Publishing its full-year 2018 results, the governance of London-listed JPJ Group declares that it has delivered record revenues and corporate earnings, ahead of its market consensus.
Completing year-two as an LSE enterprise, JPJ records a 10% increase in group revenues to £319 million (FY2017: £289m), despite its flagship Jackpotjoy (UK) brand delivering a flat revenue performance of £216 million
Whilst Jackpotjoy adjusts to tougher UK regulatory demands, JPJ’s international unit led by Vera&John recorded a 42% revenue increase to £103 million (FY2017: £74m), with JPJ governance detailing strong organic growth in Scandinavian markets.
Focusing on returning its home UK market to growth, JPJ governance details that in 2019 it will solely focus on Jackpotjoy performance, having disposed of its non-core social games division (transaction – £18m) and Mandalay Bingo assets (transaction – £18m to 888 Holdings).
Supporting the group’s UK realignment, JPJ’s fast growth Vera&John domain will advance its profile in new markets targeting growth in Germany, Asia and Brazil.
Closing 2018 accounts, JPJ governance announces a 9% increase in EBITDA to £112 million (FY2017: £103m), with the LSE enterprise returning to profit, declaring a net income of £18 million (FY2017: -£70 million).
Neil Goulden, JPJ Executive Chairman, commented: “I am pleased with the progress we have made in 2018 as JPJ Group plc continued to deliver on its strategy. We have reported record revenue and adjusted EBITDA2, growing 10% and 9%, respectively, demonstrating the benefits of our diversified geographic footprint. Our continued strong organic cashflow generation has also enabled us to deleverage further, with net debt/EBITDA now at 2.68x. The Board is comfortable retaining the current significant cash on the balance sheet given the optionality which this confers.
“The past 12 months also saw the Group achieve several important corporate milestones. In June 2018, we substantially completed the earn-out payments to Gamesys for the assets we acquired in 2015 and in July 2018, we moved to a premium listing on the Official List in London. We sold our social gaming business in August 2018 and this month, we announced we had completed the sale of Mandalay, allowing us to concentrate on a more focussed brand strategy in the UK.”