According to the company, uncertainty continues in the market, but the beginning of the year was promising.

- Alma Media's first quarter results were better than we expected in an uncertain operating environment, says Kai Telanne, President and CEO, in the earnings release.

Alma Media's comparable operating result decreased slightly in January-March to EUR 11.1 million from the previous year's EUR 11.2 million.

Analysts expected a comparable operating result of EUR 9 million in the median forecast collected by the forecasting service Infront Data.

The forecast included four analysts.

Profit before taxes fell to EUR 10.4 million from EUR 12.5 million, while analysts forecast EUR 9 million.

Earnings per share from continuing operations decreased to EUR 0.09 from EUR 0.10.

The market expectation was EUR 0.08.

Net sales from continuing operations decreased by 6.1 percent to EUR 58.1 million.

Alma Media states in its earnings release that the profitability of financial magazines Alma Talent improved significantly and digital services, digital content and direct marketing grew strongly.

In Alma Consumer, the net sales of the housing marketplace business and tendering services increased and profitability improved.

The segment's net sales decreased in the print media.

Recruitment service Alma Career's adjusted net sales decreased by 22.9 percent.

Profitability also decreased from the comparison period, as expected.

However, the recovery in invoicing was better than expected and value-added services developed well.

According to Alma Media, the uncertainty will continue this year.

The company maintains its outlook.

The company estimates that full-year net sales and adjusted operating profit from continuing operations will increase from last year.

Net sales from continuing operations in 2020 were EUR 230.2 million and adjusted operating profit was EUR 45.4 million.

Digital development continues

The trend towards digital content continued at Alma Media.

At Alma Talent, digital content revenues increased by 39 percent compared to January-March last year.

The share of digital products in media subscriber and single-issue sales increased to 32.4 percent, compared to 20.8 percent at the same time last year.

Digital advertising revenue accounted for 78.2 percent of all media advertising, compared to 70.1 percent in January-March last year.

The share of digital business net sales in the Group's net sales increased from 67.3 percent to 74.1 percent.

Alma Media has strengthened its position in various digital marketplaces.

- Alma Mediapartners and Alma Career have become fully owned and we have expanded our product portfolio in the digital housing trade and in the technologies of the advertising and recruitment business, Telanne says.

In March, Alma Media also acquired Nettix, the leading marketplace in the motor industry.

- Following the acquisition, we have strong business pillars in the most important investments in consumers' lives, housing and motoring, as well as the nation's leading digital advertising network.