Catena Media Posts First Quarter Fiscal Results

Gaming marketing firm Catena Media has announced that they've released their first quarter financial results, revealing that they failed to hit their goals due in large part to regulation crackdowns that have affected Catena's bottom line.

Key financial indicators for the quarter ending March 31st, 2019 were:

• Revenues of €26.1 million, up 9% from the same period last year
• Search revenues made up €21.7 million, up from last year
• Subscription activity was €900,000, up from nothing last year
• New depositing customers were down 7% to 124,007
• 78% of revenue came from regulated markets
• Personnel costs were up to €5.6 million
• Operating costs amounted to €5.9 million
• Operating profits of €7.8 million
• Pre-tax profits were down to €2 million
• EBITDA was up 8% to €11.2 million

Commenting on the results CEO Per Hellberg said, "Everything we are doing is now converging in the right direction. We are continuing our long-term transformation, based on the strategies of organic growth, fewer but larger brands and increased cost control.

"We are agilely adapting to changing conditions and expect to see positive developments from the second quarter onwards.

"History has taught us that that new regulations tend to initially dampen the markets somewhat before turning upwards again. New regulation in Sweden further solidified this theory.

"Revenue of many operators dropped dramatically in Sweden. For the long term we expect this will prove beneficial for us. Since operators will need even more players, there should be even higher demand for our services.

"Additionally, with Swedish legislators considering restricting marketing channels for online gambling, our offering will grow even stronger."