Gamesys Group posts 23% Q3 revenue growth as Vera&John shines
Newly-formed group reports Q3 gaming revenue of £92.4m following 57% growth from Vera&John brand
Gamesys Group today reported a Q3 gaming revenue rise of 23% to £92.4m driven by the strong performance of its Vera&John brand.
Vera&John posted strong growth for the third quarter at 57% year-on-year to reach £40.2m, up from £25.7m in the same period last year.
UK-facing casino brand Jackpotjoy grew steadily by 5% to £52.2m, although adjusted EBITDA dropped by 16% to £18.2m.
Group EBITDA also fell by 8% to £25.5m, down from £27.6m in Q3 2018 due to higher UK gaming taxes, while Vera&John EBITDA curbed the trend by rising 22% to £10.2m.
Jackpotjoy’s acquisition of Gamesys went through in September 2019 and the acquired brands – including Virgin Games, Virgin Casino, Heart Bingo and Monopoly Casino – grew revenue by 22%.
Numis analyst Richard Stuber said: “We are highly supportive of its acquisition of Gamesys, which simplifies the enlarged group and provides it with scale and strong brands to drive international growth.
Average active customers per month also increased by 7% year-on-year to 248,945.
Gamesys Group CEO Lee Fenton said: “It is a very exciting time for all involved at Gamesys Group plc.
“The successful combination of two leading and complementary businesses with a unique technology offering, a strong pool of talent and an enhanced portfolio of brands, ensures the Group is in a strong position to take advantage of future growth possibilities and we are already reaping the benefits in terms of operating performance.
“Q3 has seen excellent growth across the acquired Gamesys brands, an outstanding performance at Vera&John and a return to growth at Jackpotjoy UK which helps underpin our confidence in the outlook,” he added.
Gamesys Group’s share price was 705p on the London Stock Exchange at the time of writing.