Sportradar Announces Strong Q2 2023 Financial Results, Aiming for Record Annual Revenue
Sportradar Group AG, a global leader in sports technology, has unveiled robust financial results for the second quarter ending June 30, 2023. The company, known for creating immersive experiences for sports enthusiasts and bettors, reported impressive growth across its segments, reflecting its strategic positioning and innovative offerings.
Carsten Koerl, the CEO of Sportradar, expressed pride in the company’s exceptional performance during the first half of 2023: “We are very proud of our strong performance during the first half of 2023 and remain on track to achieve the highest annual revenue in the Company’s history. We hold a pivotal position in the global sports ecosystem and believe our talent, technology and diverse product offering positions us for strong future growth as we continue to execute against our strategic initiatives.”
Key highlights from the second quarter of 2023
Revenue Surge: Q2 2023 witnessed a remarkable 22% increase in revenue, reaching €216.4 million compared to the same period in 2022, with growth recorded across all segments.
Customer NRR Strength: Sportradar maintained its impressive customer Net Retention Ratio (NRR) at 120% during Q2 2023, reflecting its proficiency in cross-selling and upselling to clients.
Profit and EBITDA Growth: Total Profit from continuing operations, accounting for an €8.0 million one-time loss on the disposal of an equity investment, decreased by €22.8 million compared to the same quarter last year. However, the company’s Adjusted EBITDA surged by 46% to €40.1 million due to strong revenue growth and increased operating leverage.
Enhanced Margins: The Adjusted EBITDA margin saw a significant improvement, rising to 19% during Q2 2023, marking an increase of nearly 300 basis points compared to the previous year.
Strong Liquidity Position: As of June 30, 2023, Sportradar maintained a total liquidity of €484 million, including cash and cash equivalents of €264 million, along with an untapped credit facility of €220 million.
Solidifying presence in emerging markets
The company’s recent accomplishments also include deepening relationships with U.S. operators, securing partnerships with major leagues such as NBA, MLB, and NHL, as well as becoming the exclusive global betting partner for CONMEBOL. Sportradar’s commitment to enhancing South American football’s accessibility and engagement on a global scale has been evident in these strategic moves.
Furthermore, Sportradar has solidified its presence in emerging markets, such as India, through partnerships like its technology collaboration with the Delhi Capitals cricket team.
The company’s dedication to innovation and excellence has earned it multiple awards, reinforcing its position as a leader in the industry.
Sportradar’s consistent growth trajectory and expansion across segments demonstrate its unwavering commitment to providing immersive sports experiences while effectively capitalizing on strategic partnerships and innovative solutions.
