Q3 2024 Catena Media PLC Earnings Call Transcript
Key Points
- Catena Media PLC (LTS:0RUE) has implemented a new organizational structure, leading to an annual cost saving of approximately EUR2.2 million starting in Q4.
- The company has completed a brand new executive management team, enhancing leadership capabilities.
- Despite a decrease in overall revenue, adjusted EBITA improved by 97% quarter on quarter, with margins increasing from 5% in Q2 to 13% in Q3.
- North America contributed 89% of group revenue, showing an increase from 84% in the same period last year.
- The company has made significant efforts to improve profitability, with a 26% decrease in the adjusted cost base compared to Q3 2023.
- Q3 revenue from continued operations was EUR10.7 million, down 33% from the previous year.
- Adjusted EBIDA decreased by 58% from the previous year, indicating financial challenges.
- Sports revenue saw a significant decline, down 60% compared to the previous year, due to increased competition and lack of new state launches.
- North American casino revenue decreased by 12% year on year, highlighting challenges in maintaining growth.
- The company took a non-cash impairment charge of EUR40 million related to a write-down in the book value of certain sports and casino assets.
Good morning, everyone. Welcome to Katina Media's Q3 interim report.
I am Manel ST and today I am joined by our Chief Financial Officer Michael Gerrow.
Today we will be speaking to our Q3 interim report related financials and our strategy and outlook for the first part of the presentation, participants will be in listen-only mode and during the questions and answer session, participants will be able to ask questions by dialing in.
We will start today's presentation with a high level summary of the most important developments in the quarter.
During the quarter into October, we have finalized the work on our new organizational structure.
This included implementing a flatter content production function that creates a solid foundation for future growth led by a lean product focused organization.
The streamlining of the content vertical involved a difficult decision to part ways with 29 employees.
This will generate an annual cost saving of around EUR2.2 million. EUR starting in Q4.
We have also completed a brand new executive
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