Oct 12, 2023
Alrow Media delivers satisfactory results in new annual report
Alrow Media ends the financial year 22/23 with a profit. With the launch of Altinget in Norway, the expansion in the Nordic media market continues.
The media group Alrow Media, which consists of Altinget in Denmark, Sweden, and Norway as well as Mandag Morgen, the Danish magazine and think tank, delivers a satisfactory result of DKK 4.462.000 before tax in the just-published annual report for the financial year 1 July 2022 to 30 June 2023. In addition, DKK 3.3 million is paid in Danish corporation tax.
"In the past financial year, we have focused on launching Altinget in Norway. This investment affects the annual result considerably, which is expected. Excluding the investment in Norway, we deliver the second-best result in the group's history," says CEO Christoph Nørgaard and continues:
"The launch in Norway is an investment in the future and follows the strategy we have laid out. It is an important step towards the dream of becoming the Nordic region's largest political media group.”
In addition to entering the Norwegian market, focus has been on strengthening growth in the core business in Denmark and Sweden, expanding the office in Brussels and continuing investment in IT and digitalization. The Danish hotel property Grønbechs Hotel has also been divested.
"We have launched new niche media publications and commercial products in both Denmark, Sweden and Norway. The Mandag Morgen think tank has achieved significant growth, and we are experiencing general progress in our various business areas. But just like the rest of the media industry, we are challenged in terms of advertising revenue," says Christoph Nørgaard and continues:
"It is a turbulent time in the media industry. Yet we still expect to deliver growth in the coming year, particularly driven by the subscription business. However, much depends on the development in the advertising market.”
In the past financial year, there has also been a focus on sustainability and climate impact. The group has published climate impact reports for the years 2021 and 2022 for the Danish companies and is working on a wide range of initiatives that will contribute to Co2e reductions.
"Alrow Media focuses on the Sustainable Development Goals and climate impact. We cover the agenda in our media, network groups and courses as well as hosting the annual Sustainable Development Goals Week. But sustainability is also a central part of our own strategy, and we are working with several initiatives to reduce our emissions," says Christoph Nørgaard.