Internet betting group JackpotJoy has announced their first quarter financial results, noting that revenues spiked by 13% and losses were cut by half.
Key financial indicators for the quarter ending March 31st, 2018 were:
- Gaming revenues up 13% to £80.7 million
- Net loss of £7.7 million, better than the £15.3 million posted last year
- Adjusted net income up 13%
- Adjusted EBITDA down 7% to £27.1 million
- Operating cash flow up 5% to £24.4 million
- Diluted net loss per share reduced by 52% to £0.10
- Diluted adjusted net income per share up 4% to £0.29
Commenting on the results JackpotJoy CEO Neil Goulden said, "The first quarter has seen a continuation in the good underlying momentum we saw in 2017.
"Group revenues were up 13% with Jackpotjoy, our largest business segment, up 7%, and Vera&John, up 35%, as both new and existing players continue to have a high level of engagement with our portfolio of games.
"Adjusted EBITDA1 decreased 7% year-on-year impacted by our TV advertising campaign in the UK, along with the introduction of POC in Q4 last year.
"As we have previously flagged, the investment in TV advertising will continue in Q2 2018 including a campaign-launch in Spain.
"I am confident that we will continue to drive good growth and attractive returns for our shareholders over the remainder of FY18 and beyond."