Online affiliate and content marketing firm Raketech is targeting further geographic expansion after posting Q1 2019 results showing an increase in total revenues of 78.2 per cent to €8.7m (Q1 2018: €4.9m).
Organic growth stood at 21.5 per cent (10.2 per cent), adjusted EBITDA increased by 38.3 per cent to €3.5m (€2.5m) with a margin of 54.1 per cent, while profit for the period was €4.7m (€0.9m).
New depositing customers increased by 76.1 per cent to 28,607 (16,243).
During the quarter, an outstanding debt of €7.7m from a previous loan was repaid and an agreement was reached with one party to waive a sum of €2.3m, regarded as other income in the consolidated statement.
Subsequent events after the end of the period include the appointment of Oskar Mühlbach as chief operating officer and the acquisition of assets of Finnish sport listing website TVmatsit.com for an initial purchase price of €1.6m.
Raketech CEO Michael Holmberg said: ”The beginning of the year has been characterised by the ongoing stabilisation phase in the Swedish gaming market, following the introduction of the new gambling legislation in January 2019. I am therefore happy to announce that we are delivering a good quarter and that we maintain our focus on organic growth and geographical expansion.
“Organic growth amounted to 22 per cent of the revenues, and the key driver for this growth is higher traffic volumes, especially for our casino products and our TV sports guides.
“While maintaining our position as a market leader in Sweden, we are simultaneously increasing our focus on geographical expansion. We have global ambitions and prioritise markets that are important to our partners, the gaming operators. As such, we are further strengthening our organisation for future expansion, both in terms of employees and technical platforms.
“We are committed to creating sustainable growth across all of our markets – current as well as future markets. I am confident in our ability to continue strengthening Raketech’s position as a leading affiliate with innovative and responsible services high on the agenda.”
