Raketech, a prominent player in the digital marketing sphere, has disclosed its financial results for the first quarter of 2024, shedding light on its operational performance and strategic trajectory.
During the first quarter of 2024, Raketech recorded revenues amounting to EUR 19.0 million, showcasing a robust organic growth surge of 20.1%. This surge, propelled by the steadfast performance of sub-affiliation, underlines the company’s resilience amidst evolving market dynamics.
Navigating Challenges and Seizing Opportunities
While the overall performance demonstrated resilience, certain headwinds were encountered, particularly in the Swedish market. The impact of the Google Core update on the Casumba assets contributed to softer performance, offsetting gains from other regions and product segments. Despite these challenges, sub-affiliation emerged as a significant contributor to EBITDA, reflecting the efficacy of Raketech’s diversified revenue streams.
Looking ahead, Raketech maintains a cautiously optimistic stance, with current trading patterns indicating an anticipated adjusted EBITDA of approximately EUR 20.0 million for the entirety of 2024. Furthermore, the company foresees a favorable trajectory for free cash flow, closely mirroring adjusted EBITDA figures.
In a strategic move reflective of its commitment to long-term growth, Raketech’s board announced the withdrawal of its proposal to distribute dividends for the year 2024. This decision underscores the company’s prioritization of financial flexibility and sustainable value creation, aligning with its overarching objectives.
Raketech’s Acting CEO, Johan Svensson, expressed confidence in the company’s strategic initiatives and market positioning. She said, “In the first quarter of 2024, we delivered EUR 19.0 million in revenues, representing an organic increase of 20.1%, primarily driven by Sub-affiliation. Adjusted EBITDA came in at EUR 5.1 million, while EBITDA was EUR 4.3 million, consistent with our trading update published on 1 May. We remain confident in our market-leading product offerings and see promising growth opportunities through our strategic initiatives in sports offerings, exclusive partnerships, and media deals. These efforts will position us well for continued growth in the coming years, and we remain committed to maximizing shareholder value.”
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