Brief: Modern Times Group Q1 Adjusted EBITDA Up At SEK 342 Mln

Modern Times MTG AB

27/04/2022 13:04

April 27 (Reuters) - Modern Times Group MTG AB  MTGb.ST :
    * MTG CONTINUES TO OUTGROW THE MARKET IN Q1 AND DELIVERS 10
PERCENT PRO FORMA REVENUE GROWTH
    * Q1 NET SALES OF SEK 1,357 (767) MILLION
    * STRONG PERFORMANCE UNDERPINNED BY CONTINUED HEALTHY GROWTH
OF
IN-GAME AD REVENUES (IAA) AND SEVERAL POPULAR GAMING TITLES
    * Q1 ADJUSTED EBITDA OF SEK 342 (182) MILLION
    * FURTHER INVESTMENTS IN NEW GAMES AND CONTENT LAUNCHES.
    * IN 2022 INNOGAMES BEGAN ACCELERATING THEIR INVESTMENTS IN
NEW
TITLES, WHICH ARE SHOWING POSITIVE DEVELOPMENT AND WILL SUPPORT
GROUP'S ORGANIC GROWTH IN SECOND HALF OF YEAR
    * IS NOW A PURE-PLAY GAMING GROUP FOLLOWING SUCCESSFUL
CLOSING OF
SALE OF ESL GAMING TO SAVVY GAMING GROUP ON APRIL 21
    * Q1 EBIT OF SEK 85 (66) MILLION
    * DIVESTMENT IS EXPECTED TO GENERATE NET PROCEEDS OF USD 875
MILLION FOR GROUP, WITH AT LEAST 40 PERCENT OF MONEY RETURNED TO
MTG'S SHAREHOLDERS
    * SOLID GROWTH IN Q1 OF YEAR SHOWCASES STRENGTH OF GROUP'S
DIVERSE
STUDIO AND IP PORTFOLIO, AS OVERALL CASUAL AND MOBILE GAMES
MARKETS ENTER A POST-COVID PHASE
    * EXPECTS TO CONTINUE TO GROW FASTER THAN OVERALL GAMING
MARKET
    * GROUP CURRENTLY EXPECTS ITS PRO FORMA GROWTH RATE AND
ADJUSTED
EBITDA MARGIN FOR Q1 TO BE INDICATIVE FOR FULL YEAR

Source text for Eikon:  ID:nWkr2BKfcx 
Further company coverage:  MTGb.ST 

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