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NEWS 13 August 2019

JPJ Group reports H1 revenue growth to steady its share price

By Tim Poole

JPJ Group has reported 14% year-on-year growth in H1 revenue, to £169.5m ($204.8m).

The operator was recently at the centre of a BBC Panorama investigation into online gambling; it was shown allowing a customer to lose £633,000, while offering her a £1,000 cash bonus as "condolences" for her father’s death.

Elsewhere, JPJ’s adjusted EBITDA grew 2% to £54m, although its adjusted net income fell 2% to £40.8m.

In June, the company announced it will acquire Gamesys for £490m and it expects completion of the acquisition to occur in Q3.

Neil Goulden, JPJ Executive Chairman, commented: "I’m pleased to report the group has delivered another good quarter of revenue growth, alongside the expected impact of higher gaming taxes on EBITDA.

"We expect the Gamesys acquisition to deliver double-digit earnings accretion in the first full financial year of ownership."

JPJ’s share price fell drastically during the first hour of trading after Panorama’s airing on the BBC, dropping from £6.77 to £6.40.

However, the operator’s share value has since risen to £6.59.

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