Catena Media share price surges on “exceptionally strong” Q1 trading update
Malta-based affiliate expects to report record revenue of approximately €40m in Q1 as stock jumps 17%
Catena Media’s share price shot up by more than 17% in early trading on Nasdaq Stockholm after the affiliate released an “exceptionally strong” preliminary trading update for Q1.
Following a strong start to the year in January, the affiliate expects to report all-time high revenue and earnings in the first quarter, which would come in significantly ahead of prior expectations.
Updating the stock market, Catena Media said estimated Q1 revenue would reach €39.1m-€40.4m (GBP), reflecting an uptick of approximately 50% on the prior corresponding period.
The guidance also suggests a significant quarterly rise after Q4 2020 revenue came in at €26.6m.
Adjusted EBITDA, excluding items affecting comparability, is also estimated to be in the range of €23.9m-€25m, reflecting an estimated increase of around 90% on last year’s figures.
The adjusted EBITDA margin is expected to be around 60%.
According to the Malta-based affiliate, the “exceptionally strong” performance is the result of a dedicated team effort to leverage strong market momentum, particularly in the US, as supported by successful launches in Michigan and Virginia at the start of the year.
Michael Daly, who was appointed Catena Media CEO in January, said: “This trading update reaffirms our strong start to the year and I am excited and proud of our team’s exceptional focus on driving our global portfolio of affiliation brands and the resulting performance.”
The final results for Q1 2021 will be published on 19 May 2021.