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Net Gaming carries out restructuring and issues forecast for Q2 2020

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Net Gaming carries out restructuring and issues forecast for Q2 2020
Net Gaming carries out restructuring and issues forecast for Q2 2020Reading Time: 3 minutes

 

Net Gaming’s operations have performed well during Q2, showing both organic growth and improved underlying profitability in adjusted EBITDA. The Company is in an intensive transformation phase, after Robert Andersson took over as CEO, which means that a reorganisation has been initiated. The reorganisation, which is aimed at creating better conditions for future growth, means that the second quarter has been affected by non-recurring costs.

The reorganisation of the business and transformation to Acroud AB have begun during Q2. The reorganisation involves, among other things, closing the Swedish office and centralising the business to Malta, in order to create a more efficient and cost-effective organisation. The reorganisation will bring annual savings of EUR 0.3m, with full effect from Q3. The reorganisation will give rise to non-recurring costs of EUR 0.5m during Q2 2020, charged to operating profit (EBITDA). The Company has also decided to recognise an impairment loss of EUR 0.5m on assets related to the PokerLoco brand, which will not be included in the new growth strategy adopted in 2020, focusing on fewer products. In parallel, refinancing of the business has been successfully secured in Q2, also resulting in non-recurring costs of approximately EUR 0.3m related to a consent fee, charged to net financial items. Net financial items have also been adversely affected by EUR/SEK exchange rate fluctuations of approximately EUR 1.2m in the first two months of the quarter, as the bond loan is denominated in SEK. The Company’s reported profit after tax for Q2 has been negatively affected by the above factors.

“The underlying operations have shown positive development during Q2, with sequential organic growth of 14%, but also compared with the previous year. It should be noted that a large proportion of the items having a negative impact on Q2 earnings are non-cash items and of an accounting nature. The offensive initiatives and the reorganisation we are now implementing create the conditions for future growth and a brand new Acroud AB that will stand stronger in the future. With Sports betting on the doorstep and a company that is now optimised for the future, we feel strong as we embark on the growth journey we have begun. As proposed to the AGM, we also hope to be able to change our track to the new Acroud AB, which will be a new milestone,” says CEO Robert Andersson.

Forecast Q2 2020

Revenue is expected to amount to EUR 3.6m in Q2 2020, 14 percent higher than in Q1 2020 and 4 percent higher than in Q2 2019.
Adjusted EBITDA (adjusted for non-recurring costs related to reorganisation and rebranding) is expected to amount to EUR 2.1m, 21 percent higher than in Q1 2020 and 4 percent higher than in Q2 2019. The adjusted EBITDA margin for Q2 2020 is expected to be 58 percent.
Reported EBITDA is expected to amount to EUR 1.6m, 10 percent lower than in Q1 2020 and 23 percent lower than in Q2 2019. The EBITDA margin for Q2 2020 is expected to be 43 percent
Reported profit after tax is expected to amount to EUR -1.2m, compared with EUR 2.8m in Q1 2020 and EUR 1.2m in Q2 2019, which was adversely affected by the above-mentioned non-recurring costs and exchange rate fluctuations related to the loan financing. Adjusted for non-recurring costs and exchange rate fluctuations, Adjusted profit after tax for Q2 2020 amounts to EUR 1.4m.
At 30 June 2020, the cash position is estimated at EUR 3.0-3.2m. The Company’s interest-bearing net debt is expected to be EUR 21.5m, corresponding to a debt/equity ratio, defined as net debt/EBITDA, of 3.0x, based on estimated LTM EBITDA at 30 June 2020.
Robert Andersson, President and CEO

All figures are unaudited and based on management accounts. The next financial update is scheduled to take place in connection with this year’s Q2 report on 13 August 2020.

