Super Group CEO Neal Menashe said the Betway owner still sees “tremendous potential” for further progress, especially in Africa, after the company recorded a Q3 revenue record.
Revenue rose 13 per cent to €402.9m from €356.9m a year ago, driven by growth from Africa, Europe, North America – mainly Canada – amid declines in performance in the Middle East and Asia-Pacific markets.
Q3 revenue in Africa for Super Group rose from €100.1m to €151.2m year-over-year, with Menashe declaring that the company has scaled Africa to be its largest region for the second quarter running.
Super Group posted Q3 adjusted EBITDA (ex-US) of €95.4m – a record for the quarter – which was offset by an €11.5m adjusted EBITDA loss in the US.
“Given our continued strong performance and robust balance sheet, we are exploring ways to return excess cash to shareholders and intend to discuss with the board a possible further special dividend before the end of the year,” Menashe said.
Alinda van Wyk, chief financial officer of Super Group, said: “We are focusing on consistent growth in our key markets, while striving to maximise operational and marketing cost efficiencies across the group, which resulted in a margin of 24 per cent for the second quarter in a row – well ahead of our long-term target of 20 per cent.
“Following the strong performance of the business over the first three quarters and an early look at a strong October, we are increasing our ex-US adjusted EBITDA full-year 2024 guidance to be greater than €345m."
Super Group’s profit for Q3 was €8.5m, with adjusted EBITDA rising by 60 per cent.
Monthly active customers rose by 17 per cent to 4.7 million.
