Raketech names Svensson as permanent CEO
Affiliate giant Raketech has appointed Johan Svensson as its permanent chief executive with immediate effect.
Svensson has been leading Raketech as acting CEO sinceĀ Oskar MĆ¼hlbach stepped down as CEO in January.
A co-founder of Raketech,Ā Svensson was previously CEO of the group before stepping aside in 2017. After this, heĀ became chief commercial officer with responsibility for partnerships, mergers and acquisitions, and business integrations.
āI am excited to return to the role of CEO at Raketech,ā Svensson said. āI look forward to working with our talented team to build on our strong foundation and drive further innovation and growth.Ā
āOur focus will remain on delivering exceptional value to our customers, employees, and shareholders.ā
Raketech chairman Ulrik Bengtsson also welcomed Svenssonās return as CEO. He said: āWe are excited to officially name Johan as our permanent CEO. His deep connection and commitment to Raketech and proven leadership abilities make him the ideal choice to steer the company into its next phase of growth.ā
Raketech misses Q1 targets
The appointment comes off the back of Raketech last weekĀ publishing its financial results for Q1. Figures show that despite a 20.1% rise in revenue to ā¬19.0m (Ā£16.3m/$20.6m), adjusted EBITDA and net profit fell.
Revenue from sub-affiliation, the part of the business that includes Raketech Network and AffiliationCloud, increased 149.8% to ā¬9.0m. However, affiliation marketing revenue fell 18.5% to ā¬8.8m and revenue from betting tips and subscription income dropped 14.9% to ā¬1.2m.
Total sports betting revenue hit ā¬3.5m, down 7.5% year-on-year and accounting for 18.4% of all Q1 revenue. However, this was more than offset by casino growth, with revenue up 28.8% to ā¬15.5m, or 81.6% of total revenue.
However, revenue growth was more than offset by an increase in costs, with total operating expenses up 47.5% higher year-on-year at ā¬17.7m. When also including finance-related costs and tax, bottom-line net profit dropped 93.8% to ā¬174,000.
Adjusted EBITDA, meanwhile, fell 17.2% to ā¬5.1m.
