Kambi reports double-digit rise in Q2 revenues
Euro 2016 drives sports betting supplier's 28% year-on-year revenue increase
Sportsbook supplier Kambi recorded a 28% year-on-year revenue rise during Q2, boosted by a strong Euro 2016 performance and new client wins.
Revenues rose to ?13.7m (?10.5m) during the three-month period, compared to ?10.7m the same period last year.
Operating profit for the period grew to ?2m (?1.7m) from the ?800k (?700k) in Q2 2015, with profit after tax increasing to ?1.8m (?1.5m).
Kristian Nyl?n, CEO of Kambi, said Euro 2016 was a “great success” both financially and operationally for the company, with operator turnover growth of 46% YoY.
“Our operators saw a remarkable increase in turnover,” said Nyl?n,” We delivered exciting new features as part of our fantastic offering with excellent technical performance.”
He added: “We experienced some volatility in the results of the key sporting events during the quarter, which impacted the operator margins.
“Match results in the main football leagues in the first part of the quarter were unfavourable, whilst Euro 2016 delivered much higher margins.”
The firm successfully launched its sportsbook products with a range of new clients including Mr Green, LeoVegas and Rank Group ahead of Euro 2016.
And it has since added Spanish gaming group R. Franco to its client portfolio.
Kambi’s share price was down 6.7% to SEK121 at the time of writing.