Aspire Global soars after B2B drive in Q3

Aspire Global saw its share price surge by almost a fifth today after it posted record financial results for the third quarter.

Revenue in the three months through to the end of September came in at €28.6m (£21.8m/€25m), up 48% on the corresponding period last year.

The Stockholm-listed gaming solutions provider noted significant growth within its B2B operations in Q3, with revenue up 51% to €15.2m, more than half of overall revenue for the quarter.

EBITDA rocketed 48% year-on-year to €6.2m, while the firm also saw the number of first-time depositors climb by more than half to 96,600 in the period.

Reflecting on the performance, CEO Tsachi Maimon paid tribute to the company’s ongoing growth strategy, which includes a focus on expansion in regulated markets.

Aspire in August joined a host of other gambling companies in applying for a new licence in Sweden as part of market re-regulation in January. Should the firm be successful in its bid, Sweden would become its seventh regulated market after the UK, Denmark, Belgium, Portugal, Italy and Malta.

Maimon (pictured) said: “During the third quarter, business proceeded with strong performance from many of our partners. Aspire Global developed strongly during the third quarter, as we have been doing consistently during the past year as a result of our growth strategy.

“We maintain our focus on regulated or soon-to-be regulated markets. We see great opportunities for a company with our profile to gain market shares in the changing landscape.

“Aspire Global has a broad European presence and the current exposure to the Swedish market is minor and the overall affect from the Swedish gaming duties will be marginal from our starting point.”

The firm last month also rolled out its new bingo vertical in partnership with a Nordic operator, while Aspire also recently migrated sports operator BetRegal onto its platform. This followed up on an online casino launch with Aller Media Denmark in June.

Maimon also spoke about Aspire’s immediate growth plans, saying he expects the company to launch with between two to four signed brands in order to “have a good start for 2019” and “extend the sports offering to additional partners”.

In addition, Maimon said Aspire will continue its M&A-efforts, “hoping to realise more opportunities”.

Image: Aspire Global