NetPlay TV H1 revenues increase 15%
New product launches and a strong B2B performance also help boost profits by 31%
NetPlay TV’s revenues increased 15% during H1 2016, with new products and a better than expected B2B performance as key drivers for growth.
According to figures released this morning, net revenues amounted to £14.7m for the period ending 30 June 2016 – a 15% increase on last year’s comparative figure of £12.7m.
Adjusted EBITDA for the period increased by 31% in H1 to £1.7m.
The company saw a small 3% rise in both new depositing players and active rising players, amounting to 43,723 and 65,200 players respectively.
During the period, NetPlay secured a three-year extension to its deal with ITV for its TV-based gambling products to remain on screen until April 2019.
In addition, the Group said it had delivered “improved returns” to its Vernons Bingo brand following the launch of a fully mobile and website responsive site, with the introduction of 65 games for its online site.
However, its casino-only brands experienced “slightly lower” deposits per customer, which led to B2C average revenue per depositing player decrease by 2% to £267.
Its B2B business, which was acquired in August 2015, performed “ahead of management” expectations with the segment contributing £2.1m in revenue.
“These results show that the momentum delivered in the last year has continued into 2016 and we are very pleased to be reporting growth in overall Group revenue and profit,” Bjarke Larsen, CEO of NetPlay TV, said.
“The Group’s operational performance in the period has also been significant with not only the renewal of the ITV relationship, but also product enhancements, new site roll-outs and, post period, the launch of the Apple TV application.”
Larsen added the firm is open to M&A activity as it looks to continue with its growth strategy.
“There has been significant M&A activity in the industry, and the Group, with its solid balance sheet, is well placed to pursue those opportunities that the board believes will be earnings enhancing,” said Larsen.
NetPlay TV’s share price was 8.75p at the time of writing.