Aspire experienced a robust third quarter, generating €33.2 million in revenue. This signifies a 16% surge compared to the corresponding period the previous year, reaching a total of $36.9 million.
The company’s business-to-business (B2B) segment served as the main catalyst for this expansion, with revenue soaring by 40% to hit €21 million. This constitutes a substantial 63% of Aspire’s overall revenue. While profit before interest, taxes, depreciation, and amortization (EBITDA) declined by 16% to €5.2 million, the B2B arm of the business witnessed a 15% profit upswing, attaining €4.3 million. Following taxes, Aspire posted a profit of €4.4 million, indicating a 17% year-on-year reduction. Aspire’s share price encountered a slight downturn throughout the third quarter, decreasing from 43 Swedish Krona (equivalent to roughly $4.50) in July to SEK 31.50 by the conclusion of September.
Examining the year to date (up to September), Aspire has yielded €99.2 million in revenue. This marks a 38% rise compared to the identical timeframe last year, with the B2B division contributing a considerable 61% of that revenue.
The past few months have been eventful for Aspire. The company obtained a renewal of its Swedish license, extending its validity until 2021. Furthermore, they were granted a bingo license from the Gambling Commission and successfully finalized the acquisition of Pariplay for €13.1 million.
Commenting on the quarter’s results, Aspire Global’s CEO, Tsachi Maimon, remarked: “One of our objectives for 2019 was to unlock the potential of our gaming assets, including through mergers and acquisitions. In early October, we concluded the acquisition of Pariplay, a prominent content provider and aggregator, which is currently being incorporated into the Group.”
This strategic purchase is already demonstrating positive signs. In the initial nine months post-acquisition, Pariplay generated €7.6 million in revenue and €1.2 million in EBITDA. The company projects substantial expansion for Pariplay in 2020 and anticipates a favorable impact on Aspire Global’s profit commencing in the fourth quarter of 2019.