Revenue up and losses shrink at Jackpotjoy in Q1

Jackpotjoy has reported a year-on-year rise in revenue for the first quarter, while the firm was also able to cut losses by 50%.

Gaming revenue in the three months through to March 31 amounted to £80.7m (€91.8m/$108.8m), up 13% on the corresponding period last year.

Net loss improved from £15.3m in Q1 of 2017 to £7.7m in the same period this year, while adjusted net income was up 3% year-on-year to £21.4m.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) dropped 7% from £29.2m to £27.1m, but operating cash flow increased 5% from £23.3m to £24.4m.

Diluted net loss per share for the quarter improved by 52% from £0.21 to £0.10, while diluted adjusted net income per share was up 4% to £0.29.

Neil Goulden, executive chairman at Jackpotjoy, said: “The first quarter has seen a continuation in the good underlying momentum we saw in 2017.

“Group revenues were up 13% with Jackpotjoy, our largest business segment, up 7%, and Vera&John, up 35%, as both new and existing players continue to have a high level of engagement with our portfolio of games.

“Adjusted EBITDA1 decreased 7% year-on-year impacted by our TV advertising campaign in the UK, along with the introduction of POC in Q4 last year.

“As we have previously flagged, the investment in TV advertising will continue in Q2 2018 including a campaign-launch in Spain.

“I am confident that we will continue to drive good growth and attractive returns for our shareholders over the remainder of FY18 and beyond.”

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