Publishing its year-end report for 2020, Catena Media posted operating revenues of €26.6 million for the last quarter of the year, an increase of 0.3% from Q4 2019.
Record Revenue in Q42020 Due to US Growth
Malta-based Catena Media published its financial results for the last quarter of 2020 and the whole financial year on January 24. Operating revenue amounted to EUR26.6 million in 4Q2020, which represents an 0.3% increase year-over-year.
Organic search revenue stood at EUR23.7 million, up 2% compared to the same quarter in 2019. New Depositing Customers (NDCs) totaled 124,959, an annual increase of 10%.
Adjusted EBITDA climbed by 9% and reached EUR12.3 million representing an adjusted EBITDA margin of 46%. EBITDA, including items affecting comparability of EUR0.1 million, experienced a 46% growth and totaled EUR12.4 million, corresponding to an EBITDA margin of 47 percent.
“Catena Media had an exceptional ending to a strong quarter, breaking an all-time high in USD revenues in December, thanks to our ability to take and maintain dominant positions in both sports and casinos across numerous states during the busiest sports season in the US.”
Michael Daly, CEO of Catena Media
The company’s growth was due to the reopening of the sports sector towards the end of the year and the rising number of newly depositing customers. The firm was satisfied with the development of its position in the US iGaming sector. It has been a success story throughout the year with a 31% share of the total revenues in Q4 (43% growth) and 30% of total annual revenues (72% growth).
In January, Catena Media announced the appointment of Michael Daly as the company’s new CEO. Daly was previously in charge of the U.S. operations and his new position is effective from March 1, 2021.
German Market Decelerates in Q42020
Operating revenue for the period January-December 2020 amounted to EUR106.0 million resulting in an increase of 3% compared to 2019. Organic search revenue totalled EUR95.9 million resulting in an annual increase of 9%. New Depositing Customers (NDCs) totalled 443,524 up 2% in annual terms. Adjusted EBITDA increased by 20% and totalled EUR52 million, corresponding to an adjusted EBITDA margin of 49%.
The company’s sports revenues in the German market halved during Q4 due to the ‘pre-regulatory tolerance period’ within the market, as well as the strong ‘headwinds in Germany for both sports and casino’. The negative impact will likely continue in the first half of 2021 as well.