Catena Media has reported a revenue decreased by 16 percent in North America amid a temporary slowdown in state openings.

Revenue from continuing operations was EUR 16.9m (20.1), a decrease of 16 percent. Revenue in North America decreased by 16 percent to EUR 12.5m (14.9), equivalent to 74 percent (74) of group revenue from continuing operations.

CEO Michael Daly’s comments: Q2 was a quarter of further evolution for Catena Media as we continued to transition towards a net cash positive business focused on regulated markets in North America. The group capitalised on the annual interlude in the North American sports calendar to undertake significant operational and financial streamlining measures ahead of the NFL resumption in early September.

The implementation of further share buybacks and a bond repurchase accelerated the ongoing programme to increase shareholder value and optimise the capital structure. The steps taken align with our target to become net cash positive during the second half of this year as we reduce financial risk and promote long-term flexibility in our financial planning.

A new share buyback programme was announced after the end of the period, during which time we also divested our UK and Australian businesses. In addition, we launched a cost reduction drive in our European organisation that is expected to achieve annual savings of EUR 3.8-4.2 million over and above the EUR 2.8 million decrease in annual costs directly attributable to the UK-Australia sale.

Together, these efforts are forging a lean and focused team with the skills, mindset and agility to spearhead sustainable growth in our core North American market.