Jackpotjoy posts 11% rise in Q1 revenues, £3m drop in net income
Jackpotjoy recorded sales of £71.4m (€83.1m/$92m) for the first quarter of 2017, a rise of 11% compared with the £64.2m recorded for the same period in 2016.
The online bingo-led operator reported EBITDA of £29.2m for the first three months of 2017, up slightly from £28m for the first quarter of 2016.
Meanwhile Jackpotjoy’s net income for the first quarter of 2017 was £20.8m, a drop from £23.4m for the first three months of 2016.
The Jackpotjoy brand provided 71% of the total group revenues for the first quarter of the year and, in this segment, Starspins and Botemania took 18% of brand revenues due to growth in mobile and new products.
Andrew McIver, chief executive of Jackpotjoy, said: “The past quarter has been an exciting time for the Group as we have settled into our new home on the London Stock Exchange.
“Against this backdrop it is pleasing to report strong gaming revenue growth of 11%, with particularly impressive growth of 14% at our largest brand, Jackpotjoy.
“Meanwhile, cash conversion remained strong at over 100% excluding oneoff and exceptional items.
“It is also pleasing to report that we are making good progress in executing on our strategy across our portfolio of brands.”
McIver added: “I look forward to updating you more on the initiatives underway at our halfyear results in August; group trading has continued to be in line with our expectations and we remain confident that we will grow in line with the market during 2017.”
The company said it expects an impact on margins for 2017 from the introduction of the point of consumption (POC) tax on bonuses in the UK, which is due to start in August. It noted, however, that this could be delayed due to the UK General Election.
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