Jackpotjoy moving in the right direction

Jackpotjoy plc has delivered a good performance in its latest first quarter results reporting a 13 percent rise in consolidated gaming revenue year-on-year driven by 7 percent revenue growth in the Jackpotjoy segment and an impressive 35 percent rise in revenue from Vera&John.

By segment, Jackpotjoy currently contributes 74 percent of group revenue of which Starspins and the Botemania brands are responsible for 24 percent. Vera&John delivers 26 percent of group revenue.

A decrease in adjusted EBITDA was attributed to marketing costs and the application of POC tax to gross gaming revenue in the UK in the last quarter of 2017.

The company is heading in the right direction in terms of adjusted net debt which was reported at GBP 379.9 million down from GBP 387.3 million in December 2017. The reduction of net debt remains a key strategic target for the Group.

Neil Goulden, Executive Chairman, commented:

“The first quarter has seen a continuation in the good underlying momentum we saw in 2017.

“I am confident that we will continue to drive good growth and attractive returns for our shareholders over the remainder of FY18 and beyond.”