Catena Media said it has been able to navigate first-stage COVID-19 business complexities, as the company recorded a strong opening to year trading.
Reporting top-line growth across all core metrics, Stockholm-listed Catena recorded a 2% increase in corporate revenues to €26.7 million (Q12019: €26.1m).
Revenue performance was maintained by its casino segment, which contributed 61% of revenues during first quarter trading – sports betting (33%) and financial services (6%).
Continuing to operate under the cost efficiency mandate established by its 2019 strategic review, Catena detailed that it undertook ‘no major investments’ during 2020 opening months.
Minimising costs across its publishing network, Catena was able to trade on a significantly improved earnings margin of 47%, as company EBITDA increased by 12% to €12.5 million (Q12019: €11.2m).
“Our business remains strong and I am happy to see that revenues in the first quarter increased compared to last year and that April has continued to develop well, despite weaker performance from the Sports segment,” said Catena Media CEO Per Hellberg.
“Our measures to improve cost efficiency – especially during these difficult times – allowed us to increase profitability by 15 percent compared to last year. Further, it makes me proud to see that our employees continue to achieve great things while working remotely.”
Catena explained that its focus for Q2 has shifted entirely and will now be dealing with COVID-19 impacts, in which the operator detailed that certain European jurisdictions will ‘enforce temporary limitations’ on igaming operators.
Thus far, the company states that COVID-19 impacts have been marginal on its operations, as Catena had implemented several changes through its strategic review, prior to the outbreak.