Zeal Network has announced a “good start” to 2021, with the company rising sales, profitability, and gross margin.
Billings for Zeal increased by 17 percent to €163.3 million ($197.3 million) in the first quarter of 2021, with the company’s Germany division accounting for nearly half of the figure.
The company’s revenue had risen by 19 percent to €22.6 million, with Germany once again being the most profitable area, with €21.1 million in revenue. In Germany, Zeal’s gross margin rose marginally to 12.7 percent.
In Germany, the company added 156,000 new registered customers during the fiscal year.
EBITDA increased to €4.6 million, while EBIT and net profit increased to €2.4 million and €2.5 million, respectively.
Jonas Mattsson, Zeal’s CFO, stated: “We are pleased that, following the LOTTO24 takeover, the business model change and the organisational adjustments, we will again be able to publish truly comparable figures in the current and previous reporting periods with the first quarter of 2021.
“In addition, we already demonstrated in the past year that we are capable of exploiting market opportunities, adapting to dynamic environments and continuously fine-tuning our business model. We are consistently continuing along this path.”
The company predicts billings of about €700 million and sales of at least €95 million for the rest of the year, according to Zeal.