LeoVegas bullish despite “most challenged year” in its history

Online gambling operator LeoVegas had a “record strong” December to close out 2018, a year the company’s CEO called “the most challenged” in the company’s seven-year history.

On Tuesday, LeoVegas released its Q4 and full-year 2018 report card, which showed revenue rising one-quarter to €84.5m in the final three months of the year. Earnings were up nearly one-third to €8.1m as margins improved 0.6 points to 9.6%.

LeoVegas CEO Gustaf Hagman celebrated his company having returned to sequential growth in Q4 following a Q3 slowdown. October was the weakest month of the quarter, but the company enjoyed all-time high gambling turnover and record-high customer activity in December.

However, Q4’s organic growth in local currencies was a more modest 7%, thanks to “a weak development in the UK.” The company’s UK-facing brands faced some “technical problems” but made “gradual improvements in both revenues and key figures” during Q4 and these improvements continued into January. Celebrating a UK revival might be premature but Hagman remains confident in LeoVegas’ turnaround plan.

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