Aspire Global, the Malta based iGaming solutions provider, has today released its interim report for the first quarter of this year as it welcomes revenues of more than 33 million Euro, a near two percent increase from the same period last year.
According to reports, Earnings before interest, taxes, depreciation, and amortization had decreased by over fourteen percent compared with the same period in 2019.
However, based on the figures from the last quarter of 2019, revenue for the firm was up by almost five percent.
Chief executive officer of Aspire Global Tsachi Maimon commented on the news:
“The good growth and improved profitability in Q1 2020 from Q4 2019 are encouraging and prove our business model to be efficient with a strong offering. Revenues increased by 4.6% from Q4 2019 with a substantial profitability increase as the EBITDA margin grew from 13.5% to 15.5%. In the quarter we saw limited impact from the pandemic.”
Maimon, who has been at the firm since 2013, added his views on why the figures were directly affected by the current ongoing Covid-19 pandemic:
“However, as a consequence of the pandemic, players choose online entertainment over land based, and in April total trading volumes increased to about €13.5m, which is about 20% higher than the average monthly trading volume in Q1 2020.
The world is going through challenging times during the pandemic. Early in the quarter we took proactive measures to reduce the health risks for the employees and to ensure business continuity. Thanks to a robust underlying business and dedicated employees, service levels remained high.”
Fortunately for the firm, only a very small percentage of the firm’s reliance is on the sports industry and with global sporting events ground to a halt, the seven year chief executive concluded by stating as such along with the company’s expansion in to other markets:
“The impact from the cancellation of sports events was insignificant due to a limited exposure to sports and in Q4 2019 sports betting represented about 5% of total revenues. The sequential improvement is mainly due to a strong business momentum.
It is encouraging to see that we have mitigated the impact in Q4 2019 from new regulatory requirements in markets such as the UK and from Q4 2019 revenues in the UK and Ireland increased by 35%. Compliance is on top of our agenda and we know that this is a key competitive advantage.”
The Aspire Global interim report, highlights and figures can be viewed here.