Catena Media reports 11% increase in Q1 2022 revenue

By Peter Lynch

Catena Media has reported revenue of €45.2m ($47.5m) for the first quarter of 2022, an 11% increase from the first quarter of 2021.

Revenue in North America increased by 32% year-on-year to €29.5m, representing 65% of group revenue.

Adjusted EBITDA increased by 2% to €25.6m, at an adjusted EBITDA margin of 57%. New depositing customers (NDCs) totalled 171,918 for the period, a 9% year-on-year increase.

Earnings per share were €0.28 before dilution, and €0.19 after dilution, while cash and cash equivalents totalled €26.7m on 31 March 2022.

As noted by the group, highlights for the period included an all-time high in revenue and earnings, and a ninth successive quarterly increase in adjusted EBITDA. And after New York and Louisiana legalised online sports betting in January, the company’s sports revenue more than doubled in North America, a major area of focus for Catena Media in the period and indeed going forward.

“Globally, the prime focus was on North America and the opening of legalised online sports betting in Louisiana and New York in January,” said Catena Media CEO Michael Daly. “We made strong headway in both states, with New York in particular exceeding expectations on the back of the highest advertising spend for a US state launch and buoyant cost per acquisition (CPA) rates. New York is now our largest North American market.”

Daly added: “After our solid start to 2022 we are well positioned for a busy year ahead and to keep delivering on our financial targets. We are investing strongly in personnel to prepare for future market launches and growth. 

“Our people-focused culture and innovative strength equip us to continue capturing the outstanding opportunity in North America while remaining adaptable and responsive to market conditions at global level.”

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