Sportradar declared double-digit growth in revenues this week with the Swiss sportstech and data group announcing clearance of all commercial and operating objectives for 2023.
The Nasdaq-listed company’s full year accounts saw company revenues rise by 20% from €730m in 2022 to €878m last year, with EBITDA also increasing by 33% to €167m (FY2022: €125m).
Segment by segment, the company saw a 14% increase in audiovisual and media sales to €182m (FY2022: €161m) combined with an EBITDA result of €52m (FY2022: €46m). This was driven by media-rights packages for South America’s CONMEBOL and exclusive NBA rights.
In the US, revenues were up by 33% from €127m to €166m, reflecting strong sales of extended NBA data rights with BetMGM and Caesars combined with an uplift in the sale of ‘add-on’ US wagering and intelligence services.
US trading saw Sportradar complete a corporate milestone, as the segment achieved an EBITDA profitability of €19m, reversing FY2022 losses of €4m.
Group CEO and Co-Founder, Carsten Koerl, stated: “2023 was another dynamic and successful year for the company, delivering our third consecutive year with more than a 20% increase in revenue growth, improved profitability, and margin expansion.
“We are pleased with our growth momentum, fueled by our best-in-class content portfolio, innovative product roadmap, and technology capabilities.”
Further segment breakdowns saw ROW betting services register a 20% increase in sales to €467m (FY2022: €389m) and a 25% increase in EBITDA to €210m (FY2022: €182m).
Growth in ROW betting services was attributed to a higher +48% demand for Sportradar Managed Betting Services (MBS) and live odds services by existing clients and new partners.
Elsewhere, Sportradar’s ROW segment registered a 14% increase in Audiovisual and media sales to €182m (FY2022: €161m) combined with an EBITDA result of €52m (FY2022: €46m).
FY2023 accounts indexed higher corporate expenditure in segments of Purchased Licences (€152m), Sports Rights (€214m) and Personnel Costs (€326m). Closing its FY2023 accounts, Sportradar declared corporate profits of €34.6m, reflecting a three-fold increase from €10.5m recorded in FY2022.
Sportradar expects at least a 20% year-over-year growth in revenue and Adjusted EBITDA for fiscal 2024, projecting revenue of €1bn. As of December 2023, cash and cash equivalents stood at €277m, with the company maintaining total liquidity, including undrawn credit facilities, at €497m.
The company authorised a $200m share buyback program, highlighting confidence in its financial health and future. For fiscal 2024, Sportradar projects a minimum 20% increase in revenue to €1.05bn and adjusted EBITDA of €200m respectively, with an adjusted operating margin of 19%, as well as targets assumed on a Euro to USD exchange rate of 1.07.
Koerl concluded: “For 2024, we plan to continue to scale our business globally, targeting at least a 20% growth in revenue and adjusted EBITDA.
“Given our market leadership and confidence in the long-term profitability and cash flow outlook for the company, we have authorised a $200m share buyback program. We remain laser-focused on disciplined execution of our growth strategy and delivering tremendous value for our clients and our shareholders.”
