
15. Loans and borrowings
Non-current liabilities 2025 2024
(€ thousands) (€ thousands)
Bank loan 24,527 49,122
Lease liabilities 563 819
25,090 49,941
Current liabilities 2025 2024
(€ thousands) (€ thousands)
Bank loan and interest 8 93
Lease liabilities 262 263
270 356
Bank loan:
Year end Maturity Loan currency Effective annual interest rate Amount at the end of the year
(€ thousands)
Bank Loan 30 April 2024 2026 July € 5.59% 49,215
Bank Loan 30 April 2025 2026 July € 5.24% 24,535
As at 30 April 2025 the undrawn revolving credit facility amounted to
€10,000 thousand (€10,000 thousand as at 30 April 2024).
The loan agreement requires a semi-annual compliance with the Total Leverage
Ratio covenant, measured at period-ends in October and April. Total Leverage
Ratio is calculated as Net Debt over last twelve months (LTM) of EBITDA and
shall not exceed 5.50:1. As at 30 April 2025 and 30 April 2024, the Group
complied with the covenant prescribed in the loan agreement.
As per the same agreement, the interest margin for each facility is tied to
the Total Leverage Ratio at each interest calculation date on a semi-annual
basis. The interest rate margin is 1.75% when the leverage ratio is equal or
below 2.5, and gradually increases when leverage ratio increases. The interest
rate margin applicable to the Group was 1.75% for both the term loan and the
revolving credit facility for the years ended 30 April 2025 and 30 April 2024.
Reconciliation of movements of liabilities to cashflows arising from financing
activities
Borrowings Lease liabilities Total
(€ thousands)
(€ thousands) (€ thousands)
Balance as at 30 April 2023 68,896 797 69,693
Changes from financing cash flows
- Repayment of borrowings (20,000) - (20,000)
- Payment of lease liabilities - (305) (305)
Total changes from financing cash flows (20,000) (305) (20,305)
Other liability related changes
- New leases and lease reassessments - 593 593
- Lease disposal - (3) (3)
- Interest expenses 3,516 38 3,554
- Interest paid (3,197) (38) (3,235)
Total other liability related changes 319 590 909
Balance as at 30 April 2024 49,215 1,082 50,297
Borrowings Lease liabilities Total
(€ thousands)
(€ thousands) (€ thousands)
Balance as at 30 April 2024 49,215 1,082 50,297
Changes from financing cash flows
- Repayment of borrowings (25,000) - (25,000)
- Payment of lease liabilities - (265) (265)
Total changes from financing cash flows (25,000) (265) (25,265)
Other liability related changes
- New leases and lease reassessments - 8 8
- Interest expenses 2,526 46 2,572
- Interest paid (2,206) (46) (2,252)
Total other liability related changes 320 8 328
Balance as at 30 April 2025 24,535 825 25,360
16. Trade and other payables
2025 2024
(€ thousands) (€ thousands)
Trade payables 408 399
Accrued expenses 618 437
Payroll related liabilities 1,293 1,134
Other tax 1,818 1,668
Customer credit balances 2,189 2,398
Other payables 15 224
6,341 6,260
17. Related party transactions
On 17 July 2024 the Company purchased 4.2 million of its own shares at a price
of £2.47 (€2.94) per share from ANTLER EquityCo S.à.r.l. which is
controlled by funds advised by Apax Partners LLP (1.5 million shares at a
price of £2.06 (€2.40) per share was purchased from ANTLER EquityCo
S.à.r.l. on 22 January 2024). The transaction was executed as an off-market
purchase for which the Company was granted approval by its shareholders at its
Annual General Meeting held on 27 September 2023. Through the same placing,
ANTLER EquityCo S.à.r.l. also sold the rest of its shareholding in the
Company that represented a full exit by ANTLER EquityCo S.à.r.l. of its
position in the Company. As a result ANTLER EquityCo S.à.r.l. is no longer
considered a related party to the Company.
Apart from the above and the remuneration of key management personnel,
including share option awards under PSP scheme, during the year ended 30 April
2025 and the year ended 30 April 2024, there were no other transactions with
related parties outside the consolidated Group.
