Connect with us
Prague Gaming & TECH Summit 2025

Industry News

Net Gaming carries out restructuring and issues forecast for Q2 2020

Published

on

Reading Time: 3 minutes

 

Net Gaming’s operations have performed well during Q2, showing both organic growth and improved underlying profitability in adjusted EBITDA. The Company is in an intensive transformation phase, after Robert Andersson took over as CEO, which means that a reorganisation has been initiated. The reorganisation, which is aimed at creating better conditions for future growth, means that the second quarter has been affected by non-recurring costs.

The reorganisation of the business and transformation to Acroud AB have begun during Q2. The reorganisation involves, among other things, closing the Swedish office and centralising the business to Malta, in order to create a more efficient and cost-effective organisation. The reorganisation will bring annual savings of EUR 0.3m, with full effect from Q3. The reorganisation will give rise to non-recurring costs of EUR 0.5m during Q2 2020, charged to operating profit (EBITDA). The Company has also decided to recognise an impairment loss of EUR 0.5m on assets related to the PokerLoco brand, which will not be included in the new growth strategy adopted in 2020, focusing on fewer products. In parallel, refinancing of the business has been successfully secured in Q2, also resulting in non-recurring costs of approximately EUR 0.3m related to a consent fee, charged to net financial items. Net financial items have also been adversely affected by EUR/SEK exchange rate fluctuations of approximately EUR 1.2m in the first two months of the quarter, as the bond loan is denominated in SEK. The Company’s reported profit after tax for Q2 has been negatively affected by the above factors.

“The underlying operations have shown positive development during Q2, with sequential organic growth of 14%, but also compared with the previous year. It should be noted that a large proportion of the items having a negative impact on Q2 earnings are non-cash items and of an accounting nature. The offensive initiatives and the reorganisation we are now implementing create the conditions for future growth and a brand new Acroud AB that will stand stronger in the future. With Sports betting on the doorstep and a company that is now optimised for the future, we feel strong as we embark on the growth journey we have begun. As proposed to the AGM, we also hope to be able to change our track to the new Acroud AB, which will be a new milestone,” says CEO Robert Andersson.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Forecast Q2 2020

Revenue is expected to amount to EUR 3.6m in Q2 2020, 14 percent higher than in Q1 2020 and 4 percent higher than in Q2 2019.
Adjusted EBITDA (adjusted for non-recurring costs related to reorganisation and rebranding) is expected to amount to EUR 2.1m, 21 percent higher than in Q1 2020 and 4 percent higher than in Q2 2019. The adjusted EBITDA margin for Q2 2020 is expected to be 58 percent.
Reported EBITDA is expected to amount to EUR 1.6m, 10 percent lower than in Q1 2020 and 23 percent lower than in Q2 2019. The EBITDA margin for Q2 2020 is expected to be 43 percent
Reported profit after tax is expected to amount to EUR -1.2m, compared with EUR 2.8m in Q1 2020 and EUR 1.2m in Q2 2019, which was adversely affected by the above-mentioned non-recurring costs and exchange rate fluctuations related to the loan financing. Adjusted for non-recurring costs and exchange rate fluctuations, Adjusted profit after tax for Q2 2020 amounts to EUR 1.4m.
At 30 June 2020, the cash position is estimated at EUR 3.0-3.2m. The Company’s interest-bearing net debt is expected to be EUR 21.5m, corresponding to a debt/equity ratio, defined as net debt/EBITDA, of 3.0x, based on estimated LTM EBITDA at 30 June 2020.
Robert Andersson, President and CEO

All figures are unaudited and based on management accounts. The next financial update is scheduled to take place in connection with this year’s Q2 report on 13 August 2020.

About Net Gaming:
Net Gaming owns, operates and develops high-quality comparison sites, mainly in iGaming affiliation, for the purpose of helping our partners by channelling high-quality users to the Company’s customers – primarily iGaming operators. Through the sites, Net Gaming generates high-quality users, primarily to global iGaming operators. The Company, which was founded in 2003, has just over 70 employees and is headquartered in Malta.

Powered by WPeMatico

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)
Continue Reading
Advertisement

Industry News

CT Interactive Appoints Todor Botsev as Business Development Manager for EMEA and Asia

Published

on

ct-interactive-appoints-todor-botsev-as-business-development-manager-for-emea-and-asia
Reading Time: < 1 minute

 

CT Interactive has appointed Todor Botsev as its Business Development Manager for ЕМЕА and Аsia.

With over 16 years of experience in the dynamic and rapidly evolving casino industry, Todor specialises in online and offline business operations. His career has encompassed a variety of roles and responsibilities, including managing online and offline casino operations, optimising gaming platforms and developing strategic business initiatives.

Throughout his career, Todor has gained extensive experience in the development and implementation of new gaming products for online and offline casinos, working with a diverse range of gaming platforms and systems. His expert approach to data analysis and market trends enables him to design and execute innovative strategies for customer acquisition and retention, driving sustainable growth and expanding the customer base.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Todor’s strong leadership skills allow him to effectively manage teams and projects, with a focus on operational efficiency and staff development. His leadership philosophy is built on collaboration and a commitment to delivering the highest standards of customer service.

