Home > Finance > ZEAL forecasts ‘bright’ future despite EBIT decline

ZEAL forecasts ‘bright’ future despite EBIT decline

| By iGB Editorial Team
ZEAL Group has cited investment in expansion plans as the reason behind a drop in earnings before interest and tax (EBIT) in the three quarters to September 30

ZEAL Group has cited investment in expansion plans as the reason behind a drop in earnings before interest and tax (EBIT) in the three quarters to September 30.

EBIT in three-quarter period amounted to €12.5m ($14.6m), down from €23.3m in the opening nine months of last year.

In a statement announcing the financial results, ZEAL said the decline comes as it continues to “to invest in international expansion, product diversification and new customer acquisition”.

Other key results for the period include billings of €201.7m, slightly down on the €204.1m posted last year, while total operating performance also dropped from €101.2m to €97.6m.

However, ZEAL did note a rise in the average number of monthly active users, with this increasing from 366,000 to 372,000, while average billings per user remained relatively level at €57.

Helmut Becker, chief executive of ZEAL Group, said: “The future is bright for ZEAL.

“We have brought a very significant number of new customers on board, have had our most successful ever new product launch with Powerball, and will tonight launch Norway's first online charity lottery in partnership with UNICEF Norway.

“Despite the unfavourable jackpot environment and higher than average prize payouts, our financial performance in the third quarter was solid.”

Related article: ZEAL posts revenue growth despite profit drop in H1

Subscribe to the iGaming newsletter