Raketech, a Raketech affiliate company, has named Johan Svensson its new permanent CEO with immediate effect.
Svensson is the acting CEO of Raketech since Oskar muhlbach left his position as CEO at Raketech in January.
Svensson, a co-founder at Raketech and former CEO before his resignation in 2017, was also a member of Raketech’s board of directors. Svensson then became the chief commercial officer, responsible for business integration, partnerships, mergers, and acquisitions.
Svensson stated, “I’m excited to be returning to my role as CEO of Raketech.” Svensson said, “I am excited to return to the role of CEO at Raketech.
Our focus will be on providing exceptional value to customers, employees, and shareholders.
Ulrik Bengtsson, Raketech’s chairman, also welcomed Svensson back as CEO. Johan Svensson is our new permanent CEO, he said. He is the perfect choice for the next phase of the growth, because he has a deep commitment and connection to Raketech.
Raketech fails to meet Q1 target
Raketech published its Q1 financial results last week. This appointment follows on from that. The figures show that, despite an increase of 20.1% in revenue (to EUR19.0m/PS16.3m/$20.6m), the adjusted EBITDA as well as net profit both fell.
Sub-affiliation revenue, which includes Raketech Network, AffiliationCloud and other parts of the company, rose 149.8%, to EUR9.0m. Affiliate marketing revenue dropped 18.5%, to EUR8.8m. Revenue from subscriptions and betting tips also fell 14.9%.
Sports betting revenues totalled EUR3.5m in Q1, down 7.5% on the previous year and representing 18.4% of revenue. Casino revenue grew 28.8%, to EUR15.5m or 81.6%, more than offsetting this decline.
The increase in operating costs was 47.5%, or EUR17.7m, higher than the previous year. After accounting for finance costs, tax and other expenses, the bottom line net profit fell by 93.8%.
The adjusted EBITDA fell by 17.2%, to EUR5.1m.
