LeoVegas Q1 revenue up 12% but EBITDA sees sharp fall

By Tim Poole

LeoVegas has reported a 12% year-on-year rise in Q1 revenue to €86.3m ($96.5m), despite a considerable fall in EBITDA.

Although the online casino operator re-emphasised difficult regulatory conditions in the UK market and challenges presented by re-regulation in Sweden, organic growth in local currencies was 4%.

This number grew to 19% excluding the UK, with the overall amount of depositing customers up 23% to 370,209 and returning depositing customers rising 26% to 196,863.

However, EBITDA fell 24% to €7.2m, with the EBITDA margin falling from 12.3% to 8.3%.

LeoVegas CEO Gustaf Hagman said: "We are seeing positive effects from our highlighted focus on efficiency and cost control within the group.

"At the same time, we are continuously reviewing our internal operating costs and processes.

"The effects of this work are expected to begin showing gradually in 2019 in the form of increased scalability on a growing revenue base."

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