JPJ Group remains in line with expectations
JPJ Group said first-quarter results met its expectations as gaming revenue rose by a double digit percentage in the first quarter of the year, driven by ‘strong’ organic growth at Vera&John.
Gaming revenue rose 13% to $83.3m as Vera&John, which made up 41% of group revenues, delivered growth of 62%. That helped offset a 7% fall in Jackpotjoy UK revenues following the introduction of enhanced responsible gambling measures in 2018 and also the intense competitive environment in Sweden.
‘Trading in the first quarter has been in line with management’s expectations and we remain confident in the full-year outlook,’ the company said. ‘Jackpotjoy UK will pass the anniversary of the introduction of enhanced UK responsible gambling measures during the second half of 2019 and the Group continues to generate significant cashflow. Our international markets continue to deliver high growth and Vera&John is well-placed to demonstrate the scalability of its proprietary technology platform.’