Mr Green Q2 revenues soar 36%
Profits climb by triple digits following falling marketing and operational costs
Mr Green has reported a 36.3% rise in revenues to SEK 287.8m (£27m) in its Q2 results this morning.
Approximately 30% of the growth was attained organically, with a 24.2% boost in customer deposits.
Group CEO Per Norman said the firm was exceeding its long-term growth target of 20% through improved customer communication, enhanced entertainment value and the launches of sportsbook and a new live casino product in 2016.
Norman also attributed a 105% jump in EBITDA to SEK 37m (£3.5m) to lower marketing and operational costs.
He said a strategy was in place to continue lowering marketing expenditure, but the launch of Mr. Green’s sportsbooks in Denmark in Q3 could see it spike slightly.
“This [cost] decline was due to intensified focus on digital marketing and personalised customer communication, resulting in costs for exposure in traditional media decreasing,” Norman commented.
Despite profit growth of 80.5% to SEK 119,000 in Western Europe and 30.2% to SEK 70,000 in Central, Eastern and Southern Europe, the Swedish operator reported a drop of 19.2% to SEK 5,420 in revenues for the rest of the world.
Elsewhere, the firm has initiated a local court appeal against Austrian tax authorities as a “precautionary measure” in the face of potential tax surcharges.
The move is driven by legal and political uncertainty in the jurisdiction, including the potential sale of the Austrian monopoly.