Unibet Posts H1 2011 Results

UNIBET POSTS H1 2011 RESULTS

10th August, 2011 at 15:16:44
Source: http://www.azonlinecasinos.com

Profit down due to exit of French market and World Cup adjustment

Swedish online gambling operator Unibet Group plc continued to show the impact of its French market withdrawal and comparisons to the World Cup 2010 period in the company's Q2/2011 and HY1/2011 results.

The company's online Maria brand performed strongly delivering record gross winnings revenue up over 35% compared to last year with growth in Casino and Games products now accounting for 60% of the brands revenue.

Poker continues to deliver disappointing results for the company.

Key Performance indicators for the Quarter 2/2011 period include:

- Gross Winnings Revenue amounted to £ 34.3 million (Q2/2010: £ 39.2 million).

- Profit from operations amounted to £ 7.3 million (Q2/2010: £ 8.4 million)

- Profit before tax amounted to £ 7.2 million (Q2/2010: £ 10.0 million).

- Profit after tax £ 6.7 million (Q2/2010: £ 9.1 million)

- Number of active customers for the quarter was 301,038 (402,091).

Key Performance Indicators for the first half year 2011 include:

- Gross Winnings Revenue amounted to £ 71.8 million (HY1/2010: £ 81.0 million).

- Profit from operations amounted to £ 18.4 million (HY1/2010: £ 19.0 million).

- Profit before tax amounted to £ 18.0 million (HY1/2010: £ 20.3 million).

- Profit after tax amounted to £ 16.7 million (HY1/2010: £ 18.6 million).

Henrik Tj√€rnstr√∂m, CEO, Unibet commented on the results:

I am pleased to report another quarter of strong underlying results. Excluding the additional effect of the World Cup in 2010 and adjusting both for France (22% of overall revenue in Q2/2010) and for the positive currency benefits in 2011, Unibet's underlying growth in gross winnings revenue was 16% year-on-year.

During the first half of 2011 we have assessed a number of possible acquisition targets in line with our strategy to focus on opportunities for controlled growth in new regions with potential for long-term profitability. We continue to evaluate potential consolidation or growth opportunities while keeping a strong focus on the core business.

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