Major earnings improvement at Mr Green Casino

On Friday the Mr Green online casino group posted an impressive set of second quarter and half-year 2017 results, highlighting the following:

Q2-2017

* Total revenue increased by 36.3 percent y-o-y to SEK 287.8 (211.2) million;
* EBITDA up a remarable 337 percent to SEK 52.4 (12.0) million, with margin up 12.5 percent at 18.2 percent;
* Earnings per share before/after dilution increased to SEK 0.90 (-0.13);
* Cash and cash equivalents amounted to SEK 463.6 million following the new share issue, which provided the company with SEK 195 million before issue expenses and broadened the owner base;
* The Garbo mobile casino site was relaunched.
* Good growth reported in Denmark, Finland and Sweden, which accounted for 33 percent of quarterly revenue;
* Exceptional growth in Western Europe, which delivered over 41 percent of revenues – an improvement of over 80 percent y-o-y;
* Central, Eastern and Southern European revenues were up 30.2 percent.

H1-2017

* Total revenue grew by 31.2 percent to SEK 563.9 (429.7) million;
* EBITDA increased by 105 percent to SEK 86.6 (42.2) million on a margin up 5.5 percent at 15.4 (9.8) per cent;
* Earnings per share before/after dilution increased to SEK 1.43 (0.55);
* The company remains free of debt.

CEO Per Norman attributed the revenue improvements to the 2016 launch of new live dealer casino and sportsbook products, along with better cost efficiencies in the company, which included lower marketing costs achieved by “intensified focus on digital marketing and personalized customer communication.”

He reported that the company plans to launch its Danish sportsbook operations in Q3.