Catena Media Slips in Europe But Finds Support in Other Regions

Posted on: November 17, 2021, 02:16h. 

Last updated on: November 17, 2021, 02:34h.

Catena Media has underlined the importance of having a diversified media portfolio in its Q3 report. A three-time jump in US revenue and the continued growth of the Japanese market helped compensate for losses in the European market.

The publication of Catena’s interim results for Q3 2021 for the period ending on September 30 showed an operating income of €33 million (US $37.36 million), 33% more than the €25 million (US $28.3 million) in the same period last year.

Growth during the third quarter was mainly attributed to sports matches and casino revenue in North America rising by 124%. That now represents 51% of the group income.

Founded in 2012, Catena is a publicly listed media company that owns several online gaming-focused websites, including AskGamblers.com and AskTraders.com. Those provide information to bettors. In 2018, they also acquired two esports and sports betting websites.

Expanding Into Sports Betting

According to Catena CEO Michael Daly, the third quarter growth highlights the company’s mission to create a large international footprint in key casino and sports betting markets. He explained that this model has allowed the company to offset difficulties in one market with improvements in another.

“Our strong performance so far this year provides a good starting point to deliver on the long-term target of double-digit organic revenue growth in 2022 as well,” Daly said.

In other places, Catena emphasized the continued profits for his Inventory of Italian Sport, while the Japanese activity has registered a duplication in revenue and acquisitions of clients during the Q3 period. Daly confirmed that Japan now represents 9% of the revenue of the total group.

Continued Global Expansion

Despite the consistent revenue growth, the results of the Catena period were diagnosed by a higher expenditure of €69 million, attributed to a combined impairment of €50 million in the German and French markets.

“Germany is now a different market, but one that offers long-term promise once the regulatory environment clarifies, the market adjusts, and our investments in redeveloping our German sports and casino products begin to bear fruit. Nevertheless, the upward climb will be slow,” Daly added.

Regardless of the significant German adjustments, Catena has delivered a positive EBITDA of €15 million ($16.95 million), including €1.1 million ($1.24 million) of affected items. This represents a 23% increase over the same period in 2020.

Catena’s year-to-date revenue is €105 million (US $118.8 million), and the company is tracking EBITDA of €51 million (US $57.7 million). This is a 35% increase over the €38 million ($43 million) across the first three quarters of 2020.

“The acquisition of i15 Media assets underlined our ongoing readiness to use our financial strength when attractive business opportunities arise. That said, I foresee our growth in the coming months as being largely organic as we accelerate the exciting journey of internationalizing our products and becoming a truly global force in our industry,” Daly said.

Source: https://www.casino.org/news/catena-media-slips-in-europe-but-finds-support-in-other-regions/