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NEWS 19 March 2019

Vera&John rise offsets Jackpotjoy decline in JPJ 2018 results

By Matthew Enderby

JPJ Group increased its revenue to £319.6m ($423.2m) for 2018, rising 10%.

The operator reported adjusted EBITDA for the year of £112.7m, a 9% increase. The group sold its social business for £18m in August, and says it now exclusively focuses on its core activity of real money gaming.

In March, JPJ completed the sale of Mandalay to 888 Holdings for £18m, with brand strategy in the UK now concentrated on subsidiary, Jackpotjoy.

Revenue for Jackpotjoy saw a slight decrease for 2018, dropping from £216.1m for 2017 to £216m. Adjusted EBITDA for the year was down 4% to £93m.

JPJ’s second subsidiary, Vera&John, experienced different fortunes and increased revenue by 42% to £103.6m. Adjusted EBITDA margins rose 71% for the year.

JPJ says its products predominantly appeal to female customers who, in general, are less targeted by sports-focused operators and are attached to the social element of games.

The average age by device shows 42 year-olds playing desktop computers, 40-year olds on tablets and 33 year-olds on mobile phones.  

Neil Goulden, Executive Chairman, said: "I am pleased with the progress we made in 2018 as JPJ Group plc continued to deliver on its strategy.

"We have reported record revenue and adjusted EBITDA, growing 10% and 9% respectively, demonstrating the benefits of our diversified geographic footprint."

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