Catena Media Plc has underlined the strategic importance of its globally diversified media portfolio, as a 3x jump in North American revenues and continued Japanese market growth helped offset significant European headwinds. 

Publishing its Q3 2021 interim results for the period ending 30 September, Catena registered operating revenues of €33 million, up 33% on corresponding 2020 results of €25 million.

Growth during Q3 was primarily attributed to North American sports betting and casino revenues increasing by 124%, which now “account for 51 % of group revenues”.

“The results underscore the benefits of Catena Media’s mission to develop a broad international footprint across key sports betting and casino territories, an approach that enables us to offset challenges in one market with gains in another,” read Michael Daly’s CEO statement.

“Our strong performance so far this year provides a good starting point to deliver on the long-term target of double-digit organic revenue growth in 2022 as well.”

Its North American portfolio helped Catena deliver casino revenues of €20 million – an increase from the €16 million in Q3 2020- alongside sports betting revenues of €12.5 million.

Catena cited “Lineups.com and i15 Media assets enhanced performance across segments”.

Elsewhere, Catena highlighted continued gains for its Italian sportsbook inventory, whilst its Japanese activity recorded a doubling in revenues and customer acquisitions during Q3 trading. It stated that “Japan now accounts for 9% of total group revenues”.

Despite maintaining revenue growth, Catena period results were blighted by an increased expenditure of €69 million – attributed to a combined €50 million German and French market impairment charge.

Daly added: “Germany is now a different market, but one that offers long-term promise once the regulatory environment clarifies, the market adjusts and our investments in redeveloping our German sports and casino products begin to bear fruit. Nevertheless, the upward climb will be slow.”

Irrespective of significant German adjustments, Catena delivered a positive Q3 EBITDA of €15 million, including €1.1 million of affected items, marking a 23% increase on corresponding 2020 results of €12.2 million.

For the year-to-date, Catena tracked revenues of €105 million and further maintained a 35% increased YTD EBTIDA result of €51 million (YTD2020: €38 million).

In its investor presentation, Catena disclosed that it would prioritise all options to accelerate growth across Japan, Italy, favourable US states and Canada. 

Daly concluded: “Financially, the group stands on a solid foundation. During the quarter we commenced a share buyback programme to optimise our capital structure by returning capital to shareholders.”

“The acquisition of i15 Media assets underlined our ongoing readiness to use our financial strength when attractive business opportunities arise. That said, I foresee our growth in the coming months as being largely organic as we accelerate the exciting journey of internationalising our products and becoming a truly global force in our industry.”