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Super Group exceeds 2022 financial results with €1.29 billion in revenue14 March 2023(PRESS RELEASE) -- Super Group Limited, the parent company of Betway, a leading online sports betting and gaming business, and Spin, the multi-brand online casino, today announced preliminary fourth quarter and full year 2022 consolidated financial results. “Super Group is a leading global pure-play sports betting and online casino company seeking to continually optimize and grow our global footprint, including in the U.S.,” said Neal Menashe, CEO of Super Group. “We continue to efficiently invest in our brand, enhance our technology platform and benefit from our consistent cash generation. We feel we are well positioned to apply our well tested strategies to the U.S. markets and capitalize on what we see as a multi-year investment opportunity.” Alinda van Wyk, CFO of Super Group added, “Super Group remains financially strong, and we continue to run our business profitably while investing in technology and marketing to support future growth. We remain focused on operating more efficiently in 2023 in order to improve scale and our operating margins going forward.” Quarterly Financial Highlights (Unaudited):
Recent Company Events: On 3 January 2023, Super Group closed the acquisition of Digital Gaming Corporation Limited, an online sports betting and iGaming company with market access in up to thirteen U.S. states, eight of which are live today. On 11 January 2023, Super Group’s Board of Directors authorized the repurchase of up to $25 million of Super Group ordinary shares through 31 December 2023. Super Group Reorganization Timeline: Over the last three years, the business conducted a restructuring by combining existing, stand-alone companies into the newly formed Super Group. SGHC Limited, the operating subsidiary, was formed on 6 July 2020. The following transactions took place during 2021 and 2022 as part of the reorganization:
The financial results included in this press release are preliminary, have not been audited and are subject to change upon completion of the audit of Super Group’s financial statements for the year ended 31 December 2022. As a result, these preliminary results may be different from the actual results that will be reflected in Super Group’s consolidated financial statements to be included as part of Super Group’s Annual Report on Form 20-F for the year ended 31 December 2022 to be filed with the U.S. Securities and Exchange Commission. Non-GAAP Financial Information: This press release includes non-GAAP financial information not presented in accordance with the International Financial Reporting Standards (“IFRS”). EBITDA, Adjusted EBITDA and Operational EBITDA are non-GAAP company-specific performance measures that Super Group uses to supplement the Company’s results presented in accordance with IFRS. EBITDA is defined as profit before depreciation, amortization, financial income, financial expense and income tax expense/credit. Adjusted EBITDA is defined as EBITDA less gain on derivative contracts and gain on bargain purchase plus transaction costs, share-based payment expense, and fair value adjustments on warrant liabilities and earnout liabilities and associated foreign exchange movements. Operational EBITDA is Adjusted EBITDA further adjusted to exclude unrealized foreign currency gains and losses and other non-recurring adjustments outside of the current year’s operations as may be deemed appropriate by the company’s audit committee. Super Group believes that these non-GAAP measures are useful in evaluating the Company’s operating performance as they are similar to measures reported by the Company’s public competitors and are regularly used by securities analysts, institutional investors and other interested parties in analyzing operating performance and prospects. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with IFRS. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses that are required by IFRS to be recorded in Super Group’s financial statements. In order to compensate for these limitations, management presents non-GAAP financial measures together with IFRS results. Non-GAAP measures should be considered in addition to results and guidance prepared in accordance with IFRS, but should not be considered a substitute for, or superior to, IFRS results. Reconciliation tables of the most comparable IFRS financial measure to the non-GAAP financial measures used in this press release and supplemental materials are included below. Super Group urges investors to review the reconciliation and not to rely on any single financial measure to evaluate its business. In addition, other companies, including companies in our industry, may calculate similarly named non-GAAP measures differently than we do, which limits their usefulness in comparing our financial results with theirs. |