BERLIN (Reuters). Julian Deutz, chief financial officer at Axel Springer, said that the German media company is on the right track, particularly in the U.S. market. The pandemic had not affected the business as severely as it expected.

“We anticipate double-digit growth of sales in 2021,” he stated, noting that this rate is higher than pre-pandemic levels.

“We are in a much better position in 2021 regarding revenue and EBITDA that we had anticipated in 2019, when KKR joined,” he said. He was referring to U.S. funds.

Axel Springer saw its revenue fall by nearly 5% to 2.97 Billion Euros, while adjusted earnings before interest tax, depreciation or amortization dropped by 13% to 653.8 M euros during the first year following the pandemic. Reuters reviewed the 2020 financial report.

He said that the U.S. has played a key role in driving growth in the last 18 months. Axel Springer’s investment in AppCast, an application technology company, and Morning Brew, a newsletter provider, have exceeded expectations.

Deutz explained that “the U.S. industry is booming” and would make up an increasing share of the company’s revenue.

The U.S. accounts for approximately 20% of all U.S.-based businesses.

Deutz stated that Axel Springer is open to acquisitions and takeovers, but they aren’t on their radar for the near term.

Deutz said also that Axel Springer’s digital offering in Germany, and globally in 2020 had almost made up its losses.