Online bingo operator Jackpotjoy has announced its results for the three and six months ended June 30, 2017.

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Revenue grew 17 per cent (or 16 per cent on a like-for-like constant currency basis) in the period and the operator confirmed 18 per cent revenue growth in the Jackpotjoy segment, making this 70 per cent of group revenue overall.

Turnover increased by 28 per cent during the period, showing strong growth throughout the business, and net income increased 14 per cent on the previous year.

The company has grown its customer base by 13 per cent in the last year and its average active customers now stand at 243,896, spending £21.8m a month with the company overall, an increase of 16 per cent.

On January 25, Jackpotjoy became the parent company of the Intertain Group and began trading on the London Stock Exchange’s main market for listed securities. On June 21, it made the final earn-out payment for the non-Spanish assets, amounting to £94.2m, which was met by existing cash resources. The payment is the final instalment in relation to the Jackpotjoy and Starspins brands and also includes £30.3m due on the earn-out for the Botemania brand.

Andrew McIver, chief executive officer, said: “The second quarter has been another good quarter of growth across the group with revenue increasing 17 per cent, including top-line growth of 18 per cent at our leading UK bingo brand, Jackpotjoy. Group adjusted EBITDA also grew strongly at 28 per cent. This solid performance across the group in the first half of the year allows us to reconfirm our full-year 2017 outlook.

“A key priority for the group is to reduce our historic debt burden. The business is highly cash generative with cash conversion in Q2 of 99 per cent, excluding one-off and exceptional items. Consequently, our adjusted net leverage reduced from 4x to 3.6x during the six months and gross debt reduced from £514.8m to £414.5m. A major milestone in this debt reduction was achieved in June when we made the final earn-out payment of £94.2m for the non-Spanish assets within the Jackpotjoy segment, using existing cash resources, with the total consideration representing excellent value for shareholders.”