Jackpotjoy Group reports gaming revenue growth of 11% in Q1 2017

on-based online gambling operator Jackpotjoy Group PLC has reported a year-on-year revenue increase of 11% for the first quarter of 2017, primarily driven by a 14% upsurge from its largest subsidiary Jackpotjoy.

The newly LSE-listed entity reported corporate revenues of £71m in the first four months of the year, in comparison to 2016 Q1 revenue of £64.2m.

The group’s next largest subsidiary Vera&John Casino also reported strong year-on-year revenue growth of 13% in the first quarter of 2017. However, revenue generated by its smallest subsidiary Mandalay decreased by 14%.

The group’s active customer base grew 15% year-on-year to 239,452 in Q1 2017.

A revenue guarantee and higher interest payments from a debt management scheme resulted in a decrease in net income of 11% over the groups previous year’s net income figures.

In a statement accompanying the results, Jackpotjoy Chief Executive Officer Andrew McIver welcomed the growth saying: “The past quarter has been an exciting time for the Group as we have settled into our new home on the London Stock Exchange.

“It is also pleasing to report that we are making good progress in executing on our strategy across our portfolio of brands. Group trading has continued to be in line with our expectations and we remain confident that we will grow in line with the market during 2017.”