About Net Gaming:
Net Gaming owns, operates and develops high-quality comparison sites, mainly in iGaming affiliation, for the purpose of helping our partners by channelling high-quality users to the Company’s customers – primarily iGaming operators. Through the sites, Net Gaming generates high-quality users, primarily to global iGaming operators. The Company, which was founded in 2003, has just over 70 employees and is headquartered in Malta.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Net Gaming carries out restructuring and issues forecast for Q2 2020

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Manuel “ManuBachoore” Bachoore Wins FC Pro World Championship at 2025 Esports World Cup, Securing Team Liquid’s Third Club Championship Title

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Bachoore claims his second World Championship with a 5-3 victory as Team Liquid make history as the first club to win three titles in a single Esports World Cup.

Manuel “ManuBachoore” Bachoore has won the FC Pro World Championship at 2025 Esports World Cup for Team Liquid in a 5-3 grand final win against Brice “Brice” Masson of Team Vitality, picking up Team Liquid’s third championship title at this year’s event.

ManuBachoore’s victory sees him become a two-time world champion within the scene, having won the World Championship in 2023, adding another trophy to his cabinet. ManuBachoore claimed a top eight finish at the 2024 Esports World Cup, and ever since favourite and world number one Anders “Vejrgang” Vejrgang was eliminated, ManuBachoore has looked like the most likely winner.

ManuBachoore made it to the World Championship stage via the play-ins, where he only dropped one match in the group stage, topping his group. His main event run proved more difficult, with multiple matches being won by just one goal, proving the intensity of the high-level competition. The grand final was a close match, with ManuBachoore’s signature attacking style on display against his French rival, where goals were traded between the pair. The final moments proved a tense affair, with ManuBachoore leading by just one goal however, he was able to score a late goal to make it 5-3, which ended up sealing the championship in his favour.

“I’m so thankful to god, for me to be two-time World Champion is more than I ever asked for in my career. Honestly, I did not think it was possible to win two times. But here we are, I can’t believe it. It feels like a dream. It is my dream. I’m happy it’s a reality,” said Manuel “ManuBachoore” Bachoore.

When asked if he thought he could win the title, he replied, “If you asked me after I lost in England [ePremier League 2025], I would say no chance. It would be impossible. You could feel that within Team Liquid, that maybe the other guys were getting more flowers, and rightly so. I was a bit forgotten. I’m sure they won’t forget me now.”

Manuel “ManuBachoore” Bachoore earned Team Liquid 1000 Club Championship points for his victory, sending his Club firmly to the top of the Club Championship standings. The victory in EA Sports FC 25 is Team Liquid’s third victory at the Esports World Cup 2025, marking the first time a Club has won three titles at the same Esports World Cup. The result blows the Club Championship wide open, with Team Falcons having just one top eight finish this weekend, as we head into the final two weeks.

Team Liquid’s victory in EA Sports FC 25 not only gained them 1000 Club Championship points, but also denied third-place Team Vitality 250 more crucial points. Team Vitality remain in third place; however, the strong showing in EA Sports FC 25 has seen them bridge the gap to Team Falcons in second place to just 550 points.

The post Manuel “ManuBachoore” Bachoore Wins FC Pro World Championship at 2025 Esports World Cup, Securing Team Liquid’s Third Club Championship Title appeared first on European Gaming Industry News.

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RELATABLE NAMES WILL OCHOA DIRECTOR OF INTERNATIONAL SALES TO LEAD GLOBAL EXPANSION STRATEGY

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With a focus on new markets and global partnerships, Ochoa will help bring Relatable’s playful, trend-driven products to audiences worldwide.

Relatable, the modern entertainment and consumer products company that transforms social media trends into engaging products for Gen Z, millennials and their families, has appointed Will Ochoa as Director of International Sales. Ochoa will lead international sales strategy and execution as the company accelerates global expansion and deepens its presence across key markets.

“Relatable’s growth has been nothing short of incredible, evolving from a viral game into a global force across multiple categories,” said Ochoa. “I’m incredibly excited to help bring this momentum to new regions and retail channels. My focus will be on building strategic partnerships, deepening relationships with our distributors and retailers, and unlocking new market opportunities as we continue expanding our international footprint.”

