LeoVegas boosted by mobile focus in third quarter

LeoVegas has cited its focus on mobile gaming as one of the main reasons behind revenue and profit growth during the three months to September 30.

Revenue in the third quarter amounted to €39.7 million ($43.4 million), which represents an increase of 76% on the €22.6 million posted in the corresponding period last year.

Earnings before interest, tax, depreciation and amortisation (EBITDA) came in at €9.8 million, up from €1.1 million last year and with a much-improved margin of 24.7%, while operating profit jumped from €900,000 to €9.4 million

Total deposits from customers stood at €123.7 million, 86% more than last year, with mobile responsible for 67% of all deposits.

The company’s cash position at the end of the quarter stood at €45 million.

The third-quarter results place revenue for the first nine months of the year at €100.2 million, 75% up on the same point in 2015.

EBITDA is also up from €800,000 to €6.1 million, while operating profit came in at €5.1 million, although operating profit adjusted for items affecting comparability was €10.4 million.

Gustaf Hagman, group chief executive and co-founder of LeoVegas, said: “LeoVegas has strong momentum in growth and earnings resulting from a consistent focus on mobile devices, our technology lead, effective marketing investments and strong customer inflow during the preceding quarter.

“The launches of LeoVegas Sport and LeoVegas Live Casino have laid the foundation for strong growth in new customers and gave us considerable momentum into the autumn and third quarter.

“LeoVegas continues to deliver a very good organic growth and in this quarter records in both revenues and profitability.

“With strong momentum, new gaming categories and a leading position in mobile gaming, we look forward to an eventful winter.”

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