London-listed JPJ Group (formerly Jackpotjoy Plc) has published its H1 2018 interim results, confident of achieving its full-year market expectations, despite its flagship Jackpotjoy brand facing increased demands within the UK market.
Updating the market, JPJ records year-to-date group revenues of £161 million, up 10% of corresponding H1 2017’s £147 million.
Despite its revenue growth, JPJ records a 4% group EBITDA decline to £56.9 million (£59.2 million), as its UK Jackpotjoy brand Q2 period performance is impacted by a combination of higher player acquisition costs and POC taxes.
Closing its 2018 interim period, JPJ governance significantly reduces corporate losses to £400,000 (H1 2017: £20 million).
Detailing corporate highlights, JPJ governance notes that the company is making progress on its international agenda, with its assets of Botemania Spain (up 25%) and Vera&John Scandinavia (up 28%) reporting significant growth.
JPJ governance continues to restructure its corporate framework, confirming in its trading statement that it will dispose of its social gaming division for £18 million.
Neil Goulden, Executive Chairman, commented: “The first half of the year has seen a continuation of the strong momentum that JPJ Group plc has reported since listing in the UK in January 2017. Group revenue grew 10% with Average Active Customers per Month6 also increasing 7%, driven by good growth across our global footprint, in particular in Spain and a number of relatively new markets. As expected, Adjusted EBITDA1 was down 4% year-on-year, but is expected to return to growth in the second half of the year following the conclusion of the TV advertising campaigns and as we pass the anniversary of the introduction of the POC2 on gross gaming revenue in the UK”