Super Group has published its financials for Q2 2024, outlining record-breaking revenues in the wake of its exit from the US market.
Super Group Excels Following Its US Exit
For Q2, the company reported revenue of €414.7 million ($453.2 million) marking an increase of 9% from €380.8 million in Q2 2023. The significant increase was attributed to growth from the company’s businesses in Africa and Canada, which offset declines in the Middle East and Asia-Pacific markets.
Loss for Q2 2024 stood at €0.8 million ($0.87 million) and includes non-cash charges of €36.8 relating to the impairment of DGC-related assets.
Adjusted EBITDA, meanwhile, was up 8% year-on-year to €81.9 million ($89.5 million) for the second quarter of 2024.
At the end of the quarter, Super Group had cash and cash equivalents of €306.8 million ($335.3 million), up from €241.9 million in the prior-year period. This increase was attributed to inflows from operating activities of €104.5 million ($114.2 million) and outflows from investing and financing activities of €42.9 million and €3.7 million, respectively. The figure also takes a gain of €7 million as a result of currency fluctuations into mind.
Super Group reported a vast increase in the number of monthly active consumers. Whereas the company recorded 3.7 million active consumers in Q2 2023, it now reported an increase in active players of 21% to 4.5 million.
CEO Menashe Wants to Make 2024 a “Super Year for Super Group”
Company representatives commented on the results, expressing excitement about the company’s financial position and FY2024 outlook. According to CEO Neal Menashe, the record-breaking Q2 results demonstrate the company’s exceptional business progress.
Menashe reflected on the exit from the US market, saying that he was glad to have optimized the company’s activity. He vowed to continue improving the company’s global footprint both in terms of geography and product.
On an additional note, CEO Menashe added that he glad to welcome Manchester City and South Africa’s Premier Soccer League to the company’s brand sponsorship portfolio.
Our outlook for the remainder of the year is strong, and we look forward to making 2024 a super year for Super Group.
Neal Menashe, CEO, Super Group
Alinda van Wyk, Super Group’s chief financial officer, added that the company’s sharpened focus on key markets continues to be a winning strategy. She provided an insight into the company’s expectations for FY 2024:
Given the strength we have seen in the first half of the year, we are confident in raising our ex-US Adjusted EBITDA guidance for the full year 2024 to greater than €300m. Finally, our debt-free balance sheet continues to show strength, and we were pleased to return capital to shareholders through the announcement of our first ever dividend.
Alinda van Wyk, CFO, Super Group
In other news, Super Group appointed a new chief marketing officer earlier this year. The one up to the task was Elen Barber, a former Kindred executive.
