LONDON (ShareCast) - (Sharecast News) - Baltic Classifieds Group reported organic revenue grew of 24% in its first half on Wednesday, to €25m, driven by a solid performance in autos with organic growth of 10% organic and reported growth of 7% reported, real estate with revenue growth of 20%, and generalist with growth of 11%, and a more-than-doubling in jobs and services at 113%.
The FTSE 250 company said reported revenue grew 22%.

Operating costs in the six months ended 31 October were inflated by €8.8m arising from the IPO, which resulted in operating profit for the period of €2.4m, down from €7.4m year-on-year.

Adjusted EBITDA was up 23% to €19.6m, and the company's adjusted EBITDA margin was maintained at 78.4%.

Baltic Classified said it maintained its cash conversion rates at 99%, compared to 100% in the first half of last year.

Cash was up 36% to €20.9m on the basis of cash generated from operations prior to IPO fees payments.

Reported cash generated from operations was maintained at €15.2m, compared to €15.4m a year ago.

Net debt narrowed by €121.6m at IPO to €77.8m, with leverage standing at 2.1x.

Baltic Calssifieds said it intended to propose its first dividend payment at its full-year results in July.

"The last six months have been the busiest and the most successful in BCG's history," said chief executive officer Justinas Šimkus.

"I am incredibly proud of all of the employees who have achieved the best performance ever despite living through a pandemic and whilst the company was simultaneously focused on achieving our premium listing on the London Stock Exchange.

"The period has also seen strong audience numbers to our sites, and record numbers of automotive dealers and job advertisers utilising our products and services."

Šimkus said the company implemented successful pricing and package changes across all its business units, in C2C at the beginning of the period and in B2C at the end.

"This provides us with confidence both for our full year performance and our momentum moving into the next financial year.

"I am delighted that BCG has become a public company and that the IPO has allowed us to make all of our employees shareholders of the company.

"The team's motivation is higher than ever as we focus on continuing to deliver outstanding products and services to our customers."

At 0912 GMT, shares in Baltic Classifieds Group were up 3.33% at 217p.

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