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NEWS 18 February 2020

Catena Media projected to report revenue dip for Q4

By Aidan Williams

Catena Media’s total operating revenue for Q4 2019 is set to fall 1% year-on-year to €26.6m ($28.7m), projections for the company have indicated.

The forecasting initially indicated €27.1m of revenue, but it has been hit by an exceptional adjustment of €500,000 relating to previous periods.

Catena owns NetEntCasino.com and Legal Sports Report among a wide range of other brands. 

The adjusted EBITDA is estimated to be €11.8m, down 2%, while operating loss is projected to be €27.3m, up from €9.4m. Operating profit is set to see a write-down of €32.1m, and this should be further affected by a non-cash effect from impairment testing of intangible assets.

Write-downs dominate the projections, with financial services being hit by €17.9m, casino by €13.2m and sports by €900,000, with all three being related to intangible assets. 

The latter two related to previously-acquired assets being reclassified as inactive products, while the former write-down is due to events in the European Union, unrelated to Brexit, where Catena primarily operates in the financial services sector.

Per Hellberg, Catena CEO, said: “The write-downs are related to earlier acquired assets that are not performing in line with the rest of our portfolio, as well as to past contractual decisions. Excluding the non-recurring items, our underlying business developed much like we expected for the fourth quarter.”

The full results for the fourth quarter, and the year, will be published on Thursday.

RELATED TAGS: Financial
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