Storytel shines on guidance-beating Q4 and new targets

Storytel AB (publ)

24/01/2024 08:34

** Shares in Sweden's Storytel gain 9% after the audio- and
e-book streaming company delivered a "strong" Q4 and upgraded
2024 outlook and mid-term targets
    ** It also says it will lay off 13% of its staff in an
efficiency programme
    ** Storytel posted a preliminary Q4 adj. EBITDA of SEK 86
mln ($8.23 mln) and a margin of 9.1%, saying this was "well
above the previous guidance"
    ** The company says it wants to have a "sharpened focus on
profitable growth, and its ten core markets", targeting revenue
of SEK 4.5 bln and adj. EBITDA margin above 15% in 2026
    ** For 2024, Storytel forecasts revenue growth of around
10%, adj. EBITDA margin of above 12%, and related operational
cash flow exceeding 7% of revenue
    ** It also recorded a non-cash write down of SEK 632 mln in
Q4
    ** The shares are on track for their best day in almost
three months

($1 = 10.4470 Swedish crowns)

 (Reporting by Agata Rybska)
 ((gdansk.newsroom@thomsonreuters.com;))