Catena Media CEO rules out further redundancies after October job cuts
Manuel Stan says the affiliate will look to optimise profits in different ways and move away from reliance on new markets opening
Catena Media CEO Manuel Stan has ruled out the possibility of any more staff redundancies at the firm in the near future.
The Malta-based affiliate announced 29 redundancies in October – a measure which the company claimed would save €2.2m (£1.8m) per year.
The measure formed part of the company’s “ongoing transition to a leaner, product-led organisation”.
In terms of severance costs, Catena shared that the 29 redundancies would incur termination package expenses of €400,000.
Speaking during Catena’s Q3 earnings call today (7 November), Stan said that the company now has the right structure in place which should eliminate the need for further job losses.
He said: “We are always evaluating our efficiency and we continuously look to optimise our profitability. However, from a layoffs’ perspective, we are confident now that we have the right structure in place.
“We have put a lot of work into this over the past couple of quarters, and now we feel that we’re in a good place from that perspective. We have a flatter organisation that’s well aligned with our product-focused view or strategy.
“At this point, we do not foresee any further staff cuts in the near future.”
Stan added that Catena would look to move away from its reliance on emerging gambling markets for new business.
While highlighting market opportunities in the US (Missouri), Canada (Alberta) and Brazil in 2025, he suggested the company would be best served focusing on driving organic growth.
“We’re trying to be less reliant on market launches, instead putting our efforts into new tactics and new segments,” he explained. “When it comes to markets per se, Missouri is probably one of the key targets for next year.
“We are also expecting Alberta to go live at some point during next year, and obviously there’s Brazil. There are some markets that present some opportunities for us, but our strategic view is to move away from that reliance and put our efforts towards organic growth.”
Catena recorded revenue of €10.7m for Q3 2024, representing a 33% decrease year-on-year.
Losses for the quarter amounted to €41.7m, compared to the €4.5m loss made in Q3 2023.