Raketech sees total profit drop 77% for Q1

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Raketech sees total profit drop 77% for Q1

By Iqbal Johal

Despite a slight year-on-year revenue increase for Q1 2020, Raketech has reported a 77% drop in total profit for the quarter.

Revenue for the first three months until 31 March increased 1% from 2019 to €6.5m ($7m), which also represents a 12% quarter-to-quarter rise.

However, profit was down. Total profit decreased to €1.1m, while operating profit saw a 50% fall from 2019 to €1.4m and profit before tax dropped 54% to €1.1m.

EBITDA also decreased, down 26% on 2019 to €2.6m, with a margin of 40.2%, down 13.9%.

Preliminary revenue for April shows a 41% rise from 2019, up to €2.4m, although the affiliate has urged caution when it comes to future projections, due to the impact of COVID-19 and temporary restrictions in Sweden.

Raketech CEO Oskar Mühlbach said: «The market situation is currently volatile and unpredictable.

«We are and will therefore continue to be extra careful with guiding on the upcoming quarter or year in terms of expected revenues.

«What we do know is that our operational performance is more stable than ever and that we continue to deliver on our operational goals.»

In March, Raketech announced the acquisition of gaming affiliate Lead Republik for €1.4m.

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