Raketech: Strong start to July - Nordea

Raketech just released Q2 numbers in line with its earlier announced reversed profit warning, with revenues of EUR 17.6m and EBITDA of EUR 5.5m. Organic growth came in strong at 56%, supported by sub-affiliation and affiliation marketing. The cost base came overall in-line with expectations, with direct cost driven by the strong performance in the networking business. The US market now represents 7% of group revenues (Q1 23: 12%), with the US sporting calendar softened from mid Q2, expected to return from September and onwards. Raketech reiterates its guidance of revenues in the interval of EUR 65-70m for 2023, with an EBITDA of EUR 23-25m (including EUR 2m in non-recurring items). Trading update: A strong start to the third quarter with daily average revenues in July of EUR 0.22m (driven by Casumba and Sub-affiliation), 32% ahead of NDA Q3’23 average revenue estimate of EUR 0.165m. Strong number given that we expect activity to accelerate further throughout Q3. Overall a solid report where focus from the market will be on the trading update.