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Net Gaming carries out restructuring and issues forecast for Q2 2020

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Net Gaming carries out restructuring and issues forecast for Q2 2020
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Net Gaming’s operations have performed well during Q2, showing both organic growth and improved underlying profitability in adjusted EBITDA. The Company is in an intensive transformation phase, after Robert Andersson took over as CEO, which means that a reorganisation has been initiated. The reorganisation, which is aimed at creating better conditions for future growth, means that the second quarter has been affected by non-recurring costs.

The reorganisation of the business and transformation to Acroud AB have begun during Q2. The reorganisation involves, among other things, closing the Swedish office and centralising the business to Malta, in order to create a more efficient and cost-effective organisation. The reorganisation will bring annual savings of EUR 0.3m, with full effect from Q3. The reorganisation will give rise to non-recurring costs of EUR 0.5m during Q2 2020, charged to operating profit (EBITDA). The Company has also decided to recognise an impairment loss of EUR 0.5m on assets related to the PokerLoco brand, which will not be included in the new growth strategy adopted in 2020, focusing on fewer products. In parallel, refinancing of the business has been successfully secured in Q2, also resulting in non-recurring costs of approximately EUR 0.3m related to a consent fee, charged to net financial items. Net financial items have also been adversely affected by EUR/SEK exchange rate fluctuations of approximately EUR 1.2m in the first two months of the quarter, as the bond loan is denominated in SEK. The Company’s reported profit after tax for Q2 has been negatively affected by the above factors.

“The underlying operations have shown positive development during Q2, with sequential organic growth of 14%, but also compared with the previous year. It should be noted that a large proportion of the items having a negative impact on Q2 earnings are non-cash items and of an accounting nature. The offensive initiatives and the reorganisation we are now implementing create the conditions for future growth and a brand new Acroud AB that will stand stronger in the future. With Sports betting on the doorstep and a company that is now optimised for the future, we feel strong as we embark on the growth journey we have begun. As proposed to the AGM, we also hope to be able to change our track to the new Acroud AB, which will be a new milestone,” says CEO Robert Andersson.

Forecast Q2 2020

Revenue is expected to amount to EUR 3.6m in Q2 2020, 14 percent higher than in Q1 2020 and 4 percent higher than in Q2 2019.
Adjusted EBITDA (adjusted for non-recurring costs related to reorganisation and rebranding) is expected to amount to EUR 2.1m, 21 percent higher than in Q1 2020 and 4 percent higher than in Q2 2019. The adjusted EBITDA margin for Q2 2020 is expected to be 58 percent.
Reported EBITDA is expected to amount to EUR 1.6m, 10 percent lower than in Q1 2020 and 23 percent lower than in Q2 2019. The EBITDA margin for Q2 2020 is expected to be 43 percent
Reported profit after tax is expected to amount to EUR -1.2m, compared with EUR 2.8m in Q1 2020 and EUR 1.2m in Q2 2019, which was adversely affected by the above-mentioned non-recurring costs and exchange rate fluctuations related to the loan financing. Adjusted for non-recurring costs and exchange rate fluctuations, Adjusted profit after tax for Q2 2020 amounts to EUR 1.4m.
At 30 June 2020, the cash position is estimated at EUR 3.0-3.2m. The Company’s interest-bearing net debt is expected to be EUR 21.5m, corresponding to a debt/equity ratio, defined as net debt/EBITDA, of 3.0x, based on estimated LTM EBITDA at 30 June 2020.
Robert Andersson, President and CEO

All figures are unaudited and based on management accounts. The next financial update is scheduled to take place in connection with this year’s Q2 report on 13 August 2020.

About Net Gaming:
Net Gaming owns, operates and develops high-quality comparison sites, mainly in iGaming affiliation, for the purpose of helping our partners by channelling high-quality users to the Company’s customers – primarily iGaming operators. Through the sites, Net Gaming generates high-quality users, primarily to global iGaming operators. The Company, which was founded in 2003, has just over 70 employees and is headquartered in Malta.

Industry News

SOFTSWISS Game Aggregator Triumphs at AffPapa iGaming Awards 2024

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SOFTSWISS Game Aggregator Triumphs at AffPapa iGaming Awards 2024
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SOFTSWISS, a global tech company with over 15 years of experience in iGaming, celebrates its success at the AffPapa iGaming Awards 2024 in the Aggregator of the Year category. 

The AffPapa iGaming Awards acknowledge the industry’s top affiliates, operators, and B2B providers for setting new standards of excellence. Due to its innovative approach and extensive game catalogue, the SOFTSWISS Game Aggregator earned its honourable place among industry leaders. 

Last year, the award-winning product received recognition at the prestigious EGR B2B Awards and SiGMA Europe Awards. These achievements align seamlessly with the findings of the Kantar marketing survey, which revealed that 93% of current SOFTSWISS Game Aggregator clients are satisfied with the product.

In 2024, the SOFTSWISS Game Aggregator achieved a significant milestone by handling over €13 billion in bets monthly. A remarkable surge of almost a third over the past six months highlights the product’s general adoption and expanding popularity. Over 1,000 brands worldwide rely on its expertise and functionality.

