Boulogne-Billancourt, 14th May 2009
MEETIC (MEET – FR0004063097), the European leader in online dating, today announces its consolidated revenue for its first quarter to 31st March 2009.
Consolidated revenue for the first quarter of 2009 totalled 33.0 million euros, up +3.3% on the first quarter of 2008. At constant forex (negative evolution of the euro / pound parity), revenue for the first quarter of 2009 would have been 33.3 million euros, up +4.3% on the previous year.
96% of revenue was recorded in Europe and 4% elsewhere in the world.
Net revenue from Internet activity was up +3.7% at 31.6 million euros.
At 31st March 2009, the total number of subscribers was 644,577.
Subscription revenue (sales excluding deferred revenue) amounted 33.7 millions euros over the first quarter, compared to 33.9 million euros over the fourth quarter of 2008. This stability in sales of subscription despite the fall in the number of subscribers compared to 31st December 2008 reflects the strategy initiated in mid-2008 that consists in adopting a subscription model that favours ARPU (Average Revenue Per User) over subscriber numbers.
The success recorded by Meetic Affinity and the prospect of the rapid integration of Match.com’s European operations (planned for June) have led the Group to further adapt its pricing structure on a European level during the first quarter as well as the allocation of its marketing budgets. This quarter should therefore be seen as a transitional quarter. Henceforth, the Group is the only player to simultaneously provide a Dating offer and a Matchmaking offer across Europe. The Group will therefore now focus on client value (ARPU) for its Matchmaking offer (Meetic Affinity) and on the volume of subscribers for its Dating offer (Meetic)
In accordance with the Group’s sales policy, marketing investments were concentrated on the first quarter, and were therefore almost the same in cash terms as in the first quarter of 2008. These investments are characterised by an almost exclusively online acquisition strategy, a particularly intense effort on the Matchmaking segment and a moderation of investments in the United Kingdom compared to the same period of 2008.
In line with what was announced at the start of the year, notably in view of the elimination of advertising overinvestment carried out in 2008, Meetic is reaffirming its 2009 guidance of an EBITDA margin of between 20 and 25%.
MEETIC announced, on 19th February 2009, the finalising of an agreement concerning the acquisition of Match.com’s European activities.
The acquisition process is progressing in line with the market plan. The timeframe of this operation has now been confirmed: the integration of Match.com’s European activities should become effective in June 2009, once the remaining conditions precedent have been lifted.Marc Simoncini, CEO of MEETIC, concludes: “A transition period given the integration of Match.com’s European activities within the MEETIC group, the preparatory work carried out over the first quarter will allow us to pursue our strategic plan that consists in being the European leader on the Matchmaking segment and in strengthening our n° 1 p osition on the Dating segment through the integration of Match.com’s activities, which is proceeding perfectly in line with our market plan.”