With his deep understanding of online casino operations and strategic thinking, Todor is a valuable addition to the CT Interactive team.

The post CT Interactive Appoints Todor Botsev as Business Development Manager for EMEA and Asia appeared first on European Gaming Industry News.

Continue Reading

Industry News

Playtech Executive Chair Brian Mattingley Set to Step Aside

Published

on

playtech-executive-chair-brian-mattingley-set-to-step-aside
Reading Time: < 1 minute

 

The chairman of Playtech, the London-listed gambling technology group, is to step down, triggering a search for a successor with a taste for stringent corporate governance challenges.

Egon Zehnder International, the boardroom headhunter, is being appointed to handle the search for Mr Mattingley’s successor, according to a source close to the situation.

A former chairman and chief executive of 888, the London-listed gaming company now known as Evoke, Mr Mattingley was also a founding director of Gala Leisure.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

At Playtech, he has overseen a frenetic period of corporate activity while also finding himself in the eye of a series of storms with shareholders over boardroom pay and wider corporate governance.

The most recent of those came in December when close to a third of investors rebelled over a €100m bonus plan for Mor Weizer, the company’s chief executive, along with other senior executives.

Shareholders give Mr Mattingley credit, however, for helping to navigate the company through a challenging period in the gambling industry, in particular his role last year in securing the sale of Snaitech, its Italian consumer gambling arm, for €2.3bn.

That represented a nearly threefold return on Playtech’s initial investment in the business, triggering total returns to shareholders of up to €1.8bn – a sum almost equivalent to all of the special dividends paid by London-listed companies in 2023.

The sale of Snaitech will transform Playtech into a pure-play business-to-business operation.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

During Mr Mattingley’s three-and-a-half year tenure, shares in the company have risen by about 60%.

The post Playtech Executive Chair Brian Mattingley Set to Step Aside appeared first on European Gaming Industry News.

Continue Reading

Industry News

CT Interactive Reflects on Successful Showcase at ICE 2025

Published

on

ct-interactive-reflects-on-successful-showcase-at-ice-2025
Reading Time: 2 minutes

 

CT Interactive is marking a resounding success following its participation in last week’s ICE 2025 trade show. As a global iGaming provider of innovative gaming solutions, the company used the event to solidify its market presence, seal new partnerships, unveil new gaming content and engage in productive discussions about its ambitious growth plans.

CT Interactive’s showcase at ICE Gaming 2025 reaffirmed its commitment to supporting its partners by expanding its portfolio of games available for their platforms. The company’s efforts to release fresh and engaging content have already been met with enthusiasm, setting the stage for stronger collaborations and greater player satisfaction.

Another highlight of the event was the company’s announcement about its impending certification for the Brazilian market. This milestone will enable CT Interactive to officially enter one of Latin America’s most dynamic and fast-growing regions.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

“We’re thrilled about the opportunities Brazil offers. We have prepared a games list designed to resonate with the preferences of Brazilian players, and we’re eager to bring our portfolio to this exciting market,” Martin Ivanov, COO of CT Interactive, said.

ICE Gaming 2025 also provided an excellent platform for CT Interactive to explore growth opportunities in Eastern Europe. With its strong regulatory framework and growing appetite for online gaming, Ukraine featured prominently in the company’s discussions. CT Interactive is about to conclude a deal with a local partner, significantly boosting its presence in this emerging market.

“The Ukrainian market holds tremendous potential, and we’re keen to expand our footprint there. We are confident that our diverse portfolio of high-quality games will meet the expectations of operators and players alike,” Martin Ivanov said.

The company’s new game releases were another highlight of its ICE Gaming presence. CT Interactive’s cutting-edge titles, designed with captivating visuals and engaging gameplay, were met with widespread acclaim. These releases are expected to captivate players and drive significant revenue growth for its operator partners.

Reflecting on the event’s success, Martin Ivanov stated that CT Interactive’s participation allowed it to strengthen its relationships with partners, explore untapped opportunities and reinforce its position in the gaming industry.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

“The show was an incredible opportunity to engage with our partners, showcase our innovations, and discuss strategies for mutual growth. We leave ICE Gaming 2025 energised and excited for what’s next,” Martin Ivanov added.

The post CT Interactive Reflects on Successful Showcase at ICE 2025 appeared first on European Gaming Industry News.

Continue Reading

Trending

Get it on Google Play

Fresh slot games releases by the top brands of the industry. We provide you with the latest news straight from the entertainment industries.

The platform also hosts industry-relevant webinars, and provides detailed reports, making it a one-stop resource for anyone seeking information about operators, suppliers, regulators, and professional services in the European gaming market. The portal's primary goal is to keep its extensive reader base updated on the latest happenings, trends, and developments within the gaming and gambling sector, with an emphasis on the European market while also covering pertinent global news. It's an indispensable resource for gaming professionals, operators, and enthusiasts alike.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2024 - Recent Slot Releases is part of HIPTHER Agency. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania