Aspire Global unveils ‘record high’ revenues in Q1 2022

Aspire Global has released its financial results for the first quarter of 2022, showing a sharp increase in revenues, to a "record high" of €46.3 million.

This represented an increase of 31.7 per cent on the same figure for the first quarter a year earlier.

Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 18.7 per cent to €8.2 million, from €6.9 million the year earlier. This meant the firm recorded an EBITDA margin of 17.8 per cent, down from 19.7 per cent the year before.

Earnings before tax increased by 13.6 per cent to €5.6 million, while earnings after tax increased by 4.7 per cent to €4.8 million.

The firm's CEO Tsachi Maimon commented on the quarter, saying: "We have continued strong business momentum and the quarterly performance once again demonstrates the strengths of our offering and the capabilities of our high-motivated team."

Aspire Global's B2C segment was divested in December 2021, meaning the company is now focused on its B2B offering.

The figures provided in the company's financial results were calculated on a discontinued basis and its divested B2C operation is reported as a B2B partner and also based on pro forma basis for the comparison period according to the agreed commercial terms.

A key event during the quarter was NeoGames offer to acquire the firm which would see its entire operations form a new iGaming division within the parent company.

"Together, our companies will generate significant long-term value by creating synergies and capitalising on the key strengths of the entities by positioning them for expansion in both new and existing markets," commented Mr Maimon.

"We look forward to being part of NeoGames and I'm very excited about our promising growth opportunities in this new strong business combination."

Addressing Russia's invasion of Ukraine, he explained that with its 118 employees in Kyiv, the war came "very close" to the firm.

"Our Ukrainian employees have all been part of our team for a long time and we have fortunately been able to ensure their and their families' safety," he said.

On a more commercial basis, he added that the group chose to terminate its contract with the National Russian Lottery's operator Sports Lotteries LLC, with immediate effect.

Looking to the future, Mr Maimon stated that, "as part of NeoGame's Group, Aspire Global will continue to take advantage of its key strengths.

"Beside the cutting-edge, technology advanced offering, and skilled teams, Aspire Global’s foremost asset is the long-term commitment to its partners. On top of our agenda is always the success of our partners and our ability to support in the fulfilment of their potential.

"Through our strong partnerships with leading operators and distributors, we will continue to build long-term value."