The governance of Stockholm-listed Catena Media AB continues to back the firm’s strategic progress and diversification strategy, overcoming continued declines within the UK and Nordics.
Competing against tough Q3 2018 metrics and a ‘slowdown in organic growth’ within its marketing verticals, Catena records 5% decline in Q3 2019 corporate revenues €26.4 million (€27.7m) – with year-to-date revenues are tracking at €76 million (YTD2019).
During the trading period, Catena recorded increased operating expenses of €18.7million (€16.6m), undertaking product improvements and operational adjustments for its UK and Nordic market presence.
“Numerous actions and tasks have been undertaken, but to adapt to the changing environment, we are continuously working on these tasks to increase our performance.” – Catena governance details in its trading statement
Catena governance continues to increase US expenditure, accelerating the firm’s position within regulated states, with Catena launching its initial marketing services in Indiana and Pennsylvania.
Increased expenditure, combined with operational adjustments sees Catena post a 15% decline in Q3 2019 EBITDA to €11.4 million (13.4m), as YTD EBITDA tracks at €32 million (€35m).
“After three consecutive quarters of decline, I am happy to announce a trend shift in third-quarter revenues, which increased by +11% compared to the second quarter, making it the third-best quarter in the history of the company. Major growth came from the United States, now representing 17% of our total revenues year to date.” – commented Per Hellberg Chief Executive of Catena Media.
Moving forward, Catena governance underlines that it will continue to focus on improving its marketing efficiencies and new market expansions, seeking to overturn a decline in new depositing customers and operating margin impacts (41% from 45%).
“Strong performance from our core product AskGamblers and Japan also contributed positively to this quarter’s development. The European Casino segment, which has been in decline since the third quarter last year, levelled out this quarter and several products started to show positive growth in traffic and revenues”
Source: SBC News
