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Styren leaves behind a thriving LeoVegas

Monday, Jun 5, 2017 12:00

Styren is the CEO of LeoVegas’ Malta-based subsidiary LeoVegas Gaming Ltd. Styren will leave his current role, which he has held for the last five years, on June 30th of this year.

Johan Styren Statement


"When I started at LeoVegas 2012 we had just launched and had no customers. Today we are market leaders. Since then, we have managed to build the world's best mobile casino, added sports games and live casino, listed on NASDAQ First North and made LeoVegas one of the best gaming companies in the world. After more than five fantastic years, I feel it's time to move on to new challenges."

Best Wishes From Management


Gustaf Hagman, the group CEO and LeoVegas co-founder, stated: "Johan has been very valuable to LeoVegas, primarily by being part of building our business in Malta. Johan has been part of creating what LeoVegas is today and I want to thank him for his amazing effort during his 5 years at LeoVegas. I wish him all the best in the future.”

Revenue Rises


Styren’s departure from his role follows impressive financial results for the first quarter of 2017. LeoVegas has attributed the recent launch in Denmark as a leading factor for the increase. Revenue for Q1 amounted to €43.9 million, a marked increase on the €29.5 million achieved in the same period last year. LeoVegas also oversaw an increase in EBITDA (Earnings before interest, tax, depreciation, and amortisation) margin of 9.3%. Operating profit rose €7.1 million, whilst mobile deposits accounted for 67% of all deposits in Q1. It’s safe to say that Johan Styren leaves his role with LeoVegas in better shape than ever.

Gustaf Hagman Statement


Gustaf Hagman, co-founder of LeoVegas, said: “During the quarter, we worked intensively on presenting LeoVegas as a company to investors and the stock market – both in Sweden and abroad – in an effort to spread knowledge about LeoVegas, our vision and our goals. This has elevated interest in LeoVegas as an investment, and we hope our continuing work with this will generate even greater interest.

“We continue to actively evaluate acquisition opportunities, and with a cash position of more than €60 million, we have resources to carry out additional strategic acquisitions going forward. In summary, the first quarter was stable and represents yet another step on the path to our financial targets of €300 million in revenue and a 15% margin by 2018.”

Italian Acquisition


Aside from the successful Danish launch, Q1 of 2017 also saw LeoVegas complete the purchase of Winga.it. Gustaf Hagman has big plans for the peninsula, stating “the mobile journey has yet to take place in Italy”. The purchase of Winga.it will see the Italian business change to the LeoVegas brand. The purchase now means that LeoVegas is active in 5 regulated markets – United Kingdom, Ireland, Denmark, Malta and Italy. With ambitious management looking to increase revenue and global exposure, we are sure to hear more of LeoVegas in the not too distant future.


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