Catena Media doubles revenue for first quarter 2017
Catena Media saw record breaking sales of €15.23m ($16.9m/£13m) for the first quarter of 2017, up 104% on the same period of 2016.
Operating profit increased to €6.64m for the first quarter of 2017, an increase from €3.18m for the first quarter of last year.
Meanwhile, the company recorded EBITDA of €7.22m for the first three months of 2017, up from €3.34m year-on-year, and this related to an EBITDA margin of 47%.
Robert Andersson, chief executive of Catena Media, said: “The first quarter of the year is seasonally strong and we are pleased to note stable growth numbers in our existing assets.
"AskGamblers is a great example of assets which we acquired early last year and which have trended very positively since.”
“Overall, the first quarter was primarily characterised by the successful integration of our US operation, several on-going negotiations in multiple markets and the acquisition of the casino affiliate Slotsia.com.
“We were also pleased to reach a new agreement with the founder of SBAT that replaced the former earn-out agreement with an immediate and final payment as settlement for the asset acquisition.
"The fast pace of growth has also given us a delicate problem of outgrowing our office space in London, Malta and Serbia."
Andersson added: “We have therefore moved our offices in London and Serbia during the first quarter and will move in Malta during the third quarter.
"We have also expanded our efforts in Budapest where we have our outsourced technology teams.”
Speaking about M&A strategy, Andersson said: “As a consequence of our current M&A pipeline in combination with strategic initiatives, the board of directors has decided that the move to the Nasdaq Stockholm main market would be best suited to H2 2017.”