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Affiliate Monitor Company-by-company Q2 results analysis
from Catena ’ s own “ growing number of media partnerships , new influencers and paid search initiatives ”.
“ We ’ ve adapted our operations model beyond organic search dominance with heavier investment in strategic partnerships like Lee [ Enterprises ] and Advance Local and amplifying our paid search competencies ,” he added .
WHERE THE FOCUS LIES
The slimmed-down business has at least had a positive effect on the company ’ s debt position . By selling AskGamblers and other elements of its European and Australianfacing business , the company has taken the proceeds and pared down net debt to € 23.1m . This will reduce to just over € 10m when the expected future proceeds from divested assets are included .
“ There ’ s been quite a steep dive in terms of the debt situation in the company over the past years where a large part of the cash flow has been used to reduce the net debt situation ,” said chief financial officer Erik Edeen .
Catena has understandably embarked upon a cost reduction programme , which it hopes will reduce spending by between € 3.8m and € 4.2m . “ This is a streamlining of primarily our EMEA operational support but does involve cost reduction across the entire portfolio ,” Daly suggested . “ We expect most of these savings to be realised by year ’ s end .”
Chart 4 : Catena Media revenue Q321-Q223 (€ m )
50 |
45 |
45.2 |
40 35 |
33.1 |
31.9 |
32.3 |
36.2 |
30 25 20 |
28.9 |
27.4 |
16.9 |
15 |
10 |
5 |
0 |
Q321 |
Q421 |
Q122 |
Q222 |
Q322 |
Q422 |
Q123 |
Q223 |
Chart 5 : Catena Media EBITDA Q321-Q223 (€ m )
28 |
26 |
25.6 |
24 |
22 |
20 |
19.4 |
18 |
16 |
16 |
14 12 |
12.8 |
11.7 |
12.3 |
10 |
9.1 |
8 |
6 |
4 |
2 |
2.8 |
0 |
Q321 |
Q421 |
Q122 |
Q222 |
Q322 |
Q422 |
Q123 |
Q223 |
Chart 6 : Catena Media NDCs Q321-Q223
220,000 200,000 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0
153,701
135,250
171,918
135,812
116,748
84,651
113,294
49,770
Q321 Q421 Q122 Q222 Q322 Q422 Q123 Q223 iGB Affiliate Monitor