Financial Highlights:
- Revenue increased by 12% to €379.3 million for the first quarter 2024 (constant currency: 17% to €389.3 million) from €338.5 million in the same period from the prior year driven by growth from Africa and North America (predominantly Canada) markets partially offset by declines from the Middle East and Asia-Pacific market.
- Profit for the period was €41.0 million for the first quarter 2024, which included a gain on disposal of the B2B division of Digital Gaming Corporation Limited (“DGC”) of €40.1 million as well as a non-cash charge of €13.1 million related to the increase in fair value of option liability. Loss for the period of €1.9 million for the first quarter of 2023 included the non-cash charge of €2.2 million related to the change in fair value of option liability.
- Adjusted EBITDA, a non-GAAP measure, increased 29% to €46.5 million for the first quarter 2024 compared to €36.1 million in the first quarter of 2023.
- Monthly Active Customers increased 33% to 4.7 million during the first quarter of 2024 from 3.5 million in the first quarter of 2023.
- Cash and cash equivalents was €289.2 million at March 31, 2024, up from €241.9 million at December 31, 2023. This net increase during the first quarter 2024 was the result of:
- Inflows from operating activities amounting to €69.8 million;
- Outflows from investing activities of €20.4 million. This was mainly as a result of further investment in tangible and intangible assets of €20.6 million, predominantly due to the capitalization expenditure on software, issuance of loan to Apricot Investments Limited of €10.0 million and deferred consideration paid of €2.1 million relating to the 15 Marketing Limited acquisition. These were offset in part by €9.2 million consideration received from the sale of the B2B division of DGC, as well as €3.7 million resulting from receipts of interest and repayment of loans receivable;
- Outflows from financing activities of €1.7 million due to lease payments; and
- A loss of €0.5 million as a result of foreign currency fluctuations on foreign cash balances held over this period.
