Veltyco Group Plc (LON:VLTY), the online marketing company for the gaming industry, announced today its unaudited interim results for the six months ended 30 June 2017.
Financial highlights
· Revenues increased by 202% to €6,355,573 (H1 2016: €2,102,558) exceeding the full year 2016 revenues of €6,082,468
· EBITDA for the first six months increased 410% to €3,801,354 (H1 2016: €744,129) and an increase of 80% compared to the operating EBITDA for the full year 2016 (€2,107,975)
· Net profit amounted to €3,601,996 (H1 2016: loss of €1,123,289)
· Basic earnings per share 5.14 cents per share (H1 2016: 2.57 cents loss per share)
· Net cash balances €1,320,692 (31 December 2016: €144,125)
· Given the strong trading performance of the business, the Board will consider paying a dividend in 2018 based on the final results for 2017
Operational highlights
· Successfully completed 51% acquisition of the Bet90 online operations
· Successfully completed 51% acquisition of the Tippen4you.com operations
· Ilan Tzorya joined the Board of Directors in January 2017, with huge experience in the options trading industry
· Raised €2,556,000 before expenses in April 2017 to satisfy the cash consideration of the two acquisitions
· Current trading continues to be strong which should enable the Group to report performance ahead of current market expectations
Commenting on the results, David Mathewson, Veltyco Group Plc Chairman, said: “It has been an exciting first half year of 2017 for the Group and we are very happy to see such a strong trading performance during this period, which produced very good results for the period reported.”
“Trading in the third quarter of 2017 continues to be strong and we now expect the business will exceed current market expectations for the full year.”
“The Directors are currently focusing on the roll-out of the new Bet90 operations and continue to review potential acquisition opportunities which fit into the Company’s profile.”
