Catena Media anticipating North American revenue boost

Finance News

Catena Media has announced preliminary results for the fourth quarter of 2022 ahead of the year-end report to be published on 22 February 2023. Unaudited figures for Q4 show a 31 percent rise in preliminary revenue in the core North American market, growth of 14 percent in adjusted EBITDA from continuing operations, and a non-cash impairment charge arising from writedowns of discontinued assets.

The group expects fourth-quarter revenue from operations in North America to reach EUR 21.5m (16.4m), a 31 percent increase year-on-year. The North American market accounted for 78 percent of group revenue from continuing operations during the quarter. 

The group projects total revenue from continuing operations of EUR 27.4m (23.8), a 15 percent increase year-on-year. Adjusted EBITDA from continuing operations, excluding items affecting comparability, is expected to reach EUR 10.8m (9.4), up 14 percent and representing a margin of 39 percent (39).

Other preliminary results include: Total revenue, including discontinued operations, of EUR 31.5m (31.9). Discontinued operations include divested European grey-market performance marketing assets, AskGamblers and related brands, and the Financial Trading segment, which is held for sale.

Total adjusted EBITDA including discontinued operations, and excluding items affecting comparability, of EUR 12.7m (13.2), corresponding to a margin of 40 percent (41).

A reduction in operating profit due to non-cash impairment charges on goodwill of EUR 7.3m and on other intangible assets of EUR 9.9m, in accordance with IAS 36. These writedowns relate to a casino asset following restructuring measures implemented in Europe, and to the Financial Trading segment, which is held for sale. 

Catena Media CEO Michael Daly commented: “It is pleasing to see such strong performance from our core North American business in Q4. We gained uplift from the launch of licensed online sports betting in Maryland in November and a strong run-in to the go-live for online sports betting in Ohio on 1 January 2023, which delivered our strongest ever launch period for a US state sportsbook launch.”

“We successfully delivered on our strategy of further expansion in North America while completing our strategic review with the sale of AskGamblers and related assets. These preliminary results reaffirm our strategy and provide a solid platform as we enter 2023.”

All financial figures presented in this press release are preliminary and unaudited. Final numbers will be published with the year-end report for the fourth quarter of 2022 on 22 February 2023.