LeoVegas sets £600m revenue target by 2020
LeoVegas has set an aim of achieving £600m (€683.3m/$843m) in annual revenue by the year 2020.
The company said that its board of directors decided on the target figure having taken into account the firm’s organic growth and several recent acquisitions.
Other financial goals for LeoVegas include posting earnings before interest, tax, depreciation and amortisation (EBITDA) of at least €100m by 2020.
LeoVegas is also targeting long-term organic growth that outperforms the online gaming market; long-term EBITDA margin of no less than 15% assuming 100% of revenue will be generated in regulated markets subject to gambling tax; and to pay a dividend of at least 50% of profit after tax.
Gustaf Hagman, chief executive of the LeoVegas Mobile Gaming Group, said: “Following our acquisitions we have now drawn up new financial targets. In 2015 we set the target to achieve €300m in revenue by 2018.
“The new revenue target entails a doubling to at least €600m by 2020 and does not include potential major acquisitions.
“At the same time, we are aiming for EBITDA of at least €100m, which implies adjusted earnings per share of at least SEK8 by 2020.
“The new targets confirm our continued focus on strong growth combined with a sound view of profitability.
“The targets create transparency regarding where we are headed, both internally and externally.”
LeoVegas intends to announce its financial results for 2017 on May 2.
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