Unibet Enjoys A Good First Quarter 2013

UNIBET ENJOYS A GOOD FIRST QUARTER 2013

03rd May, 2013 at 13:04:14
Source: http://www.azonlinecasinos.com

Strong growth delivers record highs in gross winnings revenues and EBITDA, but after tax profit slips 1.85 percent

The Unibet online gambling group has posted another impressive set of quarterly results for Q1-2013, increasing gross win revenues by 16% year-on-year to 59.3 million.

Other key performance indicators included:

* EBITDA up by 11.7% year-on-year to 17.1 million

* Operational profit rose some 7.7% to 12.5 million.

* Operational cashflow before movements in working capital grew by 11.7% year-on-year to 17.1 million.

* 489,923 active players - 86,135 up compared with the same three-month period last year.

* Profit before tax declined by 2.5% year-on-year to 11.4 million, and the after tax number was 1.85% lower at 10.6 million compared with the same period last year.

Unibet CEO Henrik Tjarnstrom said that strong underlying growth had delivered record highs in gross win revenues and EDITDA despite lower than average sports betting margins.

We have noted a continued strong development of the business in recently re-regulated markets such as Denmark and Belgium where we have invested further in marketing," said Tjarnstrom. "Our mobile offering continues to grow and is now over 16% of gross win revenues.

More than 26% of Unibet's gross winnings revenues for the first quarter came from locally regulated markets. All re-regulated markets delivered improved results compared to the fourth quarter of 2012 and the locally regulated markets combined made significant positive earnings before interest, tax, depreciation and amortisation contribution.

Our strong cashflow has enabled us to repay the full loan balance during the quarter."

Tjarnstrom reported that in the first four weeks of Unibet's second quarter 2013, average daily gross win revenues were around 15% higher than for the second quarter of 2012.

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