Revenue for the 12 months to 31 December 2021 reached €391.2m, up 1.0% from €387.5m in the previous year. Excluding Germany and the Netherlands, revenues increased by 26%. EBITDA was €11.6m (€11.5m), corresponding to an EBITDA margin of 11.8% (11.7%). The number of depositing customers was 456,063 (461,983), a decrease of 1%. Adjusted earnings per share were €0.07 (€0.08). Download here the report.
The group said its progress in 2021 was hampered by regulatory challenges. In Germany a 5.3% turnover tax for online poker and casino – the highest rate in Europe, LeoVegas said – came into effect from July. As a result, the market only contributed 2% of group revenue in Q4, compared to 15% in the prior year.
The operator also halted operations in The Netherlands ahead of the country opening its regulated online gaming market on 1 October, in the hope of securing a license in the future. This market alone contributed 6% of LeoVegas’ revenue in the third quarter of 2021.
"I am proud of how we concluded 2021 and how we offset the revenue loss related to the ongoing regulatory changes in Germany and the Netherlands. In the fourth quarter, sales were unchanged compared with the preceding year. However, excluding the two above mentioned markets, growth was some 26%, which demonstrates our strong underlying growth,” said firm’s CEO Gustaf Hagman. Download the presentation.
“The external market environment will remain erratic and turbulent in places, but we are well-positioned to manage this. Armed with all of our ongoing growth initiatives, I feel optimistic ahead of 2022,” Hagman concluded.
Source: GMB
