Less dependent on the Nordic market as wider strategy unfolds
The latest Q3-2014 results from the Swedish online casino operator Mr Green AB show that the company's strategy to widen its penetration in Europe has resulted in less dependence on the Nordic market.
During the first nine months of 2014 to end September, Mr Green continued to grow substantially, both in terms of sales and earnings, once again outperforming the market in Q3 and continuing to capture market share.
The Group's total revenue in the first nine months of the year amounted to SEK 484.6 million, an increase of 39.4 percent compared with the year-earlier period. Earnings (EBITDA) amounted to SEK 117.9 million, up 41.3 percent from the year-earlier period.
During Q3-2014 total revenue amounted to SEK 168.5 million, an increase of 35.8 percent compared to the year-earlier period. EBITDA for the third quarter amounted to SEK 42.4 million, up 34.5 percent on the year-earlier period. Third quarter marketing costs were SEK 58.8 million (46.8)
EPS in the quarter stood at SEK 0.76 (Q3-2013: SEK 0.49), whilst the number of active customers on the books reached 66,266 (Q3-2013: 65,853).
Distributed per region, the game win (revenue) was SEK 90.3 (78.1) million in the Nordic region; SEK 76.6 (45.4) million in the rest of Europe and SEK 1.7 (0.6) million in the rest of the world.
Mr Green CEO Mikael Pawlo said in a statement Friday:
"The Mr Green online casino is continuing to drive its organic expansion outside the Nordic region.
"In the third quarter, the Nordic region accounted for 53.6 (62.9) percent of total game win. The rest of Europe accounted for 45.4 (36.6) percent of game win.
"The company still has plans to expand outside the Nordic region, primarily in Europe, and therefore Austria remains an attractive market. We feel that it is strategically important that we are not solely dependent on the Nordic region or any other region."
Pawlo revealed that the company has completed a self-assessment on possible Austrian tax liabilities as a precautionary measure.
He also detailed progress on mobile gaming, saying:
"Our focus on mobile gaming is now beginning to gain real momentum. Mr Green's mobile casino accounted for 24.1 percent of total game win at the end of the third quarter. Investments in the mobile platform are significant and will continue to be substantial throughout 2014.
"These are important investments if we are to maintain our lead. We expect continued robust growth in the mobile segment as our gaming suppliers deliver more mobile gaming titles and as a larger proportion of the gaming catalogue is adapted to mobiles.
"Our assessment is that the Mr Green strategy of continuing to invest in product development, particularly for mobile applications, and expansion into new countries will create favourable conditions for continuing to significantly outgrow the market."
Online Casino News Courtesy of Infopowa