Nasdaq Stockholm-listed group Catena Media has revised its financial targets, due to delays in the United States and a prioritisation of organic growth above acquisitions.
The previously announced growth and earnings target of adjusted EBITDA of €100m in 2020 is now expected to be reached in 2021, while the second target relates to leverage, where the goal is to operate within a net interest-bearing debt and adjusted EBITDA of 1.5 to 2.5x.
With a delay in US roll-out and uncertainties in launch timings for additional states, CEO Per Hellberg said: “The talk of new states regulating has now turned to action. The forecasts are not yet in, but the potential is there to double our US revenues in the second half of 2019.”
In Q1 2019, Catena’s revenues increased by nine per cent to total €26.1m (€23.9m), EBITDA was up by eight per cent to €11.2m (€10.4m), corresponding to an EBITDA margin of 43 per cent.
Adjusted EBITDA excluding non-recurring costs decreased by 10 per cent and totalled €11.2m (€12.4m), corresponding to an adjusted EBITDA margin of 43 per cent (52 per cent).
During Q1, Catena appointed a new interim group CFO, Erik Edeen.
