- \n
- Revenue of \u20ac338.5\u00a0million<\/i><\/li>\n
- Loss after tax of \u20ac1.9\u00a0million includes \u20ac2.2 million change in fair value of option liability<\/i><\/li>\n
- Operational EBITDA of \u20ac34.7\u00a0million includes Operational EBITDA of \u20ac51.3\u00a0million from ex-US and a loss of \u20ac16.6 million from the US<\/i><\/li>\n
- Cash and cash equivalents was \u20ac246.3\u00a0million at March 31, 2023<\/i><\/li>\n<\/ul>\n
NEW YORK–(BUSINESS WIRE<\/a>)–
\nSuper Group (SGHC) Limited (NYSE: SGHC) (\u201cSGHC\u201d or \u201cSuper Group\u201d), the parent company of Betway, a leading online sports betting and gaming business, and Spin, the multi-brand online casino, today announced first quarter 2023 consolidated financial results.<\/p>\n\nNeal Menashe, CEO of Super Group, commented: \u201cSuper Group has delivered another solid quarter and we remain focused on growing revenue and profits. During the month of March, net gaming revenue was a record high, along with the Operational EBITDA margin of over 20% and this is a strong reminder of the value of operating leverage in our business. We are confident that we will continue to build on another strong quarter across iGaming and sports betting across the world.\u201d<\/p>\n
\nAlinda van Wyk, CFO of Super Group commented, \u201cOur results for the quarter demonstrate the benefits of our continued investment in growth. Our balance sheet remains robust and gives us a very strong foundation to continue to scale our business. We are always optimizing our costs efficiencies, further enhancing future profitability.\u201d<\/p>\n
Financial Highlights<\/b><\/p>\n
- \n
- Revenue<\/b> increased by 1% to \u20ac338.5 million for the first quarter 2023 from \u20ac334.5 million in the same period from the prior year driven by growth from Africa and the Middle East and European markets partially offset by declines from North America (predominantly in Canada due to the regulatory changes in Ontario) and Asia-Pacific markets.\n<\/li>\n
- Loss after tax <\/b>for the first quarter 2023 was \u20ac1.9 million which included a non-cash charge of \u20ac2.2 million related to the increase in fair value of a liability for a call option granted to a third-party to purchase the B2B division of Digital Gaming Corporation Limited (“DGC”), which Super Group acquired in January 2023. The loss after tax of \u20ac163.2 million for the first quarter of 2022 included costs and changes in fair values associated with the business combination and listing as a public company which was completed in January 2022.\n<\/li>\n
- Operational EBITDA<\/b> of \u20ac34.7 million for the first quarter 2023, included the investment in the US business after the acquisition of DGC on January 1, 2023. Operational EBITDA was \u20ac63.0 million in the first quarter of 2022. The measure for the first quarter of 2023 was comprised of \u20ac51.4 million ex-US and a loss of \u20ac16.6 million in the US .\n<\/li>\n
- Monthly Active Customers<\/b> increased 34% to 3.5 million during the first quarter 2023 from 2.6 million in the first quarter of 2022.\n<\/li>\n
- Cash and cash equivalents <\/b>was \u20ac246.3 million at March 31, 2023, down slightly from \u20ac254.8 million at December 31, 2022. This net reduction during the first quarter of 2023 was the result of:\n
- \n
- \nInflows from operating activities amounting to \u20ac39.6 million;<\/p>\n<\/li>\n
- \nOutflows from investing activities of \u20ac57.3 million, mainly attributable to an increase in restricted cash of \u20ac18.1 million, expenditures on tangible and intangible assets of \u20ac13.1 million, issuance of loans of \u20ac24.8 million, mainly attributable to the Apricot loan as well as the net of cash paid on the acquisition of DGC of \u20ac11.7 million and cash acquired from DGC of \u20ac7.7 million;<\/p>\n<\/li>\n
- \nCash generated from financing activities of \u20ac15.4 million was primarily due to DGC drawing against its bank lending facility; and<\/p>\n<\/li>\n
- \nA loss of \u20ac6.1 million was a result of foreign currency fluctuations on foreign cash balances held over this period.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
Recent Company Events<\/b><\/p>\n
- \n
- \nOn January 3, 2023, Super Group closed the acquisition of DGC, an online sports betting and iGaming company with market access in up to thirteen US states, eight of which are live today. The results for the US business are disclosed as Operational EBITDA, US.<\/p>\n<\/li>\n<\/ul>\n
Revenue by Geographical Region for the Three Months Ended March 31, 2023 in <\/i><\/b>\u20ac<\/b> \u2018000s:<\/i><\/b><\/p>\n
- \nOn January 3, 2023, Super Group closed the acquisition of DGC, an online sports betting and iGaming company with market access in up to thirteen US states, eight of which are live today. The results for the US business are disclosed as Operational EBITDA, US.<\/p>\n<\/li>\n<\/ul>\n
- Loss after tax <\/b>for the first quarter 2023 was \u20ac1.9 million which included a non-cash charge of \u20ac2.2 million related to the increase in fair value of a liability for a call option granted to a third-party to purchase the B2B division of Digital Gaming Corporation Limited (“DGC”), which Super Group acquired in January 2023. The loss after tax of \u20ac163.2 million for the first quarter of 2022 included costs and changes in fair values associated with the business combination and listing as a public company which was completed in January 2022.\n<\/li>\n
- Loss after tax of \u20ac1.9\u00a0million includes \u20ac2.2 million change in fair value of option liability<\/i><\/li>\n