Jackpotjoy PLC, which owns brands including Jackpotjoy, Vera & John Casino, Costa Bingo, and more, has released its Q1 trading update, which shows a net loss, but a rise in revenues.
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Andrew McIver, CEO of Jackpotjoy, responded positively to the results, despite a net loss of over £15 million for the quarter, saying: “… it is pleasing to report strong gaming revenue growth of 11%, with particularly impressive growth of 14% at our largest brand, Jackpotjoy. “It is also pleasing to report that we are making good progress in executing on our strategy across our portfolio of brands. Group trading has continued to be in line with our expectations and we remain confident that we will grow in line with the market during 2017.” 
Revenue rise
McIver is not wrong in his statements, with revenue reported at £71.4 million, for the first quarter, an 11% mark up on the same period last year. The Jackpotjoy brand may not be the first you think of when it comes to brands under this umbrella, but it has certainly been the MVP of the first quarter, producing over 70% of total group revenue, with revenue growing by 14.7%. Ver & John also saw improvement, with a 13% rise in revenue giving them 22% of the total group revenue. The Mandalay brand, which also sits under the Jackpotjoy PLC umbrella, saw a drop in revenue of 14%, but it was stressed that this was predominantly due to unflattering comparisons due to record results for the brand in the first quarter of last year. 
Optimism
McIver’s statement made it clear that the company are optimistic about the results that will come in Q2, although the election in June may have an impact on annual revenue depending on whether the proposed changes to taxes on bonus spending go through under the elected government.