18. Enquiries by Competition Authorities
As at 30 April 2025, the Group was subject to ongoing enquiries from
Competition Authorities, however the Directors' view is that the likelihood of
any material outflow of resources in respect of these enquiries is remote, and
therefore no provision or contingent liability has been recognised in the
financial statements in respect of this matter (no provision or liability at
30 April 2024). The Company continues to provide updates to previously
disclosed Competition Authority enquiry below.
The supervisory proceedings were initiated on 4 February 2022 by the ECA
against AllePal OÜ, the operator of real estate online classified portal,
based on the complaint filed by Reales OÜ. Reales OÜ had entered into
service agreement with AllePal OÜ for the insertion of real estate ads on
both of real estate online classified portals, and according to the complaint,
AllePal OÜ unfairly refused to provide the service to Reales OÜ by
terminating the agreement. According to AllePal OÜ, service agreement was
terminated because the claimant used the services to provide real estate ads
brokerage or aggregation services and did not engage in real estate brokerage,
for which the real estate online classifieds portals are intended. AllePal OÜ
actively co-operates with the ECA and provides all necessary information and
holds negotiations with Reales OÜ in order to develop a suitable contract and
the pricing for the service needed by the claimant. On 15 March 2022, Reales
OÜ submitted an additional complaint to initiate additional supervisory
proceedings against the AllePal OÜ, which alleges that the pricing difference
between the prices offered to the business and private customers indicates the
abuse of a dominant position. On 1 April 2022 the ECA decided not to initiate
additional proceedings and investigate the raised question within the ongoing
supervisory proceedings. Since October 2022, there were no updates in the
procedure. Based on the Estonian antitrust laws valid as of May 2025, the
ongoing supervisory proceedings cannot lead to any imposition of fines to any
Group company, however, if Estonian Parliament adopts the new Law on
Competition and if proceedings against the Company are still ongoing on the
date of the act taking force, ECA could have the power to impose a fine of 10%
of the whole Group's turnover under the new law (should the Competition
Authority determine that any incompliant practice is ongoing).
19. Business combinations
On 3 March 2025, the Group's subsidiary UAB Diginet LTU acquired Untu.lt
portal and customer relationships. No liabilities were acquired. The acquired
assets meet the definition of a business as per IFRS 3 therefore an
acquisition accounting exercise was performed.
Untu.lt is a property valuation and broker-lead generation platform in
Lithuania which has further expanded our service offering.
For the two months ended 30 April 2025, Untu contributed revenue of €15
thousand and loss of €60 thousand to Group's result. If the acquisition
occurred on 1 May 2024, management estimates that consolidated revenue would
have been higher by €180 thousand and profit would have been lower by €48
thousand.
Consideration € thousands
Cash 1,000
Total consideration transferred 1,000
Acquisition related costs € thousands
Acquisition related costs (legal and due diligence costs) are included in 13
other expenses for the year ended 30 April 2025
Recognised amounts of identifiable assets acquired:
€ thousands
Domains 700
Relationships with clients 300
Total identifiable net assets 1,000
Recognised amounts of identifiable intangible assets acquired and their useful
economic lives:
UEL € thousands
Internet domains 10 years 700
Contracts and relationships 5 years 300
Total identifiable intangible assets 1,000
The relief-from-royalty method and multi-period excess earnings method were
used for determination of the fair value of the intangible assets. The
relief-from-royalty method considers the discounted estimated royalty payments
that are expected to be avoided as a result of the internet domains being
owned. Fair value of the internet domains amounts to €700 thousand. The
multi-period excess earnings method considers the present value of net cash
flows expected to be generated by the customer relationships, by excluding any
cash flows related to contributory assets. Fair value of the customer
relationships amounts to €300 thousand.
Goodwill arising from the acquisition has been recognised as follows:
€ thousands
Consideration transferred 1,000
Fair value of identifiable net assets (1,000)
Goodwill -
Net cash flow on acquisition:
€ thousands
Consideration in cash 1,000
Less cash and cash equivalents of the acquiree -
Net cash flow on acquisition 1,000
20. Subsequent events
There were no subsequent events between 30 April 2025 and the date when the
financial statements were authorised for issue that would require adjustment
or disclosure to the financial statements.
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