Raketech notes 27% revenue increase for Q1 as non-Nordic profit rises
Japanese market continues to grow for the affiliate after impressive Asia performance last year
Raketech has reported a Q1 revenue increase of 26.6% to €8.3m.
Organic growth amounted to 5.4%, a considerable leap from -10.7% a year ago.
A rise in NDCs was also found, climbing 23.5% to 39,874.
Casino income made up 82.5% of total revenue, while proceeds from sports betting climbed to 17%, mainly from US assets.
Non-Nordic revenue also significantly increased by 35%, which is an all-time high and places Raketech on course to reduce its reliance on business from Nordic countries.
Its Japanese segment continued to thrive in Q1 after significant growth last year and now accounts for 11% of the overall business.
EBITDA reached €3.2m, corresponding to a margin of 38.7%, whereas operating profit amounted to €1.6m on a margin of 18.9%.
Overall profit for the period climbed to €1.1m, noting no change from Q1 in 2020.
Direct expenses increased by €1.3m to €2.9m, mainly driven by paid media through its new product following the acquisition of Lead Republik.
The immediate focus for the group is on football and maximising revenue during Euro 2020, which was postponed last year due to the pandemic.
Geographical expansion and commercial diversification is also planned via R&D and M&A.
Raketech’s share price dropped by more than 6% in early trading on Nasdaq Stockholm.