Mr Green posts double-digit rise in H1 revenues

Mr Green posted a 10% increase in revenues for the first half of the year this morning, although profits took a dip following investments in new products, local betting duties and increased marketing.

Total revenue for the period ending 30 June 2016 reached SEK429.7m (?38m), an increase from the SEK390m (?34.5m) the firm posted in the same period last year.

And during Q2, total revenues rose 8.4% to SEK211.2m (?18.68m), with mobile performing particularly well with an increase of 69.4% in revenues from such devices – a record high for the business.

However, betting duties in Austria hit the firm’s EBITDA during H1, dropping to SEK42.2m (?3.7m) from the SEK66.9m (?5.9m) the operator posted in H1 last year, with EBITDA margin falling to 9.8% compared with 17.2% in 2015.

“Earnings were affected by local betting duties, increased marketing costs, investments in live casino and the sportsbook,” said Mr Green & Co CEO Per Norman.

“Marketing activities were intensified during the quarter after the rolling out of our new responsive platform,” he added.

During Q2, Mr Green released its Kambi-powered sportsbook prior to the European Championships held earlier this summer, which was “well received” according to the company.

The number of active customers registered with its online casino increased 26.5% to 92,751, while customer deposits of SEK 601.7m (?53.2m) also reached a new high during the quarter.

Norman said the company’s strategy and recent initiatives adopted and implemented over the last year are now “starting to bear fruit” at its operational level and puts the firm in a “good position to deliver continued growth”.

The firm added its aim to be listed on Nasdaq Stockholm is a “high” priority.