Sports data and technology firm Sportradar has published its fourth quarter (Q4) and year-end financial results for the calendar year 2023, revealing year-on-year (YoY) growth in both revenue and profit.
In 2023, Sportradar's revenue increased to €877.6 million ($951.4 million), a YoY growth of 20% on 2022’s €730.2 million figure and a record for the European firm.
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This was the third consecutive year of over 20% YoY revenue growth for the company, which only exceeded €500 million in revenue for the first time in 2021.
Much like in 2022, the record revenues were powered by a strong performance from the company’s rest-of-the-world betting division which grew 20%, and its US division which was up 30%.
Furthermore, the company’s profit also increased to €34.6 million from the €10.5 million before it, a return to profit growth for the company after profits contracted in 2022 from €12.8 million in 2021.
Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) grew by 33% up to €166.8 million, falling in the upper reaches of the company's aims for the year.
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By GlobalDataThe 2023 calendar year marks the latest in a long line of strong year-on-year growth for the company, even through the Covid-19 pandemic, indicating the strength with which it has embedded itself in the sports landscape.
Sportradar cemented its position across 2023 courtesy of several new and extended partnerships.
This included deals with betting marketplace BetMGM for NBA optical tracking data, and with US sports network Tennis Channel to help launch its direct-to-consumer streaming platform.
Sportradar founder and chief executive Carsten Koerl expressed his pleasure at the results and stated of the future: “For 2024, we plan to continue to scale our business globally, targeting at least 20% growth in revenue and adjusted EBITDA.”
Koerl also announced a share buyback program of as much as $200 million, adding: “Given our market leadership and confidence in the long-term profitability and cashflow outlook for the company, we have authorized a $200 million share buyback program.
“We remain laser-focused on disciplined execution of our growth strategy and delivering tremendous value for our clients and our shareholders.”
Koerl, meanwhile, is selling 3.5 million shares of the sports technology company, according to a filing with the US Securities & Exchange Commission.
His shares are equivalent to 3.7% of his total stock ownership of Sportradar and he owns the equivalent of 93.9 million common shares. The SEC filing was submitted last Friday (March 15) and specifies that the shares are being sold to deal with tax obligations and other issues around financial planning.
Sportradar shares on the Nasdaq Stock Market last Friday closed at $10.13, making Koerl’s stock worth more than $951 million. The planned sale will net the German about $35 million before taxes.
