Vera&John delivers for JPJ against a tougher UK backdrop

The governance of London-listed online gambling firm JPJ Group Plc signs off on its latest Q3 2018 trading update (period ending 30 September), confident of delivering on its full-year 2018 corporate expectations.

Reporting increased customer activity across its overall portfolio, while maintaining a higher gaming revenue per customer of £99 (10% increase), JPJ records Q3 revenues of £78 million- up 8% on corresponding Q3 2017’s £72 million.

Updating investors, JPJ governance points to its European online gambling brand Vera&John as being the ‘stand-out’ asset, reporting a 40% revenue increase to £26 million primarily driven by organic growth.

Supported by the benefits of a proprietary technology platform, Vera&John maintains JPJ’s group momentum, during a period in which its flagship Jackpotjoy brand has undertaken an alignment with new UK responsible gambling measures – lowering its revenue and EBITDA earnings.

“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,” details JPJ Group Chief Executive Neil Goulden.

The Q3 2018 period would see JPJ restructure its organisation, with the company disposing of its social games division for £18 million cash to South Korean games developer BagelCode.  

Closing a busy Q3 trading period, JPJ governance declares a group net income of £7.5 million off an adjusted EBITDA of £29 million (Q3 2017: £25 million). The results sees JPJ reverse 2017 comparative losses of £8.2 million.

Moving forward, JPJ governance states that it will continue with its international expansion assisted by operations partners Gamesys.

“Overall, we remain confident in our outlook for the full year,” added Goulden. “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.”