Catena Media has published its interim report for January-March 2022, reporting Q1 revenue of €45.2 million ($47.5 million). The number marks an 11% growth compared to Q1 of 2021 when the company also recorded a strong start of the year and represents an all-time high in revenue and earnings for the company. A number of events impacted the growth, including the legalization of online sports betting at the beginning of the year in New York and Louisiana.
Catena Media Had a New Quarter of Record-Breaking Performance
The online lead generation company with a retention rate that surpasses 5 million users a month also recorded a 32% revenue growth in North America compared to last year’s Q1 numbers. The numbers reached €29.5 million ($31 million), standing for 65% of the company’s revenue. The adjusted earnings before interest, taxes, depreciation and amortization went up 2% to €25.6 million ($26.9 million), marking the ninth consecutive increase on a quarterly basis.
Catena Media’s chief executive officer Michael Daly expressed the company’s pleasure to “report another quarter of record-breaking performance.” Daly added that the main focus was on the North American market and the legalization of the online sports betting market in Louisiana and New York in January 2022. The company managed to make “strong headway” in both of these states. New York, the group’s biggest market in North America, exceeded expectations in the context of the highest advertising budget for the launch of a US state launch.
Catena Media also acquired i15 Media and Lineups.com in 2021. The companies’ strategic contribution and market know-how helped bolster Catena’s position in both states. Catena Media was also involved in a continuous share buyback program which helped it repurchase 1,353,000 of its own ordinary shares for €5.8 million ($6.11 million) in March. At the moment, the group owns 4.8% of its ordinary shares.
Catena Is Confident in Its Ontario Market Positioning
The heavy advertising restrictions imposed on Ontario’s gaming operators did not set the ground for a spectacular launch of Ontario’s online casino and sports betting market at the beginning of April. This convinced Catena Media to limit its number of chosen operators that would join the market to “only a handful.” Nonetheless, ever since, the number kept rising and more operators were gradually introduced to the public. The company remains confident in its market position in Ontario, regarding the market as one that would be suitable for a potentially fruitful relationship in the long term. The company anticipates a “stronger revenue inflow” in future months in anticipation of the National Football League season that will begin in September.
Daly is also looking forward to a “busy year ahead” and the company is prepared to reach its financial goals by making important investments in its staff and getting them ready for upcoming market launches and bigger growth.