Rebecca Wayman

JPJ Group reveals 'strong' performance for H1 2019 following Gamesys acquisition

London-headquartered online bingo operator JPJ Group plc has revealed its 2019 half-year trading update to June 30.

Trading in Q2 is said to have been in line with managerial expectations, while the gaming company is ‘on track’ to deliver further growth throughout the rest of 2019.

JPJ Group’s free cash flow came in at £30.8m, while adjusted net debt totalled £269.9m - compared to £302.1m to December 31, 2018.

Meanwhile, operational highlights included a continued improvement in core KPIs year-on-year. The average of active customers per month grew to 245,893 in 12 months to June 30, 2019. This is an increase of seven per cent.

Furthermore, the average of gaming revenue per month grew to £26.5m, an increase of 12 per cent year-on-year.

JPJ Group is also expecting to complete the acquisition of Gamesys in Q3 of 2019. Gamesys’ gaming revenue came in at £96.1m in H1 2019, representing an eight per cent year-on-year increase.

Neil Goulden, executive chairman of JPJ Group, concluded with his thoughts: “I’m pleased to report that the group has delivered another good quarter of revenue growth, alongside the expected impact of higher gaming taxes on EBITDA.

“On June 13, 2019, we announced our intention to acquire Gamesys which represents a transformational step in the group’s growth and one which will provide significant benefits for shareholders, employees and customers.”

He added: “We expect the Gamesys acquisition to deliver double digit earnings accretion in the first full financial year of ownership… Our customers will also now have an even greater choice of major brands and different games.

“[This will create] a leading UK and international operator. We expect the Gamesys acquisition to complete during Q3 2019 and we will update the market in due course.”

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