Group Reports Strong Q1 Performance

The first quarter of 2024 financial figures for the Group show a positive start to the year. The business saw a strong sales increase of 9% over the previous year, reaching $29.2 million in total. Furthermore, the affiliate saw significant gains in free cash flow and gross profit numbers.

The group’s gross profit increased by 5% to $27 million in the first quarter, demonstrating a consistent growth pace. Despite this upward trend, the adjusted EBITDA margin for the Group saw a minor decline to 35%, which was ascribed to higher expenses related to media agreements.

Positive Outlook

Charles Gillespie, CEO and Co-Founder of Group expressed confidence in the company’s financial performance for the ongoing year. Gillespie said, “We are off to a great start to the year furthering our confidence in our ability to generate strong adjusted EBITDA and free cash flow growth this year and for years to come.

“The investments we have made for years in our proprietary technology, website portfolio, and accretive acquisitions are driving consistent growth. As we continue to expand our industry leadership and influence across global online gambling markets and leverage the many growth drivers we have, we see a clear road ahead to generate substantially higher adjusted EBITDA and free cash flow.”

The Group hopes to boost adjusted EBITDA and free cash flow significantly in the near future by utilizing a number of growth drivers.

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CFO Elias Mark echoed Gillespie’s remarks by highlighting the company’s outstanding accomplishment of generating record-breaking Q1 revenue. Elias stated, “By growing year on year in every one of our geographic reporting markets, we delivered record Q1 revenue with top-line growth of 9% despite the comparable period benefiting from significantly more new state launch activity.”

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