Aspire witnessed its income ascend to €33.2 million in the third quarter of 2019, propelled mainly by the sustained triumph of its business-to-business activities.
This signifies a 16% annual growth for the enterprise. Notably, Aspire’s B2B division encountered a substantial 40% surge, generating €21 million and constituting 63% of the company’s overall income. Earnings before interest, taxes, depreciation, and amortization (EBITDA) attained €5.2 million. While this denotes a 16% reduction overall, the B2B segment actually observed a 15% increase in EBITDA, reaching €4.3 million. Post-tax earnings for Aspire settled at €4.4 million, mirroring a 17% decline.
Despite this robust showing, Aspire’s share price underwent a decrease throughout the third quarter, falling from SEK 43 (roughly $4.50) in July to SEK 31.50 by September’s end.
Over the initial nine months of 2019, Aspire produced €99.2 million in income, signifying a 38% year-over-year expansion, with B2B operations comprising 61% of the total income.
The third quarter was also distinguished by notable achievements for Aspire. The firm effectively renewed its Swedish permit, prolonging its operations until 2021, and obtained a bingo permit from the Gambling Commission. Furthermore, Aspire concluded the acquisition of Pariplay for €13.1 million.
Tsachi Maimon, Chief Executive Officer of Aspire Global, remarked on the company’s results, stating, “A key objective in 2019 was to capitalize on our game assets through mergers and acquisitions, among other strategies. In early October, we successfully integrated Pariplay, a prominent content provider and game aggregator, into the Group.”
Pariplay has already exhibited strong results, generating €7.6 million in income and €1.2 million in EBITDA during the first nine months of the year. This acquisition is anticipated to considerably contribute to Aspire Global’s EBITDA expansion in 2020, with a favorable effect projected from the fourth quarter of 2019 onward.