PRAGUE — Central European Media Enterprises, owner of a broadcast network spanning six countries in the region, has boosted net revenue in the first quarter of this year by 51% over this time last year to $223.5 million.
Operating income jumped $31.4 million to $44.7 million with net income up $15.1 million.
Topper Michael Garin said: “CME is on route to achieve another record-setting year, with expected revenues of $1.1 billion and broadcast segment EBITDA of $440 million.
“At a time when most media companies are struggling to deliver growth, CME is distinguishing itself from its peers… We are aggressively developing our new media businesses.”
CME’s new online services attract more than 1.2 million unique visitors daily, the company reported, adding that issuing $475 million in senior convertible notes has provided cash for such growth initiatives.
Adrian Sarbu, chief operating officer, said revenue growth combined with “a focus on operating efficiencies” is driving margin expansion — in particular, completing the buyout of partners in Studio 1+1, which will allow the company to exploit the rapid growth of Ukraine, CME’s largest market.