Online gaming group LeoVegas has announced their first half 2019 financial results, noting that revenues were up but profits were down for the period.
Key financial indicators for the half ending June 30th, 2019 were:
- Revenues of €180.7 million, up 10% from the same time in 2018
- Cost of sales up to €34.9 million, up from €30.3 million last year
- Gaming duties up to €24.4 million
- Gross profits up to €121.6 million
- Operating profits down from €13 million to €9.1 million
- Pre-tax profits down to €8 million
- Net profit down to €7.4 million
- EBITDA down to €22.3 million
LeoVegas CEO Gustaf Hagman spoke about the results, noting: "The external market environment in several key markets is currently more turbulent and difficult to predict than previously, which is creating new challenges and requirements, but at the same time it is presenting major opportunities for us to grow and take market shares."