Schibsted maintains online classifieds goal, to focus on bolt-on acquisitions (updated)
14/11/2017 15:37
(Adds comments from chairman at Schibsted's presentation for
investors in Barcelona)
Nov 14 (Reuters) - Schibsted Asa SBSTA.OL
* reiterates existing goal of 15-20 percent revenue growth
in
online classifieds portfolio medium to long term
* there will be focus on cash flow and profitability
improvement
* schibsted's portfolio of online classifieds companies in
investment phase continues to develop well
* monetization is increasing rapidly in many markets, and
losses
have been reduced in 2017. In 2018, losses will be further
reduced
* maintains ambition to engage in targeted m&a activities,
and
will continue to focus on value creative bolt-on acquisitions
and in-market consolidation within online classifieds
* schibsted has initiated a strategic review of personal
finance
operations, including Lendo
* Chairman Ole Jacob Sunde said in his opening remarks at
the
presentation in Barcelona that there are two issues he would try
to pay attention to
* The first is execution: Why reorganise again? Its only two
years
since the last time, but in this environment you have to change
all the time... now we adapt and go forward, we need speed and
vigilance
* The second is: we have to convert and scale... if you look
at
Schibsted's history, local entrepreneur is key to our growth. We
have to keep that but at same time reach out to global scale
Source text for Eikon: urn:newsml:reuters.com:*:nGNE5rwVWm
Further company coverage: SBSTA.OL
(Reporting By Camilla Knudsen and Ole Petter Skonnord)
((camilla.knudsen@thomsonreuters.com;))