JackpotJoy see revenue jump for the first half of 20172017-09-13 10:59:03
JackpotJoy is the UK’s number one online casino for bingo and instant wins. At JackpotJoy players can enjoy a wide range of over 250 top quality games with everything from slots, bingo and casino games to choose from. JackpotJoy claim that they have “the best games, loads of bonuses and brilliant promotions” and they deliver this promise and more. Despite an excellent offering the company has racked up sizable debts in recent years, another reminder of just how competitive the world of online gaming is. However, JackpotJoy may have finally turned a corner with the company revealing that they’ve seen a rise in both revenues and profits in the first part of 2017.
JackpotJoy’s future looks a little bit more positive after the company revealed a growth in profits and revenues for the first 6 months of 2017. A busy H1, from January 1st to June 30th, was exactly what the company needed. Revenue for the first half of the year totalled at £146.6m, up 13 per cent over the same period last year. Adjusted underlying earnings increased by 15 per cent up to £59.2m while operating cash flows also saw a marginal increase up 2 per cent to £45.6m. The company also showed strong KPI gains across its product and brand portfolio with more than 240,000 active customers and improved player values.
All of the subsidiaries of JackpotJoy also experienced financial growth in the first half of the year. All sections of the business witnessed growth; earnings at Vera & John were up 21 per cent while Mandalay grew by an impressive 50 per cent mainly due to lower advertising costs. Underlying earnings for the JackpotJoy brand were up 35 per cent, this revenue accounts for 70 per cent of the businesses overall earnings. Despite these green shoots of recovery higher operating costs and a number of financial expenses resulted in a net loss for the period of £20.1m.
The biggest problem facing JackpotJoy is the company’s huge debts. They’re debts have been unusually high for a UK company. When the company JackpotJoy Plc debuted on the London Stock exchange in January of this year they had debts of £514.8m. However, thanks to a strong first half of this the company has reduced these debts to £414.5m. Updating its investors the company said that they expected continued growth into the second half of the across of its brands.
Reducing the company’s debt has been a “key priority” for the bosses at JackpotJoy. Speaking to City A.M. the Chief of Executive of JackpotJoy Andy McIver said; A key priority for the Group is to reduce our historic debt burden. The business is highly cash-generative with cash conversion in Q2 of 99%, excluding one-off and exceptional items.”. Addressing the issue of the company’s debt he added; “It's getting us much nearer to what you'd expect for a normal UK company".
Speaking about the company’s future McIver was upbeat; "We don't need to buy anything, we have a market-leading position in Sweden, in Spain, in the UK. I think where it might be interesting in the future would be in geographies we don't have. We're very interested in South America for instance, but that would be very much in the future."
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