Gamesys Group reports strong third quarter growth

Business News

Gamesys Group has reported double-digit gaming revenue growth in the third quarter of its current financial year, but said earnings took a hit from new UK gaming regulation.

The online bingo and casino games operator said gaming revenue in the three months to the end of September rose 23% year-on-year, mainly as a consequence of “high” organic growth in markets outside the UK.

Adjusted earnings before interest, taxes, depreciation, and amortization, however, decreased by 8% year-on-year, hurt by higher UK gaming taxes introduced in the period. Adjusted net income decreased by 20%, reflecting the reduction in Ebitda.

Average active customers per month grew to 248,945 in the twelve months to the end of September, the company noted, representing an increase of 7% year-on-year.

Monthly real money gaming revenue per average active customer of GBP110 was 6% higher year-on-year.

Strong trading in the third quarter supports management’s confidence in the full-year outturn. Our expectation that Jackpotjoy UK would return to growth in H2 2019 has been confirmed in these numbers and our major international markets and the acquired Gamesys brands are delivering high growth. Said Neil Goulden, Executive Chairman.

“The third quarter has seen excellent growth across the acquired Gamesys brands, an outstanding performance at Vera&John and a return to growth at Jackpotjoy UK which helps underpin our confidence in the outlook,” said Chief Executive Lee Fenton.