# Veltyco Group PLC Revenues jump by 40%

- Link: https://www.directorstalkinterviews.com/veltyco-group-plc-revenues-jump-by-40/412759201
- Published: 2018-09-28T09:28:54+01:00
- Author: Giles Arbor

**Veltyco Group plc** (LON:VLTY), the online marketing and operating company for
the gaming industry, announced today its unaudited interim results for the six months
ended 30 June 2018.

**Financial highlights**

· Revenues increased by 40% to €8.9 million (H1 2017: €6.4 million)

· Operating EBITDA for the period increased 5% to €4.0 million (H1 2017: €3.8 million)

· Operating profit increased to €3.71 million (H1 2017: €3.65 million)

· Net profit after tax amounted to €3.3 million (H1 2017: €3.6 million)

· Basic earnings per share 5.38 euro cents per share (H1 2017: 5.13 euro cents per
share)

· Net cash balance as at 30 June 2018 of €1.0 million (31 December 2017: €0.7 million)

· Company paid a maiden dividend of 0.25p per share on the 2017 results in July 
2018

· Actively seeking to reduce the Company’s total receivable position as at 30 June
2018 €12.6 million (31 December 2017: €14.4 million)

**Operational highlights**

· Acquired database of active customers in the financial trading industry, with 
a view of launching our own regulated online financial trading brand during Q4 2018

· Ahead of launch of own regulated online financial trading brand, decision taken
to reduce marketing spend for third parties in this vertical

· Veltyco shares admitted to trading on the Frankfurt Stock Exchange (FRA: 24GN)

· Renewed the exclusive marketing partnership with Betsafe in Germany to May 2021

· New corporate banking relationships being secured, to continue to assist in addressing
the Group’s overall receivable position

> **Commenting on the results, Gilles Ohana, Veltyco Group plc Non-Executive Chairman,
> said:**
> “The first half of 2018 has been a very busy period for the Group, with a number
> of important developments taking place.
> With regards to our own brand and operations, the Group continues to invest in
> Bet90 to further increase its contribution to the Group’s results.
> Following the recent acquisition of a database of active customers in the financial
> trading industry, we expect to be launching our own regulated brand in the online
> financial trading sector during Q4 2018. With the launch in mind, we have taken
> the decision to reduce marketing spend in this vertical which will impact revenues
> in the second half of 2018, though operating margins are expected to increase.
> However, we expect this new operation to contribute positively to the results 
> in 2019 and lead to a further reduction of trade receivables in this vertical.”

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