LeoVegas first quarter revenue up 8%
LeoVegas has reported by an increase in revenue 8% to EUR 96.7m. Adjusted EBITDA was EUR 10.9m. Reported EBITDA was EUR 10.4 m. The number of depositing customers was 462,386 (413,269), an increase of 12%.
We are pleased with the start of the year and increased our revenue by 8% during the first quarter. Excluding Germany, which has been affected by new restrictions related to the upcoming regulation, revenue increased by 19%. Our growth has been driven mainly by our loyal customer base, which reached a new record level during the period.
We have maintained a high pace of investment, and despite this we achieved adjusted EBITDA growth of 22%, driven by our scalability and good cost control.
The first quarter was an intensive period for our investment vehicle LeoVentures. Among other things we invested in SharedPlay, a company that makes it possible for players to share their gaming experiences with others through the industry’s first multiplayer solution. For a long time we have created successful, exclusive games with the help of external providers.
We are now taking the next step by starting our own game studio Blue Guru Games. This venture will give us full control and greater flexibility in developing new games, a unique offering to our players, and also a new revenue stream for the Group. Said, Gustaf Hagman, CEO.