Organic growth in local currencies was 8%, while, excluding Germany, revenues increased by 31%. Net Gaming Revenue (NGR) from regulated markets and markets in which the group pays local gaming taxes was 66% of total NGR, while EBITDA was €11.5m, with an EBITDA margin of 11.6%.
The number of depositing customers increased by 7% to 469,721.
Highlights for the quarter include the group expanding its existing bond issue by SEK 200m, and repurchasing shares for €2.5m and paying out the second dividend of a total of four quarterly dividends to the parent company’s shareholders.
“All key markets performed well during the quarter, where our home market in Sweden was the brightest star,” said Gustaf Hagman, LeoVegas President and CEO. “The favourable revenue growth for the group confirms that the strategy to simultaneously scale up a number of markets and relaunch the Expekt brand has been a success.
“The company today is more diversified than ever, and we have succeeded in compensating for the sharp drop in revenue in Germany. During the quarter we delivered a stable operating profit compared with a year ago, despite a sharp increase in paid gaming taxes and higher marketing investments in relation to revenue compared with a year ago.
“In pace with growing revenue, the share of marketing investment is expected to gradually decrease from the current levels. At the same time, we have continued to invest in product and technology ahead of forthcoming market expansions, including the upcoming US launch.”
