iGB Intelligence reports Affiliate-Monitor-1Q19(clone) | Page 11

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  8