B90 Holdings has announced in its latest financial release that it earned €1.4m (£1.17m/$1.55m) in the first half of 2024.
This result was an 83% increase compared to its 2023 H1 figure and is credited to the strategic shift and cost restructuring efforts that started in Q4 2023 and were completed earlier this year.
The affiliate also posted a €200,000 EBITDA for the period, while also maintaining a positive EBITDA for every month of H1 2024, a trend it continued in July and August into Q3.
This resulted in a net result loss of €300,000 for H1 2024, down from the €1.8m loss that the company had from 2023 in the same period.
In the period, B90 highlighted operations such as having transitioned online sportsbook and casino operations to an outsourced white label to focus solely on marketing activities and a successful Euros 2024 campaign.
B90 also agreed to settle an amount of £45,000 to one of its advisors who requested a settlement of fees in shares. This was done through the issue of new ordinary shares at the market close price on 20 September 2024.
“This has been a transformational six months for B90, with the group achieving consecutive months of profitability at the EBITDA level, marking a significant milestone as we build a strong foundation for sustainable growth,” said Ronny Breivik, B90 chairman.
“This EBITDA profitability has continued into the second half, and I am confident that our sustained focus on B2B operations and strategic investments will lead to long-term growth and value for our shareholders.”
The chairman’s comments on the company’s future targets also remained positive. “Looking ahead, we are optimistic about the future of B90.
“Our management team delivered on several key operational milestones, setting the stage for further growth in H2 2024 and FY 2025,” he added.
“Our focus on B2B operations, coupled with a strengthened management team and strong advisory board, positions us well to achieve our goal of remaining EBITDA profitable and driving substantial shareholder value.”