EveryMatrix’s Q2 update shows financial performance ahead of expectations and gross profit growth across all business segments against the same period in 2021.
There was also a strong global sales performance with a significant contract signed, good cash balance and a successful acquisition.
Gross profit (gross revenue less direct costs to game suppliers) increased by 17 per cent year on year in Q2 2022 to €14.9m (12.7) with a four-year CAGR of 35 per cent.
While the regulatory changes in Germany impacted gross profit in the casino segment, that segment still grew by 11 per cent year on year thanks to the company’s product diversification and broad client base.
EBITDA held at €5.2m (5.2) as the company continues to reinvest positive cash flow into future growth. Key investments remain US expansion and the quarter saw the acquisition of retail sports betting supplier Leapbit, bringing in nearly 20 new staff and a Croatian office.
The EBITDA/gross profit margin was 35 per cent. Net cash grew from €11.1m at the end of Q1 2022 to €15.2m in Q2 2022. The company is reinvesting positive cash flow into future growth and remains debt free.
Ebbe Groes, group CEO of EveryMatrix, says: “Driven by our diverse product offering and strong client base, we saw yet another record number of new client wins in the quarter with 43 deals signed across all products.
"Furthermore, a 17 per cent increase in gross profit, the best reflection of the underlying performance of the group, allows us to continue to invest in our future growth.”
