Audiobook distributor Storytel reports operating profit for the first time in seven years

Storytel, the Swedish audiobook distributor, reported an operating profit for the first time in seven years, at SEK15m (£1.1m) for the third quarter ending 30th September. Sales were also buoyant, up 13% year-on-year at SEK842.4m (£62.1m).

The reported operating profit can be largely attributed to the growth in streaming seen in the Nordic countries, as streaming sales were at SEK571.6m (£42.1), having grown from SEK492.8m (£36.3) the previous year.

This came as print publishing sales shrunk from SEK147m (£10.8m) last year to SEK139.9m (£10.3m) in 2023.

The company reported earnings before interest, taxes, depreciation (EBITDA) at SEK92m (£6.8m), up 55% from last year due to "cost efficiency measures".

It has reportedly updated its guidance for this year and expects operational cashflow to be at least SEK 80m (£5.9m). The EBIDTA margin is expected to be over 6.4%. and organic streaming growth at 11% like the previous year.