LeoVegas pushes financial targets back despite 51 revenue growth in 2018
LeoVegas has decided to push back its financial targets to 2021, despite its consolidated revenue growing 51% year-on-year to €327.8m ($369.9m) in 2018.
Full-year gross profit also grew 45% to €235.5m, while EBITDA increased by 60% to €41.6m, corresponding to a margin of 13%.
Operating profit/EBIT fell by 4% to €19.2m, corresponding to a margin of 6%, while profit for the full year more than doubled to €43.2m, thanks to non-cash items related to acquisitions.
During Q4, LeoVegas saw its revenue increase by 25% to €84.5m, while the number of depositing customers rose by 29% to 327,156 and the total of returning depositing customers grew by 46% to 181,747.
Despite the growth, CEO Gustaf Hagman has confirmed LeoVegas will be pushing back its financial targets by one year.
He said: "Following a year burdened by a number of external factors and large internal projects, we are now well prepared for the future with a renewed focus on growth.
“Our direction remains firm, with financial targets in absolute figures to reach €600m in revenue and €100m in EBITDA.
"However, we have decided to push back these targets one year, until 2021, as our adaptation to the increased regulatory requirements in the important UK market caused us to temporarily lose our tempo compared with the previous business plan.”