November 14, 2017 / 3:39 PM / a year ago

UPDATE 1-Schibsted maintains online classifieds goal, to focus on bolt-on acquisitions

(Adds comments from chairman at Schibsted’s presentation for investors in Barcelona)

Nov 14 (Reuters) - Schibsted Asa

* ‍reiterates existing goal of 15-20 percent revenue growth in online classifieds portfolio medium to long term​

* ‍there will be focus on cash flow and profitability improvement

* ‍schibsted’s portfolio of online classifieds companies in investment phase continues to develop well​

* ‍monetization is increasing rapidly in many markets, and losses have been reduced in 2017. In 2018, losses will be further reduced

* ‍maintains ambition to engage in targeted m&a activities, and will continue to focus on value creative bolt-on acquisitions and in-market consolidation within online classifieds​

* ‍schibsted has initiated a strategic review of personal finance operations, including Lendo

* Chairman Ole Jacob Sunde said in his opening remarks at the presentation in Barcelona that there are two issues he would try to pay attention to

* The first is execution: Why reorganise again? Its only two years since the last time, but in this environment you have to change all the time... now we adapt and go forward, we need speed and vigilance

* The second is: we have to convert and scale... if you look at Schibsted’s history, local entrepreneur is key to our growth. We have to keep that but at same time reach out to global scale​ Source text for Eikon: Further company coverage: (Reporting By Camilla Knudsen and Ole Petter Skonnord)

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