Mr Green Casino reports strong growth in Q2

Online casino operator Mr Green & Co AB’s Q2-2014 results published Friday show continued strong growth in revenues and earnings as the firm widens its marketing effort beyond the Nordic region and into the United Kingdom.

Financial highlights of the company’s second quarter included:

* Revenue up 40.8 percent year-on-year to SEK161.4 million, bringing H1-2014 revenues to SEK316 million – up 41.4 percent;

* EBITDA up 40.5 percent year-on-year to SEK38.5 million, bringing H1-2014 EBITDA to SEK 75.5 million – up 45.3 percent;

* Earnings per share before dilution: SEK 0.65 (Q2-2013: 0.47), and after dilution: SEK 0.65 (0.47);

* EPS for H1-2014: before dilution: SEK 1.30 (H1-2013: (0.97), and after dilution: SEK 1.30 (0.97);

* Active customers down at 63 110 (Q2-2013: 64 658);

* Mobile channel now accounts for 22 percent of total revenue, up from a 14 percent a year ago.

CEO Mikael Pawlo said Friday:

“Our assessment is that Mr Green’s strategy of continuing to invest in product development, particularly for mobile utilisation, and expansion into new countries will create favourable conditions to continue to significantly outgrow the market.

“Mr Green continues its organic expansion outside the Nordic region, which will reduce our dependence on individual regions. During the second quarter, the Nordic region accounted for 53.9 (67.0) percent of the total game win, while the rest of Europe accounted for 45.5 (32.7) percent and the rest of the world accounted for 0.6 (0.2) percent. We feel that it is strategically important that we are not solely dependent on the Nordic region or any other region.”

Pawlo pointed to significant events in or immediately following the second quarter:

* Through subsidiary Green Gaming Group plc, the Group acquired Social Holdings Ltd (Spin Tower Casino) and DSRPTV Gaming Ventures Ltd (Garbo.com).

* Hans Fajerson resigned from all boards of directors and other assignments within the Group. He remains the largest shareholder in Mr Green & Co AB, with 20.2 percent of both shares and capital.

* On 24 April, the General Meeting approved a transfer of SEK 46.6 million to shareholders, corresponding to a dividend of SEK1.30/share.