“A strong end to the year with many growth initiatives,” commented LeoVegas CEO Gustaf Hagman after announcing the company's Q4 results.
Revenue amounted to €98.2m compared to €98.4m in the same period last year. Excluding Germany and the Netherlands, revenues increased by 26 per cent. EBITDA was €11.6m (€11.5m), corresponding to an EBITDA margin of 11.8 per cent (11.7 per cent). The number of depositing customers was 456,063 (461,983), a decrease of one per cent. Adjusted earnings per share were €0.07 (€0.08).
"I am proud of how we concluded 2021 and how we offset the revenue loss related to the ongoing regulatory changes in Germany and the Netherlands," said Hagman.
"In the fourth quarter, sales were unchanged compared with the preceding year. However, excluding the two above mentioned markets, growth was some 26 per cent, which demonstrates our strong underlying growth.
"Adjusted EBITDA improved somewhat year-on-year, despite ceasing to provide our services in the Netherlands while waiting for a gaming licence, which was previously one of our most profitable markets.
"At the same time, we have paid more gaming taxes than ever before during the quarter. The improved profit was achieved through good cost control and higher marketing efficiency."
