Media and Games Invest SE announces significant organic growth for the fourth quarter of 2023

Media and Games Invest SE (MGI) reported organic growth of 16% in the fourth quarter of 2023, bringing its annual revenues to €322 million, beating its annual forecast of 6%. This result marks a promising start to 2024. In the last quarter, MGI recorded an increase in net revenue of 6%, reaching 98.7 million euros, growth fueled by a significant increase in the number of software clients and advertising impressions.

Adjusted EBITDA increased slightly by 1% to €31.7 million for the same quarter, while adjusted net profit more than tripled to €7.5 million thanks to the reduction of financial and tax expenditures. The company also noted a strong start to 2024, with organic growth of 18% in January, supported by strong demand for its new AI-powered targeting solutions.

CEO Remco Westermann highlighted the company's significant growth and achievements in 2023 despite a challenging general economic climate and expressed positive expectations for 2024, anticipating double-digit revenue growth driven by investments in AI and a market in recovery.