At the moment, the SOFTSWISS Game Aggregator’s vast game portfolio exceeds 20,000 unique games, with 3,500 new ones added in 2024, solidifying its position as a recognised industry leader. The number of providers surpassed 260 distinct partners. 

Tatyana Kaminskaya, Head of SOFTSWISS Game Aggregator, expresses her delight about the achievement: “This prominent win is a testament to SOFTSWISS’ outstanding contributions to the industry. By seamlessly connecting operators with top-tier game providers, our Game Aggregator has not only streamlined the gaming experience but also facilitated access to a diverse range of content for players worldwide. The team is grateful to our clients and partners for their trust, which fuels our commitment to excellence and innovation in the iGaming sphere.”

In pursuit of heightened client satisfaction, SOFTSWISS has introduced cross-product integrations, seamlessly connecting the Game Aggregator with both the Sportsbook and the Jackpot Aggregator. The Tournament Tool implementation empowers operators to captivate players more effectively. With its intuitive in-game interface, this tool ensures players remain aware of ongoing gaming campaigns, offering operators a distinct competitive edge.

 

About SOFTSWISS

SOFTSWISS is an international technology company with over 15 years of experience in developing innovative solutions for the iGaming industry. SOFTSWISS holds a number of gaming licences and provides comprehensive software for managing iGaming projects. The company’s product portfolio includes the Online Casino Platform, the Game Aggregator with over 20,000 casino games, the Affilka affiliate platform, the Sportsbook software and the Jackpot Aggregator. In 2013, SOFTSWISS revolutionised the industry by introducing the world’s first Bitcoin-optimised online casino solution. The expert team, based in Malta, Poland, and Georgia, counts over 2,000 employees.

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Industry News

Evoke Appoints Anne Sewell as Chief People Officer

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Evoke Plc has appointed Anne Sewell as its new Chief People Officer (CPO).

An expert in the management of global HR transformation projects for mass market enterprises, Sewell joins the Evoke executive team from Dentsu, where she served as CPO of Asia’s biggest advertising and media conglomerate.

Updating investors, Evoke underlined Sewell’s proven track record, having formerly led HR projects and transformation programmes for SKY and the Kraft Heinz Company.

Taking leadership of Evoke’s global HR strategy, Sewell replaces former CPO Mark Skinner, who has “moved on elsewhere to a new job outside of the industry.”

Per Widerström, CEO of Evoke, said: “I am delighted to welcome Anne as our new Chief People Officer to bolster our first-class executive team. With an incredible track record and extensive experience creating winning cultures, we are confident she is the right person to take our people strategy forward and help us unleash the full potential of our colleagues around the globe.

“I would also like to thank Mark Skinner, who is leaving the Group to take up a new opportunity outside the industry. Over his eight years with us, he played a pivotal role in the development of our HR functions and significantly helped us bring the fantastic colleagues from 888 and William Hill together. We wish him well for the future.”

Anne Sewell said: “I am thrilled to be taking on this global role with Evoke and to work alongside Per and his team. This is a really exciting time for our business, and I am looking forward to being part of Evoke’s future success.”

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Industry News

Synot Attended Casino Operations Summit in Amsterdam

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The European gathering of casino operators, known as the Casino Operations Summit, attracted numerous representatives of the gaming industry to Amsterdam from 23 to 25 April. Among the significant participants was also the SYNOT Group, which attended the prestigious event as a Platinum Sponsor this year.

The Casino Operations Summit is considered as one of the most significant events in the world of the gaming industry, specifically tailored for European multi-channel casino operators (both land-based and online). The event presents the latest approaches to casino operations, as well as new trends in products, technology, marketing and customer services. The Summit also included a variety of presentations on current topics in the land-based and online business. The main theme of the three-day conference was “Think Different”.

“SYNOT Group participated in the Casino Summit Operations for the third time and we were delighted to become a Platinum Sponsor of the event this year. Previously, we were involved in this event as a Golden Sponsor. We are proud to have played a role in supporting this prestigious Summit, which provides us with a unique opportunity to exchange insights and experiences with other leaders in the European casino industry. This event also gave us the chance to meet with business partners and establish many new contacts. There was a great interest in our products, which makes us very pleased and motivated for further expansion,” Miroslav Valenta Jr, Sales Director of the SYNOT Group, said.

The event is a unique platform providing an opportunity to discuss trends in the gaming industry. SYNOT Group, a leading player in the development and supply of gaming technology, presented the most advanced products and innovations as part of the Summit.

Among the products on display was the Magic Ball Link multi-game progressive jackpot system installed in the Eclipse FL-32 cabinets with LED jackpot display. The latest version of Magic Ball Link offers eight unique linked titles, including new games The Wild Job and 88 Pearls, which join popular titles such as Aztec Jaguar and Tiki Princess.

Furthermore, visitors had the opportunity to try out the premium VLT gaming system Super Link, which offers a selection of twenty captivating linked games, each with a Pay to Win and Linked Bonus feature. The Super Link system was presented in SYNOT’s most advanced cabinets, the UP2-32.

The latest model of cabinet with 27″ monitors, the UP1-27, which made its debut at the recent ICE exhibition in London, was also exhibited in Amsterdam. The cabinet was exhibited together with the Firebird Red and Firebird Blue gaming systems, which offer six unique Hold & Respin game titles in addition to popular classic games.

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