Spiffbet Q4 2021 revenue up 50% year-on-year
Spiffbet has reported total sales of SEK23.4m ($2.5m) for the fourth quarter of 2021, a 50% increase from the prior-year period.
For the full year 2021, revenue amounted to SEK97.5m, up 397% from the prior-year period.
Equity at the end of the fourth quarter amounted to SEK48.6m, while cash and cash equivalents at the end of the period amounted to SEK1.54m.
Highlights within the fourth quarter of 2021 included the company strengthening its collaboration with platform provider Together Gaming Ltd through a new agreement, as well as the launch of Metal Casino in Spain, with its content and design adapted and translated into Spanish.
“In the fourth quarter, revenue was slightly higher than in the third quarter, despite the fact that the quarter began with the closure of the Netherlands, which increased competitive pressure in existing markets,” said Spiffbet CEO Henrik Svensson.
“In terms of earnings, the quarter was negatively affected by the fact that we carried out major market campaigns during the first half of Q4, while competition for customers was high.
Svensson also commented on the company’s approach to acquisitions, saying: “I feel that we have some work to do to reduce the complexity of the brand portfolio and increase organisational efficiency, which means that acquisitions with a focus on growth are not currently at the top of the agenda.
“On the other hand, we are constantly looking at acquisitions where we see good synergy effects and where the acquisition adds components that we currently lack. This is only on the condition that we do not lose focus on improving our own margins and our cost efficiency.”
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