Welcome to North Media Q3 2023 Conference call. Today's call is being recorded. For the first part of this call, all participants will be in a listen-only mode. Afterwards, there will be a question and answer session. To ask a question, please press five star on your telephone keypad. I will now hand it over to CFO, Kåre Wigh. Please begin.
Hello, and welcome to the presentation of our business and financial results for Q3 2023. My name is Kåre Wigh. I'm the Group CFO, and I will be your host today. We begin with a few highlights from our businesses, and then I will cover the financial development afterwards. As expected, FK Distribution saw a lower revenue decline this quarter compared with the development seen during the first two quarters of the year. I will come back to that later. In BoligPortal, the marketplace, which is the core of our business and the main revenue stream, continued the positive development in the quarter. In Ofir, previous CEO, Karsten Vikke, decided to seek new challenges outside the company. Therefore, Lucas Carstensen Castenborg was appointed new CEO. He is to develop Ofir further and make the company the preferred digital job portal in Denmark.
In Bekey, the home care business, which is also the largest, continued to be the main contributor to a 5% revenue growth this quarter. Let's turn to our financial performance. Overall, the Q3 financial development was as expected. Q3 revenue came in only slightly lower, 2.5%, compared to the same period last year. This development covered lower revenue in FK Distribution, which was partly offset by improved performance in digital services driven by BoligPortal. EBIT was largely on par with the same period last year at DKK 30 million, and so was the margin. Cash flow from operations increased and was DKK 40 million against DKK 26 million last year. Lastly, we had a negative return on our securities this quarter of DKK 8.6 million, with total capital resources amounting to DKK 972 million.
I will now look at the development in the businesses. The financial development in FK Distribution was as expected. Revenue was 4.2% lower compared to last year, and the decline was lower than we have seen during the first half of 2023. Our packaging and distribution business remained impacted by structural and market changes. But as already mentioned in August, some customers also expanded the leaflet distribution because reality continues to show that leaflets do drive sales. It's also worth mentioning that Selected Mail continued delivering moderate growth. Selected Mail is a data-driven solution where advertisers communicate in print to specific mailboxes, where the interest in a product or service is expected to be particularly high. Despite the revenue development, FK maintained a stable EBIT margin of 15.6%, supported by lower distribution and logistics costs from the lower volume.
Now let's go to BoligPortal. Once again, BoligPortal delivered a double-digit revenue growth rate, this time 13%. Just like the previous quarters this year, the main driver was the marketplace, with increased income from advertising fees. In Sweden, we continued to establish BostadsPortal.se as a professional partner, and we did see more market communication to increase the number of own rental units. EBIT increased by 41%, mainly from higher revenue. Costs increased slightly, but with minor impact on overall earnings. Net cost for BoligManager is on same level as last year. With this, let's turn to Ofir. In Q3, we continued to see the impact of fewer new job ads, a trend that started in the same period last year. The number of new job ads per month is now at the lowest level since 2019, excluding the COVID-19 period.
Customers continued adapting to the economic development by selecting smaller advertising packages. Earnings were impacted accordingly. As already mentioned, we announced the appointment of Lucas Carstensen Castenborg as the new CEO of Ofir early October. His focus is to ensure growth in Ofir as the preferred platform for both companies and candidates looking for the best match. Lucas already knows the business well, as he comes from a position as CFO in Ofir. We end with Bekey, where the home care segment continued to generate most of the revenue. The proportion of recurring license and service fees from this segment continued to grow. Despite the higher revenue, EBIT declined due to increased fixed costs. Bekey continued standardizing and automating internal processes, as well as building a new in-house IT development team. Now to the full year outlook of 2023....
Our results year to date developed largely in line with our initial expectations for the full year, and based on that, we now further narrow our guidance for full year revenue and earnings. We adjust the overall revenue range to between DKK 940 million and DKK 960 million. In August, we reported improved visibility for the development in FK Distribution for the rest of the year, and that trend has continued during the past three months. It means that we can adjust both the lower end and the upper end of the revenue range. Earnings guidance is adjusted accordingly, reflecting the better visibility in FK Distribution, but also the strong performance by BoligPortal. In general, it's important to mention that we continue to see a number of uncertainties in our markets that may impact our business negatively. We continued executing on our strategic priorities.
At group level, our focus was to ensure a strong capital structure to explore opportunities to grow. After balance sheet date, we acquired approximately 644,000 own shares and now hold 10.4% of the votes and share capital. March last year, it was decided to strengthen the group executive board to ensure faster decision making and strategic execution, as well as stronger coherence across the group. In that context, Martin Tobberup was appointed Chief Digital Officer and member of the Group Executive Board this October. He will oversee that all our companies and functions apply the best digital tools and software solutions to enhance revenue, productivity, and profitability. Martin will also set the direction for building the digital platform of the future for the companies within the group.
Within the businesses, FK Distribution continued to grow the selected mail segment, while minetilbud revenue progressed slower than expected. As already mentioned, BoligPortal generated higher revenue than expected, while the other parts of the businesses were not growing at that pace we had foreseen. Ofir's new website was covered in our Q2 webcast, and as explained, Ofir is currently challenged by a job market with fewer job ads, which means that developing partnerships and collaboration with large companies is not progressing as planned. Bekey, we have already covered their efforts to standardize and automate a number of processes. The pace of growing the distributor and property segments remains slower than expected. With this overview, it's now time to take your questions. Operator, please go ahead.
Thank you. To ask a question, please press five star on your telephone keypad. To withdraw yourself from the queue, please press five star again. We will have a brief pause while questions are being registered. It does not seem like we have anybody on the telephone who has a question at this point, so I will hand it back to you, Kåre.
Thank you. There's a written question, where a person is asking whether we will continue the dividend policy. Our policy is to pay out attractive dividends. We don't set a specific amount for the dividend or sort of have decided that it will be so. But in general, the policy is to pay out attractive and yearly dividends. There's another question: Are you considering more buybacks as you did on October 18th? We continue to buy back treasury shares every now and then. So, I cannot say that we will, I cannot say that we will not, but we will continue to do buybacks every now and then. Second question, what are you and your team currently most worried about?
Last question: When do you expect Bekey to start improving proprofitability? I think we in North Media are privileged with a strong capital financial base that gives us the freedom to look long term to grow the businesses. We are worried that things are not progressing as fast as we would like in Bekey. But we also see that we have the financial strength to make Bekey a profitable business. I cannot put a date or a year on when that will happen, but we continue to believe that Bekey and the Netkey and all the sort of the things that Bekey have in line will make Bekey a profitable business, later.
There's another question: Will you consider selling the equities portfolio and buying back more stock? I think we have talked about buying treasury stocks. We do not consider selling the equities portfolio. We are long term. Please bear in mind that we are not an investment company. We are long term in our securities portfolio, where we place our financial resources until we are to use that to grow the business. And I do not see any more questions. So with that, I will thank you all for listening in today. I wish you all a nice day.