The popular online gambling company Mr Green released report about its financial performance during Q1 of 2015. According to the numbers posted, it continues its expansion and successfully captures new markets. As for the game win, it reached SEK 195.2 million, which means that an increase of 26.6% was registered.
During Q1, EBIT was SEK 4.9 million, but the sharpest decrease was in EBITDA, which amounted SEK 24.4 million. In other words, the decrease was estimated at 34%.
The new Chief Executive of Mr Green, Per Norman, commented on the matter and said that executives’ main focus during the first quarter was investment in marketing and entering new markets. The results achieved during the registered period are expected to be a solid base on which they can build up during the upcoming quarters.
He also added that he is optimistic about the future endeavors of the company, as the decrease in EBITDA is believed to be something temporary and an improvement is expected in the next couple of months.
Mr Green continues consolidating its positions on the promising markets it has recently entered and is focused predominantly on popularizing its products in Italy and the UK. Mr. Norman said that the investment Mr Green made in these markets had paid off and the increase in revenue was the expected result from their efforts.
The strategy of Mr Green has proven itself to be successful so far and company’s CEO confirmed that bigger amounts are to be invested in marketing if the tendency for positive results remains unchanged.
Mr. Norman attributed the higher costs in Q1 to the expenses the new markets require and to the new products that also need financing in order to be successful and appealing to players.
As for the total profit, it reached SEK 4.7 million with depreciation and amortization accounted for. Yet, Mr. Norman reassured the communities that the higher spending is an important part of company’s strategy.
During the first quarter of the current fiscal year, Mr Green accomplished major milestones. The company was granted a license for entering the Italian gambling market via Mybet Italia, which it acquired. In addition, company executives concentrated their efforts on making Mr Green a widely recognized platform in the United Kingdom.
Company’s CEO did not miss to point to the product enhancement and executives’ will to make a wider number of products compatible with mobile devices. Currently, mobile gambling activities generate decent revenue and Mr. Norman said that the sector is yet to be fully developed.
