Shares in Canal+ SA (LSE:CAN) had an up and down day after the French media group reported stronger revenue and profit for 2024 and said it expected cash flow to improve in 2025.
Preliminary results showed revenue rising 3.6% to €6.5 billion as the group’s subscriber base grew to 26.9 million, driven by a 1.9% increase in direct-to-consumer subscribers.
Underlying profit (EBITA) 5.4% to €503 million and cash flow from operations (CFFO) reached €218 million, while net debt stood at €355 million.
The integration of Dailymotion, GVA and L’Olympia contributed positively to results, while the acquisition of Africa-focused MultiChoice remains on track, with completion expected by October.
Film production arm Studiocanal delivered strong box office performances, with Paddington in Peru generating $170 million globally.
Chief executive Maxime Saada said 2024 was "a pivotal year", adding that the group is prioritising cash generation and shareholder value for 2025, with CFFO projected to bounce back to a level similar as 2023 after last year's "exceptional" low.
Having fallen from 290p at the point of listing in December, the shares fell to a new low just below 170p in early trading this morning, before rising to 179.9p in early afternoon and then falling back into the red again.