In a “what’s just happened here” moment, British-origin, US-listed Super Group, owner of leading sports betting brand Betway and iCasino Spin, has just announced the departure of its long-standing president and CCO, Richard Hasson.
“His resignation is not the result of any disagreement between the parties whether on any matter relating to Super Group’s operations, policies, practices or otherwise,” the Super Group Board asserted in an accompanying statement.
Hasson (pictured below), a graduate of the London Business School and alumni of top accounting firm KPMG and financial players Goldman Sachs and Prodigy Finance, came into the Super Group ambit in 2012 when he was appointed commercial director of Win Technologies.
He was promoted to Super Group president and chief operating officer in 2020 but–perhaps in a sign of his impending corporate fate–was “moved sideways” earlier this year when he was made chief commercial officer.
So it’s the toll of a single mournful goodbye and so-long bell, and not Jingle Bells, that greets the 44-year-old South African multi-millionaire this Yuletide, a time of year that otherwise has brought great fiscal for Super Group and its shareholders, who can now all look forward to a Christmas bonus.
Dividend
Following a strong performance, Hasson’s erstwhile bru and fellow South African, Super Group CEO Neal Menashe has announced a Special Cash Dividend of €0.15-per-share, to be paid this coming January 7.
In a Trading Update published today, the company reported that 2024 revenue had increased to €1.6 billion (£1.32bn/US$1.68bn) from the projected €1.55 billion and Adjusted EBITDA, ex-USA, was now set to at least €360 million (£297.01m/US$378.6m)and not €345 million.
“These figures highlight the company’s sustained growth and operational efficiency across its portfolio of brands,” affirmed Menashe.
And they bring Super Group’s total declared dividend for the year 2024 to €0.25-per-share.
Despite deciding to pull-out of the potentially lucrative but super competitive US sports betting market in July, Menashe said:
“I’m very proud of our performance this year and delighted we are in a position to raise our full-year revenue and ex-US Adjusted EBITDA guidance again while announcing another dividend for 2024.
“We have consistently said that we will consider returning excess cash to shareholders, and the outstanding performance of the business throughout 2024 alongside the continued strength of our balance sheet, has given us the platform to be able to do this.”
Maybe it’s been a super year for Super Group but not such a kind one for Richard Hasson.
English