Raketech’s €8.7m Q1 revenue driven by organic growth
Raketech’s revenue totalled €8.7m ($9.7m) for the first quarter of the year, a 78% increase year-on-year.
Organic growth made up 22% of the affiliate’s Q1 revenue, in the first financial period since the Swedish market re-regulated and opened to private operators.
According to Raketech CEO Michael Holmberg, the key drivers for this growth rate have been higher traffic volumes for casino products and the affiliate’s TV sports guide.
Adjusted EBITDA increased 38% to €3.5m, corresponding to a margin of 54%, with adjusted profit for the period totalling €2.8m.
Earnings per share amounted to €0.12 for the period.
On 4 March, Raketech repaid its outstanding debt of €7.7m from its previous loan facility.
Later in the month on 31 March, the affiliate reached an agreement with one related party to waive €2.3m.
Holmberg said: “The beginning of the year has been characterised by the ongoing stabilisation phase in the Swedish gaming market, following the introduction of the new gambling legislation in January 2019.
“I am therefore happy to announce we are delivering a good quarter and that we maintain our focus on organic growth and geographical expansion.”
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