Newgioco Group (OTCQB: NWGI) – Strengthens Board / Q2-2019 Revenues Up 3% YOY but down 2% QOQ

Key Highlights

• Newgioco Group (Newgioco, “company”) recently appointed Richard Cooper as an independent director. Mr. Cooper was the CFO of GVC Holdings PLC (LON: GVC / market capitalization of $5.11 billion) from 2008 – 2017.
• Revenue Growth Impacted by end of Seasonal Sporting Event: The company reported Q2-2019 revenue of $9.11 million – a QOQ decrease of 2%, but a YOY increase of 3%. Although web-based operations were in-line with our expectations, land-based operations were adversely impacted by the end of the soccer season, and lack of major international sporting events in Q2-2019. We are revising our 2019 revenue forecast of $43.14 million to $36.70 million.
• SG&A Expense Lower than Expected: The company posted lower Q2-2019 SG&A expense of $9.39 million compared to $10.42 million in Q1-2019. SG&A expense was lower due to cost reduction efforts by the company. We are revising our 2019 SG&A expense from $41.69 million to $38.65 million.
• Revision to Net Loss: The company reported earnings of -$1.73 million (EPS: -$0.02) in Q2-2019, compared to earnings of -$3.16 million (EPS: -$0.04) in Q1-2019, and -$1.09 million (EPS: -$0.02) in Q2-2018. After accommodating for updated revenue and SG&A expense forecasts, we are revising our previous 2019 earnings forecast from -$3.94 million (EPS: -$0.05) to -$7.64 million (EPS: -$0.10).

Visit Elys Game Technology, Corp. page for more research, discussion boards and to like, and share.

Investors are also interested in: