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LeoVegas reveals financial growth in record 2016

| By iGB Editorial Team
LeoVegas achieved record financial results during the 12 months to December 31, 2016, with revenue up 70% year-on-year.

LeoVegas achieved record financial results during the 12 months to December 31, 2016, with revenue up 70% year-on-year.

Revenue came in at €141.4 million ($150 million), compared to the €83 million achieved in 2015, with growth of €58.5 million entirely organic.

Earnings before interest, tax, depreciation and amortisation (EBITDA), adjusted for items affecting comparability, rocketed from €1.8 million to €21.3 million, with an adjusted margin of 15%.

Operating profit, also adjusted for items affecting comparability, jumped from €1.1 million in 2015 to €19.9 million in the most recent 12-month period.
 
Record results for the full year were boosted by a positive performance from the company in the fourth quarter, during which revenue jumped 50% year-on-year to €41.2 million, while both EBITDA and operating profit also increased.

Gustaf Hagman, chief executive of LeoVegas, said: “During 2016, LeoVegas grew its revenue by more than €58 million and thereby had what is likely the largest organic growth in the world of any listed gaming operator; at least within the online and mobile casino segment.

“With a record year characterised by strong organic growth, innovation and high profitability in the fourth quarter, LeoVegas has taken yet another solid step toward our financial targets.

“LeoVegas continues to develop according to our vision: to create the ultimate gaming experience and be number one in mobile gaming.

“With a strong cash position of over €55 million, LeoVegas is poised to capitalise on the great opportunities in the industry.”

Meanwhile, LeoVegas has moved to expand its operations in the regulated Irish market by obtaining a gaming licence for sports.

The company already offers its mobile casino to consumers in the country and will now be able to use the new licence to add sports to its services.

LeoVegas expects to launch its sports service in Ireland before the end of the first quarter.

Gustaf Hagman, group chief executive and co-founder of LeoVegas, said: “The fact that we have in a short time been granted licences in two regulated markets shows that we are delivering in accordance with our expansion strategy.

“But it also shows that we have high capacity and quality in our organisation and in the work, we do.

“I am convinced that our market-leading sport product will contribute to strong growth in Ireland.”

Related article: LeoVegas scores with Leicester Tigers

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