Completing its first full year as a Nordic Nasdaq-listed enterprise, LeoVegas Group AB has recorded strong organic growth within its product verticals as the company seeks to expand its footprint beyond its home markets of Scandinavia.
Presenting its Q1 2017 financial update (period ending 31 March), LeoVegas would announce a corporate revenue lift of 49% to €44 million (Q1 2016: 29.5 million).
Updating investors, LeoVegas governance was pleased to reveal that 18.3% of its group revenues had been generated by regulated market activity.
The mobile-first operator revealed a significant increase in new depositing customers of +75,000 for the period, which supported its verticals high player activity of +170,000 active players.
Closing its Q1 2017 performance, LeoVegas would report a ‘return to black’ on its corporate earnings performance, recording EBITDA of €6 million (Q1 2016: -€1.3 million) combined with operating profit of €5.5 million (Q1 2016: – €1.6 million).
Gustaf Hagman, Group CEO and co-founder commented on Q1 performance
“In the first quarter, we started scaling our marketing efforts to continue to drive growth. In the second quarter, we expect our marketing to revenue ratio to be slightly higher than in the first quarter as we see positive return on investment on many new marketing efforts as well as opportunities to try new marketing channels that have the potential to scale up in the future.”
“We continue to actively evaluate acquisition opportunities, and with a cash position of more than EUR 60 m, we have resources to carry out additional strategic acquisitions going forward. In summary, the first quarter was stable and represents yet another step on the path to our financial targets of EUR 300 m in revenue and a 15% margin by 2018”