Acroud profit falls in H1 despite revenue increase
€5.8m of the revenue total was derived from igaming affiliation – down 14.7% from 2020. An additional €6.8m was generated from Acroud’s B2B services.
Acroud’s expenses also increased significantly during the period. Personnel expenses rose to €2.3m, while other external expenses increased 289.5% to €7.4m.
Operating profit amounted to €1.7m. After accounting for interest and expenses of €1.2m, other income of €107,000, and tax on profit of €131,000, net profit for the first half of the year came to €480,000 – down from €1.6m in 2020 .
Earnings before interest, taxation, depreciation and amortisation (EBITDA) for the half-year period also decreased 18.8% to €2.6m.
In terms of the second quarter of 2021, Acroud’s revenue totaled €6.2m. This figure was a 72.2% increase for the corresponding period in 2020.
Acroud’s president and chief executive Robert Andersson said: “Despite a generally weaker quarter on account of seasonal variations, it is positive that we have managed to increase sales by 11% sequentially compared with the first quarter to €6.2m.
“It would be wrong to say that we are satisfied. Change management work continues apace, but the EBITDA from this is developing more slowly than we want. There are several factors behind this, but my basic message is that we can do better, and we will do better.
“Step by step, Acroud is moving from being a traditional player with comparison sites to having a product mix comprising more complex solutions with high entry barriers and high-quality content. The acquisition of TheGamblingCabin (TGC) in April was an important milestone during the quarter and the company fits well into Acroud’s operations.”