Catena Media announced its preliminary results for the third quarter of 2021 and the numbers show strong growth. Third quarter revenue is estimated at €33.1 million, an increase of 33% over the same period last year.
US iGaming market revenue more than doubled, an increase of 124% and accounting for 51% of the group’s total revenue during those three months. EBITDA is estimated at €16 million, showing an increase of 33% and corresponding to a margin of 48%.
Reports show organic growth ranging from 23% to 34%, excluding the now regulated German iGaming market (where revenue dropped nearly 62% and represented 4% of group revenue during the third quarter).
Catena Media CEO celebrates ‘exceptional quarter’ for business
Catena Media CEO Michael Daly said: “The third quarter was an exceptional quarter, with September revenue breaking our monthly record. This was the result of our strategic investment in organic development, mainly in North America”.
Daly added, “And, it was supported by two recent acquisitions in the US and the opening of the iGaming market in Arizona. The rate of reduction in value adjusts our European business to new market realities after a review by the management team and our focus on transforming the business to reach maximum potential.”
According to the report, operating profit is expected to be negatively impacted by a non-cash reduction in intangible assets, which will result in an estimated decrease of €49.4 million.
However, Catena Media detailed that €42.8 million of the reduction is related to sports assets purchased in Germany between 2016 and 2018; while another €6.6 million refer to French sports assets acquired in 2018.