MGI - Media and Games Invest SE Achieves Record Q1 2024 Results with Strong Organic Growth

Media and Games Invest SE (MGI) has reported a significant increase in its financial metrics for Q1 2024, including a 20% rise in net revenues, reaching €82.5 million. This growth is primarily attributed to a 21% organic revenue increase, adjusted for foreign exchange impacts. The number of software clients surged by 30%, and advertising impressions rose by 20%, indicating overall business expansion.

Additionally, MGI achieved a 16% growth in adjusted EBITDA, totaling €22.0 million. This increase is supported by effective cost control measures, leading to lower personnel expenses and capital expenditures. The company also saw an improvement in operating cash flow, which turned positive at €9.1 million compared to a negative cash flow in the same period last year.

For the full year 2024, MGI has provided financial guidance projecting double-digit growth in both revenue and EBITDA. The company expects revenues to be in the range of €350-370 million and adjusted EBITDA between €100-110 million. This guidance anticipates continued organic growth driven by further investments in this area. CEO Remco Westermann expressed confidence in sustaining strong performance throughout the year, supported by a robust product portfolio and an improving advertising market.