Mr Green enjoys double-digit Q3 revenue growth
Updated tech platform and new products boost performance, but profits hit again by Austrian betting duties
Mr Green posted a 14% increase in Q3 revenues this morning, growth the company attributed to a broader product range and stronger market position outside its core Nordic region.
Total revenue for the period ending 30 September totalled SEK229.9m (£20.9m), up from the SEK201.6m (£18.3m) the operator posted last year.
Revenue also grew by 8.8% compared to the previous quarter, up from the SEK211.2m (£19.2m) recorded in Q2.
EBITDA before non-recurring items, however, slumped to SEK17.4m (£1.6m) from 2015’s SEK40.8m (£3.7m), while EBITDA margin before non-recurring items dropped to 7.6% (20.2%).
The company attributed the loss of earnings to higher local betting duties in Austria and a 51% increase in marketing costs to SEK85.5m.
Elsewhere, the number of active customers reached record levels, 102,429 â an increase of 39% – while deposits from customers rose by 21%.
Mr Green CEO & Co AB Per Norman hailed the impact of the company’s current business strategy, labelled Mr Green 2.0, which has included the launch of a new technology platform, sportsbook and customised live casino environment.
“Our new organisation is now in place and we have already started to implement and deliver on our new business strategy,” said Norman.
“Through the technology platform we established a foundation for our new business strategy, which, coupled with our broadened product range and personalised customer communication, enhances the user experience.”
For the first time, the company is reporting figures from four geographical regions rather than three, with Europe split into two regions.
Revenue from Western Europe accounted for 33% of revenue, while 28% of revenue came from the Central, Eastern and Southern Europe territory.
The Nordics remained its largest market at 38%, with the Rest of the World at just 1%.
Norman added the company’s still aimed to list on Nasdaq Stockholm in Q4.