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Mr Green announces 12% Revenue Increase in Q1

This morning, Mr Green posted a 12% rise in revenues for 2016’s first quarter. The growth is partly attributed to recent investment in its mobile product. Total revenue for the three months until 31st March were SEK218.5m (€23.82m), an all-time quarterly high for the firm, while EBITDA went up by 24% to SEK30.2m (€3.3m), with margin up by 1.3% to 13.8% compared to the same period last year.

Mobile devices, at a 37% jump compared to the same period last year, and a 13% rise in the previous quarter, accounted for 35% of revenues.

Per Norman, CEO of Mr Green & Co, said “Over the past six months we have successfully launched our new mobile products and gaming apps, which have been well received by our customers and won awards internationally.”

While remaining stable in the Nordic region, revenue rose by 21% to SEK199.9m (€21.8m) in the Rest of Europe region, while the Rest of the World’s revenues went up to SEK4.8m (€523,000) from SEK1.8m (€196,000).

The firm added that there was a year-on-year rise of active customers online of 9.7% to 94,472.

The company still expects to launch its Kambi-powered sportsbook “at the latest this fall.” Norman described the new product to its offering as the “perfect match”. The switch to the Nasdaq Stockholm exchange previously announced by Mr Green is expected to be finished in 2016.

The operator completed its integration onto the Open Platform of Playtech last month, giving it access to the supplier’s library of games, bonusing tools and customer retention capabilities. Jesper Kärrbrink, former chief executive of Svenska Spel, took over as the CEO of its Malta business earlier this month.

Norman added: “We believe our strong brand, new platform; strengthened management team and broader product offering put us in a good position to achieve continued growth.”

After early morning trading, Mr Green’s share price was up by 2.5% to SEK36.5.

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