LeoVegas revenue soars by 86%
Eventful Q1 included successful IPO listing and new sportsbook preparation
Casino operator LeoVegas posted an 86% increase in revenue for the first quarter of 2016 this morning, growth the firm said was entirely organic.
The firm reported its revenue totalled ?29.5m (?23m) for Q1 2016, an increase of 13% on the previous quarter.
Mobile devices accounted for 61% of deposits during the quarter, which the firm said was “considerably higher” than the industry as a whole.
Customer deposits increased by 73% to ?80.5m (?63.6m), while the number of depositing customers was 121,615 – an increase of 87% on last year.
However, its IPO listing during the quarter incurred costs of ?5.3m (?4.2m), which resulted in its EBITDA for the period amounting to a loss of ?1.3m, with EBITDA margin dropping by 4.4%. EBITDA adjusted for non-recurring costs amounted to ?4m (?3.2m), corresponding to a margin of 13.5%.
An eventful quarter for the Group also included final preparations of its new sportsbook, which has now been officially launched, and expansion into new markets – Canada, Slovakia and the Czech Republic.
“The first quarter was very exciting and productive, with a successful listing of the company on Nasdaq First North Premier, preparations ahead of the launch of LeoVegas Sport and strong growth combined with good profitability,” Gustaf Hagman, LeoVegas group CEO and co-founder, said.
The firm added it has set a target to reach ?300m in net sales in 2018.
During the period, LeoVegas was named Mobile Operator of the Year at the EGR Nordics Awards.