LeoVegas publishes Q3 results

By Dhanum Nursigadoo
Nasdaq First North-listed company, LeoVegas, announced its third quarter report ending 30 September 2016 today. The company posted its highest ever revenue of €39.7 million, up 76% year-on-year.

The mobile-gaming operator reported EBITDA of €9.8 million, a margin of 25%, attributed to reducing its marketing to revenue ratio from 60% to 36% over the quarter as planned in the company’s second quarter report earlier this year.

Growth is considered to be entirely organic, with deposits from customers reaching €39.7 million, an increase of 87% compared to 23% growth in the second quarter. Gross profit for the quarter increased to €31.1 m, corresponding to a gross margin of 78.3%.

LeoVegas announced its long term goals and is determined to reach €300 million in revenue by 2018. The operator also wants to achieve an EBITDA margin of 15% in the same year.

Gustaf Hagman, CEO and Co-founder of LeoVegas, commented: "The launches of LeoVegas Sport and LeoVegas Live Casino have laid the foundation for strong growth in new customers and gave us considerable momentum into the autumn and third quarter. LeoVegas continues to deliver a very good organic growth and in this quarter records in both revenues and profitability.

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