Vera&John continues to lift JPJ results as group Q1 revenue reaches £83.3m

By Matthew Enderby

Gaming revenue at JPJ Group increased 13% year-on-year in Q1 to £83.3m ($107.3m).

Net Income dropped 1.25% in the period to £7.9m.

Adjusted EBITDA increased 16% year-on-year to £29m with diluted net income per share from continuing operations staying level at £0.11.

Jackpotjoy declined 7% in the quarter and made up 59% of overall group revenue, £49.1m

JPJ Group explained this decline by highlighting enhanced responsible gambling measures in the UK and the “intense competitive environment” in Sweden.

The operator attributes its rise in gaming revenue to strong organic growth from its second subsidiary, Vera&John.

It made up 41% (£34.1m) of JPJ Group’s gaming revenue, and increased 62% year-on-year.

Adjusted EBITDA at Vera&John increased 16% in the first quarter of the year, with adjusted net income rising 18%.

In its full year report for 2018, JPJ announced Vera&John had increased revenue by 42% to £103.6m. 

JPJ Group completed the sale of its Mandalay business to 888 Holdings in March for £18m. It received a £12m payment upfront and the outstanding £6m will be paid in September.

Neil Goulden, JPJ Group Executive Chairman said: “We remain convinced of the growth opportunities in global online gaming markets and are confident that we are well-placed to take advantage of this positive backdrop and deliver value to shareholders.”

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