Catena Media said it was able to handle the first-stage complexities of the COVID-19 market, as the company posted a strong opening to year-trading.
Reporting top-line growth through key metrics, Catena, listed in Stockholm, posted a 2 percent rise in corporate revenues to €26.7 million (Q1 2019: €26.1 million).
Revenue performance was sustained by its casino division, which contributed 61% of sales during trading in the first quarter – sports betting (33%) and financial services (6%).
Continuing to work under the cost-effectiveness criteria set out in its Strategic Review for 2019, Catena reported that it had made ‘no major investments’ during the opening months of 2020.
Minimizing expenses across its publishing network, Catena was able to trade on a dramatically improved profit margin of 47%, with EBITDA rising by 12% to €12.5 million (Q12019: €11.2 million).
Catena Media CEO Per Hellberg said: “Our business remains strong and I am happy to see that revenues in the first quarter increased compared to last year and that April has continued to develop well, despite weaker performance from the Sports segment.
“Our measures to improve cost efficiency – especially during these difficult times – allowed us to increase profitability by 15 percent compared to last year. Further, it makes me proud to see that our employees continue to achieve great things while working remotely.”
Catena clarified that their attention on Q2 has changed completely and will now deal with COVID-19 impacts, in which the operator clarified in depth that certain European jurisdictions will ‘enforce temporary limitations’ on igaming operators.
To date, the organisation notes that COVID-19 impacts on its activities were minimal, as Catena had made numerous adjustments prior to the outbreak through its strategic review.