London-listed online gambling group, Jackpotjoy Plc has reported overall revenue growth of 13% for Q1 2018 performance, supported by rising group revenues from both its flagship Jackpotjoy brand (JPJ) and Vera&John European gaming division.
The JPJ brand witnessed group revenue of 74%, with gaming revenue growth of 7% year-on-year; while Vera&John saw group revenue rise 26% and revenue growth 35%.
However both brands also saw a decrease in adjusted EBITDA, down 6% and 9% respectively. This was put down to the impact of higher distribution costs from the ongoing UK TV advertising campaign for JPJ; and to trailing costs from marketing campaigns launched in Q4 2017 for Vera&John.
European online casino brand Vera&John was acquired for €90 million by former Jackpotjoy operating company Intertain Group back in 2016. At the time of the acquisition deal, stakeholders urged that the Vera&John brand would become an integral asset for the group’s international expansion.
The brand’s steady Q1 revenue growth has been overseen by igaming veteran David Flynn, formerly of NYX Gaming Group, who was appointed as Vera&John CEO in September.
In the published Q1 results, Jackpotjoy Executive Chairman Neil Goulden commented: “The first quarter has seen a continuation in the good underlying momentum we saw in 2017.
“Group revenues were up 13% with Jackpotjoy, our largest business segment, up 7%, and Vera&John, up 35%, as both new and existing players continue to have a high level of engagement with our portfolio of games.
“Adjusted EBITDA decreased 7% year-on-year impacted by our TV advertising campaign in the UK, along with the introduction of POC2 in Q4 last year.
“As we have previously flagged, the investment in TV advertising will continue in Q2 2018 including a campaign-launch in Spain. I am confident that we will continue to drive good growth and attractive returns for our shareholders over the remainder of FY18 and beyond.”