Brief: MTG Q2 Adj. EBITDA Down At SEK 155 Mln

Modern Times MTG AB

20/07/2021 13:06

July 20 (Reuters) - Modern Times Group MTG AB  MTGb.ST :
    * MTG PUBLISHES Q2 APRIL-JUNE 2021 INTERIM FINANCIAL RESULTS
REPORT
    * MTG'S GAMING VERTICAL DELIVERED A SOLID QUARTER DRIVEN BY
INCLUSION OF NINJA KIWI AND HUTCH
    * Q2 NET SALES INCREASED BY 9 PERCENT TO SEK 1,198 (1,096)
MILLION
OR 15 PERCENT AT CONSTANT CURRENCIES. ORGANIC GROWTH AMOUNTED TO
-3 PERCENT
    * Q2 ADJUSTED EBITDA OF SEK 155 (167) MILLION. ADJUSTMENTS
INCLUDED LONG-TERM INCENTIVE PROGRAMS (LTI) OF SEK 25 (60)
MILLION AND TOTAL M&A TRANSACTION COSTS OF SEK 16 (3) MILLION
    * Q2 EBITDA OF SEK 114 (104) MILLION AND EBIT OF SEK 12 (31)
MILLION
    * PERFORMANCE WAS DRIVEN BY INCLUSION OF HUTCH AND NINJA
KIWI WITH
ORGANIC SALES GROWTH BEING IMPACTED BY TOUGH COMPARISONS. WE
EXPECT THIS TREND TO CONTINUE INTO Q3
    * DESPITE CONTINUED IMPACT OF PANDEMIC, OUR ESPORTS REVENUES
INCREASED BY 18 PERCENT AT CONSTANT CURRENCIES
    * EXPECTS PANDEMIC TO IMPACT OPERATIONS FOR REMAINDER OF
2021
    * BECOMES MORE OPTIMISTIC ABOUT RETURN TO NORMAL BUSINESS IN
2022

Source text for Eikon:  ID:nWkr6j9Wc0 
Further company coverage:  MTGb.ST 

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