MRG Group (legacy Mr Green&Co), the third Stockholm-listed industry enterprise to publish its Q3 2018 trading update today, details strong progress on its diversification and geographic expansion initiatives.
Detailing a further consecutive ‘record-breaking’ quarter performance, in which MRG records a 50% group revenue increase to SEK 445 million (€43 million). The Stockholm enterprise details a period of high customer activity, combined with the effective integrations of its acquired Evoke gaming assets.
“The integration of Evoke Gaming, which we acquired in February, has now been completed. The integration process went significantly faster than plan and led to greater synergies than we had calculated initially. We expect full annual synergies of about SEK 40 million from the fourth quarter of this year.” Details MRG Chief Executive Per Norman on the corporate update.
An enlarged MRG Group, records a 49% period EBITDA increase to SEK 76 million (€7.3 million), contributing to year-to-date corporate earnings of SEK 166.8 (€16 million).
Moving forward MRG details strong business prospects, with the company securing a new sportsbook operators licenses for the markets of Denmark (Mr Green) and Ireland (RedBet).
Having rebranded its corporate identity to MRG Group, last May company governance announced its guiding 2020 vision, seeking to continue its ‘fast growth profile’.
Delivering its growth strategy mandate, an enlarged MRG Group believes that it can maintain a 25% annual growth rate until 2020, generated through smart acquisitions and organic growth.
“Our Strategy 2020, presented at the Capital Markets Day in May of this year, is robust. We are continuing, just as we announced at that time, to grow strongly and with improved profitability. We can report a good development for the current quarter up until yesterday.”
We will deliver on our guidance for the full-year 2018 with growth of not less than 40 per cent and an EBITDA margin of about 15 per cent. We are also confident in our financial targets which entail that, by 2020, we are expected to achieve annual revenue growth of 25 per cent and an EBITDA margin of 15 per cent. “ Per Norman further detailed on corporate strategy.