Ochoa brings a wealth of experience from the international toy, licensing and entertainment industries, having recently served as Chief Commercial Officer at Toikido and General Manager at Zuru Toys, where he oversaw the company’s commercial operations in Europe. He has a strong background in global distribution and retail, with a track record of building cross-market relationships and driving sales growth across diverse territories.

“Will has a great understanding of the international landscape and brings a strong balance of experience and entrepreneurial energy to the role,” said Ben Kaplan, Co-Founder and Partner of Relatable. “He’s a fantastic addition to the team as we work toward our next phase of global growth.”

In his new role, Ochoa will focus on scaling Relatable’s presence in priority global markets, shaping go-to-market strategies, and collaborating closely with regional teams and partners to support international product rollouts.

For more information on Relatable’s products, visit relatable.com.

 

The post RELATABLE NAMES WILL OCHOA DIRECTOR OF INTERNATIONAL SALES TO LEAD GLOBAL EXPANSION STRATEGY appeared first on European Gaming Industry News.

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Logifuture-powered Bet9ja partners with heavyweight boxing sensation Moses Itauma

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Sponsorship deal announced ahead of headline Dillian Whyte bout in Saudi Arabia

Bet9ja – Nigeria’s leading sportsbook, powered by Logifuture – has announced a partnership with heavyweight boxing sensation Moses Itauma.

Itauma, a 20-year-old British fighter of Nigerian descent, has rapidly become one of boxing’s most compelling figures, with an unbeaten professional record, having stopped 10 of his 12 opponents since turning professional in 2023.

The sponsorship deal comes as Itauma prepares for the biggest fight of his career – against Britain’s Dillian Whyte in a headline bout in Saudi Arabia on Saturday (August 16).

Bet9ja’s logo will be prominently displayed on Itauma’s training gear, as well as his ringside team’s clothing during fights. He is also contributing to a series of videos and digital content that fans will enjoy via Bet9ja’s social channels.

For Bet9ja, this sponsorship reflects their deep commitment to supporting Nigerian excellence in sports. As Nigeria’s number one sportsbook, Bet9ja, with Logifuture’s cutting-edge technology and marketing power behind it, continues to push boundaries.

Earlier this year, Bet9ja announced its renewed support for Nigeria national football team’s “Let’s Do It Again” campaign in the build up to the 2025 Africa Cup of Nations.

Bet9ja is powered by Logifuture, a leading provider of iGaming products, including Simulate and Zoom Soccer – flagship virtual sports titles that are transforming the way sports fans engage with their favourite sports, while providing increased revenues and consistent margins for operators.

Itauma said: “I’m delighted to be working with Bet9ja as I prepare for the biggest fight of my career so far. My Nigerian heritage and family have always been a source of pride, and this partnership is a powerful connection to my roots. I look forward to bringing my championship belts back to my father’s homeland.”

Logifuture Head of Content and Social Media Tom Beck said: “Moses Itauma is one of the most exciting young talents in global boxing.

“Moses has spoken about the strength he draws from his Nigerian roots and that makes him a natural fit for Bet9ja. For fans, he represents something special; a proud symbol of Nigerian toughness, talent and ambition on the global stage.

“Supporting his success means a lot to Logifuture and Bet9ja, and even more to our audience. We are looking forward to helping to share his journey with fans by providing exclusive access and behind-the-scenes content as he continues to build his reputation as one of the most explosive young fighters on the planet.”

Ayo Ojuroye, CEO of Bet9ja, said: “We’re incredibly excited to welcome Moses Itauma to the Bet9ja family. Moses embodies the spirit of resilience, power, and relentless pursuit of greatness that we champion. His Nigerian roots and global ambition make him a perfect fit for Bet9ja’s vision of empowering champions and delivering world-class player experiences. Partnering with Logifuture, we continue to elevate the standards of engagement in Nigerian sports.”

The post Logifuture-powered Bet9ja partners with heavyweight boxing sensation Moses Itauma appeared first on European Gaming Industry News.

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