Interim report for 1st Quarter 2024 (1 Jan-31 Mar 2024): Revenue increased 15.46% and EBIT increased 4.41%

Key Facts for the 1^st Quarter 2024 (1^st January – 31^st March 2024)

Revenues increased 15.46% and EBIT increased 4.41%

All figures are compared to the same quarter last year if not explicitly stated otherwise

• Revenues increased by 15.46 % to €10,885,611 (€9,428,231)
• EBIT increased by 4.41% to €1,568,207 (€1,501,926)
• EBIT margin of 14.41% (15.93%)
• Net Profit of €824,927 (€1,136,073), decrease of 27.39%
• Earnings per share of €0.0110 (€0.0152)

• PremierGaming Ltd, the Group’s subsidiary licensed in Malta and Sweden focusing on Northern Europe, represented 3.82% of the Group’s revenues in Q1 2024.
  
  

Trading update Q2 2024

The trading update is an indication of how the second quarter 2024 has started, however it is not a revenue forecast for the quarter.

The average daily revenue in the second quarter 2024 up until and including 14^th of May was 19% higher than the average daily revenue of the full second quarter 2023.

Events during Q1 2024

• The Board of Directors, as mentioned in the previous Q4 and year end 2023 report, does not recommend distribution to shareholders by way of dividend for the fiscal year 2023. While the business is developing well, the focus is to become debt-free in 2024, invest in new innovative projects and build up additional cash-flow.
  
• Angler Gaming plc’s B2C Sweden-licensed subsidiary PremierGaming Ltd. signed up a complete, innovative and tailored sports betting solution Delasport for its Pronto brands operations in Sweden. The aim is to have this sportsbook offering going live in mid-June.
  
  

Events after Q1 2024

• The Annual and Sustainability Report together with the Audited Financial Statements for 2023 were published on the 30th of April 2024.
  
• The strategic review of the affiliate Joint Venture, mentioned in the previous report, driven by the goal of advancing the affiliate business vertical, has now resulted in the following:
  
  • Angler Gaming has agreed with the existing partner in Fiebre Ltd, the 80% owed by Angler Group subsidiary in the affiliate business in South America, to acquire all of the partner’s 20% share in Fiebre Ltd for a non-material amount, so that the Group will own 100% of Fiebre Ltd upon closing of this transaction. The company will pursue a different strategy for the development of the affiliate marketing business, utilising and building upon the existing operations of Fiebre Ltd. The company will be renamed Marlin Media Ltd. signifying the removal of a narrow geographical scope of the business. Upon closure of this transaction, which is envisaged to occur in May, the Group will again own 100% in all subsidiaries; 
    
  • Marlin Media will target a significant market segment within the iGaming sector with innovative user-centric products. The aim is to break even within two years. The investment is projected to be around €60,000 a month, to be funded internally by the Group’s existing funds and cost savings. The new CEO appointed to lead Marlin Media is Ionut Constantinescu. Ionut’s previous role was Chief Strategy Officer at Game Lounge Group and before that he was responsible for Game Lounge’s Casino Affiliate Sites in Europe, Americas and Asia. Ionut has also worked in Search Engine Optimization (SEO) at LeoVegas and has many years of expertise within the field of SEO.
    
• PremierGaming Ltd, a fully-owned subsidiary of the Group with a Swedish and a Malta B2C gaming licence, represented 5% of the Group’s revenues in 2023. On the 20th of December 2023, as previously announced, PremierGaming Ltd. secured a renewal of its licence for three years to conduct gaming in Sweden. The renewed licence, valid from 29th of January 2024 until the 28th of January 2027, covers the right to offer online casino, online betting and land-based betting. Immediately upon getting the renewed licence, as mentioned in the previous report, PremierGaming Ltd started to re-focus on the Swedish market with the strategy to have a competitive offer towards recreational players going forward:
  
  • On 15 of April 2024 PremierGaming Ltd launched a fully updated version of ProntoCasino towards the Swedish market.
    
  • PremeirGaming Ltd believes that ProntoCasino offers a refreshing and entertaining product, including the new Lottery Betting offering towards Swedish recreational players, as well as Swedish payment methods.
    
  • PremierGaming Ltd plans to invest approximately €500,000 in marketing campaigns in Sweden during Q2 2024, which will be funded internally by the Group’s existing funds and cost savings.
    
  • The initial KPIs look promising, although it is still too early to analyse the full effect of the launch. 
    
  • The overall objective of the investments in PremierGaming Ltd is to grow the B2C offering within the Group in absolute terms.
    
• The repayment of the short-term unsecured borrowing of €1,000,000, the Group’s only loan, has continued in 2024 and the remaining balance at the date of this report is €650,957. The remaining of the loan is expected to be repaid during 2024.
  
  

Thomas Kalita, CEO, comments: Q1 was relatively speaking a very good quarter, with the highest Revenues in 3 years and the highest EBIT in 2 years, a confirmation that the whole Group’s strategy and renewed operational focus are paying off. Encouraged by these developments we continue to strive to improve further, to achieve good growth within the Group. There are several strategic initiatives, investment in innovation and product enhancements in the pipeline, which will all be financed by the Group’s existing funds and cost savings. At the same time, we will endeavour to balance our growth ambitions with returning value to our shareholders.