Financial highlights during fourth quarter 2023
Revenue amounted to
- Adjusted EBITDA (before items affecting comparability) was
EUR 1 405 (2 492) thousand decreasing by 44% year-on-year and increasing 20% quarter-on-quarter. EBITDA amounted toEUR 1 810 (2 342) thousand, decreasing by 23% year-on-year and increasing by 92% quarter-on-quarter. -
Profit after tax was
EUR -8 008 (-20 265) thousand. Adjusted profit after tax (before items affecting comparability and currency effects) wasEUR -409 (564) thousand. Items affecting comparability include an impairment charge ofEUR 7.2 million . -
Earnings per share after dilution amounted to
EUR -0.046 (-0.15). Adjusted earnings per share (before items affecting comparability and currency effects) wasEUR -0.002 (0.004). - New Depositing Customers (NDC) amounted to 45 627 (84 086) decreasing by 46%.
-
Cash flow from operating activities amounted to
EUR 688 (1 538) thousand.
Financial highlights for full year 2023
- Revenue amounted to an all-time high of
EUR 39 354 (30 905) thousand, corresponding to a growth of 27% and an organic revenue growth of -14.6%. -
Adjusted EBITDA (before items affecting comparability) was
EUR 6 335 (7 573) thousand, decreasing by 16% year-on-year. EBITDA amounted toEUR 5 457 (7 890) thousand, decreasing by 31% year-on-year. -
Profit after tax was
EUR -31 205 (- 18 421) thousand. Adjusted profit after tax (before items affecting comparability and currency effects) wasEUR -2 272 (1 516) thousand. Items affecting comparability include an impairment charge ofEUR 27.2 million . -
Earnings per share after dilution amounted to
EUR -0.206 (-0.141). Adjusted earnings per share (before items affecting comparability and currency effects) wasEUR -0.015 (0.012). - New Depositing Customers (NDC) amounted to an all-time high of 327 921 (186 550) increasing by 76%.
-
Cash flow from operating activities amounted to
EUR 4 240 (5 596) thousand. - The Board of Directors proposes that no dividend will be paid for the financial year 2023.
Important events during the quarter
As communicated in Q3 2023 report, on
During the period, the Board of directors of
- On
30 November 2023 ,Acroud Media Ltd acquired 100% of the ordinary share capital ofAcroud Sports Limited fromAcroud AB andRIAE Media Ltd in exchange for consideration shares such thatAcroud Media Ltd is now the sole shareholder entity ofAcroud Sports Limited . -
On
31 December 2023 ,Acroud Sports Limited transferred the trade and assets of itsUK branch toAcroud Media Ltd in exchange for an interest-free intercompany loan note.
Pursuant to step 2 above, the intention is to proceed with a solvent liquidation of
The scope of this intra-group restructuring is in order to optimise the Group's cost base by way of creating leaner and more efficient structure, which is expected to strengthen the Group's cash flow generation going forward.
Important events after the quarter
After the quarter, we also divested all our poker-related assets. This strategic move was made in light of poker's declining popularity following its initial surge during the COVID-19 pandemic, as well as the SEO challenges.
CEO comments: A mixed quarter full of activity.
During the fourth quarter,
Strategic Progress
Our decision to diversify the business three years ago has proven to be correct. Considering the challenges traditional SEO business faces, due to changing search engine algorithms and the increased introduction of AI technology,
Regarding the acquired business within media, there are still challenges, especially when it comes to forecasting, as it is an extremely dynamic business very dependent on sports results. However, during Q1, we will make the final instalment payment for the acquisition. And when we sum up all parts of this deal, we will have paid less than 2x EBITDA for our share of the company. This has thus been one of the best deals we've made.
Another strategic change that was made during Q4 was to shift focus to a different type of NDC that has higher value, and naturally, a higher acquisition cost as well. Moving forward, we want to have a good mix of different NDCs, hence we will be able to see these variations in the future.
Divestment of Poker
After the quarter, we have also divested all our poker-related assets. Poker has been a declining product for us, taking both focus and resources to try to slow the decline.
This strategic action was taken against the backdrop of poker's decreasing popularity after its initial increase during the COVID-19 pandemic, and the aforementioned SEO challenges.
Organizational Changes
We are pleased to welcome
In conclusion,
Join the Ride!
CEO
The webcast and the presentation slides will be available on www.acroud.com
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