LeoVegas revenue up 60% in Q2 2017
Nordic focussed iGaming company LeoVegas has reported a 60% year-on-year increase in its revenue for the second quarter of 2017.
In its latest financial report of the year, the firm reported revenue for the three months up to June 30th of €49.7m, beating the previous revenue figure of €31m it reported during the same period a year prior.
Company operating profit showed significant improvement in Q2 2017, rising from a year-on-year loss of €2.5m in Q2 2016 to a profit of €5.5m in the same quarter of 2017.
This positivity is echoed in the company’s earnings before interest, tax, depreciation and amortisation figures which rose to €6.1m in the second quarter of 2017 following a year-on-year loss of €2.5m in the same period of 2016.
However the number of depositing customers during this period decreased by 2% to 173,034 from the Q2 2016 figure of 176,635. Nonetheless, there was a more substantial decrease of 33% in the number of new customers to 73,014 from previously reported figures of 109,718 in the second quarter of 2016.
Despite these decreases the number of returning depositing customers grew by 49% from 66,917 in Q2 2016 to 100,020 in the same period of 2017.
In a statement accompanying the figures, Group CEO Gustaf Hagman said: “LeoVegas continues to be one of the fastest growing gaming companies and is growing considerably faster than the market as a whole. LeoVegas’ growth is proof that we are positioned right with our mobile focus.
“July got off to very strong start, with Net Gaming Revenue (NGR) of EUR 18.3 m (12.9), representing growth of 42%. During the third quarter, we do not expect marketing in relation to revenue to deviate meaningfully from the level in earlier quarters this year.”
Speculating on what these positive results mean for the third quarter of 2017, Hagman added: “LeoVegas has a strong cash position of approximately EUR 60 m and no debt in the Company. This means that we have resources to carry out acquisitions and investments going forward and that we see favourable opportunities in the market.”
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