Super Group, the parent company of Betway and Spin, recently unveiled its inaugural cash dividend program, marking a significant milestone in its financial strategy. This dividend, set at $0.10 per share, reflects the Board of Directors’ commitment to returning value to shareholders amidst robust financial performance in early 2024.
Dividend Program Initiation
Super Group’s decision to initiate a dividend program underscores its confidence in sustainable growth and financial strength. Starting with a $0.10 per share dividend payable on 17 July 2024, the company aims to provide regular returns to its shareholders. Moving forward, it plans to maintain an annual dividend of at least $0.10 per share, contingent upon Board approval and business conditions. Beginning Q1 2025, Super Group intends to transition to quarterly dividends, aligning with its strategic objectives and financial performance.
Financial Performance Overview
Super Group reported a robust start to 2024, driven by a 12% year-on-year increase in revenue, amounting to €379.3 million ($407.7 million). This growth was primarily fueled by strong performances in Africa and North America, particularly Canada, despite challenges in the Middle East and Asia-Pacific regions. Notably, the online casino segment, led by Spin, saw a substantial 20.2% revenue surge compared to the previous year’s first quarter.
Profitability and Operational Metrics
In terms of profitability, Super Group achieved a notable turnaround, reporting a profit of €41 million for Q1 2024, a significant improvement from the €1.9 million loss recorded in Q1 2023. Adjusted EBITDA also demonstrated strong growth, increasing by 29% to €46.5 million. These figures underscore the company’s effective cost management and operational efficiency enhancements.
Customer Base Expansion
Super Group experienced a commendable expansion in its user base, with monthly active customers rising from 3.5 million to 4.7 million in the first quarter of 2024. This increase highlights the company’s successful customer acquisition and retention strategies, supported by its diversified geographical presence and tailored market approaches.
Leadership Update
In April 2024, Super Group appointed Elen Barber as its new Chief Marketing Officer (CMO). With prior experience at Kindred Group, Barber brings a wealth of expertise in enhancing brand visibility and driving marketing initiatives. Her appointment is expected to bolster Super Group’s marketing strategies and strengthen its competitive positioning in the global gaming industry.
Super Group’s dividend announcement and financial performance reflect its strategic focus on sustainable growth, profitability, and shareholder value. With strong revenue growth, improved profitability, and an expanding customer base, the company is well-positioned to capitalize on emerging opportunities in the online gaming sector. As it continues to navigate global market dynamics and operational challenges, Super Group remains committed to delivering long-term value to its shareholders through consistent dividend payments and strategic investments.