STS posts 7% increase in revenue for Q1 2023
Warsaw-listed firm also notes increases in EBITDA and profit as CEO expects positive trends to continue throughout 2023
STS Group has posted a 7% year-on-year (YoY) increase in revenue for the opening quarter of 2023, reaching PLN152m (£29.34m).
The bookmaker’s gross gaming revenue (GGR) also rose 9% YoY, reaching PLN305m compared to the PLN279m posted in Q1 2022, while net gaming revenue rose by 12% YoY.
Adjusted EBITDA for the operator also jumped 12% YoY to PLN80m, excluding UK and Estonian operations.
STS announced at the start of this year that it would be ending operations in the UK and Estonia as it looks to focus on the Polish market and increase its profitability.
The firm also posted an increase in net profit of 20% YoY amounting to PLN80m.
The amount staked with the operator in the opening quarter was PLN1.193bn, a 16% increase on the PLN1.026bn recorded in 2022. This figure also excluded UK and Estonia operations.
Mateusz Juroszek, STS CEO, said: “In Q1 2023, we achieved very good operating and financial results. Key operational indicators improved compared to Q1 2022, which was then a record period in the company’s history.
“Despite the high base from Q1 2022, we generated even better results, and in terms of net profit, the last quarter was record-breaking. We constantly record the unflagging interest and high activity of our players.
“We expect this trend to continue until the end of the spring round of football leagues. In addition, in the autumn, after the return of domestic and international football competitions, the activity of players and their number should positively translate into the Group’s results.”