Catena Media’s 2023 journey marked a pivotal phase in the company’s evolution, emphasizing a strategic shift towards North America’s stable regulatory environment. This year was characterized by significant organizational restructuring, including the sale of non-core assets. These divestments not only facilitated debt reduction but also streamlined operations, paving the way for investments in new data-driven and technological advancements.
A highlight of the year was entering a joint venture aimed at developing a generative artificial intelligence application tailored for the igaming affiliate sector. Furthermore, Catena Media expanded its reach by securing two content partnerships with prominent US media entities, coinciding with the successful launch of sports betting in Ohio, Massachusetts, Kentucky, and Maine. Despite facing intense competition in North America and a cautious approach from online betting and casino operators impacting revenue and earnings, the group anticipates a resurgence in organic growth as 2024 progresses.
Key financial metrics for 2023 reflect these strategic adjustments, with revenue reaching €76,748,000, marking a 22% decrease from the previous year. Adjusted EBITDA stood at €25,447,000, down by 47%, with the margin contracting to 33%. EBITDA was recorded at €23,590,000, a 50% decrease, leading to a similar margin contraction. Operating cash flow saw a 57% reduction, settling at €19,656,000, while net interest-bearing debt improved significantly, decreasing by 65% to €18,356,000. The earnings per share experienced a downturn, reflecting the transitional nature of the fiscal year. The number of new depositing customers (NDCs) also saw a 19% decline.
2023 stands as a testament to Catena Media’s resilience and adaptability in navigating the shifting landscapes of the igaming industry, with strategic realignments setting the stage for future growth and innovation.
“For Catena Media, 2023 was a year of transformation and strategic recalibration. We accelerated the pivot towards a lean, agile organisation focused on leveraging our core strengths in the stable, regulated markets of the Americas. Sales of non-core assets allowed us to streamline the business and achieve net-debt-free status. This process created headroom for investments into technological and data-based innovations that will be foundational for a new phase in our history. We also continued the work of embedding a more predictable revenue model geared to delivering a sustainable income inflow for years to come and a return to growth in the second half of 2024,” commented Pierre Cadena, Interim CEO.
