Jackpotjoy plc: 3rd Quarter Results

LONDON, UNITED KINGDOM--(Marketwired - Nov 14, 2017) - Jackpotjoy plc (LSE: JPJ)

Jackpotjoy plc
Results for the Three Months and Nine Months Ended 30 September 2017

Q3 revenue up 14% year on year
Remain confident in meeting upper end of expectations

LONDON, 14 November 2017 - Jackpotjoy plc (LSE: JPJ), the largest online bingo-led operator in the world, today announces the results of the Jackpotjoy group (the "Group") for the three and nine months ended 30 September 2017.

Financial summary

	Three months ended 30 Sept 2017 (£m)		Three months ended 30 Sept 2016 (£m)		Reported Change %		Nine months ended 30 Sept 2017 (£m)		Nine months ended 30 Sept 2016 (£m)		Reported Change %
Gaming revenue	75.4		66.4		14		222.0		194.0		14
Net loss (as reported under IFRS)	(7.7	)	(18.6	)	59		(27.7	)	(28.4	)	2
Adjusted EBITDA	26.7		25.6		4		85.9		77.1		11
Adjusted net income	18.3		21.2		(14	)	60.9		63.7		(4	)
Operating cash flows	32.6		18.3		78		78.2		63.3		24

Financial highlights for the third quarter

• Strong financial performance:
  
  
  • Gaming revenue rose 14%, supported by 12% growth in the Jackpotjoy segment and 28% growth at Vera&John
    
    
  • Adjusted EBITDA increased 4%, reflecting planned increase in marketing costs
    
    
  • Adjusted net income decreased 14% year on year due to higher interest costs related to additional debt acquired to pay the earn-out
    
    
• Ongoing good cash generation and net debt reduction:
  
  
  • Operating cash flow growth of 78% year on year, including a working capital inflow
    
    
  • 44p of operating cash flow per share(
    
    
  • Adjusted EBITDA to cash conversion of over 100%
    
    
  • Adjusted net debt reduced by £23.4 million; adjusted net leverage ratio of 3.35x reduced from 3.60x at 30 June 2017
    
    

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