Catena Media Posts Preliminary Q4 2022 Results
Catena Media‘s NA-oriented focus is proving to be successful as revenues from the region went up in Q4 2022
Catena Media published the preliminary results for its performance during the final quarter of the year. It added that the year-end report will be published on February 22 this year.
Catena Media Expanded in NA
As evidenced by the results, Catena Media is on the rise in North America, its primary market. Data shows that the company’s revenue from the region increased by 31% to $16.4 million. The company noted that the NA region accounted for 78% of its total revenue from continuing operations.
Total group revenue from continuing operations sat at $23.8 million, which represents a 15% year-on-year increase. Meanwhile, Catena also reported an adjusted EBITDA of 9.4 million from continuing operations, a 14% year-on-year increase. This figure also represents an EBITDA margin of 39%.
Total adjusted EBITDA including discontinued operations sat at $13.2 million, according to the preliminary results, with a margin of 41%.
Catena media noted that discontinued operations include divested European grey-market performance marketing assets, AskGamblers and its related brands and the Financial Trading segment.
The last thing Catena Media highlighted was a reduction in operating profit caused by non-cash impairment charges on goodwill of $7.3 million and on other intangible assets of $10.7 million, in accordance with IAS 36. The company noted that these writedowns relate to a casino asset following the company’s restructuring efforts in Europe. They also relate to the Financial Trading segment, which is held for sale.
The Company’s Strategy Is Successful
Michael Daly, Catena Media’s chief executive officer, commented on the preliminary results. He praised his team for its strong performance in North America and lauded the company’s successes in various states.
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.
Michael Daly, CEO, Catena Media
Daly concluded that Catena Media managed to deliver on its strategy to expand in NA while divesting less-important assets. The company, which has long been looking to streamline its business, is happy that its strategy is proving to be successful.
On a final note, Catena Media noted that the exact numbers are still subject to change as these are preliminary and unaudited results. The company reasserted that the definitive numbers will be published in February.
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