The 24 Ore Group closed the first half with a net result which, excluding non-recurring charges, improved by 8,9 million euros on an annual basis, going to -14,7 million euros from -23,6 in the same period of 2016. Including non-recurring charges, the figure is equal to -45,5 million euros and compares with a restated negative result of 49,8 million euros in the first half of 2016.
Consolidated revenues amounted to 121,2 million euros, from 138,5 million euros in the same period of 2016 (-17,3 million euros, equal to -12,5%). This change is due in particular to the decrease in publishing revenues equal to 6,9 million euros (-11,2%) and to the decrease in advertising revenues equal to 6,8 million euros (-11,5%).
Operating margins benefited from the significant reduction in direct and operating costs of approximately €20 million (-19,6% compared to the same period of 2016).
Ebitda, net of non-recurring expenses, improved by 5,6 million (from -14,7 to -9,1 million), while including non-recurring expenses it was equal to -32,8 million euros (from 23,4 .2016 million euros in the first half of XNUMX).
Ebit, again net of non-recurring expenses, improved by 8,3 million (from -24,9 to -16,6 million euros), while including non-recurring expenses it was equal to -40,3 million euros and compares with the -39,7 million euro of the first six months of 2016.
The accounts include non-recurring restructuring costs of 21,2 million euros, included in personnel costs for 20,6 million euros and 0,6 million euros in the result from assets held for sale. The allocation of these charges was made on the basis of the provisions of the 2017-2020 business plan.
The average paper circulation for the period January-June 2017 is approximately 100 thousand copies (-23,1% on 2016). Digital circulation amounted to 85 thousand copies (+0,5% on 2016). The print circulation added to the digital one is equal to an overall average of 185 thousand copies (-13,8% on 2016).
As regards in particular the average copies sold in the period January-June 2017, hard copies amounted to 87 thousand copies (-21,6% on 2016). Paper copies sold are lower than paper copies distributed, also as a result of the copies distributed through the Young Editors Observatory.
Total digital copies amounted to 146 thousand copies (-8,2% on 2016), of which 61 thousand multiple digital copies sold to large customers. Overall, paper + digital copies sold in the period January-June 2017 are therefore equal to 233 thousand copies (-13,7% on 2016).
