Furthermore, adjusted EBITDA increased by 9% from 2021 to €4.8m in 2022, while operating profit also increased from €2.3m to €2.9m – representing 22% growth.
Based on Raketech’s Q3 numbers, things are looking good for the Malta-based iGaming affiliate and only get better when looking at the figures for the whole year.
Since January, the business has reported revenue of €36.9m, which is 29% higher than at this point last year when it showed revenue of €26.6m. Meanwhile, its adjusted EBITDA has increased by 26%, posting €13.8 in 2022 against €11m for the same period last year.
Oskar Mühlbach, CEO of Raketech, commented on the report, saying: “As expected, activity picked up during the third quarter, driven by seasonality and a continuous positive momentum within our core affiliation segment as well as additional growth from our new business segment, AffiliationCloud.
“Revenues totalled €13.0m, corresponding to 35% growth year over year and 15% growth compared to the previous quarter. Despite the annual comparison still being affected by this year’s regulatory headwinds on the Finnish and Dutch markets, as well as by tough comparison with Covid-boosted numbers last year, Raketech Group delivered organic growth of 14%.
“The US business mix, in combination with a higher share of sub-affiliation has naturally had a somewhat dampening effect on the EBITDA margin in the quarter. With that said, our EBITDA grew 17% year over year totalling €4.8m, representing an EBITDA margin of 37%.”
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