LeoVegas On Right Track: Revenue Grows 8% Despite UK & Swedish Challenges

Online gaming operator LeoVegas has managed to report an 8% year-on-year rise in revenue for Q2 despite increasing challenges in the UK.

Commenting on the quarter CEO of LeoVegas, Gustaf Hagman, said:

“LeoVegas is delivering good growth with high profitability in a difficult-to-navigate environment.

“Q2 2019 was our best quarter ever and we continue to take market shares.

“Compared with a year ago, LeoVegas has a more balanced geographic revenue mix. This means we are not as sensitive to challenges that may arise in a specific market, which in turn means we have lower business risk in the group.”

To further benefit from the expertise that has been added through acquisitions and be more efficient, we have restructured the country organisations for the UK and Italy. We have moved country-specific functions into our central teams and eliminated roles that have become redundant as a result of acquisitions. This is one of many initiatives we have taken to increase efficiency and optimisation within the Group.”

Key figures for Q2 2019:

  • Revenue increased by 8% to EUR 94.4 m (87.4). Organic growth in local currencies was 8%.
  • The number of depositing customers was 334,961 (309,987), an increase of 8%. The number of new depositing customers was 138,758 (134,487), an increase of 3%. The number of returning depositing customers was 196,203 (175,500), an increase of 12%.
  • Net Gaming Revenue (NGR) from locally regulated markets was 48% (39%) of total NGR.
  • EBITDA was EUR 15.1 m (15.0), corresponding to an EBITDA margin of 16.0% (17.2%).
  • Adjusted EBITDA was EUR 15.1 m (15.0), corresponding to an adjusted EBITDA margin of 16.0% (17.2%).
  • Operating profit (EBIT) was EUR 8.5 m (9.3).
  • Adjusted EBIT was EUR 12.6 m (13.9), corresponding to an adjusted EBIT margin of 13.3% (15.9%).
  • Earnings per share were EUR 0.07 (0.07) before and after dilution.
  • Adjusted earnings per share were EUR 0.12 (0.13).

You can see the full report here.

(Photo courtesy of LeoVegas)

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