Raketech 2Q22 revenue up 28.6% despite “challenging” conditions

Content Team 1 year ago
Raketech 2Q22 revenue up 28.6% despite “challenging” conditions

Raketech, an affiliate and content marketing firm, said its 2Q22 revenue was up 28.6 percent despite challenging conditions in the quarter.

Total revenue for the three months to end-June rose to EUR11.18 million, taking revenue for the year so far to EUR23.98 million. Adjusted EBITDA came in at EUR3.95 million, up 16.6 percent, while earnings per share in the quarter were flat at EUR0.03. 

Oskar Mühlbach, group CEO said he was happy with the group’s 2Q22 performance, which had been achieved despite challenging market conditions. The results also compare with last year’s figures, which received a Covid-related boost and benefited from the UEFA Euro soccer tournament.

Regulatory challenges

Organically, however, he said the company suffered a 4 percent decrease due to the Finnish market stabilising at lower levels due to changes in legislation, which had been expected. The drop was also attributed to the network no longer being available in Dutch and German markets due to regulations. 

“Furthermore, as Q2 is a seasonally weaker period for sports in the US, revenues from this market were as expected lower than those in Q1, representing 12 percent of the group’s total. At the same time, revenues from the Nordics were 47 percent of the group total thanks to the strong performance from our core portfolio,” he added.

U.S. revenue came in at EUR1.3 million.

The company said its business had benefited from one of Google’s core updates in the period, with the change in algorithm aiding its flagship assets in the Swedish market, which experienced increased organic visibility. 

Following the end of the quarter, July revenue continued to perform strongly due to growth in its core assets as well as promising results from its new product, the Affiliation Cloud, which is in beta-phase testing. 

“We have therefore increased investments into this area to ensure we maximise our ability to onboard new clients, while ensuring a great user experience for both affiliates and operators,” the CEO said, adding Affiliation Cloud revenue for the quarter was EUR200,000. 

Raketech says the second half of the year is typically stronger than the first, as the American Football Season comes into play and the FIFA World Cup to look forward to in November and December.

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