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Affiliate group Raketech achieved a historic revenue peak in Q2 2023 as it generated €17.6m, marking a significant increase from the €11.3m reported in the prior year period.

Q2 not only improved significantly compared to the same quarter last year, but also surpassed the recently set record in Q1 2023.

It also represents substantial organic growth of 56% year-on-year, compared to a 4% decline in the same period of the previous year.

Revenue from affiliate marketing reached €10.3m, up 28%, making it Raketech’s largest business area, accounting for 59% of total revenue.

A significant part of this growth momentum stems from Casumba, the affiliate business focused on the Japanese market that Raketech acquired in 2019.

Sub-affiliation generated €6.3m and accounted for 35.8% of the total revenue, up from 19.1% in Q2 2022.

Raketech CEO Oskar Mühlbach said the sub-affiliation business area, providing SaaS solutions and club commercials to affiliates, “had an exceptionally strong quarter, driven by favourable market development, with Latin America and the Nordics leading the way.”

However, it wasn’t all sunny skies for Raketech, as the company saw its revenue from the betting tips and subscriptions segment drop by 6% year-on-year. Raketech attributed the decrease partially to currency fluctuations.

The company’s EBITDA showed a promising surge, growing by 45% year-on-year to reach €5.5m during the quarter.

However, the EBITDA margin settled at 31.1%, slightly lower than the 33.6% achieved in Q2 2022, mostly due to the larger contribution from the lower margin sub-affiliation business.

H1 results and outlook

In H1, revenue totalled €33.4m, up 39.2% from H1 2022. That growth was all considered organic, and new depositing customers (NDCs) increased by 62.7%.

Reported EBITDA increased to €11.6m, up from €8.9m in the prior year period, at a margin of 34.7%.

Shifting focus to subsequent events, Raketech started July 2023 on a high note, with revenues touching €6.9m, a considerable jump from €3.9m the previous year.

The company’s optimism about its future prospects remains intact, with an upgraded full-year guidance for 2023 indicating expected revenue to fall between €65m and €70m.

EBITDA is projected to come in between €23m and €25m, and free cash flow is anticipated to climb to between €13m and €15m.

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