MTG says quarterly earnings put it back on track

Modern Times Group has reported increased in quarterly and nine month and said the growth puts its investment plan back on track.

The company, which has free and pay TV operations throughout Europe and is moving into Africa, reported quarterly sales of SEK3.2 billion for the three months to end-September, up 9% year-on-year, and SEK9.7 billion for the nine month period, a 5% year-on-year uptick.

MTG has been ramping up its production and distribution capabilities and said its deal for pan-Scandi producer Nice Entertainment is expected to close this month.

Looking ahead, MTG said it expects its revenues at its Nordic pay TV business to grow through 2013 and its exclusive coverage in Sweden of the February 2014 Sochi Winter Olympics to boost sales. The emerging markets pay TV business to will achieve a better than breakeven full year profit with rising profitability levels in 2014 the company added.

“The performance so far in 2013 clearly demonstrates that our investments in our three key areas – content, digital and geographical expansion – are having the desired effect and ensuring that our customer offerings are stronger than ever,” said MTG president and CEO Jørgen Madsen Lindemann.

Speaking about the Nice deal he added: “This is a significant milestone for us and follows hot on the heels of the acquisitions of DRG and Novemberfilm. This is a key strategic focus area for us as we build MTG Studios into a scale industry player and story teller.”