QiH Group posts 73% revenue rise as CEO heralds new C-suite additions
Privately owned affiliate records strong improvement in number of key metrics, with EBITDA and FTDs also climbing in the three months to 30 September
QiH Group has recorded a steep 73% year-on-year (YoY) revenue increase for fiscal Q4 2024 as part of the affiliate’s first publicly disclosed quarterly earnings.
The business noted revenue of £6.3m in the three months to 30 September, which the company said reflected both a “robust performance and ambitious growth”.
Over the course of the fourth quarter, EBITDA also rose 90% to £1.4m, with CEO and co-founder Jamie Walters citing improvements to the group’s in-house technology as a key contributor to the positive trajectory.
Within Q4, first-time depositors (FTDs) climbed 49% when compared to the corresponding period in 2023.
On a full-year (FY) 2024 basis, QiH Group recorded £20.6m in revenue over the course of the trading period, representing a significant 59% YoY rise, alongside EBITDA of £4.8m, also a 59% increase.
FTDs rose by 43% in comparison to FY 2023.
Reflecting on the strong performance, Walters explained: “We are thrilled to report strong quarterly results that underscore our commitment to innovation and customer satisfaction in the igaming space.
“Strategic enhancements to our in-house tech, growing the business rapidly and appointing the absolute best people to our C-level team has clearly paid off.”
The fiscal year has thrown up some notable highlights for QiH, including the appointment of industry newcomer Sachin Saxena as the firm’s new chief technology officer (CTO).
As part of his new responsibilities, Saxena will be tasked with overseeing QiH’s tech initiatives, policies and integrations, while also managing the transition from previously outsourced functions and platforms to in-house talent.
Five months prior, QiH landed former Lottoland head David Murphy as its new chief marketing officer (CMO).
The group also expanded into sports betting affiliation via the launch of its latest platform, Podium Bets, which will focus on football, boxing, horseracing and the NFL.
The portal will sit alongside QiH’s existing casino affiliate brands and is anticipated to add 15% in revenue over the next financial year.
The company’s London offices were expanded following a 16% rise in headcount in Q4 2024, while FY 2024 saw QiH secure 120 strategic partnerships.
Just three days before the release of its Q4 results, QiH announced the arrival of former Spotlight Sports Group executive Simon Winder as the group’s new chief financial officer (CFO).
Walters issued an optimistic nod to the future as he looked ahead to FY 2025, as well as confirming there will be no further additions made to the group’s C-suite team.
“As we head into the next trading year, QiH Group looks primed to go from strength-to-strength,” Walters remarked.
“Our C-level team is now complete and we have been able to attract some really impressive individuals to our most important senior positions, as proven by our recent hires.
“Our focus on compliant methods, data-driven results and responsible marketing will enable us to continue delivering value to our partners, clients and customers for the long term.”