JPJ Group has announced an eight per cent year-on-year rise in online gaming revenues, boosted by stand-out growth in its Vera&John segment.
In the three months running to the end of September, the company reported its net income as £7.4m, compared against a loss of £8.2m 12 months earlier. Adjusted EBITDA was at £28.8m (Q3 2017: £25.5m) and adjusted net income rose by 18 per cent to £23.3m (£17.1m).
The group’s performance is in line with expectations, with the outlook described as positive for the full year.
Neil Goulden, JPJ’s executive chairman, said: "We are pleased with the quarterly performance of JPJ Group given reported gaming revenue growth of eight per cent and an uplift in adjusted EBITDA2 of 13 per cent. The Vera&John segment is once again the stand-out, with year-on-year revenue growth of 41 per cent on a constant currency basis. The growth at Vera&John highlights our strategy of international diversification, with 44 per cent of group revenue generated outside the UK in Q3.
“As part of our commitment to meeting the highest industry standards on responsible gambling, revenues at Jackpotjoy UK have been impacted by the responsible gambling measures we have implemented and the closure of a number of high value accounts. We expect that the impact of closed accounts will begin to annualise during H2 2019 and, provided there are no further regulatory challenges, the Jackpotjoy segment will return to revenue growth thereafter.
“Overall, we remain confident in our outlook for the full year. We continue to enjoy a strong association with Gamesys in a relationship which provides mutual benefits and we are also excited by the significant growth opportunities that exist in both existing and new markets, where we are well-placed to take advantage of this promising backdrop."
