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Malta – EveryMatrix reports strong Q1 with growth across all business segments

By - 11 May 2022

EveryMatrix’s has issued a Q1 update showing growth across casino, sports and platform, together with a strong cash position and ‘sustained business momentum’.

Ebbe Groes, Group CEO of EveryMatrix, commented: “We have started the year with a strong financial performance across all three business segments, driven by our well-balanced and innovative product offering and broad client base. We saw a record number of new client wins in the quarter with 40 deals signed across all products.

“We continue to invest organically for our next level of growth, mainly in our game studios and the North American markets. On top of the organic investments, we are also looking at M&A opportunities.”

The Group has reinvested the positive cash flow in its in-house game studios and expansion into the U.S. market, with both set to support the company’s future growth.

Gross profit – gross revenue minus direct costs to game suppliers – increased by 14 per cent year on year to €13.9m with a four-year CAGR of 35 per cent. Gross profit was driven by substantial growth around the world and the stabilisation of German revenues after the regulatory changes that have taken place in the country.

EBITDA is down by 14 per cent to €4.8m versus a strong comparative in the first quarter of last year. €4.8m is ‘on par’ with the 2021 average. The company has continued to invest in its game studios – Spearhead Studios, Armadillo Studios and SlotMatrix RGS – and the U.S. market during the period.

The EBITDA margin was 35 per cent, which is at the same level as the EBITDA/Gross Profit margin for the full year 2021. The margin was affected by the increase in the Group’s headcount from 553 at the end of Q1 2021 to 669 at the end of Q1 2022, and costs associated with the game studios and U.S. investments.

Net cash grew from €5.9m to €11.1m, reinvesting positive cash flow into future growth and remains debt-free.

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