Sportradar posts solid Q2 2024 results, updates outlook

The leading global sports technology company delivering immersive experiences to bettors and sports fans, Sportradar Group AG, released its latest financial results.

Revenue on the rise in Sportradar's Q2 report

The company uncovered details regarding its performance for the second quarter or the three months ended June 30, 2024.

Highlighting its exceptional performance, Sportradar reported €278.4m in revenue for the second quarter of 2024.

This result, when compared to the corresponding period in 2023, showed an increase of 29%, highlighting the ongoing positive momentum gained by the company.

A breakdown of the €278.4m in revenue points to an increase in Sportradar's two main subdivisions, Sports Content, Technology and Services, as well as Betting Technology and Solutions.

The revenue from Sports Content, Technology and Services increased by 22% year-over-year in Q2 this year to €49.3m.

On the other hand, Sportradar's Betting Technology and Solutions revenues reported the lion's share of the revenue. In total, the division's revenues hit €229.1m, marking an uptick of 30% when compared to Q2 in 2023.

Further highlights from Sportradar's Q2 2024 unaudited report reveal that adjusted EBITDA for the latest trading period marked an increase of 22% year-over-year to €48.8m.

Net cash also showed an increase. Per Sportradar's Q2 2024 report, the net cash generated from operating activities since the start of the year hit €152.6m, a figure that points to an increase of 17% year-over-year.

The company's boss is pleased with the latest results

Carsten Koerl, Sportradar's Chief Executive Officer, commented on the topic in a statement.

"Our strong second quarter results, including another quarter of record revenues, are a testament to the operating momentum we are generating across our business and the clear execution against our strategies to drive outperformance versus the market," he revealed.

Additionally, Koerl spoke about the company's robust growth, efficiencies and strong client uptake.

Last but not least, Sportradar's Chief Executive Officer said: "I am pleased to once again raise our full-year guidance as we continue to build long-term shareholder value through strong topline growth, a focus on delivering additional operating leverage and increasing cash flow generation."

Sportradar updated its outlook

Besides details regarding its performance during the second quarter, Sportradar updated its fiscal 2024 outlook for both adjusted EBITDA and revenue.

The outlook for Adjusted EBITDA was previously set at €202m. However, in light of the strong results, Sportradar updated its outlook to €204m.

The company previously set a €1.06bn revenue outlook for the year which was updated to €1.07bn.

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