Jackpotjoy plc pleased with third quarter results

Online bingo operator JackpotJoy Group reported on its third quarter and consolidated nine-month 2017 fiscal period Tuesday showing positive momentum and a good financial performance.

Gaming revenues rose 14 percent in the third quarter, and in consolidated nine-month results reached GBP 222 million (9M/2016: GBP 194 million).  Third quarter results were driven by a 12 percent growth in the Jackpotjoy segment and 28 percent growth from Vera&John.

Adjusted EBITDA for the nine month period increased 11 percent year-on-year to reach . Adjusted net income decreased 4 percent year-on-year, impacted by interest related fees on other company debts.

Average active customers grew to 251,186, a 13 percent increase y-o-y, while average real-money gaming revenue per month grew to GBP 22.6 million, up 16 percent y-o-y.

The Jackpotjoy segment in the nine-months to September 30, 2017 has generated consolidated total revenue of GBP 155 million.  Third quarter revenue growth of 12 percent was reported on the back of a strong performance from its Starspin and Botemania brands.  Adjusted EBITDA growth was 3 percent.  Jackpotjoy comprises 69 percent of total Group revenues.

Vera&John has delivered GBP 51.5 million in consolidated 9M revenue and now comprises 24 percent of total group revenue.

Mandalay Media, comprising 7 percent of Group revenue, saw a revenue decline of 8 percent in the third quarter reaching GBP 15.3 million and an adjusted EBITDA increase of 36 percent attributed to lower marketing spend.

Despite strong momentum, the company expects an impact on profitability from Q4 onwards due to the introduction of the UK point of consumption (POC) tax on bonuses. “Management, however, remains confident in meeting the upper end of market expectations for FY17,” the update reads.

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