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JPJ Group swings to profit on strong performance from Vera & John division

Wednesday, 14th November 2018
Online gambling group JPJ swung to third-quarter profit as strong performance in its Vera&John segment lifted gaming revenue.

For the three months to 30 September, the company reported net income of £7.4m compared with a loss of £8.2m a year earlier, and revenue rose 8% to £77.8m.

The company's Vera&John segment grew gaming revenue by 40% easing weaker performance from Jackpotjoy.

Jackpotjoy gaming revenue and adjusted earnings (EBITDA) decreased by 3% and 4% year-on-year respectively, the company said.

Jackpotjoy UK growth came under pressure following the closure of a number of high value accounts due to responsible gambling measures, it added.

JPJ Group said it had no intention of seeking a renewal to the non-compete arrangement with Gamesys when it expires in April 2019 as it was unlikely that it would deliver a meaningful financial benefit to the business or shareholders.

The company maintained its outlook for the full-year and said it expected revenue growth would continue to come under pressure until the second half of 2019.

'We are pleased with the quarterly performance of JPJ Group given reported gaming revenue growth of 8% and an uplift in adjusted EBITDA of 13%. The Vera&John segment is once again the stand-out, with year-on-year revenue growth of 41% on a constant currency basis. The growth at Vera&John highlights our strategy of international diversification, with 44% of Group revenue generated outside the UK in Q3,' said Neil Goulden, Executive Chairman.

At 9:00am: (LON:JPJ) Jackpotjoy Plc share price was +23p at 613p

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