FIRST HALF AND Q2 RESULTS FROM MR GREEN ONLINE CASINO GROUP
Second half especially strong following launch of new sportsbook but EBITDA declines.
The Mr Green online gambling group has posted its second quarter and first-half 2016 results,
Q2-2016 statistics include:
* Revenue up 8.1 percent y-o-y at SEK211.2 million;
* Mobile revenues a major driver at SEK90.1 million – a 69.1 percent rise year-on-year;
* SEK85 million in revenue generated from operations in the Nordic region, reflecting a 2.9 percent y-o-y decrease;
* Revenue from the rest of Europe up 16.7 percent year-on-year to reach SEK119.6 million.
* Rest-of-the-world operations delivered revenues of SEK6.7 million (Q2-2015: SEK4.8 million);
* Quarterly EBITDA was however down at SEK12 million (Q2-2015: SEK12.5 million) with margin at 5.7 percent (Q2-2015: 21.8 percent). This was as a result of local taxes, an increase in marketing costs, investments related to the Live Casino project, and the launch of a sportsbook.
* EBIT was negative at SEK-3.1 million (Q2-2015:SEK25 million);
* During the second quarter the active players base rose to 92,721, up 26.5 percent year-on-year, and with larger average deposits, which reached a new record of SEK601.7 million (Q2-2015: SEK550.6 million);
* The launch of a new sportsbook on June 7 was the most notable event of the quarter.
Mr Greens half-year performance included:
* Revenue up 10.2 percent at SEK429.7 million;
* EBITDA for the period down at SEK42.2 million (H1-2015: SEK66.9 million), with margin at 9.8 percent (H1-2015: 17.2 percent);
* EBIT was down at SEK13.7 million (H1-2015: SEK29.9 million).
CEO Per Norman reported on the strategy and initiatives undertaken over the past year, including the introduction of a new technological platform; the increased focus on mobile gaming and the Live Casino segment; the launch of sports betting offering; and the changes in the companys Malta-based management team, claiming that these have begun bearing fruit at operational level.
The results announcement also notes that during Q2 two key appointments were made. Former Svenska Spel CEO Jesper Kärrbrink became chief executive of Mr Green Ltd., the company’s Malta-based subsidiary responsible for online casino operations, and Niclas Enhörning was appointed as CEO of Mr Green & Co Technology AB.