SBC News Voice of the Sports Betting Industry
Raketech Plc cites confidence in achieving its full-year 2023 financial and corporate objectives, following record-breaking Q2 results.
Publishing its latest trading update, Raketech sees its media network achieve all-time high quarterly revenue of €17.6m. The revenue result reflects a 56% increase on 2022 Q2 comparatives of €11.3m.
The Nordic Nasdaq media group underscored “an organic growth of 56.0%” combined with “strong development within Sub-affiliation/Network was complemented by continued stable growth within high-margin Affiliation Marketing”.
A breakdown of units saw the ‘Affiliate Marketing’ division (lead generation and performance marketing) register a 28% increase in sales to €10.3m.
However, Raketech’s ‘Sub-Affiliate’ business (managed solutions) marked as the standout performer generating a 192% increase in Q2 sales of €6.3m.
Elsewhere, the firm’s new ‘Betting Tips’ unit registered a 6% decline in sales to €1m, corresponding to a seasonal sports slowdown in the US – with performance expected to recover from September onwards.
In its ‘Growth Plans’, Raketech cited a strong outlook for its ‘Affiliation Cloud’ solution which reached the ‘+500 available operator deals’.
Detailing a ‘better-balanced product mix’, Raketech registered an underlying Q2 EBITDA of €5.5m (31% margin), up 45% on 2022 results of €4m.
H2 trading sees Raketech governance upgrade its full-year guidance forecasting revenues of EUR 65-70m and FY EBITDA of €23-€25m, and a free cash flow of €13m-€15m – driven by strong commercial projections for its Casumba media property and Sub-affiliation/Network.
Raketech CEO, Oskar Mühlbach, said: “Raketech continued to deliver strong growth during the second quarter of 2023, with total revenues of €17.6m, another all-time high for the group, corresponding to an organic growth of 56% Y/Y.
“A particularly strong development within Sub-affiliation/Network was complemented by continued stable growth within high-margin Affiliation Marketing, resulting in an EBITDA of €5.5m, we remain confident about our recently upgraded full-year guidance for 2023.”
