JackpotJoy CEO happy after admittedly 'turbulent year'Wednesday, Apr 5, 2017 14:30
Previously known as Intertain, and based in Canada, the online casino rebranded and moved its headquarters to the UK within the last year. The operator reported a record cash generation for the year in the shape of £83.0m of its operating cash flow and revenue growth of 15%.
A Turbulent Year
CEO Andrew McIver commented: “The past financial year has been a turbulent one for the Group, so I am pleased to be reporting strong results today, which clearly demonstrate the strength of our brands across the portfolio. Strong group revenue growth of 15% has been driven by growth across all our business units, with our largest brand, Jackpotjoy, reporting impressive growth of 17%.”
Planned Growth for JackpotJoy
JackpotJoy is said to be ‘ideally positioned’ to situate itself front-and-centre of any future growth in the online gaming industry. JackpotJoy is aiming to take advantage of this through a mixture of improved accessibility via mobile devices, expanding customer demographics, and seemingly dynamic regulatory trends that are making more markets available to online gaming than ever before.
With a global online casino and online bingo market estimated to be worth in the region of €12 billion by 2018, JackpotJoy will be looking for their share of the spoils in the coming years. Last year the company’s three entities - JackpotJoy, Vera&John, and Mandalay - all reported significant organic growth.
McIver added: “Looking ahead to 2017, I am excited about what the year holds for Jackpotjoy plc, following our listing on the London Stock Exchange in January 2017. I am confident that our strong portfolio of brands will continue to deliver strong organic growth and this is further evidenced by the 10% revenue growth year-on-year we are forecasting for Q1 2017.”
Agreement with Gamesys
JackpotJoy has also signed a new deal with their main games supplier, Gamesys. Chairman Neil Goulden emphasised the importance of this new agreement to shareholders. “Prior to the London listing, Intertain raised additional debt financing in an aggregate sterling equivalent amount of £160 million, whereby proceeds were used to fund a £150 million pre-payment of the earn-out relating to the Jackpotjoy and Starspins brands. This pre-payment to Gamesys also made effective the amendments to the Gamesys group agreements.”
Goulden added: “It was an easy decision to renegotiate our contracts with the Gamesys group (our platform and service provider for the Jackpotjoy brands), as we believe the Gamesys group’s platform is the best in the market and provides us with a unique and competitive edge. We value our long-term partnership with the Gamesys group, the results of which are reflected in our market share and brand performance.
“The additional debt financing was an important step for the Group. Not only did it provide certainty regarding our future capital structure, the amendments to the Gamesys group agreements will further solidify our strong operating relationship with the Gamesys group.”
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