SBC News Voice of the Sports Betting Industry
Updating the market, AktieTorget-listed European online gambling operator Mr Green & CO AB (Mr Green) detailed that despite seeing topline revenue growth during Q2 2016, tax duties and higher expenses have impacted its period earnings.
The operator would record increased corporate revenues of SEK 211 million up 8% on corresponding Q2 2015’s SEK 194.8 million. Detailing revenue drivers Mr Green governance noted that the company had reached ‘revenue highs’ through its mobile games inventory which contributed SEK 90 million in period revenues.
Further positives saw Mr Green record an all-time high in active customer to +92,000 (Q2 2015: 73,000) with customer deposits hitting the + SEK 600 million mark.
Despite recording positive top-line metrics, Mr Green’s financial performance would be burdened higher taxes and increased costs combined with a significant lowering of its earnings margin to 5.7% (2015: 21%).
The impacts would see Mr Green post Q2 2016 EBITDA of SEK 12 million down 74% on 2015’s SEK 42.5 million.
Presenting H1 2016 results (January – June) Mr Green would post EBITDA earnings of SEK 42 million (H1 2016: SEK 66 million) with an underlining EBIT of SEK 13.7 million (SEK 29 million)
Despite its declining earnings results Mr Green governance remain positive that the company can overcome its challenges stating that strategic investment in its operations and platform are now paying dividend.
Commenting on corporate developments, CEO Per Norman stated that Mr Green was now able to better meet consumer demands as its responsive platform could see a multiple releases per day and that initial feedback and engagement indicators had proved very positive.
