Pandemic slows down ProSiebenSat.1
Despite a strong finish with improved advertising revenue, the COVID-19 crisis hit ProSiebenSat.1 hard last year. Operating profit fell by about 19 percent to 706 million euros in 2020, and revenue declined by two percent to approximately 4.05 billion euros, the television group announced on Thursday.
Before the outbreak of the virus pandemic, the Bavarians had still targeted stagnating profits and around four percent more sales. "In 2020, we came out of the Covid 19 crisis quickly and strongly," said CEO Rainer Beaujean, referring to the fourth quarter. Here, the group increased profits by twelve percent to 377 million euros and made eleven percent more sales.
Weak advertising business
The advertising business in particular, which had slumped by 37 percent during the first lockdown in spring 2020, increased by three percent in the final quarter, which is so important for ProSiebenSat.1. "We are starting the new year optimistically," said Beaujean. In the current first quarter, Corona restrictions are likely to continue to weigh. But the Group CEO expects "a significant upswing in the further course of the year, as soon as the environment returns to normal.
Despite the hardly foreseeable course of the virus pandemic, the Group ventures a forecast for 2021, according to which operating profit is expected to rise to 720 to 780 million euros and sales are likely to increase to 4.15 to 4.35 billion euros. Meanwhile, the management and supervisory boards are proposing a dividend of 0.49 euros per share. (SDA)
