Strong Vera&John growth reinforces Jackpotjoy Q1 2018 surge

Strong Vera&John growth reinforces Jackpotjoy Q1 2018 surge

Tuesday, May 15, 2018 Posted by Michael Lawson
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Vera&John oversaw a 26% increase in group revenue.

Strong Q1 2018 results for bingo-led online gaming operator Jackpotjoy were helped by increased group revenue for its Vera&John brand.

European-focused online brand Vera&John saw group revenue rise 26% and revenue growth 35%.

The JPJ brand also witnessed growth, with group revenue up 74% and gaming revenue growth rising 7% year-on-year.

However both brands also saw a decrease in adjusted EBITDA, down 6% and 9% respectively. This was put down to the impact of higher distribution costs from the ongoing UK TV advertising campaign for JPJ; and to trailing costs from marketing campaigns launched in Q4 2017 for Vera&John.

In the published Q1 results, Jackpotjoy Executive Chairman Neil Goulden commented: “The first quarter has seen a continuation in the good underlying momentum we saw in 2017.

“Group revenues were up 13% with Jackpotjoy, our largest business segment, up 7%, and Vera&John, up 35%, as both new and existing players continue to have a high level of engagement with our portfolio of games.

“Adjusted EBITDA decreased 7% year-on-year impacted by our TV advertising campaign in the UK, along with the introduction of POC2 in Q4 last year.

“As we have previously flagged, the investment in TV advertising will continue in Q2 2018 including a campaign-launch in Spain. I am confident that we will continue to drive good growth and attractive returns for our shareholders over the remainder of FY18 and beyond.”

Vera&John was acquired for €90 million by former Jackpotjoy operating company Intertain Group back in 2016. At the time of the acquisition deal, stakeholders urged that the Vera&John brand would become an integral asset for the group’s international expansion.

The brand’s steady Q1 revenue growth has been overseen by igaming veteran David Flynn, formerly of NYX Gaming Group, who was appointed as Vera&John CEO in September.

Totally Gaming says: Good solid Q1 2018 for Jackpotjoy. The bingo-focused firm saw steady growth in Europe through its Vera&John brand, and will no doubt have one eye on the US after yesterday afternoon’s landmark PASPA ruling.

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