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Modern Times Group (MTG) has reported record Q1 sales of SEK 4,228 million (€438.7m) with 8 per cent organic growth.
This was the third consecutive quarter with organic sales growth of more than 5 per cent, which the Scandinavian broadcaster says demonstrates that is has more relevant products available to more customers than ever before.
Operating profits were up 15 per cent and driven by higher profits for both the Nordic and International entertainment businesses. This reflected both the sales growth and ongoing positive impact of the cost transformation programme launched in 2015, and more than offset the higher investments in MTGx and esports in particular.
Jørgen Madsen Lindemann, President & Chief Executive Officer, commented: “Our operating profit was up 15 per cent in Q1 due to a combination of organic growth and cost transformation. These are exciting times at MTG with many opportunities, which is why we are more focused than ever on capital allocation.”