Newgioco sees 10% Q1 revenue growth despite “global economic difficulties”
Newgioco has published its Q1 report after a series of COVID-19 related delays to the reporting period.
The operator saw growth for the first quarter of 2020 despite what it describes as “global economic difficulties.” Newgioco reported a 10% year-on-year revenue rise for the first quarter of 2020, with revenue totalling $10.2m for the period.
The operator attributed the revenue increase to the transition from land-based to online gambling in its active markets and the market adoption of its sportsbook solution. In March, Newgioco CEO Michele Ciavarella told Gambling Insider COVID-19 lockdowns had caused a “measureable increase” in mobile gambling.
General and administrative expenses totalled $2.8m for the period, down 13% from 2019. Selling expenses also fell by 16% to $6.2m. The company attributed this to “a disciplined approach to reducing costs and trade show participation.”
Commenting on the results, Newgioco boss Ciavarella said: “Essentially this quarter reflects our commitment to return Newgioco operations to profitability after we made strategic changes to our boards and executive management in June 2019.
“These necessary changes were the early building blocks for the execution of our US go-to-market plans.”
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