The company stated that changing its business model and expected dis-synergies led to the overall drop. This also resulted in reduced adjusted EBITDA of €12.7m, which fell from 2019’s €29.4m.

Despite this, Zeal did report some positives; it was able to gain 918,000 new customers in Germany, as the average number of monthly active users increased to 986,000.

The group was also able to reduce its cost base as personal and operating expenses fell by €13.8m, despite an increase in marketing expenses. It reached its cost synergy target a year in advance.

Jonas Mattsson, Zeal Network CFO, said: "We have delivered on our promises and already fully realised the planned cost synergies in the fourth quarter 2020. At the same time, we have grown our business and launched new products. We are delighted all this is also reflected in our share price performance."

Zeal provided 40% of its stakes to good causes in 2020, over €3.1bn was transferred to state budgets or beneficiaries. This equals to €8.6m a day provided by Zeal to German projects around welfare, sport, and culture.

The firm has stated it plans to expand its market as an online provider in 2021. It expects the revenue to be around €95m and adjusted EBITDA to reach at least €20m.

Dr Helmut Becker, Zeal Network CEO, adds: "With our combination of commercially sensible marketing investments, high new customer growth, powerful technology and exciting product innovations, we have set the course for a highly promising future."