Part 1: Results from the first quarter
Catena Media
• Revenues up 9% – without any large
acquisitions, it is fair to say revenue growth
• Abandoning of 2020 EBITDA target:
Significantly, the company has given up
is anaemic. The company said revenues were on achieving its target of hitting €100m in
“below expectations” EBITDA by 2020, delaying it to 2021. The
• Costs rose by more than double the rate of
company blamed the lack of progress in the
growth in revenues (up 19.9%) US rollout and its concentration on organic
Adjusted EBITDA down 10% growth over acquisitions.
•
• New depositing customers (NDCs) were
down 7% to 124,000
• Profit: Alongside the increase in personnel
• Financials: Without mentioning the
restrictions on the part of the European
Securities and Markets Authority on the
costs (up 36% to €5.6m), other operating marketing of CFDs, the financials unit
costs also rose 44% to €5.9m and at Catena clearly suffered, with revenue
depreciation and amortisation rose 85% dropping back from €1.5m to €1.16m. The
to €3.4m. While interest on borrowings company blamed “historic low market
fell by more than half, other finance costs volatility”. This doesn’t sit with the recent
more than doubled. This all helps explain results from the retail financial trading
the 60% fall in pre-tax profit. The company sector, where operators have blamed
blamed the investment in the US market and revenue reverses on the new regulatory
financials for the rise in operating expenses. restrictions.
Raketech
• Total revenues up 78% to €8.7m – this
Raketech also made much of its continued
included a €2.3m ‘waived liability’ regarding M&A ambitions. It mentioned the TVMatsit deal
a related party. Excluding this, revenues rose in Finland as a “good example” of its strategy
32% to €6.5m of adding in new markets and buying in the
• Organic growth was 21.5%. (It should be
best entrepreneurial talent. The company said
noted that QoQ, revenue excluding the its Finnish casino operations were a strong
waived liability fell 15%) contributor to YoY growth.
• Adjusted EBITDA was up 38% to €3.5m
• NDCs up 76% to 28,600
iGaming Business • Affiliate Monitor • August 2019
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