Mr Green sees H1 earnings up

The company said that a particularly strong growth in revenue was witnessed in the second half of the reviewed quarter. In addition, mobile was among the major drivers of the overall growth. Revenue from that particular segment increased 69.1% year-on-year to reach SEK90.1 million.

Mr Green generated a total of SEK85 million from its operations in the Nordic region, which reflected a 2.9% decrease as compared to what was reported for the three months ended June 30, 2015. Revenue from the rest of Europe was up 16.7% year-on-year to reach SEK119.6 million. The company posted revenue of SEK6.7 million from rest-of-the-world operations, up from the SEK4.8 million generated during the second quarter of the previous year.

Quarterly EBITDA amounted to SEK12 million, down from SEK12.5 million in the same period of 2015. EBITDA margin stood at 5.7% compared to EBITDA margin of 21.8% for the second quarter of the previous year.

“

“

Mr Green said in its report that earnings were mainly affected by local betting duties, an increase in marketing costs, investments related to its Live Casino product, and the launch of the company’s sportsbook

”

EBIT amounted to a negative of SEK3.1 million, down from SEK25 million posted for the quarter ended June 30, 2015.

During the second quarter of 2016, there were a total of 92,721 active customers playing at Mr Green’s online casinos, up 26.5% year-on-year. An increase was also seen in customer deposits. Those reached a new record high of SEK601.7 million, up from the amount of SEK550.6 million reported for the same quarter of the previous year.

A significant event to have taken place within the quarter was the launch of Mr Green’s sportsbook. The gambling operator went live with its sports betting offering on June 7, right ahead of the UEFA Euro 2016.

Mr Green reported revenue of SEK429.7 million for the first half of the year, up 10.2% year-on-year. EBITDA for the period amounted to SEK42.2 million, down from the SEK66.9 million posted for the same six months of the previous year. EBITDA margin stood at 9.8% compared to 17.2% from a year ago. EBIT totaled SEK13.7 million, down from SEK29.9 million.

Commenting on the company’s performance, CEO Per Norman said that the strategy and initiatives they have undertaken over the past year, including the introduction of a new technological platform, the increased focus on mobile gaming and the Live Casino segment, the launch of sports betting offering, and the changes in their Malta-based management team, have begun bearing fruit at operational level. According to Mr. Norman, the gambling operator is now in an excellent position to deliver continued growth in the years to come.

During the reported period, Mr Green announced two key appointments. Former Svenska Spel CEO Jesper Kärrbrink was named Chief Executive of Mr Green Ltd., known to be Mr Green’s Malta-based subsidiary in charge of its online casino. In addition, Niclas Enhörning was appointed as CEO of Mr Green & Co Technology AB.