Catena Media CEO Manuel Stan believes the affiliate now has a “strong base” to deliver profitable growth after a “challenging” Q3.
The company revealed ahead of Thursday’s financial report that it was making 29 staff in its content department redundant, with the Q3 results confirming the tough landscape faced by Catena.
Revenue for Q3 fell 33 per cent to €10.7m and North America revenue fell to €9.5m, down by 29 per cent.
New depositing customers totalled 27,342, down 32 per cent from 40,104.
For the nine-month period to the end of September, Catena’s revenue declined 37 per cent to €39.5m, down from €62.3m. Revenue in North America decreased 36 per cent to €35m.
Adjusted EBITDA for the nine months declined 84 per cent to €3.9m, down from €24m.
Stan admitted that Q3 was a challenging quarter, but insisted that there is light at the end of the tunnel for Catena.
“We also completed our new executive management team with the recruitment of Liv Biesemans as chief legal and compliance officer,” he said.
“When Liv joins us on January 1, all five members of the executive management team will be new in their roles.
“With the right teams and strategic priorities in place and a clear focus on our core products, we now have a strong base to tackle our next challenge: delivering profitable growth.”