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19
RAKETECH THIRD QUARTER REVIEW
THE PAYOFF
Raketech ’ s strategy to advance its business via acquisition is clearly paying off but it is notable that perhaps the biggest factor in its favour over the third quarter was a bounceback in its core market of Sweden . It was the Swedishfacing assets that the company said contributed a large part of the 25.6 % organic growth seen in the three months to September .
This has been driven by successes on the NDC front with Raketech regularly adding around 40,000 a quarter except in the seasonally slower second quarter . Meanwhile , in terms of profits the company continues to perform well with EBITDA hitting € 4.1m in the third quarter .
The question now turns to what can be expected once the contributions from recent acquisitions begin to kick in . As CEO Oskar Mühlbach noted on the call , with only some of the flow through from recent deals showing in the fourth quarter , it won ’ t be until next year that the M & A upside becomes clear .
THE ACQUISITION TRAIL
The latest deal to complete is Raketech ’ s € 13.4m takeover of ATS Consultants which owns the winnersandwhiners . com , statsalt . com and pickpapa . com sites . The deal , which included
Chart 11 : Raketech revenue Q419-Q321 (€ m )
£ m
10.0
9.6 9.5
9.0 8.8
8.5 8.5
8.3
8.0
7.5 7.4
7.0 7
6.5 6.5
6.0 5.9
5.5 Q419 Q120 Q220 Q320 Q420 Q121 Q221 Q321
Chart 12 : Raketech NDCs Q419-Q321
60000 55000
52344
50000 46389
45000 42726
40000 40847
39874
35000 34839
32278
30000
28002
25000 20000 15000 10000 5000 0
Q419 Q120 Q220 Q320 Q420 Q121 Q221 Q321
Chart 13 : Raketech EBITDA Q419-Q321 (€ m )
4.5 4.1
4.0 3.7
3.5 3.4
3.2
3.0 2.9
2.8
2.6
2.5
2.0
1.6 1.5
1.0
0.5
0 Q419 Q120 Q220 Q320 Q420 Q121 Q221 Q321
Source : Company reports
February 2022