NetPlay TV claims ‘strategic and operational’ progress in 2015

21 March 2016

NetPlay TV has announced that it was able to withstand the impact of the UK’s new Point of Consumption tax to deliver “significant strategic and operational progress” during the 12 months through to December 31, 2015.

Revenue in the period amounted to £26.3 million (€33.6 million/$37.8 million), a slight drop on the £27.4 million achieved in the previous year.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) came in at £2.7 million, down from £3.6 million in 2014 due to the firm incurring betting and gaming duties of £3.8 million.

Profit and total comprehensive income increased from a loss of £100,000 to a positive figure of £600,000, although adjusted profit before tax dropped from £3.2 million to £2.2 million, which in turn led to lower adjusted earnings per share of £0.76.

The firm also reported a 17% year-on-year increase in new depositing players, while active depositing players grew by 14%.

NetPlay has proposed a dividend of £0.34 per share, up slightly from £0.33 at the end of 2014.

Bjarke Larsen, chief executive of NetPlay, said: “We have delivered significant strategic and operational progress in the year, resulting in adjusted EBITDA at the top end of market expectations.

“We successfully navigated the impact of the UK Point of Consumption duty as a result of the initiatives implemented at the end of 2014 and positioned the company for future growth.

“NetPlay TV continues to have a very strong balance sheet and remains highly cash generative, giving the board continued confidence that the group is well positioned to pursue not just bolt on opportunities but also more transformational deals, taking advantage of the organic growth and M&A opportunities that lie ahead.

“NetPlay TV has successfully delivered against its strategy by reinforcing its USP.

“The business is in a strong position and well equipped to build on its past success to drive growth and deliver shareholder value.”

Related article: NetPlay TV expects to hit financial targets