Operating revenue for the affiliate dropped to €24.9m ($29.4m), with organic search revenue also declining, down 3% to €22.5m for the quarter.

New Depositing Customers (NDCs) fell by 5% totalling 94,710, while net cash generated from operating activities was down 9% to €8.5m.

However, adjusted EBITDA was up by 4% to €12m, and operating profit rose 21% up to €9.4m, although profit before tax was down 68% from last year, to €4.1m.

The disruption in the sporting schedule, which meant the top European football leagues didn’t start the new season until the end of the quarter, meant Catena’s sports segment represented just 30% of its total revenue with €7.5m. The casino segment represented 64% of total revenue at €16m.

In terms of year-to-date, operating revenue increased by 4% to €79.4m up until the end of September, with organic search revenue up 11% to €72.3m from last year. Adjusted EBITDA rose by 23% up to €39.7m, while operating profit was up from €21.6m at the same period last year, to €28.5m. But profit before tax was down 71% to €6.3m.

Catena Media CEO Per Hellberg, said: “Given the current Covid-19 situation, we foresee an unpredictable market unfolding for quite some time.

“Through our strategic review, we foresee significant mid-term and long-term growth opportunities, but the journey is likely going to be challenging, as the past eight months have already demonstrated.”