Jackpotjoy Swings To Loss After IPO But Revenue Shows Good Growth
[ 16 May 2017 10:29 ]
LONDON (Alliance News) - Jackpotjoy PLC on Tuesday said it swung to a loss in the first quarter of 2017 following its London listing, but revenue grew as it gained new customers and it said it has seen a strong start to the second quarter.
The online bingo, casino and slots operator said it made a pretax loss of GBP15.2 million in the three months ended March 31, having made a GBP5.3 million pretax profit the year before, after as it booked higher finance charges following its listing on London's Main Market in January.
Revenue, however, rose to GBP71.4 million from GBP65.4 million, as the average number of active customers increased by 15% to 239,452.
Jackpotjoy made no change to its full-year outlook, expecting revenue to grow in line with the market.
"For 2017, management continues to expect revenue growth in line with market growth rates and the second quarter has seen a strong start across the group; the Jackpotjoy segment continues to deliver robust top-line growth, Vera&John has enjoyed very strong trading, while Mandalay had a record period for revenues in April," Jackpotjoy said in a statement.
"Although there will be an impact on margin from the introduction of the point-of-consumption tax on bonuses in the UK, due to commence in August 2017, this may now be delayed given the forthcoming UK general election," the company added.
Shares in Jackpotjoy were trading up 3.2% at 588.06 pence on Tuesday.
By Karolina Kaminska; karolinakaminska@alliancenews.com; @KarolinaAllNews
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