LeoVegas hails Denmark launch as revenue rises in Q1
LeoVegas has cited its recent launch in Denmark as one of the key driving forces behind an increase in revenue during the three months to March 31, 2017.
Revenue amounted to €43.9 million ($48 million), up 49% on the €29.5 million generated in the corresponding period last year, with Denmark responsible for 3% of the overall figure.
Earnings before interest, tax, depreciation and amortisation (EBITDA) in the first quarter came in at €6 million, compared to a loss of €1.3 million last year, while EBITDA margin improved from 4.4% to a positive 13.7%.
Elsewhere, operating profit climbed from a loss of €1.6 million to a positive of €5.5 million, while earnings per share before and after dilution improved from negative €0.02 to plus €0.05.
LeoVegas also noted that mobile deposits accounted for 67% of all deposits in the first quarter, up from 61% in Q1 of 2016, with the number of depositing customers increasing 42% year-on-year to 172,338.
Gustaf Hagman, chief executive and co-founder of LeoVegas, said: “During the quarter, we worked intensively on presenting LeoVegas as a company to investors and the stock market – both in Sweden and abroad – in an effort to spread knowledge about LeoVegas, our vision and our goals.
“This has elevated interest in LeoVegas as an investment, and we hope our continuing work with this will generate even greater interest.
“We continue to actively evaluate acquisition opportunities, and with a cash position of more than €60 million, we have resources to carry out additional strategic acquisitions going forward.
“In summary, the first quarter was stable and represents yet another step on the path to our financial targets of €300 million in revenue and a 15% margin by 2018.”
Related article: LeoVegas snaps up Winga.it