Internet gaming group JackpotJoy has announced their third quarter financial results, noting that revenues were up and that the company ended up cutting their losses.
Key financial indicators for the third quarter September 30th, 2017 were:
- Gaming revenues up 14% to £75.4 million
- Net loss down from £18.6 million to £7.7 million
- EBITDA up 4% to £26.7 million
- Operating cash flows up 78% to £32.6 million
- Adjusted net income down 14% to £18.3 million
Year to date revenues are up 14% to £222 million. Net loss is also better by 2% to £27.7 million, while EBITDA is up 11% to £85.9 million.
Speaking about the performance company Chairman Neil Goulden said, "The third quarter has seen a continuation in the strong underlying momentum that we saw during the first six months of 2017, with gaming revenue up 14% and adjusted EBITDA up 4%.
"There continues to be solid customer growth across the group, with our Vera&John business segment performing particularly well, with constant currency revenue growth of 21% in the quarter."
"In my new role as executive chairman, I will be responsible for leading the development and execution of long term strategy, while Simon Wykes has joined us as group managing director to provide additional operational expertise.
"Andy will step down as a director on December 31 and will remain with the company until January 31, 2018, to ensure a smooth transition of duties to the new members of the executive team.
"Against a positive operational backdrop and given the new management structure in place, I have full confidence that Jackpotjoy will continue to go from strength-to-strength and generate attractive returns for our shareholders."