Vera&John gives Jackpotjoy a welcome boost in Q3

Publishing its results for the three months to September 30, JPJ Group, operator of Jackpotjoy, is confident of meeting full-year expectations – thanks in part to the performance of its Vera&John brand. Third-quarter revenues across the group were £78m, up eight per cent year on year, gaming revenue per customer climbed 10 per cent, to […]

Vera&John gives Jackpotjoy a welcome boost in Q3

Third-quarter revenues across the group were £78m, up eight per cent year on year, gaming revenue per customer climbed 10 per cent, to £99.

JPJ’s European online gambling brand Vera&John reported a 40 per cent revenue increase to £26m, driven primarily by organic growth.

Underpinned by the benefits of a proprietary technology platform, Vera&John maintains JPJ’s group momentum during a period in which the flagship Jackpotjoy brand is adjusting to new UK responsible gambling measures, which has lowered its revenue and EBITDA earnings.

“As part of our commitment to meeting the highest industry standards on responsible gambling, revenues at Jackpotjoy UK have been impacted by the responsible gambling measures we have implemented and the closure of a number of high value accounts” said JPJ Group chief executive NeilGoulden.

During Q3, the company disposed of its social games division for £18m cash to South Korean games developer BagelCode.

Closing a busy trading period, JPJ declared a group net income of £7.5m with an adjusted EBITDA of £29m, up from £25m year on year. The results sees JPJ reverse 2017 comparative losses of £8.2m.

Looking ahead, JPJ states that it will continue with its international expansion assisted by operations partners Gamesys.

“Overall, we remain confident in our outlook for the full year. We continue to enjoy a strong association with Gamesys in a relationship which provides mutual benefits and we are also excited by the significant growth opportunities that exist in both existing and new markets, where we are well placed to take advantage of this promising backdrop,” said Goulden.

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