Jackpotjoy contains losses in second quarter

Online bingo operator Jackpot Joy plc (formerly the Canadian operator Intertain) has posted its Q2 and H1 reslts for 2017, reporting rising revenues but increased H1 losses.

Q2-2017 highlights include:

* Revenue grew 17 percent to GBP 75.2 million, with 70 percent of that coming from Jackpot Joy operations;

* Adjusted EBITDA up 28 percent, or 31 percent on a like for like constant currency basis, to GBP 30 million reflecting strong growth across all business segments;

* Adjusted net income up 14 percent year on year at GBP 21,8 million;

* Operating cash flow growth of 21 percent year on year to GBP 22.3 million;

* Gross debt including earn-outs reduced from GBP 514.8 million at 31 December 2016 to GBP 414.5 million;

* Net loss of GBP 4.8 million (- GBP 14.9 million);

* 240,000 active players.

Highlights of the half-year:

* Revenue up 13 percent at GBP 146.6 million;

* Net loss worse by 105 percent at -GBP 20 million (-GBP9.8 million);

* Adjusted EBITDA up 15 percent at GBP 59.2 million;

* Adjusted net income flat at GBP 42.6 million;

* Operating cash flow up 2 percent at GBP 45.6 million.

CEO Andrew McIver said in his report that the company expects “robust” growth in the second half of the year, enabling it to meet forecast.

“A major milestone in debt reduction was achieved in June when we made the final earn-out payment of GBP 94.2 million for the non-Spanish assets within the Jackpotjoy segment, using existing cash resources, with the total consideration representing excellent value for shareholders,” he said.

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