Raketech reports €61.2m revenue figure for FY 2024
Operating profits plummeted by 308% year-on-year.
Key points:
– Raketech has reported a 23% decline in revenue year-on-year to €61.2m
– Operating loss also feel 308% to €55m, with adjusted EBITDA falling 38.5%
– Overall, the affiliate’s outgoings also increased to €116.2m for the year
Affiliate Raketech has revealed its full year 2024 financial results, highlighting a 23% decline in revenue year-on-year a total of €61.2m ($69.7m).
Pairing with this fall in revenue, the organisation’s operating profits / loss dropped by a sizable 308% to a €55m loss from the €11.7m profit reported during the year prior. Elsewhere, adjusted EBITDA also fell by 38.5% year-on-year, settling at a figure of €15.7m – paired with an EBITDA margin of 24%.
In terms of outgoings, Raketech’s operating expenses also increased dramatically when compared to figures reported in 2023. Indeed, during 2024, the affiliate spent €116.2m compared to a total expenses figure of €66.4m during the year prior. Indeed, balancing the books overall, the company reported an accumulated loss of €7.7m for 2024, compared to retained earnings of €48.9m at the end of 2023.
Commenting on these latest results, Raketech CEO Johan Svensson said: “2024 has been a challenging year for Raketech, although the actions we have taken leave us well placed for a strong recovery moving forward. Revenues reached € 61.2m, down 21.3% from last year.
“Adjusted EBITDA amounted to €15.7 million (€23.2m), while EBITDA was €14.7m (€23.6m), corresponding to a margin of 24%, down from 30.4%. We acted throughout the year to reduce our cost base in line with revenue development, while maintaining core capabilities. Margin was impacted by the shift in profitability mix, as the lower margin Sub Affiliation business now represents a larger share of the overall business.”
Good to know: Raketech’s Q2 2024 results indicated a start to the year for the affiliate, who reported that – despite setbacks – its sports assets continued to perform well
2024 was a busy year for Raketech, who began the year by entering into a three-year collaborative agreement with Dankse Spil.
Shortly after, in May, Johan Svensson was appointed as the company’s CEO. More recently, last month, it was announced that Raketech Chairman Ulrik Bengtsson would be stepping down in July, following his own appointment as CEO of an alternative organisation.
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