Catena Media revenue climbs 9% in second quarter
Catena Media has reported a 9% operating revenue increase of €30.4m for Q2 2021. Organic growth was 9 percent, or 17 percent excluding the now-regulated German iGaming market. EBITDA increased by 1 percent and totalled €14.9m.
CEO Michael Daly’s comments: I am exceptionally pleased with the group’s financial results for the second quarter, in which we surpassed last year’s revenue by 9 percent and lifted adjusted EBITDA by 1 percent. This outcome represents a notable achievement considering the one-off spike in casino gaming seen in the second quarter of 2020, when COVID-related lockdowns sparked an unprecedented surge in consumer interest and player activity.
The results demonstrate the robustness of our business model as they came in the face of low seasonal sports activity in the US, the re-opening this year of land-based entertainment venues in North America and other locations, and a sharp increase in product investment in Q2 compared to the same period last year. These factors together explain the expected drop in quarter-on-quarter revenue and EBITDA.
Among the highlights was North America, where Q2 traditionally brings a dip in sports betting coinciding with the end of the major sports seasons. This year we offset this seasonal lull with strong growth in the Casino segment. Michigan state, which opened for online gaming in January, exceeded our expectations and highlighted the business value we can create from establishing strong footholds in the casino segment as well as in sports.