Storytel sharpens focus on profitability on the back of strong Q4 2023 earnings and upgrades mid-term financial targets - announces efficiency initiative and write-downs
· Storytel sharpens its focus on profitability and will improve cash flow generation beyond the previously outlined guidance at the Capital Markets Day in June 2023. An efficiency optimization initiative will be implemented during the first quarter of 2024, including a 13% reduction in workforce. · As a result of increased emphasis on profitability and reduced growth investments in certain markets, related assets will not generate as much cash flow as previously planned. For that reason a non-cash write down of 632 MSEK will be recorded in the fourth quarter of 2023. 465 MSEK of the