Catena Media supported by North America and optimistic for 2023

Catena Media expressed its satisfaction with core operations in North America during the fourth quarter, hoping that these results and the progress made in the framework of the ongoing strategic review will allow us to look forward to a solid year 2023.

These comments are included in a preliminary report covering the fourth quarter of last year, and follow the group’s appointment of a new chief executive. Carnegie Investment Bank as a financial advisor as Catena continues to review other potential sales. This decision comes after the sale, in December, of the company AskGamblers brand to Games Innovation Group for 45 million euros.

In a fourth quarter business update, the company forecast total revenue from continuing operations in the fourth quarter to be 27.4 million, which would represent a 15 percent increase from 23, 8 million from last year.

Adjusted EBITDA is expected to reach €10.8 million, up 14 percent from €9.4 million last year, with a margin of 38 percent (2021: 39 percent ).

Taking a closer look at the expected performance in North America, revenue is expected to reach approximately €21.5 million, up 31% year-over-year from €16.4 million. This would represent 78 percent of the group’s total.

“It is pleasing to see such a strong performance from our core business in North America in the fourth quarter,” commented the company’s chief executive. Michael DalyCEO of Catena Media.

“We benefited from the launch of online sports betting in Maryland in November and a strong online sports betting launch period in Ohio on January 1, 2023, which allowed us to achieve the launch period the strongest ever for a sports betting launch in a US state.

“We were successful in executing our strategy of continued 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 heading into 2023.”

Total revenue from discontinued operations, including divested assets such as the AskGambles brand and the financial trading segment, which is held for sale, is expected to decline to €31.5 million (2021: €31.9 million). euro).

Furthermore, it is estimated that total adjusted EBITDA, including discontinued operations and excluding items affecting comparability, will amount to €12.7m (2021: €13.2m), which corresponds to a margin of 40% (2021: 41%).

In addition, a reduction in operating profit due to non-cash impairment charges of €7.3m and €9.9m stems from impairments related to a casino asset following the restructuring measures implemented in Europe, as well as the aforementioned financial trading segment.